The EntreMD Podcast

5 Reasons to Become a Better Entrepreneur

February 05, 2024 Dr. Una Episode 401
The EntreMD Podcast
5 Reasons to Become a Better Entrepreneur
Show Notes Transcript Chapter Markers

Embark on a transformative journey with me as we dissect the essence of personal evolution for entrepreneurs. If you've ever dreamt of skyrocketing your business to new heights, this episode is your blueprint for making 2024 your masterpiece year. I unveil five pivotal reasons why honing your entrepreneurial prowess is a non-negotiable part of your trajectory. Reflecting on my own pivot from a bustling private practice to a broader horizon of podcasts, books, and establishing the EntreMD Business School, I reveal the staggering costs of unchased visions and the triumphs of embracing growth. 

As we navigate the landscape of entrepreneurship, I take you on an exclusive tour behind the scenes of the Entremdier Business School, a haven for physician entrepreneurs. It's here that the magic happens, as we implement a curriculum focused on the vital 20% that propels 80% of the results. It’s not just about learning; it’s about doing. With world-class mentorship spanning a decade's worth of diverse entrepreneurial experiences and a rigorous accountability framework that keeps you on track—from weekly calls to CEO power hours—this episode is an open invitation to a community that turns the daunting into the doable. So, if you're ready to not just meet but exceed your entrepreneurial potential, let's make this year the beginning of your most extraordinary business chapter yet.

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 www.entremd.com/call

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Speaker 1:

Well, hello, hello, my friend, Welcome back to another episode of the on-trendy podcast and, as always, I'm super pumped to be in your ears, and I am, you know, I've really been looking forward to recording this episode because we are, at the time of this recording, about to get into the second month of the year, and, you know, I think about time a lot, I think about vision a lot, I think about goals a lot, and you know we're already done with the first 30 days, if you will, so it's kind of like okay. So, based on what I've done with the first 31 days in 2024, I on track to make this a masterpiece year, make this my best year, yet, make this my best year in business. Yet, like all those things I said at the beginning of the year, am I on track right? And so today I want to come and talk about, you know, five reasons to become a better entrepreneur, five reasons to become a better entrepreneur, and this ties into you know, as you think about this, I want you to think about the goals you set for 2024, the dreams you have for your business, the kind of team you want to lead, the kind of revenue you want to bring in, the way you want your business to be perceived in the marketplace. I want you to think about how you want to be celebrating at the end of the year, maybe even sending me a PM and saying, dr Una, you will not believe what happened in 2024. And of course I'll believe and of course I want to celebrate with you. So I want you to think of think from that perspective as we look into this, as we dive into this today. Right, so so why? Why? Five reasons why you want to become a better entrepreneur. And I remember, before we came into this year, I had this sense that I would have to kind of treat myself the way I did before a medical school, so curious, wanting to learn so much, willing to read the books, willing to do all of those things. Because I want a lot. I want to. You know, I want to serve a lot of people, I want to earn a lot, I want to help 100,000 physicians, I want to disrupt the physician space. And you know, I had this sense that if you want that much, you're going to have to become that much Like you're going to have to be. You're going to need to be willing to change, to evolve, to become the kind of person who pulls that off. So it's not enough to wish and post on a vision board and all of those things. You also have to want to do the work, and not just the work, the task of doing the work, like marketing or selling and all of that, but working on yourself to become that person right. So here are five reasons, okay, the first is that you know entrepreneurship is challenging. I hope I have never made anybody feel like it's a walk in the park. It is work that works. It is so rewarding I wouldn't trade it for anything in the world. But it is challenging. It has its challenges and some of them will be, you know, just life challenges that happen as you're an entrepreneur. You have to deal with them as well. Some of them will be challenges in your business that maybe just has to do with the market, like there was, you know, the pandemic and there's great resignation and there's a hyperinflation and all kinds of stuff, right, things out of your control. There are challenges within your control. So maybe there's, you know, activities that you need to engage in for your business to be better and you have all this mind drama, for instance, maybe one of the best things you can do in your business in 2024 is raise your prices right, and there's challenges around that. And how will I be perceived? Am I the