Million-Dollar Physician Entrepreneurs and Their Secrets to Success

I am a lifelong learner and always studying something.

Most recently it's been the success of the Scale tier of my EntreMD Business School. Scale is the EBS branch for high earners—those seeing multiple six figures and seven figures in revenue. I started to notice themes and commonalities that give away the secrets to their great success. I'm not one to keep these things to myself, so I have to share with you!

The first conclusion I came to is that these ultra-successful physician entrepreneurs INVEST UP. They see the value in the investment to become that new person who can do these big things. That doesn't mean it's not scary—I hear their gulps!—but they just *know* the value is going to make up for the fear. It's something they know, trust, welcome. Invest up!

These million-dollar entrepreneurs also become comfortable with being uncomfortable. It's not that they don't get uncomfortable—they do! But they get over that fast as they recognize the good that will soon come from it.

OK, those are the first two, but I share the other THREE in this newest episode of the EntreMD Podcast, #307: Million-Dollar Physician Entrepreneurs and Their Secrets to Success.

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Transcript

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SPEAKER_00 0:03

Hi dogs, welcome to the Unshan Bee Podcast, where it's all about helping amazing physicians just like you embrace entrepreneurship so you can have the freedom to live life and practice medicine on your terms. I'm your host, Dr. Imner. Well, hello, hello, welcome back to another episode of the EntreMD Podcast, and we are going to be talking about million-dollar entrepreneurs today. Okay, so this is the deal. You know, I'm a student of business, I'm a student of entrepreneurs, I'm a student of success. And the entreeMD business school has a tier that is called scale. Okay. And the reason why we started this is because, you know, when we started the entree-MD business school, it was to help doctors build profitable businesses, build six and seven-figure businesses so they can live life and practice medicine on their terms. But the reward for solving problems is no problems, right? That's kind of the way that works. And so as people started building these high, multiple six-figure and seven-figure businesses, they started running into new kinds of problems. So problems like around team, and you know, I didn't make this up. I interviewed them and started looking for themes. Okay, I interviewed about 12 of them and started looking for themes. And, you know, things that came up were things like their teams, whether that is hiring people, building company culture, holding them accountable, casting your vision and inspiring them to follow, all of those kind of things, making them profitable. So team came up a lot. Processes and systems came up a lot because, you know, it's kind of like what got you here can't take you there. And so they had these processes that worked at multiple six figures, took them all the way to seven figures. And now that they're seven figures, still trying to grow, everything is falling apart, right? And then because of that, there's so many inefficiencies. They start getting burned out, you know, which is a thing, right? So I left burnout on this situation, set up my business. It was amazing. And now I'm headed back towards burnout. And the third thing that came up a lot was maximizing profit. So I am bringing in this revenue, but now what, you know, how do I, how do I make more of it profit? How do I keep more of it? How do I grow it? And things like that. So looking at those problems, we're like, okay, we're gonna set up, you know, we're gonna set up a tier of the own training business school to help people solve these problems. Okay. So that's kind of that's what scale is. And at the time of this recording, scale has been around for a little under five months, but it's been mind-blowing. And the thing is, it's not just that the businesses are growing and the teams and the infrastructure and all of those things, but it's also that their their personal lives are so much better. Right. So we, you know, like one of the first things we set was, you know, for people to be able to hire private practices, to hire other, you know, other doctors who would work with them and things like that. And it's amazing to see how their teams have grown and they've learned how to, you know, how do we get them from they have no patience to fully booked in 90 days, and they're implementing that. And, you know, how do I manage my time, my CEO calendar, all of those things. And their revenue is growing, they're hitting, they're hitting milestones, like multiplying their revenue, their teams are growing, their processes are getting tighter. And one of the things it is they're getting their time back. So for instance, for scale, you know, the the meetings we have are 3 p.m. Like 3 p.m. They're like, wait, what? I'm like, yeah, that is part of the education because it's part of distancing yourself from your business so you have more time for CEO work. Um, left to us, we're like hustle, hustle, hustle, because we know if I can do this, I can generate that. Like we understand we have that revenue confidence, so we know what to do. But nice to step back and start learning how to lead with your team, how to make money with the way you think and all of those kind of things. So it's really fantastic. So, what that's done is it's created this thing where they now understand how to generate revenue without being the ones who are directly doing the