The EntreMD Podcast

Honor The Stage of Business You Are In

October 12, 2023 Dr. Una Episode 368
The EntreMD Podcast
Honor The Stage of Business You Are In
Show Notes Transcript Chapter Markers

Ever wondered why certain entrepreneurs achieve extraordinary results while others struggle? It’s all about understanding and respecting the unique stages of your entrepreneurial journey. Picture a heart surgeon - each step they take in their education and training is vital to their success. It's the same for an entrepreneur. Today, we’ll share insights on how to focus and harness the power of each stage of your journey, thus saving you from unnecessary frustrations and setting the path for remarkable achievements.

Think your business could be more efficient? We'll explore how you can turn your growing venture into a well-oiled machine, making revenue generation the cornerstone. We’ll also dive into the fascinating world of business schools for physicians, highlighting the value of a coach, the impact of accountability, and the strength of a solid community. Whether you're at the early stages or scaling up, the Entremdee Business School team are ready to help you propel your business into six or seven figures. Tune in for an episode brimming with valuable insights tailored to help you embrace your journey and reach your entrepreneurial dreams.

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:

Hi docs, Welcome to the EntremD 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 Ibnah. Well, hello. Hello, my friend, Welcome back to another episode of the EntremD podcast. Today, we're going to be talking about something that is really critical to understand. It will help you enjoy your journey as an entrepreneur. It will help you be in a community with other people who are doing things bigger and better, and you will not have comparitis. It will set you up where you'll be able to focus on a few things in every season of your journey as an entrepreneur. It will make life so much better. Okay, and this is really about honoring the stage that you're in Now. One of the things that happens to us as entrepreneurs is we start having these big dreams, right, Like we're going to have this really great business. It's going to bring a lot of revenue, we're going to have a team and because of the team, we're going to have a lot of freedom to do what we want to do, either with the next business or with our families and all of those kind of things. But we want to skip to the end without going through all the processes. So if you think about what happened to you as a physician, you may have said at the age of nine, I'm going to be a heart surgeon, right, but you still had to finish middle school. You had to do high school, you had to go to pre-med, you had to go to medical school, you had to do residency and then you had to do fellowship and you were very clear that I had to go through all of these steps to get there. And if there's no amount of focusing on being a heart surgeon in the 11th grade, that takes away the need for you to do well in the 11th grade. Like the best thing you can do for yourself so you can become a heart surgeon when you're in the 11th grade is do your work and get really good grades in the 11th grade, right, and so we're going to kind of be looking at that process. We understand it for school, we understand it in development. So I'm a pediatrician, right. This person may go on to be the next Usain Bolt. When they're born, they're just going to be able to move their limbs and that's kind of it. Four months they'll roll over one way. Six months they'll roll over both ways. Nine months they're pulling up to stand and that's it. 12 months they're able to take a few steps and then they fall. 15 months they can walk well and they start running, but they're falling a lot. I understand all of those steps. So it doesn't matter if you're going to be the next Usain Bolt, you're still going to go through all of these. Okay? So let's kind of look at it as entrepreneur. So let's say, let me use a private practice as an example. You have a private practice and you just want to get to this point where you're working two days a week and you're seeing the patients. When you're there, you're running the business side of things and all of that. And then you have this one day off during the week so not the weekend to spend time with your kids and all of those things. That's great, but it is a trap, it is deception. It will cause a lot of pain and suffering for you if you ignore all of the steps that are required for you to get there right, and when people tell me that I'm like listen, when you talk about doing things like that, you are saying I don't want to be writing a kayak anymore. I want to be in charge of a cruise ship that this could easily be a multi-year project, and the reason why I say that is because there's a number of things that need to happen before that happens right. And understanding that, understanding the pace of grace, understanding that they're different stages, is what will put you in a position where you can be working on that for two years and you're okay because you understand the steps and you're like I'm just going to take one step after the other. Every step I take is getting me closer to the business that I want. Well, just unpack it. But once you put yourself in a position where oh, I shouldn't be here, I shouldn't still be needing to figure out revenue or figure out the producers on my team, that should be in this place where everything is just working, that creates pain, that makes you feel stuck, that gets you in paralysis because you're not doing anything that is going to get you there. You're not allowed of keeping your eyes on the dream. That takes away the need for you to honor the stage you're in and do the work of that stage. So when you think of this, I always want you to think about