greedy doctor and all these things that come up? Right, and I have many episodes I recorded on that. So if that is something that you need to deal with, you know, just scroll through, you'll find an episode just for you. Okay, all right. So there are a lot of challenges and this is the thing. It's a constant right, like the chat. There's nothing you can do to make entrepreneurship not challenging. So it's not about wishing the challenges will go better, so it's go away. So it's kind of like what Jim Rohn said don't wish it were easier, wish you were better, right, and so in order to navigate the challenges, to overcome the challenges, you need to do the work to become better, like you need to become. You have more skills to be, to evolve all of that stuff, because it's not going to get easier, like there's nothing you can do to make entrepreneurship not challenging. We just get better and we get better at navigating them. We get, we grow in the kind of challenges we can handle and all of those things, but they don't go away, and so it's challenging, and the only way to navigate and overcome challenges is to be better. Okay, so that's the first reason. The second reason is you know mistakes in entrepreneurship are expensive. You know, when I started my first business, which was, you know, my private practice, you know I was of the opinion that ignorance was bliss. Right, you hear that statement a lot. Ignorance is bliss. And for every misstep as I set up my practice or as I hired and all of those things, every misstep cost money. You know what I mean. And so mistakes in entrepreneurship are expensive. And so working to make yourself better as an entrepreneur, upgrade your skills as an entrepreneur, and all of those things, those are things that they have a direct ROI, like it may not show up in your bottom line, but it did not leave your bottom line. Do you see what I mean? You can, you can have one hire. One hire that can cost you six figures. You can have, you know, one mistake you make that will cost you six figures. Like it's. It's entrepreneurship, right. And so mistakes are expensive. And so the better you become, the less of those mistakes you make, the less you have to give up. You know, whatever cash is involved in that. So that's number two. Number three Number three is that you know like entrepreneurship can be isolating A lot of times. People become entrepreneurs and in the process of becoming entrepreneurs they kind of become different, like you know. So they're their conversations they can't have with their family members anymore, their conversations they can't have with their friends anymore, their conversations that they can't have with their competitors anymore, and it's like then who am I going to talk to? Right? And one of the things that you do as you evolve as an entrepreneur is you become very intentional about creating your inner circle and creating your own community. So our families kind of happen to us, you know, we're just, we're born into them and all of that. But the savvy entrepreneur knows there's absolutely no need to do this alone. They understand that their net work is their net worth. They understand that people are shortcuts and so you could research something for a year, or you can have a conversation with somebody over a coffee and you would get the answer that you need Right, like. And so, for instance, for me, I am so intentional about building my inner circle. I have some of the most amazing people we're talking, people who are deco millionaires, people who are running, you know, $200 million companies, people who are like, oh yeah, close to a million in business today. And I have like all kinds of people in my circle Right, like all kinds of people, phenomenal people, and some of them you know, you know we met maybe at an event or something like that or on social media. I've met many, I've met so many amazing people on social media. Some of them were in communities that were paid communities and we developed a relationship from there. But you know, you understand that, and so you become better at building you know those networks and so you don't need to be isolated anymore, and then you have this huge network. So I call your inner circle your social capital, right, so there's financial capital, there's social capital. The thing about social capital is, when I look at it, I see it more as more valuable than financial capital, because it opens all kinds of doors for all kinds of financial capital. Okay, so you want to become better, so you can become better at building this inner circle intentionally. Your relationships will take you so much further, so much faster, and the wrong relationships can keep you stuck. So, as an entrepreneur, you are by yourself. You do not have people you can bounce ideas off of. You have people in your life who you share a vision with, because you have nobody else to share it with, and they squash it. You have to be like it's expensive. It's too expensive to have that kind of circle, right? So that's the third reason. The fourth reason you want to become a better entrepreneur is, if you don't, you forfeit what could have been. Now, this is something that I can't really say. It scares me, but I'm very cautious about it, right, because I think about