The EntreMD Podcast

The Most Important Reason Not to Quit on Your Business

October 09, 2023 Dr. Una Episode 367
The EntreMD Podcast
The Most Important Reason Not to Quit on Your Business
Show Notes Transcript Chapter Markers

Ever thought about how embracing entrepreneurship as a physician could dramatically transform your life and career? This episode is for you. Join me on a journey of reflection and inspiration as we usher in the new year, evaluating what worked, what didn’t, and what we can learn from it all. Let's revisit the Entremd Business School Vision Retreat, where I shared my story - a testament to the power of perseverance and the impact of grit. Hear about my gruelling three-year journey to reach the $100,000 mark, and the subsequent growth that saw me hit a million in 2021 and two million in 2022.

Let's explore together the immense rewards that await those brave enough to embark on the path of entrepreneurship. Witness firsthand how this journey has transformed me from a mere consumer of business books to a successful business owner, inspiring a community of physicians to redefine their narratives. It's not just about the financial gains; it's about the chance to be better, to make a difference, to lead, and to inspire. So, whether you're a seasoned entrepreneur or just starting out, you are not alone. We are a community, ready to share, learn, and grow together. Redefine your narrative. Discover what's possible. The power is yours. Don't quit!

When you are ready to work with us, here are three ways.

1. EntreMD Business School Accelerator - If you are looking to make a 180 turnaround in your business in 90 days, this is the program for you.
2. EntreMD Business School Grow - This is our year-long program with a track record of producing physician entrepreneurs who are building 6, 7 and 7+ figure businesses. They do this while building their dream lives!
3. EntreMD Business School Scale - This is our high-level mastermind for physicians who have crossed the seven figure milestone and want to build their businesses to be well oiled machines that can run without them.

To get on a call with my team to determine your next best step, go here

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Speaker 1:

