The EntreMD Podcast

5 Powerful Business Lessons From a 7-Figure Mastermind

• Dr. Una • Episode 417

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Struggling to break through in your practice?

Then this episode is exactly what you need to finally achieve your financial goals while making a significant impact.

Back in 2020, we launched a virtual visionary retreat with just a couple of doctors, and since then, it has grown to fifty physicians. Remarkably, 24% of them have broken the million-dollar ceiling. The growth numbers are simply astounding!

Today, I’m excited to share the top five lessons I’ve learned from this seven-figure mastermind event so you can examine your business through these lenses.

Remember: If they can do it, so can you. And these five business lessons will surely help you optimize your medical practice and live life on your own terms!

Tune in now!

Key Takeaways: 

  • 00:00:00 Intro
  • 00:00:19 The business makeover mastermind event
  • 00:03:56 You can never outgrow the mindset work
  • 00:07:18 Stop and take inventory of your business impact
  • 00:10:41 Find the right community
  • 00:15:36 The power of saying yes
  • 00:18:38 Your work matters
  • 00:22:05 Final thoughts

—

Additional Resources:


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

  • 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.
  • 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!
  • 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 ...

Speaker 1:

You can have a 2024 Ferrari. That's a limited edition, they only made 13 of them bright red, zero to 60 in six seconds, the whole nine yards. But if it has no tires, though, right, if the tires are flat it's going nowhere. And so you can have the best strategy, you can have the best team, you can have the best conditions, you can have access to all the connections you need and all of that stuff, but if you don't have the right mindset, your all the connections you need and all of that stuff, but if you don't have the right mindset, your car isn't going anywhere.

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 Una. On your terms. I'm your host, dr Imna. Well, hello, hello, my friend. Welcome back to another episode of the Entremdi podcast, Super pumped, as always, to be in your ears.

Speaker 1:

I was just in a room full of physician entrepreneurs who are rocking it, many of whom have crossed the six-figure, multiple, six-figure, seven-figure, multiple, multiple, seven figure mark, and I want to share the five biggest lessons I learned from that mastermind so that you can get so much out of this and you can learn the same lessons that I learned. So let's dive into this. So in the EntreMD Business School, it started off completely virtual, and I remember the first year we started, in 2020, we had a vision retreat, if you will, but it was all virtual. We got together, we worked on our vision for the following year, for 2021. And after we did that, it was so impactful. After we did that, it was so impactful, so powerful. I started toying with the idea of doing this in person. And so 2021, you know, there was COVID, there was all of that, but we had our very first in-person vision retreat in October in Hilton Head, south Carolina, and, oh my goodness, it surpassed anything I could have imagined or anybody in the room could have imagined. And I remember at the end of that event, the doctor is going like hang on, so are you saying that we will not see ourselves in person again until 2022? And I started thinking about it and played around with an event in between, and so we started having a mastermind that was more nuts and bolts in April. So we've had this since 2022. And so we just had the third one at the time of this recording not too long, not too long ago, and it was.

Speaker 1:

It was amazing, but I want to kind of explain the kind of room that this was. Okay, so this is a room of over 50 physicians. 24% of the physicians in the room were running businesses, over a million in revenue. 24%, you know, most of them that attended this event were female, and when you look at female founded or female owned businesses, only 2% of them crossed the seven figure mark. When you talk about women of color, you're talking about half a percent, and so the numbers are staggering. Okay, so it's 24% and you know, the numbers were just unbelievable, right, if I trace them all the way down.

Speaker 1:

And so very powerful room, very supportive room, people very, you know, vulnerable as far as sharing their trials and sharing their triumphs right, you know, very sharing amazing room, trials and sharing their triumphs right, you know, very sharing amazing room. And so I, you know I had a lot to give. We looked at a number of assets, so the million dollar sales system, the million dollar team, the million dollar mindset, the million dollar HQ and all the co-working sessions we did and the networking that was facilitated. And it was, it was really good. It was literally our best one yet. Okay, it is. It's an event where a hundred percent of the people are like I will absolutely recommend this to another physician. It was just so good.

Speaker 1:

So, you know, I am a student of business and so, even though the doctors are in the business school, I still study to see, okay, what is working, what is not working, what was surprising to them, what can I learn from this? Because if I have a growth mindset, I continue to grow, and if I continue to grow, I continue to help my people get results bigger, faster, easier, and I always want to stay in that space. So when I got home, I started thinking about the observations I had, and these are the observations. So let's lean in here. The first one occurred when a doctor now this doctor I'm not going to name names because this was a private event, but this doctor is running a multi-seven figure business and when we were looking at the million-dollar mindset you know this is so important the example I gave them.