myself. I think about a lot of my clients, and when I think about it, I'm like, if you didn't embark on this journey, you just I mean, you wouldn't have known that this is who you could have become. You wouldn't have known this is the impact I could have. Like, you would have just not known any of that at all, and in that case, ignorance is bliss, but it's a very dangerous kind of bliss, because you don't actually even know the true opportunity cost of not becoming like a better entrepreneur, if you will. Okay, so when I think about me, you know, like in 2016, when I knew that things had changed for physicians, and if all I knew how to doctor, all I had knew how to do, was doctor. I'd be out of luck If, if I had that nudging and I did not go on to learn how to be a speaker, learn how to create programs, learn how to be an author, learn how to be a podcaster like I had to learn so many things, I had to upgrade myself so much. If I didn't do any of those things, um, I would have still owned my private practice. I would have still been bringing in millions of dollars every year. Um, I would have still probably been working three to four days a week and it wouldn't have been bad. Like, like, think about it, like what's wrong with that Private practice owner working three days a week, practices doing really well? She is great. But I would have forfeited everything on TreyMD. Okay, so let me paint that picture. We're talking, no, on TreyMD podcast. We're talking the three books that are part of the on TreyMD business school library. So the on TreyMD method, the visibility formula book, the made for more book none of those books would have existed. The live events that we've done on TreyMD live, the visibility formula, seven ways private practices are leaving money on the table every single day, all the events we did to support physicians throughout the pandemic. All of those like. None of them would have existed, right, the on TreyMD business school that served hundreds and hundreds of physicians would not have existed like at all, and I would not have known. So I would have been really cool with my private practice, seeing patients three days, so we can again. Nothing's wrong with that, but the opportunity cost is so high, is so high. So the question is who could have become? What impact could I have had in the world? I would never have been talking about disrupting the physician community, changing the narrative, like all these things. I would not say them if I didn't do that. Work right. So you forfeit what could have been, and that's the thing. You don't know. And so this is an adventure, and you would hear me talk about this a lot Like I want to die empty. I want to explore all of my potentials. I want to exploit my potentials in the service of my world, and I think it's like Wengen. He had a way of coining that. But that's what I want to do. And so really it feels like an adventure, like where would this take me? What would I do? What will I become? What will happen? Right? So that's expensive, right, okay. And then the fifth reason is because your dream results are within reach. I want you to think about this right when you think about your business and you think about the revenue you want to bring in the team you want to lead the way you want to be perceived in the marketplace, the time freedom it creates for you, the financial freedom it creates for you, feeling like you are in control, taking back your autonomy, and all of those things. When you think about it, those things are within reach. But this is the deal. They require, they require your evolution, they require your change. They require you upgrade yourself, they require you up level. They require you become a different version of yourself. They require you get new skills. It is a requirement. So those things you dream about, you can have them if you become a better entrepreneur. Do you see what I mean? And this is the deal right? This is not something for newbies, because there's so many ways we stall right. We're like in cruise control. So maybe you've built your business, you've built it. It's multiple, seven figures. You're kind of you've plateaued, and in life we're either getting better or we're getting worse. There's no. We can't stay in one spot because others are going ahead. The world is changing. All these things are happening and in the world we live in now, post COVID, is even faster, right, and so you can't maintain a spot. You maintain by moving forward, you maintain by becoming better, right, and so, whether you're you have a really, really established business or not I want you to think like the things that I've dreamt of are within reach. They require your evolution, and maybe I want to invite you not to resist it, because I remember I've gotten to places in my business where I'm like I think about the next step, like the next step up, and I know what it requires. It requires my evolution, aka hard work. If I choose to resist it, pain, right, cause it's like, oh man, I don't want to have to do that, and I want to invite you to get out of the resistance and just look at it like this is an opportunity. This is an opportunity to break into another level of possibilities and the ROI on it, the return on investment on it, is so