work, and they're understanding how to take more time off. Because one of the challenges I gave them, I was like, okay, how much time did you take off in in 2022? And they all said, I said, okay, in 2023, we're going to double it. And you could hear the gasp, like, how are we going to do that? What's going to happen to our revenue and all of that stuff? I was like, what if you generate more revenue while taking more time off? You can see all the bells go, all the, you know, you can see all the thinking mechanisms going off. And it's like, wait, what? I'm like, uh-huh. And they're doing exactly that. It, I mean, like one of the doctors was like, now I get home at 4 p.m. You know, I always used to get home at 7 after it's dark and all that, but I get home at 4 p.m., I'm able to play with my kids, I'm able to do all of that. And so it's it's so amazing. And I did the math this morning. The average annual revenue in that room is 1.3 million. Okay. So these are all doctors on average, 1.3 million in revenue. And so I'm like, okay, I started studying them, right? Because in less than five months, they've made tremendous strides, right? They've recouped their investment in the program and all of those things. So what is it that makes them do things at this speed? What is it that is making them radically change? Like this is these are radical changes. Okay. One of them, I met her her spouse, and he's like, I have a different wife. Like, I have it's it's crazy. Okay. So I started studying them and I noticed five things. And I want to share those five things with you because you may have them. I want you to go deep in them. You may not have them, you can adopt them, you know. So I'm telling all their secrets, if you will. So the first thing, the first thing that I noticed about them is they understand the concept of investing up. Okay. Investing up, which what that means is they've decided I'm here, right? Like I'm here, my business is at 1 million. I want to grow it to 5 million. Okay. I want to grow it to 5 million. And now, in order to do that, I need to become a different kind of person. And I'm going to invest in myself to become that kind of person who grows this kind of business. You see what I'm saying? And why it stood out to me really significantly is many people may not know this, but when the Aunt MD business school started, the tuition was $497 a month. I always knew I was building a $25,000 school. But I was like, we're going to start from where we are, and the earlier doctors are, you know, it just is what it is, you know? And so I want you to think about somebody who is in the Aunt MD business school paying five essentially five grand a year, right? Like paying full is five grand a year. For for what happens in the school is just ridiculous when I think about it, right? Is it's mind blowing. And they go from that to saying, this is great. This has brought me all the way to the million dollar mark. Now I want to go to five million. And they go from five grand a year to 40 grand a year. And they all did that. They're all like, and I could see this happening because I saw them gulp. And they're like, but I want to get there though. Like, I want to go there though. I want to, I want to build something bigger. I want to get my time back. I want to function as the CEO. I want all of that. And they're like, cool, I'll do it. Right. And it was beautiful for me to watch because it's what I do. It's what I do. I'm like, okay, the business is here. I know everything that can take a business here. But if I want to go there, I need to become a different person. I need to learn different skills. I need to unlearn certain things and all of that. Who's the person who can take me there? I can take you there. It's going to cost you 75. The investment is 75 grand. I'm like, cool, I'll pay you 75 grand because I want that. Right. And so to watch them do that was just mind-blowing. Mind-blowing. So that's the first thing. They understand investing up. And let me tell you this. I've talked to a lot of people. It's almost always scary. Right? Like you would think, I know about investing. I mean, investing, I talk all the time about my first $43,000 program and how it absolutely changed my life. And I mean, like, I know I've done that. But every time it's like, wow, I'm really going to do that. And I gulp and I do it. And I'm always glad I did it. And I'm glad well I'm doing it, but I still gulp though. So if you're ever scared, that's, you know, it's normal. But anyway, that's the first thing. Number two, number two, the second thing I've noticed about them is they're willing to live outside their comfort zone. They're so willing to live outside there. So, first of all, I need to imagine a bunch of doctors and telling them that their call, their weekly call, is at 3 p.m. 3 p.m. And they were willing to go out, redo their schedules, understanding that they're the CEO, and they have to have a certain level of, you know, in my practice, I call it the great divorce, but they have to have some space. They have to have CEO time. You know what I mean? And they have to start practicing that. They have to start reframing their minds to understand that wait, if I'm not touching a patient, I can still generate revenue, I can still have an impact on my clinic, I can still grow my practice. You see what I'm saying? So they did that. I'm like, okay, and you're gonna double your time off for 2023. And they're like, what? And they're doing that, right? And I'm like, okay, now we're gonna talk about leading your teams, casting vision, having meetings with them. Some have never had meetings, you know what I mean? Like