Speaker 1:

I said you know, you can have a 2024 Ferrari. That's a limited edition. They only made 13 of them bright red, zero to 60 in six seconds, the whole nine yards. But if it has no tires, though, right. If the tires are flat, it's going nowhere, and so you can have the best strategy. Are flat, is going nowhere, and so you can have the best strategy, you can have the best team, you can have the best conditions, you can have access to all the connections you need and all of that stuff, but if you don't have the right mindset, your car isn't going anywhere.

Speaker 1:

And so she was like you know what do you do when you feel like you know you should have outgrown certain mindset challenges? You have Like you shouldn't be having these challenges anymore. And you know cause? She's like some kinds of mindset drama that shows up. She's like I shouldn't still be dealing with this. And it brings me to lesson number one. And lesson number one that I got is you never outgrow the mindset work. Okay, you never, ever, outgrow the mindset work.

Speaker 1:

So think about your mind like a garden. When do you stop weeding the garden? Never, like. As long as you have a garden, you're going to keep weeding it. The weed is going to keep growing and you're not going to say, oh my goodness, I thought I'd outgrown this, like I've been weeding it for so long. You just weed it because you know that's what happens. Think about us like how many showers do you take and then you no longer take showers? Or how many times do you brush your teeth and you no longer have the need to brush your teeth. Like these are things we just do, the mindset work we just do.

Speaker 1:

There will be thoughts that will come to stop us, to cripple us, and all of that we have to be aware of how we think. We have to be aware of the thoughts that are stopping us. We have to be aware of the empowering thoughts we can think. Instead, we have to intentionally do the work to think a different way. But we don't outgrow that. And even if you quote unquote outgrow it for a certain level, you're still going to attract it for a new level. So say, for instance, you are a coach and you have a package that is $10,000 and you develop another package, or, over time, you increase your package pricing to $20,000. Now you would have dealt with the drama around raising your prices. But guess what's going to show up again when you raise your prices? Again the same thing, right? And so once we come to terms with the fact that we don't outgrow this, we can do the work of paying attention to our mindset and really building formidable, strong mindsets that are like really great tires and a really great car.

Speaker 1:

Okay, so that was the first thing that I took away from that. Okay, the second thing we were talking about the million dollar sales system and, of course, every time we talk about sales, the drama around. Am I manipulating people? Am I being greedy? Am I just taking people's money? The yuckiness of how do I say it? And all of that. And once you come with that energy, it is so hard to sell. It was so hard to sell.

Speaker 1:

And so, when all of that conversation came up, I called up two people and, you know, randomly, I didn't know what they were going to say, and I said you know, tell me about a patient whose life you have absolutely changed by doing what you do. And so two doctors came up and one of them she's a surgeon, and she talked about somebody who had, you know I want to protect the privacy of the patient if you will, but this person had, you know, a bladder condition and, because of that, had a really overactive bladder. If the person went on a flight, they would have to sit, you know, in an aisle seat. If they're going to take a run, they have to run in only certain places where there are bathrooms where they can stop, you know, to urinate and all of that stuff. You know, like it was controlling this person's mind and it was on the person's mind all the time and she had a procedure that, to her, is a very simple procedure, is fun for her to do. She does the procedure right Now this person is flying on long flights, choosing the window seats, going on long runs, doing all of these things the person could never do because they had an overactive bladder, and this person sings her praises nonstop.

Speaker 1:

I said, okay, so when you are selling to people, you are serving them Like it is your highest level of service, because what you're doing is you're telling this person before they met you that they can have this life after they meet you. Right, and so if you don't stop this is a lesson if you don't stop to take inventory of what your work does, it will be incredibly hard to sell it and you will feel yucky and you feel sleazy and you'll feel slimy. The more you can lean into what life looks on the other side of working with you, the more you'll be compelled to tell everybody about what you do. Because I asked her like is it fair for you to know that you can do this and that people who are living life with their bladder on their mind at all times and you could fix it, and you don't want to tell them because you think you're manipulating them? I mean like right and and. So the more you lean into, you have to actually stop and you have to take inventory. I don't know that she had connected that to selling right, like when you stop and you think about what your work does, what your company does, what your product does, what your service does. If you lean into that, you'll fall in love with what you do and you'll realize that it is your responsibility. It's a responsibility to tell people about it and tell enough people about it so you can find all the people that you can serve. So that's the second lesson.

Speaker 1:

The third one I was talking this was not actually in session and that's the beautiful thing about the mastermind. At the beginning of it I tell people I'm like, listen, this whole thing, this whole experience is designed to turn your business around. It's not just what I say, it's what happens in the live sessions. It's what happens when we're actually workshopping, when you have your group discussions. It's what happens when you're chatting with a classmate on your way to the restroom. It's what happens at lunch. The whole thing is designed to shatter a glass ceiling and take you to the next level in your business, and so we're just walking through the room, the session was over.

Speaker 1:

Walking through the room, I see a doctor.

Speaker 1:

I'm like, oh, my goodness, how are you doing?