Well, hello, hello, my friend, Welcome back to another episode of the Entremd podcast. This episode is just going to be one like we have never had before, because I just got in from Fort Lauderdale. We had the Entremd Business School Vision Retreat, which was a three-day event that we have really to set the tone for the following year. So if you've listened to the podcast for any amount of time, you know that I start my year in October and so Q4 is really my Q1. And so we have the event in October to set the stage for the following year. And then we use that quarter to kind of practice what we decided to do for the next year. So you know, q4, 2023, october, november, december we're going to be showing up as the version of us who gets whatever it is that we decided we wanted in 2024. And so that way we start 2024 with the bank, like we're not I mean, by the time people are celebrating January 1, we're like been there, done that, tested it out, worked out the kinks, and now I'm here to kill it. You know that's kind of the attitude we show up with. And so in October we just hold that we set. You know what the goals are and we allow ourselves to dream and we reconnect with our whys and we look at the things that didn't work and the fears that have stopped us and the strategies that work, the ones that didn't like all of that stuff. And in the midst of it, you know, we get to network in this unbelievably amazing community of doctors who are daring their fears and doing big things, and their leaders of industry and they're doing things that really, you know, people aren't doing and they're crushing goals and all of that and very supportive, very vulnerable, lots of laughing, lots of crying, lots of come to Jesus moments and it's just, you know, just phenomenal. So I just literally got back from that and there's so many powerful moments that happened and I'm going to be sharing a lot of them with you. But one of the moments is one that I figured is the most important one to share it today, and so I got back home, I went with my mom, who got to really see this version of me for the first time, and it was such a great experience that I could share it with her and share my people with her, and they loved her, she loved them. It was just so good and my kids went as well, and so we just got back about 45 minutes ago. But I wanted to come talk about this and you know, somewhere along the line during the event we were talking about the things that kind of get in the way of us really enjoying what we do or staying on track and things like that. And somebody got up to talk about, you know, not quitting. You know she was like I've been in here and I'm growing, but some people are growing faster than me and you know I sometimes wonder about it and you know, but when the thought comes of quitting, I'm like but I won't quit, I will never quit, like what is the alternative? I will never, ever quit. And I have a very soft spot for people who are either in the earlier stages of entrepreneurship or the they're in the earlier stages of a big transition. So, for instance, somebody who is working on their first $100,000, I know what that's like. Or somebody who's built a successful business, for instance, but they're trying to, you know, build a team, so this, and, you know, build their processes, so this is a well oiled machine so that they can go to another phase of their business right when this is working on its own and they're like a true founder, you know, and both of those. There's a lot of vulnerability and there's a lot of evolution required and there's a lot of work. It's literally like getting a plane off the ground, right. That's when the plane is noisy, is shaking, there's turbulence, there's all of these things going on. But if you can get through that, you're going to get to where you're the cruising altitude and kind of cruising and you know things are lighter and easier, even though you're doing bigger things. And so I have a very soft spot because I know if you don't go through that, you're not going to come out on the other side and so many people quit there because it's like a lot of work. You're working the runway, the plane is shaking, you're burning the gas, but you're not flying, you're still on the ground. I get it, I get it. And so when she said that, I said um, I was like I want to talk about that some, you know, I was like let me take you back to my journey, because they're people who start off as entrepreneurs and they just crush it, like in the entrepreneur business school we have people like that. They start a private practice first year. You know they're doing a million dollars. We have people who are doing direct specialty care and within 14 months they've crossed a million dollar mark. Or people who come in and like I want to add an extra million this year and they do it. Like we have people like that. But I'm like I wasn't one of those people. I mean like I started off. I started off slow, you know, because, let you know, I'm like, let's look at the trajectory. I started thinking about the fact that, as a physician, if all I know how to do is doctor, I'll be out of luck. This I've told this many times, but that was in 2016. And 2016,. I'm like I didn't even know coaching was a thing. I did not know that you can get into a program and learn and be in community so you can fast track this. I didn't know any of that. I didn't even know there were podcasts. I started listening to podcasts a month before I started my podcast. I didn't even know there were podcasts and so I had these books and I'd read some Brian Tracy books, john Maxwell books you know things like that whatever I could get my hands on, and you know Grant Cardone books. I do stuff like that. I did that for 2016. I did that for almost all of 2017. It wasn't till the end of 2017. I found this speakers bootcamp and I was like, oh well, I mean doctors can be speakers, right? That's one of the things that was on my list that I could do, right, since I want to stack skills over just doctoring. And so I went for the bootcamp and I'm thinking this is a three day bootcamp. I'm like this is fantastic. And at the end of the