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I’m not a businessman. I’m a business, man. Simple yet wise words from Jay-Z. But what does this have to do with doctors? In my opinion, everything! Every physician is capable of becoming an entrepreneur. The problem is that we often just don’t see it that way.
I’m hoping to help change that narrative. And I can use myself as an example.
In June 2020, I started this blog. Around the same time, I also started other side gigs as well outside of clinical medicine. These includes consulting, medical surveys, and real estate. Prior to starting these endeavors, I had no experience in these realms and had never even considered them as options. I simply didn’t know what I didn’t know.
However, fast forward nearly 5 years and all of these side gigs have become such a critical component of who I am as a person and as a physician. In fact, they’ve made me a better doctor.
As Jay-Z alluded to, I stopped seeing myself as the cog and started seeing myself as the wheel. As the product itself rather than a salesperson to use another metaphor.
I became a physician entrepreneur. And it has been so worth it. Here’s how you can do that same!
3 steps to become a physician entrepreneur
As always, it starts with mindset…
1. Recognize your value
I’ve said this before. But it is so ironic (if that’s the right word) to me that I had such a growth positive mindset in medicine throughout my life but such a restrictive mindset in other areas of life.
Like many doctors, I willed myself through medical school, through grueling training, never stopping or questioning my ability. I did things I had never done before and ventured in without fear. I knew I could do it. And I knew I had to do it.
But, in other areas of life, like finance, I felt that I just could not be successful.
Why?! That makes no sense. But it’s the same trap that many doctors fall into.
We need to flip the script
As a doctor, we have tons of things going for us that prime us to become an entrepreneur. We:
- Are smart, hard-working, resourceful, resilient
- Know how to get sh*t done
- Are self-starters
- Have extensive knowledge in a sought-after field
- Are part of a very small percentage of the population that have this specific, sought-after knowledge
In fact, once you start looking, there are tons of people actively seeking to give doctors money for their expertise, opinions, and help!
We often think the biggest hurdle to becoming a physician entrepreneur is on the demand side of the equation. But it’s not! It’s us. We are the problem. By not putting ourselves out there on the supply side. People are looking for us. We just need to have the courage to get into the arena!
And yes, that will feel scary the first time. You will feel imposter syndrome. Fight through it. Just like you did as an intern and throughout training. You’ve done this before. And been successful! Use that as proof of concept and get started!
As a complete side note, as doctors we often don’t do a great job of understanding our clinical value either. Here are 4 Methods to Defining Your Value as a Doctor!
2. Match your passion with a need
As I mentioned before, opportunities for physician entrepreneurs are out there. Right now. But, in order to be successful, you need to find something that you are at least somewhat passionate about. Because entrepreneurship is not passive…at all.
It’s very active. And you won’t stick with something, no matter the benefits, if you don’t have some intrinsic motivation and passion for it. And this is true whether you are seeking to become an entrepreneur to replace, supplement, or add to your clinical work. I’ve seen too many doctors trade burnout in clinical medicine for burnout in another endeavor. It’s rarely worth it.
So, the key here is to really think about what you are passionate about. It could be related to medicine or not. Think broad and don’t limit yourself.
It doesn’t have to be creating a new medical device. It could be that you really love home decorating and want to incorporate that into a business idea (which I have seen a doctor do).
Or it could be that you are ready and passionate about providing clinical medicine on your own terms as a micro LLC.
I would encourage you to make a list of things you feel passionate about and would be happy to flex your brain on
Next, go through this list and write down a need or pain point that exists in the world that your skill or knowledge could help with. It’s a plus if you can apply this clinical or non-clinical passion to help other doctors as that gives you immediate credibility.
Lastly, circle one idea. I want you to focus on just one thing at a time. And commit to following this idea through for at least 6 months. Even if you hit up against wall upon wall. Just keep going. Because it will take a lot of “no’s” before you get a “yes.” Don’t give up for at least 6 months. Then, at that point, if it’s not working, move on to another idea.
3. Unabashedly seek opportunities
There is no set script for becoming a physician entrepreneur. Depending on what your idea, skill or knowledge to share is, the path will be different for everyone. So, I can’t tell you to go to this website or reach out to this specific person. You will need to find your own path.
However, the general steps to follow that path are universal. Whether you are selling a widget or teaching someone a new skill or providing a needed service.
When you start out, no one will just come to you asking for you to solve their problem or to hand you money. (As a side note, once you get going and establish yourself, you will find that this happens. But just not when you are starting out…) This means that the onus is on you!
So, begin to search specifically for two things:
- Directly search for an audience of people who need what you can provide
- Look for companies or businesses that already are connected with an audience of people who need what you can provide
Then reach out to them. Tell them who you are. Share what value you seek to provide and why you are uniquely qualified to give that value. Ask for an opportunity to share that value with them.
It will feel uncomfortable at first. But here’s the secret: people are out there waiting for you. They may know they need what you can give them or they may not. It doesn’t matter. They are out there.
So, develop an elevator pitch introduction and value proposition and hit the streets (figuratively). Share it with as many people as you can. Take feedback and make adjustments. Every “no” is a learning experience. Just remember that you will get a “yes.” Remember, enthusiasm is common but endurance is rare.
And when you do get that first “yes,” celebrate it! Then analyze it. See what you did right and wrong. How can you be better? What is your audience looking for? How can your provide more value?
Then keep going!
A quick example
I’m going to use myself again.
When I started, I mentioned a had no experience as an entrepreneur. But I did recognize that I had value and a shared experience to share. And I have always been passionate about helping others and teaching. Further, I loved the medical field and wanted to help doctors rekindle their love for medicine.
So, I finally recognized my hidden value and matched it with a passion. Next was the hardest part for me.
I created a short introduction and value proposition. Hi, my name is Jordan Frey and I am a plastic surgeon. In training, I experienced burnout primarily due to very poor financial well-being. I now share my ongoing journey from financial cluelessness to financial freedom completely transparently and authentically in the hopes of helping others avoid my mistakes and create their own path to financial well-being to thrive personally and professionally, living life on their own terms.
Then, I started sharing that value and story with anyone who would listen! I sent it out on social media. I emailed every other related blog I could find to share it. Then I emailed every medical news outlet. And on and on. I asked to speak to residents and medical students. I didn’t stop because I knew what I provide is valuable and that I was passionate about sharing that value to help other doctors.
The rest is history!
Becoming a physician entrepreneur is worth it
Let’s just look at some of the tangible and intangible benefits:
- Generating additional streams of income
- Flexing new entrepreneurial muscles
- Improved intrinsic self-satisfaction and worth
- Diversification of income if clinical income changes
- Meeting new people
- Acceleration on path to financial freedom and living life on your own terms
I have found this journey to be extremely rewarding. I truly believe that every doctor is capable of this. And I even will venture to say that every doctor would benefit from it. There are skills I translate from my entrepreneurial work that have made me a better doctor and provide better clinical care.
I encourage you to try this as an experiment! The beauty of entrepreneurship is that you can titrate it to how involved you want to be. It doesn’t have to consume you. In fact, the biggest reason that The Prudent Plastic Surgeon isn’t even bigger is that I still absolutely love clinical medicine and devote a lot of my time to that as well as a full-time academic plastic surgeon.
You can make your journey into exactly what you want it to be!
