Top 10 Things I Learned After Starting A Business As A Physician

Recently came across a LinkedIn post asking physicians on how they got started with their entrepreneurial journey. You can read my response here. I am expanding on that post below.

Here are the top 10 things I learned after starting a business as a physician. Please follow these if you are venturing in to your own entrepreneurial adventure.

1??Research on the topic and educate yourself:

Learn as much as you can about the problem you are trying to solve, the market you are trying to enter, the customers you are trying to serve, and the competitors you are trying to beat. You can use online sources, books, courses, podcasts, blogs, or mentors to gain knowledge and skills.

2??Network with people who have been in your shoes:

Connect with other entrepreneurs who have started or are starting businesses similar to yours. You can use platforms such as LinkedIn, Facebook, Twitter, or Meetup to find and join relevant groups, communities, or events. You can also reach out to people directly and ask for advice, feedback, or referrals.

3??Make sure you have the bandwidth (time and money):

Assess your current situation and resources, and make sure you can dedicate enough time and money to your business idea. You should also consider your opportunity costs, risks, and trade-offs. You may need to make some sacrifices, such as quitting your job, reducing your expenses, or taking on debt.

4??Take massive action (no half measures):

Do not procrastinate, hesitate, or doubt yourself. You should take action every day, even if it is small, to move your business idea forward. You should also set clear and realistic goals, measure your progress, and celebrate your achievements.

5??Keep an open mind and learn continuously:

You should be willing to listen to feedback, learn from mistakes, and adapt to changing circumstances. You should also seek new opportunities, challenges, and perspectives to grow your business and yourself.

6??Continuously adjust your business plan based on new information:

You should not stick to your original plan blindly, but rather test your assumptions, validate your hypotheses, and update your plan accordingly. You should also use data, evidence, and logic to make decisions, rather than emotions, biases, or opinions.

7??Make sure your family is on board:

Communicate with your family members, especially your spouse or partner, about your business idea, goals, and expectations. You should also seek their support, understanding, and encouragement, and involve them in your business journey as much as possible.

8??Enjoy the process:

Do not forget to have fun, enjoy the journey, and appreciate the learning. You should also balance your work and life, and take care of your physical, mental, and emotional health. You should also celebrate your wins, big or small, and reward yourself for your hard work.

9??Don’t fear failure:

Do not let the fear of failure stop you from pursuing your business idea. You should also embrace failure as an opportunity to learn, improve, and grow. You should also remember that failure is not final, but rather feedback, and that you can always try again, pivot, or move on.

??Don’t waste your time worrying about what others think:

Do not let the opinions, judgments, or criticisms of others affect your self-confidence, motivation, or actions. You should also remember that you are not alone, and that there are many people who support you, believe in you, and want you to succeed. You should also focus on your vision, mission, and values, and not compare yourself to others.

What do you think? Did i miss something here. I would love to hear from you.

Remember, I’m not a CPA, Financial advisor or a Tax Attorney, so take the things you’ve learned here as inspiration for more research and food for thought, as you further examine the most efficient way to move toward your lifestyle and investment goals. 

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