bootcamp then they say, well, we have the speakers mastermind. I'm like that's cool. I mean that might be nice. And there's like 10 months. I'm like, okay, I can do that. And then I can. It's $43,000. And I'm like you guys must have lost your ever loving mind. Like what? Because, remember, I'm going from books to 43 grand. I'm going to like $20 on Amazon to 43 grand. Like this is a little bit of a jump here. And I remember I am so grateful, I'm so grateful that I did that Right. Okay, so I did that and that was the end. This is like either end of November or early December or something like that of 2017. So, understand this I have decided that I'm going to build this business right. That's separate from what I'm doing. I made that decision in 2016. And I couldn't even get the direction Right. And then I said Okay, and then 2017, still nothing had happened. But you know, at the very end of it, I found, you know, this speaker's mastermind. Okay, so I signed up for it. Then it didn't start till the following year, which was 2018. And 2018, I did the speaker's mastermind. I tried doing a Facebook, doing Facebook lives. I started a Facebook live series. I'm not, of course, I'm not necessarily making money from the Facebook live, but I got patience and stuff like that, so indirectly, but it wasn't for the business I was trying to work on right, this was for my private practice and I'm still going and there's nothing there's nothing like revenue to show for it. But I was changing, I was evolving, I was becoming an entrepreneur. At that stage, I didn't even have my ideal client Like I'm, like I wanna help everybody, like I wanna help everybody. I wanna help everybody become an entrepreneur or do better as an entrepreneur. And I started hosting these events. I mean, the biggest thing I did was I had an event I had about, I mean, maybe 80 people in there and I charged them 50 bucks per ticket. That was my big thing, right, that's like my really big thing that I did in 2018. So 2018, maybe I made six grand or seven grand, like there was nothing happening. So I want you to think 2016, 2017, 2018, right, and 2019 was end of 2018 was when I was like, okay, fine, I think I need to talk to doctors, you know, cause I'm like I have, you know, the doctors. When I talk to everybody, they don't listen to me, cause they're like, we're doctors, we don't do stuff like that. And then I have the people who are not doctors and when I talk to everybody, they don't listen to me either, because they're like clearly, you're talking to doctors who have the capacity, the capability, the smarts to do what you're talking about. And so I was like I got, I have to pick somebody. And so 2018, in September, was when I picked physicians and that's when EntremD was born. So, again, this is three years later, cause we're talking September 2018. This is the end of 2018, okay, so three years I've been doing all this work, nothing to show for it. Now I will say I did not have the EntremD business school and I did not have the EntremD podcast. Okay, cause it should not take this long to figure, like to figure all of that out like in the way that I was doing it, but it can and it's okay. So it was not till 2019 that, you know, I had the very first EntremD live. We had 47 doctors flying from nine different states, we had a great, amazing, amazing meeting and I launched my very first program, which was the Freedom Formula Masterclass. It was a 12 week program to help physician entrepreneurs and I mean, it was unbelievable. And after that, you know, we did a second program and so that was the year that we crossed a $100,000 mark. So, 2016, nothing to show. 2017, nothing to show. 2018, nothing to show. And you know, like quote unquote, nothing to show. Right, because I was changing. I was learning to be a speaker, I was learning to make offers from stage, I was learning to do all of these things. 2019, $100,000, okay Now, 2019, $100,000. 2020, $260,000,. 2021 a million. 2022, 2 million. And we have the OnTrimmedy podcast that has helped tens of thousands of doctors. Right, because we are at a point where we have almost 600,000 downloads at this point. So that came out of all of that, the OnTrimmedy method book being on the Inc. The thousands of doctors that we've put through our events, like the OnTrimmedy business school that has helped hundreds of physicians, right, the event we just went for we have about 19% of the people who were in the room were running businesses between a million and three million. I want you to think about the power of that, right, and a lot of them are newer entrepreneurs, okay. So when you think about that, it's crazy what can happen. And some may say, oh, my goodness, that was a quick rise, yeah, but there was three years of nothing, quote unquote. And so I told this story to the doctors and I said this is why it makes me. It breaks my heart when people quit. Because I have this gift when I talk to somebody who is starting a business or who is ready to take their business to the next level like you're, like you know, I want to have a leadership team, I want to do all of these things I'm able to see five years, 10 years down the line, like, while you're talking to me, and like, this is exciting, look at what we can do. And that's why I'm able to celebrate what people consider little wins. This is why I, you know, like I'm, it doesn't matter the challenge you're going through. I'm like okay, let's get through this because we're going somewhere. So I told them I'm like this is the reason why we don't quit. The opportunity cost of quitting is so high because, think about it there will be no on-term day podcast, there will be no on-term day method book, there will be no on-term day business school Like none of these things would exist None. And I'm like so that's why we don't. And I'm telling you this because you may not be able to see the outcome of what you're working on now. You may be at a stage where you took your business to seven figures and you know you're not going any further until you build a solid team, and building a team is hard work. It is hard work, but the return on investment is so