the analogy of the heart surgeon Like you're still going to have to do your left and right. It doesn't matter that you're super smart and you want to be a heart surgeon and you come from a family of heart surgeons you are still going to do pre-med. You are still going to do that. It is still a requirement, right? Okay? So the other way you can look at it is like a video game, right which is so odd because I don't play video games. But I know that if you are going to go to level 12 because maybe you've played some other game and you're really good at it and you're coming over here and you're going to crush it, you're still going to go through level one. You're going to have to do the things that need to be done in level one and then you go to level two and all the other things. Right, you don't skip steps, and understanding this will save you so much because that means when you are in a specific step, you don't have to worry about all the other things, because, for instance, if you go back to the video game, working on level one is working on level 12, because if you don't figure out level one, you can't go to 12. Working on level three is working on level 12, because if you don't figure out level three, you can't go to level 12. If we go back to the heart surgeon, you showing up being all in getting your work done in the 11th grade, is you working on being a heart surgeon right? Because if you do not go through that, you're not going to be the heart surgeon right. So sometimes we're like I just want to have that. I don't want to do this. I'm a focus there. Our focus needs to be on the stage that we're in. Okay. So I remember one of the events that I hosted for the Entremity Business School. We're working through a goal setting exercise for business and we started off with the revenue goal. This is where we want to get to Great. Everybody kind of own their goal and all of that. I'm like okay, great. Now what do we need to do to get there right? And we spent time and we worked out these roadmaps and master plans that will take us to the revenue goal that we want. I'm like now, throw away the goal and go all in. I want to say throw away, I don't mean don't look at it anymore and all that. But that's not your focus. Your focus is now I have the blueprint that will give me what I want. So my job is to work the blueprint right. I'm like throw away the goal, take your roadmap, take your blueprint and work that. Focus on that, because I cannot tell you how many times people are like, well, this is a revenue goal, I said, and it's not happening. It's not happening. And every day they're so concerned about it not happening or they're so concerned of an investment that they've made, like to help them get there, that I'm not getting the return on my investment. But there's no amount of focusing on the return on your investment that gets your return on your investment. Let's talk about our blueprint. Let's talk about the 11th grade. Let's talk about level three in the video game. Let's get that stuff done. That's the theme. Okay, All right. So think of it this way, Okay. And if you can think about it this way, then this becomes beautiful, because now you no longer have to do all the things. You have to do the things for the stage you're in, and because there are now fewer things, you can take all that energy that was scattered all over the place and zero it in on one thing for one phase, or a few things for one phase, and you can go all in on that. You can create massive results and you can qualify for the next stage With that. Understand that? Whoa, I just went from level two to level three. We are on our way to 12. So you can see the progress, so you can appreciate the progress, so you can celebrate as you go, so you can be in the midst of other people who are doing really big things and you're like I'm doing that too. It doesn't look that way because I'm in level two, but I just went from level two to level three, and after that is four, and after that is five. You can sit and you're okay, you can see all the things to be done and you're like, nope, I'm working on this phase, and so these are actually. These are the five things I need to do. I don't have to worry about all these 72 things, right? The scatter brain goes the squirrel lightest, like chasing the squirrel everywhere. That goes away. So, to help you even understand this more, I just want to throw out this is a really like high level, really broad, a broad way of looking at it, and I want to give you an example, right? So let's say, you desire to build a business that is a well-oiled machine that serves a lot, earns a lot and has been designed in such a way that it can work without you in the day-to-day running of it. Okay, and for everyone who's building a business, definitely the alternative business school. We start talking about this from the very beginning, and the reason why we do that is because, ultimately, you are going to exit your business one way or another. Okay, it's either going to be that you lived a long, full life and you died, so you exited, or you groomed somebody from your family and you handed it off to them, or you sold it. One way or another, that business is going to need to be empowered to work without you, right? And so let's say that's what you want it to do, okay? So there are four things and again, this is really really, really high level. There are three things we want to look at. That kind of need to be in place if you're going to do that right. And so the very first thing is this business needs to be a business that can bring in revenue. The revenue generation system needs to be on point, and so, in the beginning, are you going to spend all your energy working on team or working on systems or working on that In the beginning? No, because the very first thing is how does this entity create money? How does it create revenue? I