Speaker 1:

And we start talking about her business. She's primary care DPC, if you will. And I was like okay, so tell me how much did you do in your first year in DPC? And she says $540,000. And that is not usual for the DPC world. And I'm cheering her on and I'm like yeah, but it's really hard to talk about it anywhere else because I'm constantly criticized because I charge more than the average DPC clinic would. And I'm like yeah, and that's the reason why you're in EBS, you're in a safe place where feel free to talk about it all the time, feel free to own it, and it's not as though you know like. Feel free to own it and it's not as though you know like. And the idea is this right, where we talk about this on the podcast a lot. You know your high ticket, low volume or your low ticket, high volume and all of those kinds of stuff. And so she's worked the math of her business and the way she wants her business to look.

Speaker 1:

And on Trendy, we're all about learning to build your business in such a way that you can practice medicine the way you want or you can live life the way you want, right. And so the third lesson here is that your community is everything. Your community is literally everything. And so she's in a place where she's proud of what she does, she owns what she does, she's comfortable with the prices that she charges, she serves her patients at the highest level, they're getting unbelievably amazing results and she's okay with it. But there's another community she would have been in and that would have been totally silenced and crippled and all of that, and she would be ashamed and she won't want to show up and she may be able to charge you something completely different, which is not authentic to her, because that's not what she wanted to do. And so your community absolutely matters.

Speaker 1:

Now I had a conversation with another doctor again not in session, we're just, you know, passing through and she says I am so grateful that I'm in EBS, I'm so grateful that I was ignorant about private practice when I came into EBS. Okay, so when she came into EBS, you know, and she, she started EBS. Okay, so when she came into EBS, you know, and she, she started. She thought that she would have to be in private practice for at least three years to break even and she posted about this in the group. She told me about it first before she got into EBS. I'm like, no, that's, that's not, that's not the way we roll here. And so she came into the group. She was like oh, you know, I've been told, for the, you know, for my specialty and all of that stuff, it'll take three years. And people come in the comments like, no, you're in EBS, we don't do that here. And so what did that do? That changed her expectation. That changed her vision. That made her aware of another level of possibility and she started working towards it. Right.

Speaker 1:

And so she's then telling me right at the event, she says I am so grateful that I didn't really know about private practice before I came into EBS. So I have EBS disease that's what it's called now, where we have these great expectations of our businesses and she's like I have EBS disease. And she said you know, I was talking to somebody else and they have a practice and they've had it for almost a decade and they still haven't been able to turn a profit and all these things. As she says, the more they would talk to her about it, the more she's like wait what? And so your community matters.

Speaker 1:

And that's the third lesson your community matters, your community is everything, and so we don't rise above our community. Right? Like if the temperature in your, if your thermostat in your house is set to 70 degrees, that's what you're going to get and chances are everything will align with it. Right? So you become like your community. So you want to look around and say, okay, this community do I want to be like this community. And if you don't, you want to find a community that's like what you want to be like and insert yourself there. When I was teaching about this in session, I said you know like I have the capacity to speak English or French or German or Spanish as a native speaker, but the reason why I speak English is because of my environment and if I grew up somewhere else, I'll be speaking something different and, to a certain extent, our businesses look the way they do because of the community we find ourselves in, and if we want them to look different, right, okay, so that's number three. Number four Number four is really the power of saying yes when opportunities show up.

Speaker 1:

So I was talking to a doctor and she is amazing. She joined the Entrebelly Business School less than six months ago and she had the opportunity to come to the mastermind and she had so many good reasons not to come to the mastermind One. She could have been like I'm newer into school, I'm an entrepreneur. She traveled out of the country and even after she made the decision she was'm an entrepreneur, she traveled out of the country and even after she made the decision she was going to come, she traveled out of the country and her flight coming back was canceled and it was going to get her back into the United States the day after the event would have ended. And she's like that's absolutely not happening. I have to be there. And she hadn't been to one of them before. Right, like, granted, people in school had told her about it, but she hadn't been to one before, and so she forfeited the second leg of her ticket, got a brand new ticket and came back home and she was telling me she was like Dr Una, this is worth every single thing Confidence through the red roof, the strategies she needed, the mindset shift she needed, integrating with a community in a completely different way and she's like this was worth everything and I'm so glad I came.

Speaker 1:

And so there'll be so many opportunities to show up for an event or say yes to an opportunity to collaborate with somebody or, you know, speak at an event or whatever. It is the power of saying yes. You really have no idea how much it will change your life, but just saying yes to that will change your life. And there's so many people I talk to who are like you know, I was wondering if I'll just skip this one, you know, for the OGs, because this is the deal. Right, like, 70% of the people in the room had been in the school for longer than a year. It is absolutely insane. 14% of the room had been in the school since 2020, right, there's a reason. There's a reason for that. But a number of them are like I don't know. I was like am I going to skip this one and all of that Because this is a deal when you don't say yes to opportunities like that. You never know on the other side what could have been. You just don't know that, and you know one of my I always have ulterior motives when I do events right.