high, right, like, so maybe what I'm inviting you to do is to get out of resistance, like don't resist the change, don't resist the work you're going to need to do to up level yourself. Don't resist that. Embrace it, right? Yes, it will be hard work. Yes, it will be somewhat challenging. Yes, it may be scary. Yes, it will pull you out of your comfort zone. But guess what? The rewards are worth it. Right, like so. Yes, I had to learn all these things to then make entremdier thing, but the rewards are worth it. The life change of my clients, my life change, the level of significance that is brought, the level of control, of autonomy, of fulfillment it's insane, it's so worth it. Okay, for some of you, the big thing maybe is now time to build my team. Maybe you've been letting your team run on autopilot and they're kind of getting some stuff done. But you know, if I were to lead my team, if I had to intentionally build an A-tame, if I were to work with them and train them and evaluate them and bring in better talent and all of those things, like everything could turn around. But when you think about it, you're like God, lee, I don't want to have to do that. I'm inviting you to do that, okay, all right, now there's so many ways you can upgrade yourself and become a better entrepreneur and all of those things. And I want to talk to you about one of the ways that didn't exist before, but it's such a gift to the physician community, and that is the Entremdier Business School. And I'm going to talk about it for a second because I want you to really understand what the opportunity is, now that you know I got to be better, I got to upgrade myself Like I want to have the return on that investment. Let me talk to you about that. Okay, so I gave you five reasons to upgrade yourself and, really quickly, I'm going to give you five reasons that you should turn in an application to join the Entremdier Business School today and if, for some reason, you're listening, you're already in the Entremdier Business School. I want you to listen. I want you to reacquaint yourself with what you have access to, and so you use this to 10x your business. Use this to totally transform your business and your life. So the first thing is you know like why the Entremdier Business School? The first thing is your success is our success. We don't measure our success in dollars. We don't measure our success in what are positioned in the marketplace. We don't measure our success by being on the Inc 5000 list of fastest growing companies. We don't measure our success by being featured in Forbes. We measure our success by your success. We want to see doctors build profitable 6, 7 or multi 7 figure businesses. We want to see them have the freedom to live life from practice medicine on their terms. You should see us celebrate when we get reports of what our clients are doing, because that is what we set out to do. Okay, so you will be in a space where our success as a company is measured by your success. Okay, I literally just got a new board, a new cork board to put all the names of the students in the Entremdier Business School on the board, because that is a board where I stay to do some of my best work, where I'm thinking how can I help them get results faster? How can I help them get results that are bigger? How can I help them navigate the challenges that are inevitable as entrepreneurs? How can I help them? How can I help them overcome the limiting beliefs? Are there themes? Are there trends? Are there things that are stopping them? What's happening in the marketplace? How's that going to affect them? How can I prepare them? This is what I do. Why? Because your success is my success. Okay, so that's number one. Number two it is the exact opposite of most programs out there, because it is minimal curriculum, minimal curriculum and maximum implementation. Okay, minimal curriculum, maximum implementation. A lot of programs are maximum curriculum and minimal implementation. So what we do is we give you access to the amount of information that you need to get into action, because that's where the rubber meets the road. This is not like another course, it's not like another program where you get a big certificate and all of those kind of things. Which certificates are not bad? Maybe we'll think about that, but it is about giving you that. You know, like in the Pareto principle, right? It said that 20% of your if we're using curriculum, 20% of the curriculum will give you 80% of the results. So we focus on that 20%. That gives you most of your results. And then we facilitate implementation. We are big on implementation and no matter how much you know, no matter how you upgrade your mindset, no matter how you do all of those things, if you are not implementing, you do not get results Right, and so we help you do that. Okay, so we have so many ways we do that. We have monthly challenges. We have the CEO power hour, where you get together in smaller groups and you just come there to work on that. You just come there to work on your business. We're really big on teaching you what the 20% is so you can live in the 20% and you become this person who gets so much done by doing less Right. So that's number two. Number three is you have access to world-class mentorship. Okay, you