having meetings with them. Get your profit and loss statement, look at it. Like a lot of entrepreneurs don't want to see it, right? You know, hold this person accountable, do all of those things. Some of them, like, oh my goodness, hire another physician. Like, do you that's like multiple six figures? How am I gonna do it? I'm not that kind of person, blah, blah, blah, blah, blah. But they, but, but they sit in the discomfort of it and they they get it done. They're living outside of their comfort zone. Like you can see the discomfort, but you can also see the comfort in the discomfort. Like they're okay, like I'm uncomfortable. I don't know how I'm gonna do the like I oh when I think about doing this, ugh, but we'll get it done. And so there's this ease and comfort with discomfort, for want of a better way to describe it. And that's the second thing, like universally. I've noticed amongst all of them. Okay. So that's number two. Number three, number three, they are so coachable, so coachable. This is something that I have as a trait. It's something that I fight to become more of. In fact, there was a day I was driving, I was driving to church, and I had this thought. Like, you know, the statement, you would have heard it, it's actually a Bible verse that says that as a man thinketh, so we see. There's actually a very popular book that was written as a man thinketh by James Allen, I think it was. And it's all about you become your you become what you think about. This is something that we all know. And so the thought that came to me is if you become what you think, that means who you are right now is a result of what you think right now. And I'm thinking, I'm like, uh-huh, that makes sense. And then goes on, it's like, okay, that's the case. Why do you fight new thoughts? Right? Because if you're going to become different than you are right now, you have to think differently. So why do we always fight to defend our current way of thinking and not being when we're not open to new ways of thinking, higher levels of thinking, right? Now, there's some things that are core things that you're not going to change. But if you're the way you are right now because of the way you think, then that means every day, you and I, we should be going after higher level thoughts because we can think higher-level thoughts, do higher-level actions, and create higher level results. Right. And I tell this to say when you're coachable, it means actually here, let me see. It's easier for you to learn to think bigger, higher, better. It's easier for you to act different, higher, better, it's so much easier for you to get results if you're coachable. Right? Okay. So I pulled up the definition of coachable. It says capable of being easily taught or trained to do something better. Easily taught. Right? There's not so much resistance. And I'm not saying you throw away everything you know, but you're more open. The way sometimes, you know, when I think about word pictures, it's kind of like, you know, the sheep and the goat. Easier to lead the sheep, goat is gonna fight you for everything. You know what I mean? And um, they're very coachable, very coachable. And so they adopt new ways of doing things. And like I kid you not, there, there's there's doctors who it's like, hey, this is your business, but do you know your business? You actually have these other verticals that you didn't know about. So they go from one vertical to three verticals in their businesses. Why they're coachable? They're having more time off. Why? Because they're coachable, they're multiplying their revenue. Why? Because they're more coachable. They can be easily taught, trained to do something better. Okay. So that's the third thing I've noticed. The fourth thing, again, so exciting, because these are all things that that I do. And listen, it's amazing. Okay, so let me now get ahead of myself. The fourth thing they do is they respect the basics. And this is not something that I actively pushed for, but I watched them do it. They're an amazing, there's an amazing group of doctors. I I watch them do it. And so with EBS Scale, uh, they still have access to everything in EBS Girl, which is EBS as we know it, right? And so, EBS Girl, we have calls on Wednesday, scale, they have their calls on Thursday. They all come for the calls on Wednesday. They all come for the calls on Wednesday, and they execute on the calls. It's like it was so mind-blowing because they could have said, I'm in the big room now, this is what I do, right? And I don't need all the other things. I've outgrown them, which is ridiculous. You don't outgrow the basics, right? In fact, the tagline that I wanted to use for the Ontream D business school when I first started it, but I just didn't, is On-Tram D business school, the one school you'll never want to graduate from, right? Because it's about mastery of the basics. The basketball players who are the greats, the Michael Jordan, Steph Curry, John Rebron James, and the rest of them of this world, they're not doing moves nobody's seen. They're just really good at the same old moves, right? And so they come, they sit, they learn, they apply. And I'm like, wow, you could have said, I don't do that anymore. I've outgrown that, but they're not doing that. It's it's the most beautiful sight. And the other part that got me, one of the doctors, she was like, you know what? Let me tell you guys what I'm doing. Because we have a lot of conversations in there, right? There's a lot of collaboration that happens there. She's like, Let me tell you guys what I'm doing. I went back to my notes when I started the business school. Now, for this