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There are people who believe that doctors should just be doctors, that we medical professionals should stay in our field and be less capable of running businesses. I'm here to tell you this: you're wrong.
As physicians, we take the Hippocratic Oath, promising to serve others with integrity and personal commitment and to do no harm. I am confident that we incorporate these principles into all aspects of our lives, at home, in our communities, and, yes, even in our professional endeavors outside of medicine.
We are capable of running and growing businesses that we can be proud of. Don't believe anyone who tries to disparage doctors as entrepreneurs. In fact, doctors have proven to be very successful business owners, and the most successful ones do so in a way that lives up to our commitment to serving others.
If that's not enough to get you closer to your entrepreneurial dreams, start by getting involved in communities of like-minded people. There you can see what others are doing and know what's achievable. (Spoiler alert: anything is achievable!) Those of you who have attended our Leverage & Growth Summits or our Accelerator Community know firsthand how powerful this support is.
In my experience, a successful entrepreneurial career is based on the principles I learned in medicine – tips that I want to share with you today. Moreover, they can not only help you build a successful business, but you will also be proud of what you have built.
Without further ado, let's dive into five tips to help you build and grow a business you can be proud of.
1. Build what people demand
Companies are problem solutions.
In other words, successful companies arise because someone recognizes a problem or a need and responds to it with their product or service.
When I began my journey into the world of passive income and entrepreneurship, I was tired of hearing about 401(k) plans and stock portfolios and hoping they would one day lead to a comfortable retirement. As I looked for other options, I discovered that there are many paths to financial freedom, many of which can help you achieve your dream life much sooner than traditional retirement.
Then I realized: many of my colleagues had the same problems as me.
Then I founded Passive Income MD as a solution to a problem and shared my knowledge with peers who wanted to build their ideal future. Since then, the Passive Income MD community has grown tremendously.
Now it's your turn. Your medical and professional experience enables you to identify problems and create a successful company that provides a solution.
2. Start something that matters
Build a business that helps and serves others.
When a business is focused on a cause, a mission, or a passion that improves the lives of others, it is more sustainable. And more importantly, you will enjoy it even more. And when you feel joy and passion for your work, your chances of finding ways to build a successful business skyrocket.
Put people first. Practice empathy. Understand your customers' journey through the market step by step and involve them in your decision making in some way. This will help you be more open, authentic and communicative. People are not dollar signs; understand them and what is important to them.
It reminds me of Blake Mycoskie. You may have heard of him. He founded TOMS Shoes. In 2006, he was the first to develop a one-for-one social awareness model where for every pair of shoes purchased, a pair was given to someone in need. Today, TOMS donates a third of its profits to charitable causes. Part of the goal is to give back, and that has a huge impact on a company's goals and growth. Socially conscious companies create change.
Another great model is Ahimsa, a conscious children's tableware company. It was founded by a pediatrician who realized that an important change was needed. Concerned about BPA and other harmful chemicals in common products, Ahimsa's products – the only kid-friendly tableware approved by the American Academy of Pediatrics – are trying to bring better solutions to our children's table. It's not about profit; it's about making a difference and working for the greater good.
3. Create alignment of interests
Create a business model where you only win when others win.
What does that mean exactly? As a business owner, you must structure your operation so that you can only win when your customers, partners, employees and community all win.
Create incentives for everyone involved to fully commit to and trust your company. If only one party benefits from the business model, growth may not be sustainable.
When everyone's interests are aligned – and everyone benefits – interest in your service or product will skyrocket. This builds trust and loyalty among all involved, and communities of like-minded people are created. This networking is likely to open even more doors for you. Ultimately, it will leave a positive and lasting legacy for the community, as well as for your family and friends.
4. Be open to growth opportunities
Own your mistakes and take responsibility.
Doctors know that although our decisions are scientifically sound and evidence-based, success is not always guaranteed. Complications and unpleasant surprises can occur.
Just as we learn from our setbacks in medicine, we must view entrepreneurial setbacks as learning opportunities. In business, success comes to those who maintain an open mind throughout the journey. The worst thing you can do is not admit to a mistake. Be transparent with your community and keep going.
Warren Buffett, considered by many to be the greatest investor of all time, has also suffered some of the greatest losses of all time. In one year he reported billions in losses. But he analyzes his mistakes, learns from them and continues his extremely successful work.
5. Maintain your reputation
Stay true to your mission to help others.
My father once told me that you can live a quiet, average life, but that doesn't mean you're fulfilled. If you're called to be a leader, it's your responsibility to do so, so don't give up on your passions. You'll encounter naysayers and haters along the way, but you'll also encounter people who are doing the best they can with what they know.
Sometimes it may seem like your reputation is being questioned because of your entrepreneurial goals. But don't let that stop you. When you build a business you can be proud of, you know you have built and run a reputable and ethical company that serves others.
And don't forget your communities to get support from the haters. We hope you get involved in the many supportive communities here at Passive Income MD. Stay connected with them, inspire others, get inspired yourself, and share your knowledge to put your best foot forward.
Start growing your business today
My friend Dr. Pranay Parikh says the world would be a better place if there were more physician-led businesses. I agree. In fact, I believe we physicians know what it means to lead with integrity, honesty, and a passion to help others.
During my life as an entrepreneur and passive income earner, I could have put my dreams on hold many times. But I didn't, because helping other doctors in my situation is fundamental to me. That's where I get so much happiness – from the community.
Don't put off your dreams. As entrepreneurs and investors, you should be guided by your “why.” A business grows and becomes successful when it follows a mission to serve others. As you experience this entrepreneurial growth, you will also grow as a person.
Thank you for being part of the Passive Income MD community and sharing your journey with us. We hope to grow together with you as we both take steps on this amazing journey. Stay inspired and keep working to build your ideal life!
Peter Kim, MD, is the founder of Passive Income MD, the creator of the Passive Real Estate Academy, and provides weekly training through his Monday podcast, the Passive Income MD Podcast. Join our community in the Passive Income Doc Facebook group.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