amazing. Your team is your ticket to freedom. When I say freedom, I mean big impact, living life on your terms, building what you originally set out to build. You need a team, but when you go to do that work, it's like being in a construction site. It's hard, it's hard work, and part of it being hard is you're going to need to evolve. There was you, the producer, who could make all these results happen, and now there's you, the leader, who gets results to happen through people. They're two completely different skills, but when you go through it, there will be that tension, temptation to quit, to go back to your comfort zone, to defaults, to what is familiar. And I'm inviting you, like, if you can just go through it, what is on the other side is beautiful, it is so good. So I told them this story, I gave them the timeline and I'm like don't quit. If you need help, right. So I'm talking to the doctors and the entrepreneur in the business school. I'm like, if you need help, you have this community. We may not always be in person, but we have, like a really active Facebook community to reach out. We have success groups for you. We have the Wednesday calls for you. We have all of these things for you so that you can get the support you need to keep going. Don't quit. And it was so. It was such a beautiful moment because another doc, you know, got up and said you know, like when you talked about quitting, like I almost got mad at you. Like what If you quit? Like where would I be if you quit? Like why would you do that? And I'm like, yeah, that's the point. Like, why would you do that, right. Why would you do that? That's my question to you now. Like, why would you do that? And you might say I'm not quitting, I'm not talking, this may not be quitting your business, this may be quitting. You start, you're like I'm gonna work my processes in my systems so that our systems are more efficient and this can work where we're producing the same level of care or service delivery in my business, whether I'm there or not. And you started doing it and you're like, ah, this is work, I don't wanna do it. And you quit. So of course, you didn't quit on your business. Somebody who doesn't have a savvy, I won't know, because you're still bringing in the revenue, you're still servicing people. But you know you quit, right, you know you quit. You said, okay, I'm gonna evolve to be the kind of person who can lead a high capacity team. And then you have somebody who quit on you and you have somebody who betrayed you and you have somebody who worked so hard to train and they left and you're like I quit, like I'm just gonna do this myself. I'm inviting you. What is on the other side is so beautiful and it is so worth it. Don't quit. There is a version on the other side that is yours. If it's not gonna be the on-trendy podcast, it's not gonna be books, it's not gonna be the on-trendy business school, it's literally changing the physician community because we are touching people, we're touching people who are touching people. It may not be that, but your thing is as powerful, your thing is as transformational, like don't quit. And so if you're like fine, I've been treating my business like it's a hobby, I'm gonna own it. I'm gonna go all in, I'm gonna make this a business. I'm gonna make it profitable. I'm gonna replace my physician salary this. I'm gonna do all of those things, don't quit. If your thing is, I'm gonna build this business so it works without me, don't quit. If your thing is like I am building the center of excellence for rheumatology, shout out to Dr Dada in the Greater Seattle area Don't quit. And she's not quitting. She's such a rock star. Whatever that is. What is on the other side is so good. Don't quit. Okay. So that's what I'm inviting you to do today and I just want you like, whenever you feel like quitting, just remember like I'm an example for you. I could have quit, but look at all the beautiful things happening because I didn't and think about all the beautiful things which you can never predict. You can try, but it's always so much better than you thought. Think of all the beautiful things that could happen if you don't Keep that top of mind. Now, what I want you to do with this episode is I want you to take it and share it with the physicians in your world, especially the physicians who are entrepreneurs, because entrepreneurship is challenging. It is so worth it, but it is challenging. But the things about the challenges is designed to make us better and we're supposed to go through them, not stop right. Go through them. Yes, you may need support. Yes, you may need encouragement. Yes, you may need mentorship so that you understand how to do these things properly and with fewer trials. But it is challenging. But we can do this. And if you're, in this time, embracing entrepreneurship as a physician, even beyond what the business does for you, right, it's gonna make you so much better because you will evolve. You'll have the opportunity to help so many people, which will really enrich your life, like the life change that will happen. It will just mean the world to you, beyond the time freedom, beyond the financial freedom. The physician community is in desperate need of examples of what is possible, and we are the people writing history. We are the people rewriting the culture and the narrative for the physician community. So, even above everything that your business will do for your clients, it will do for you, it will do for your family, is that you'll be a gift to a million physicians who need examples of what is possible. So I invite you to be one who's gonna inspire so many to get out of all the things we see that burn out the loss of autonomy, the depression, the hopelessness, the feelings of being stuck, believing, binding to this lie, that we can't build great businesses. You're one of the people that the physician community is waiting on. So I'm calling you to embrace your call and go share this with another doctor. I'll see you on the next episode of the Entrem de Pacquette.

The Journey of Entrepreneurship
Power of Not Quitting in Business
Embracing Entrepreneurship as a Physician