Speaker 1:

Like ulterior motives makes it sound bad. I have these big goals, and one of my biggest goals, my number one goal for me and for my entire team for this mastermind, was I want everybody to get a breakthrough in their business, and what I meant by that was there is a glass ceiling between the version of your business you have now and the next version, and I was like I want that glass ceiling shattered. Okay, and so it's very beautiful, since I was standing in front of the room to see these light bulbs go off, like you could literally see the breakthroughs happening in real time. It was unbelievably amazing to see that. But for the people who are not going to come, you know it's like well, you say yes to things like this, right, you say yes because on the other side of it it's just magic, okay, all right.

Speaker 1:

So the fifth one was really something that occurred to me for the work that I do, and the fifth one really is that your work matters. Oh, my goodness, your work matters. So, first of all, of course, I'm looking at the doctors in the room and how they're influencing their industries and how they're helping their clients on the unbelievable transformation their clients and their patients are experiencing. And I looked at the doctors who, you know, some of them had only been in the school for two months. Some of them had been there for a year. Some of them have been there for three years. Some of them are going on their fourth year June you know, june 2020, they will hit their fourth year.

Speaker 1:

And I started looking at what happens after you do what you do over a long period of time and long is relative, right. So, because we're talking about less, I've watched them for less than four years for sure. Okay, and so I started looking at those businesses and I'm like, my goodness right. I had one of them come up and talk about her story and there are things she was thinking she would do in year five of business that in year three she was already completely done with. And so we wonder, like, year five, what would that look like?

Speaker 1:

But anyway, when we bring it to EntreeMD, I started thinking about the fact that this started off as a group of six doctors at a little restaurant in Atlanta and that became a live event and that became a 12-week master class and that became a nine-month program, which eventually became the Entree MD Business School, and we started helping people from the basics like how to do a Facebook Live, how to start a podcast, how to get your first client, how to get your first hundred thousand and then your million and then multiple millions, and then to be in a room where you know 24% of the doctors in the room are building businesses, have businesses that did over a million in revenue last year and another 20%, another 25% have businesses between you know 250,000 and a million to the power of a room like that and to see that not only are their businesses different, not only are they building rock solid teams, not only you know they're winning in their businesses, but their family life is better and their health is better and their mental health is better and they have this really great community they can lean on. And with the Entremet Business School we're less than four years old and it really made me sit and think like, what will happen? What will happen if you keep at this for another? You know, another three years, another seven years, another 10 years, what will the ripple effect be? Because there's the school, then there's the books, then there's the podcast and then there's, you know, like the ripple effect because of the impact to the people you're impacting, go on to have, and the lesson there is just your work matters. Oh, your work matters so much and it was a lesson for me, but it's a lesson for you too and the lesson is this give it your best shot and don't stop and don't quit. And sometimes you're going to feel like it's not working. But there's a statement we say in the Entree of the Business School all the time, and that is it's always working, like it's absolutely always working. And so I just wanted to share these with you so you can take them and you can kind of look at your business through these lenses.

Speaker 1:

And maybe you've gotten frustrated that you're still working on your mindset. It's weeds, we're weeding the garden, it's okay. Maybe you haven't stopped to take inventory of the impact of your business. I want you to stop and do that. It will help you sell so much better because you see selling so differently. Right, like it's asking.

Speaker 1:

Maybe you've let your community happen to you, haven't intentionally built a community Well, this is a time or maybe in an amazing community like EBS, but you don't lean into it, like, lean into it, and maybe you've been on the fence and but you're like. You know, entrepreneurship is lonely, nobody understands me, I don't have people to bounce ideas off, I don't have places where I can be vulnerable and share what my challenges are and get help. And you know the Entremdi Business School exists, you know, for that purpose, and so come check us out. You can book a call with my team, entremdcom forward slash call. Maybe you've had opportunities that you know, like, if I say yes to this man, the magic that can happen on the other side of it. Maybe it's time to say yes to it.

Speaker 1:

Or maybe you've never really stopped to think about the ripple effect of your work or how much it matters. Your work matters, and so I want to challenge you to never, ever, ever quit. You can pivot if you must, you can adapt if you must, but don't quit on it. The world needs what you do and this is your, this is your legacy, this truly is, and so, so, so kind of. You know, reflect on these things, and I would really love for you to share this episode with the other doctors in your world. They'll thank you for it forever and I am really, I'm really looking forward to continue to root you on as you live life and practice medicine on a terms, because every doctor deserves that, and that's the new normal. Okay, that's the new normal. All right, go share this and I'll see you on the next episode of the. I'm Sharing my Podcast.