have mentorship from somebody who's been an entrepreneur for over a decade, who has built multiple seven-figure businesses, multi-seven figure businesses. You have access to somebody who has built multiple businesses in multiple industries. You have somebody who has coached hundreds and hundreds and hundreds of physicians, and so there's the experience. That is there, and we don't just focus on just mindset or just strategy. We do all of it. So you get the mindset work because you need that Right. You get the identity upgrades because you need that. You get the strategy because you need that. You get the habits of a true entrepreneur because you need that Right. And so it is a well-rounded education that you get Well-rounded so you can get results. And it's not just you know, like here's this Just plug it in your business and it works. This is about you learning to become the entrepreneur. So we don't just give you fish. We teach you how to fish. There's nothing that makes me as excited as watching my clients use the frameworks we've used, use the mindset work we've done, use all of those things to troubleshoot their business in real time. Like watching them show up like the bosses they are because they know what to do. They know what to do. Number four nonstop accountability. Okay, nonstop accountability. So we have the calls that we have, mentorship calls we have every week. We have built-in accountability there. We have the CEO power hour, like I talked about. We have the monthly challenges. We have all of those things and we've built this positive peer pressure where sometimes, if you're missing people, your classmates will reach out like, hey, I haven't seen you on calls in a bit. What's going on? It's beautiful to see and the truth of the matter is people are like how do I stay motivated all the time? You stay motivated all the time by building in accountability, and so you're doing what you need to do, motivated or not, because if we wait for motivation, we don't do what we need to do. Reason number five Reason number five is one of the things I'm probably proudest of, and it is the community. It is the community that we've built. It's a community of physicians who will provide positive peer pressure for you. They will encourage you, they will share their wins, they will share what is working in their businesses. They will comment, they'll post debriefs of this is the win that I got and these are the things that I did to get there. It is beautiful to see. So there's a positive peer pressure. Where you come in and you're like I don't think this will work, and people come out and like, yes, yes it will, because, listen, entrepreneurship is challenging and there's nothing as beautiful as having that support when it's challenging. And so you have the positive peer pressure, you have the support, and one of the things that's happened now that's so beautiful to see is that you have real life vision boards, and so maybe you're a direct permanent care dog and all you've heard is that it doesn't really work. You just get a little bit so you can pay your bills and just take care of the patients and don't worry about it, and you see people who are crushing it. They're right there with you. You're a direct specialty care and people can't be done. There are so many people have done it People who are gynecologists, people who are urologists, like people who are rheumatologists and they're crushing it and their real life vision boards. People tell you private practice is dead, and you see people adding a million in a year and it's not dead. People tell you oh, as a coach, you can't replace your physician salary. And you see people who are doing it. And so, when you look at this, you don't have to go to the magazine to figure out what you need to put on your vision board, and so you will hear the students say this oh, you're on my vision board, you're on my vision board. It's the most beautiful thing, right? You have access to resources, and when I say resources, this is what I mean. You have a group of a hundred doctors who are physician entrepreneurs, who are learning the same thing, who are going out there, who, because of accountability, are in momentum and all of those things, and they're building. They're building. You have access to their expertise, you have access to their connections, you have access to their experiences. You have access to all of these things. And so you go in to ask a question and the community, which we call the EBS Commonwealth, comes out to support you, right, okay? And then you have access to innovation. Now, this is one of my favorite things. So people said to me in the beginning why don't you just make this just for private practice or just for coaches or just for that? I'm like, okay, guys, listen, we're not talking about the service delivery side of things, we're talking about building business systems right. And what ends up happening is you get access to the way different people in different industries do things, and when you bring it into your own industry, where that's not the way it's done, it's called innovation, right. So innovation is not. Most of the time it's not like something brand new nobody has ever seen. A lot of times it's taking something from one industry that's