When to work for free as an advisor

Doctors looking for non-clinical jobs or careers inevitably want to know, " How much should I be paid? What about taking equity?"

Here are some answers.

However, there are times, particularly when you are just starting or about to end, when the answer might be ...nothing. Why would you spend your time, expertise and social capital on something for free?

1. You might be just starting in a non-clinical career path where you probably have more to learn than the expertise to earn.
2. You might be at the end of your clinical career and simply just want to do something that makes you feel like you are giving back and doing something that is fun.
3. The intangible benefits-like sitting in a board room filled with experienced business people- is priceless.
4. You will learn a lot on someone else's nickel in exchange for what you have to teach them about your subject matter expertise.
5. The benefits outweigh the costs of your participation. Even if not, no pain, no gain. Think how the experience will help get you to your long term goals, not short term immediate gratification.
6. It will help build your networks and connections and set the stage for your next career development step.
7. Working for free comes with less baggage than having to constantly prove your worth, particularly if you suffer from imposter syndrome.
8. You can put the experience on your failure resume if that is the result. In the case of startups, most of the time it is.
9. It will teach you the difference between advising and doctoring.
10. You can make a deposit in your karmic bank account. Each day we can choose whether we want to engage in thoughts, words, and deeds that are going to result in good that comes back to us. We can also engage in thoughts, words, and deeds, for which we must pay the consequences. Beyond creating good and bad karmic accounts, we can also choose to do things that create a balance of zero so that we do not have to return to this world to either reap the benefits or pay the consequences.
11. It is a way to work through your imposter syndrome
12. Money isn't everything. ?This author shares four research-based incentive strategies—and three perils to avoid—for leaders or potential clients seeking advisors.

The fact is that by the time you finish your medical training, you will have taken care of many, many patients for free. Why should taking care of a company or a founder occasionally be any different?

Working for free will get you one step closer to your ikigai.

The key drivers are wanting to learn, earn and return to patients and society. Studies have indicated service to others is at the very heart of creating meaning and purpose in one’s life. And we all know that when we serve others we feel more fulfilled, happy, motivated, and engaged. The good news is that each of us, in our day jobs, have almost innumerable opportunities to serve others well. But it’s often challenging for employees to see those opportunities and for companies to emphasize them well. In this piece, the author outlines six key groups we can remember to serve every day. Other stakeholder partners include members of constituencies based on professional experience including clinicians, community members, healthcare purchasers, payers, industry, hospitals and other health systems, policy makers, training institutions, and researchers.

Behavioral economics is the study of how people respond to incentives. One precept is that there are intrinsic and extrinsic motivators. Here is an overview of physician clinical incentive plans and how behavioral economic nudges work or don't work. The principles apply to non-clinical activities as well.

All those letters after your name does not mean you are entitled to compensation for your efforts. Don't be afraid that you will be outed or humiliated on Linkedin because you agreed to work without compensation for a while. Just remember that that they don't count RVUs in startups.(Thanks Omar Khateeb), just results.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs on Substack and Editor of Digital Health Entrepreneurship