might say I just want to help people. I don't want the revenue. You will require the revenue to build the team. You will require the revenue to build the systems that will work. You will require all of that right, and so building a business that has a reproducible way of making money is one of the best things you do to set your business up to be a well-oiled machine that can serve a lot of people, earn a lot and work without you right. It starts from that, and so does it mean you're not going to build systems at all? No, but your primary thing will be revenue generation. Does it mean that you're not going to build a team at all? No, of course you will, but your primary thing is revenue generation. That's the first system you want to get on point. I know how to bring in 100,000. I know how to bring in 250,000. I know how to bring 500,000. I know how to bring a million. I know how to bring 5 million. Right, Like, I know how to do this. This is a system. It works. We've put things in place. If we need to bring in more, we know what levers to pull. Okay, and at this stage we're talking sales, sales, sales, marketing, asking, asking, asking, asking, asking, asking, asking. If you're listening to me and you're like I'm trying to build my business, where it crosses this milestone, where, let's say, it's replacing my physician salary 250,000, there about it is asking, asking, asking, offers, asking, asking, asking, asking. That doesn't mean you go around being annoying because the only thing coming out of your mouth is come and work with me, Go and work with me. But in all you do, right is woven in it in a beautiful way. Right, Because selling is about creating a win-win situation. It's not about manipulation, right? So for the doctors in the Entremde Business School, the doctors who just came for the Entremde Business School vision retreat, it is something that they paid to be in the room. They paid to be students, because it's only open to students, and they paid to be in the room, right, but they got a magical, massively transformational experience. That is me creating a win for them, Right. And then I won because my business made revenue from it. It's a win-win situation, right, and so you're going to gain the skill of doing that in a classy and professional way. It's not about just asking or manipulating. It's about creating win-win situations where the people who come to work with you win and you win right and being able to make offers and invite people to better versions of themselves, solutions to problems that they have, and all of those things. So the very first thing is that revenue place. That's a system that needs to be working right, and so, when you're in that stage, focus on that stage. Focus on that stage. Dare the fears the fears of putting yourself out there, the fears of raising prices, the fears of asking for referrals. The fears of asking for referral sources, like people who have access to a lot of your people as opposed to the one-to-one referrals. The fear of asking to be on other people's platforms their podcasts, their YouTube channels, their Facebook lives, and all of those things. Fear of speaking on stage, fear of making offers. That is that time to dare all of that and become good at that and create a business that's a revenue-creating machine, okay, and once you're done with that, you would have brought in enough clients that your rudimentary systems will all fall apart. They all will okay, and it's time to start putting in systematic ways because, remember, you're building an asset, something that can work without you, so you're not going to say, oh, just by my intuition, I know, no, this is the way we do this. This is the way we serve our clients. This is like we're now having systems. We're having things that are documented, we're having things that are processes. For instance, this is how we train our people. This is how we welcome our people. This is how we get our people results. This is how we follow up with our people. This is how we manage conflict, Like all of these things we're now documenting because, remember, you are going to have a team who's going to help you get the results you were getting by yourself in that first phase. But if you cannot explain how you do what you do, you're going to be so mad that your team cannot read your mind and just do what you want done, and they will not be able to. They will do it if you tell them. The better you are at communicating, the more you unscrambled the systems and processes that are like spaghetti in your brain and you can do brain dumps, the better your team will perform Right. So when that phase comes, there will be these things of, oh, I shouldn't have to do this, I shouldn't have to document that. You feel so much resistance, Like I don't want to do this. But remember, I am building an asset that will work without me. I'm building this stage so I can have a rock star team, because the team will need that direction. When you're in that stage, you own the stage. Other people maybe, like they've built their own team and they're going on, they're having all this time off and all that. Don't worry about that. You are in this stage. You recognize this is the construction site. You put on your coveralls and you get to work, knowing that I am doing this level three stuff so I can go to level four. Okay. And then after the systems and processes, then now you're looking at, you're looking at team. Looking at team, I mean even the process of accurately describing what does a rock star person in this position look like. Most people don't want to do that. That's work. You have to sit down, you have to think, you have to own things, you have to think, and thinking is the hardest work there is. That's why so few do it right. You have to think who is the person who will be ideal for this job. How am I going to onboard them? How am I going