doctor, I believe she started in September of 2020. So she started when the school was, what is that, two months old, thereabout. Okay. She's like, I've gone back to my notes and I've gone back and I'm re-watching the trainings from 2020. And it's beautiful to see that I hear completely different because I'm different. Right. And so I'm getting so much more out of it. And it's also showing me how far I've come, which is so encouraging. And it's also showing me the consistent growth of my leader. So they're still talking about me now, like all that. So it lets me know that wow, I can I can change radically so many different times and become this person that I want to be. But they went back to 2020. And a number of them were like, oh yeah, that's great. And they started doing it as well. And they're like those concepts. And I'm telling you, you know, I was telling them this the last time we had a training together. I said, listen, when we started EBS, we didn't know. I knew, but it wasn't obvious, I guess is what I'm trying to say. It wasn't obvious what this will become. It wasn't obvious that we would be helping people start businesses across six figures, across multiple six figures, across seven figures. It wasn't obvious, but now we can see it. And now we only see this version. There's so much more coming. Like what is coming for the entrepreneur business school is wild. There's so much more coming. And I said, and for scale, nobody knows. I know, but nobody knows. It's not obvious. And when I watch them display these habits, including back to the basics, that shows you an element of that that shows you it represents a beginner's mindset, right? They're not like I've arrived, nobody can tell me anything. No, it's like the basics because that means they can get better at the basics, they can coach their team to do the basics. Like it's unbelievable. And so because of these habits, I'm like, oh my goodness, they have no idea what they're doing. I mean, they know what they're doing. What I mean is they have no idea how far this is gonna take them. They have no idea what their businesses are gonna look like, they have no idea what their lives are gonna look like. They don't know. It's so fun. So fun. Okay, so back, they have respect for the basics. They respect the basics. So they understand it's not about like, of course, you're gonna learn new things, but you know, like the basics are the basics. And what you do with the basics is you gain mastery of them. That's what the basics are there for. Masters are people who are masters of the basics, right? That's that's what they are. Okay. Then number five, number five, is I noticed that they're all committed to their goals. And so so it's it's really collaborative. I'll explain what I mean by this. So let's say somebody's like, you know, I'm building my business, I want to get it to, you know, full capacity, I want it to be multiple seven figures, and I want to leverage a team so I can buy back my time. Okay. I want to leverage the profits and all of that so I can use it for wealth creation. Okay, so that's their goal. They're not coming to me to validate their goal. Like they ask questions, I'm not saying they don't ask questions, but to value, they're not coming to me to convince them of their goal. They're coming with this is my goal. They can tweak it, right? A goal is not, it is written and it can't be changed, but they own their goal. Like on their own, they own their goal and they're like, okay, who can help me get there? Like they own their goal. What support do I need to get there? They take full responsibility for their goals. I don't delegate my goals to anybody. I'm like, this is what I want to do. Who's gonna help me get there? Right? But it's my goal, and I'm watching them. They own their goals. They're like, this is my goal, this is what I want to do, this is what I'm gonna do, right? And my job is to partner with them to help them get their goal done, right? And so I heard somebody say this, and it was so profound. I was like, man, I'm stealing that. I actually don't even remember who said it. I have to figure out so I can give her credit. But she said, as your coach, my job is to serve you, not to save you. And I was like, how yes, and so in this relationship, I have the pleasure and the privilege of and the honor of serving them to hit their goal. But they own, they didn't delegate it. They own their goal, this is my goal, this is where I'm going. And it's gonna get done. I just know I need to know. And so, because of that, they show up in scale, like you know, if I could give you a picture, like this big tree that has these deep roots, massive deep roots, and with those roots, they tap everything they need to be the tree they want to be, right? And so if there are specific trainings, they're like, Yeah, could we do a training or XYZ? They're asking for it. Okay, they're like, why don't why don't we do this? If they have questions, they're not afraid, they're lifting, even if even if they're questions that show their vulnerability or show something they're struggling with. Hands up, what do I do about this? What can I do about this? This is what I'm thinking. How do I, right? If they're uncomfortable, they sit in the discomfort and they talk about the discomfort, like, okay, how do I navigate this? I don't run away from it, right? They don't hide, like, oh, well, everybody's better than me. And no, okay. In the group, when they're like, this person, so we're talking not vertical, not horizontal. This person who's in the program with me has done this thing I want to do. Hey, can I tap on you? Can you show me how to do that?