working some one industry and bringing it to your own industry. And so I talk about this a lot during the pandemic. The reason, one of the reasons my private practice thrives, is because I took all those things email marketing, all of those things overcoming objections, speaking that worked in the coaching world and brought it over to the private practice world. It was a thing of beauty. So you have access to innovation just by watching people in different industries do things that you're like huh, I don't know why we don't do it that way and you apply it to your business and it creates a change. Okay, one of the things I hear people say when I talk about the entrepreneur business school is that, like, I don't know if it'll work for me. I'm afraid it won't work and all of that. But this is the deal. There's another fear, and that fear is what am I giving up if I don't go all in on myself, on my business? What is on the other side of that? Because I promise you it is much bigger than anything you're afraid of. It is much bigger than your discomfort. It is much bigger than the investment you're gonna make. It is much bigger and so Are you okay, not building that, not becoming that person, not having that impact in the world? That's the thing I would be more concerned about. Right, like, I invested $43,000 at the beginning of my journey in the first coaching program that I did for 10, it was a 10 month program, 10 month group program and on the other side of that not right away, but on the other side of that is all of this that's happening now. That's what I needed to be afraid of, like, and not really fear. I'm not big on fear, but that's what I should have been concerned about. Like, what if I don't have that. Not what if it doesn't work? Right, because we work it till it works okay. So that comes up quite a bit and some other times people will say, well, the investment is a lot and, to be honest with you, the investment is gonna change a lot because of the value of the school is much higher than anything that we're charging. And when people say the investment is a lot, I'm like, yeah, compared to some things, yes, compared to a business education. No, no, not at all. If I went down the street to Emory University to go do an executive MBA, I would pay 140 grand. I would pay 140 grand for two years. Right, that's 70 grand a year. So I want you to think about it. And the promise of an MBA is not a profitable six, seven or multiple seven figure business. The promise of an MBA is a six figure raise at work, a six figure job. That's the promise of an MBA. Go look at it. That's the promise. So the question is do you want to do 70,000 a year to get a six figure job, which you already have, or do you want to make a fraction of that investment and set yourself up to build a six, seven or multi seven figure business, right, like that's what the question is. Because I want to invite you to kind of steer away from thinking, oh it's a lot, because it's not. It really is not, it really is not. So I took the time to explain all of this because I want you to make a decision that I'm going to up level my game as an entrepreneur. I don't want you to do the same thing you did over the last 12 months. These 12 months, like, everything can change. Okay, it starts with an application. Okay, entremdcom forward slash business. Fill out your application. You may feel nerves doing it, but just fill it out. You're going to talk to my team. We do not do high pressure sales. We do not strong arm people into the Entremd Business School. We will help you look at it objectively and say, okay, is this my best? Next step, we will answer your questions. We will do all of that. That's what happens on that call. So I want you to fill out your application. You'll get to talk to my team, decide, okay, this is my best next step and come put yourself in a container that will help you make your masterpiece life, your dream life, a reality. Okay, so go fill out the application, even if you're unsure, that's okay. Our job is to help you be sure, like absolutely or absolutely not. That's our job, not in a way where we strong arm you, where we answer your questions, we ask you questions. That's really the way that's going to go. So I invite you to do that. Entremdcom forward slash business. And if you know the entrepreneurs in your life, I want you to really take this episode, copy the link, text it to them, say, hey, you know what? Can you give this a listen? It's 30 minutes, but take a listen, tell me what you think. I think this will be something great for you. This will be something that will be a game changer for you. I know you're a great entrepreneur, I know you love people and I know you want to have a huge impact. Maybe this is the missing link for you, okay. So I want you to take this episode, share it with them, and I want to invite you think about what is on the other side of your. Yes, you deserve that. And so I want to invite you to turn in an application and, if it is the absolute right thing for you, I cannot wait to welcome you to the Entremd Business School and introduce you to your classmates. Okay, so go turn in the application and I will see you on the next episode of the Entremd Podcast.

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