to train them? The fact that you've looked at your systems and processes will make things so much better, because things are clearer. Right, they're clearer. How do I do that? How do I build team culture? How do I do all of these things? When you see somebody who has a team that you're like where did you find them? I want to help you. Great teams are not just found. They're found and made right. Like you find them and then you make them. You bring the culture. You bring this as the way we do things. You create roadmaps. They come follow. You create metrics you can use to hold them accountable. Like they just don't fall off the street If they took the rock stars from one company and put them in your company. If you haven't done the work, they're going to underperform, because it's not just that right and this is hard work. This is work that typically we stay and resist. We're just like oh my goodness, I don't want to have to do that, but embracing. This is what sets up your freedom. We're talking all level of teams, like people who are the producers, people who are the managers, people who are the leaders, and you start working that process the entire time. You're working revenue, systems and processes team. You are working on building this well oil machine At every stage. You just need to recognize the stage you're in and honor it. If you're at a place where your business hasn't hit 250,000, for instance, I mean revenue is your stage it is your stage. If you had a place where you hit a million and you hit a million without paying attention to systems and team, now is the time you start doing multiple million. You are living in team land Because now you're doing the revenue, the systems and processes, but now through people, not you doing it yourself. I want you to think like where am I? Sometimes a pointer is like your biggest pain. If you're in the revenue stage, where you're still trying to work the beginning stages of that, because that's something we always work on you're working the beginning stages of that and you're spending all your time on all these team people you need to have. You just need to have a come to Jesus moment with yourself and say I just need to be selling. I need to be selling, I need to be putting my name out there, I need to have new people finding me every day and all of those kind of things like that's my job and if I have a team, that's our job. And if you are in a stage where you've built a business, you've crossed the seven figure mark and you're feeling burnout, and all of that is because we need systems and processes and we need team right. So I just wanna bring this to your attention so you can honor the stage you're in, be proud of the stage you're in, sit in the stage that you're in, do the work required in that stage so, like in the video game, you can go from level one to level two. Now I do wanna say that the way I talked about this is seems so clear and cut and dry and everything is in boxes and all of that. But if you've been an entrepreneur for more than two seconds, that's not the way this works, right, and so this is just an overarching way of looking at it, or a stature, and you could be in a business that's multiple seven figures and the stage you're in is revenue right, Like you're, like we need. We had some things happening with our revenue and we need to fix this. Honor that state. Don't say well, people at my size, they're really working on the team. If it's the revenue, work the revenue. Look what stage am I in For the next 90 days. What is the most important thing for me to work on in my business? And then just own that. It may be a hybrid, maybe some revenue, some team or whatever, but just own that. Own the stage, honor the stage, respect the stage, know that it's always working or always on your way to your ultimate goal, but you wanna play the level you're at so you can go to the next level. Every one of these levels will require your evolution. I am the kind of person who can sell in a professional, classy way. I am the kind of person who can organize my systems and processes so that I can duplicate what I do. I am the kind of person who can attract and hire and lead rock stars. Like. It will require your evolution. So do the work, honor the stage you're in and you will love your journey. You will have to do less things so you can take your energy and throw them at the less things and get bigger results. You will be able to be in a community where there's so many unicorns doing amazing things and you're okay because you're honoring the stage you're in and you're cool with the stage you're in and imagine your journey being that beautiful. That's the way I try to live and it's working and I love being an entrepreneur. It has its challenges, it has all that, but I'm loving it All right. So if this helped you, send me a DM at Dr Una Chukwu let me know how it helped you and share this with another doctor, especially if they're already an entrepreneur, especially if they're the seven figure market and above, because the understanding of this is what brings peace and quiet to their journey. Okay, and I'll see you on the next episode of the Entremdee Podcast. If you enjoy listening to the Entremdee Podcast, you have to check out the Entremdee Business School. It's the number one business school for physicians who want to build six, seven and multiple seven figure businesses. You get the coaching, the accountability and the community. You need to do the work so you can thrive. To find out if this is your best next step, book a call with my team Entremdeecom forward slash call. That's Entremdeecom forward slash call. I can't wait to celebrate all the wins we can create together. It's the number one business school for physicians. No-transcript.

Honoring the Stages of Entrepreneurship
Building a Well-Oiled Business Machine
Entremdee Business School for Physicians