unknown 21:54

Right?

SPEAKER_00 21:54

It's not like, oh, nobody's gonna help me. No, because they're like, my goal is my goal. And I'm gonna accomplish my goal. And I'm so grateful I'm here where you can help me and I can help you, and we're gonna get this done. They're committed to their business goals. And because of that, they're getting things done. They're getting all the help they need to get things done. And so, really, really, you know, these five things are things that I've watched them do. And I really sat to uncover, like, man, what are these guys doing? Right. And and they're getting it done. They're doing these five things. I looked at my life, I'm doing these five things. And then I thought, I'm in some rooms where, you know, like I'm in a mastermind where you have to do at least a million revenue to be in the mastermind. So you're at the bottom of, you're the bottom of the group if you're doing a million revenue. And so there are people who are doing eight figures, there are people who are doing nine figures. And I started looking at these, at them, because I also, again, I'm a student of business. I'm like, huh. So what are some of the characteristics of these guys? And they all have these five things. They all have these five things. It's the mind is it's so mind-boggling. Like when you think about it, is these things. So understanding, investing up, willing to live outside their comfort zone, coachable, respect the basics, and committed to their business goals. And if you'll adopt these five things, if you already do some of them, if you do them at a higher level, it will be crazy, crazy how fast and how big you'll grow. And you'll have challenges and you'll be able to weather them. And you'll keep going closer and closer to who you're designed to be. And man, is that is that pretty? That's that's so pretty. I should okay. So adopt these things if you haven't already. Now, if you are a person and you're like, man, those people sound amazing, and what they're doing is amazing. Uh, that room is amazing. There's a spot for you. Okay. The entream B business school really is designed for the physician entrepreneur who wants to build, you know, a six, seven multiple seven-figure business, right? It is designed for that physician. And if you are an entrepreneur, it is designed for you too, right? But your six, seven may look like, you know, something you do at the side. It may look like a brand that you monetize. We've shared the episode here with Dr. Prem, who has built his six-figure influencer business, which is separate from what he does as a clinician or as a surgeon. And so, you know, we had a doctor who she just shared her story, and they were going to, they were like, oh, you're gonna get 10% pay cuts. And she went in there. Now she she she's an EBSer, and she shows up, she negotiates like a boss. Guess who got a pay cut? Nobody. Not just not her, nobody. I mean, like, that's think about it, right? And so, regardless, right? It is it that it is a place for you. And whether it's EBS Grow or EBS Scale, you know, the team can help you sort out, it's ontramd.com forward slash call. Okay, ontramd.com forward slash call. And, you know, team can take care of you. But if you are a physician committed to building a wildly successful, profitable business, and you're coachable, and you own your goal and you're like, we're gonna make this happen, and you just know I just need to be in the right environment. I just need to have access to the right mentorship and training. I need some accountability. That's all I need, then we're all you need, right? And so ontramd.com forward slash call. Okay, if you're like, yeah, I don't need to ask anybody, I know what I want, uh, then just go turn in application on tramd.com forward slash business, turn in application, and we will be happy to get you on. And we would love to support you on your journey. Doctors in the business school are building six figures, multiple six figures, seven figures, multiple seven figures. It's all happening. And people tell you business uh doctors don't thrive as entrepreneurs. It's entrepreneurs, it's a lie. It's a lie. Like every Friday we share wins in the group. It's crazy. Like it's just insane what you'd read there. I think one of these days I'll I'll I'll read out a Friday post for you as a podcast episode. It's insane. Okay. You can build a thriving private practice, you can build a thriving coaching practice, you can build a thriving service-based business, you can build a brand as a speaker and succeed that way. There are so many ways, but you can do it. And if you're committed to it in the entrepreneurial business school, we're committed to helping you get it done. Okay. So, you know, go turn in that application or set up for a call. And oh my goodness, I cannot wait to see what you go on to create. Okay. But whether you choose to join us or not, take these five things. They will change your life and it will create massive growth for you. And I can't wait to see what you do with it. All right. Don't forget to share this episode with another doctor, and I'll see you on the next episode of the Ontree MD Podcast. Hey, if you love listening to the Um Train D podcast, I want to invite you to join UmtraMD On Demand. It is my signature subscription program that gives you access to a library of business courses designed to help you do one thing as a physician entrepreneur, and that is to thrive. Just head out to umtramd.com forward slash on demand, and I'd love to have you join us. See you on the inside.