August 21, 2023 • 22 mins
I am a firm believer that all physicians should be entrepreneurs, even employed ones.
In these times when physicians are being terminated every day, it is critical we understand how to leverage entrepreneurship so we are in control and we have unlimited options.
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- Learn more about my 12-month program.
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- 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.
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- 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.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
Hi dogs, welcome to the EntryMD podcast, where it's
all about helping amazingphysicians just like you embrace
entrepreneurship so you canhave the freedom to live life
and practice medicine on yourterms.
I'm your host, dr Imna.
Well, hello.
Hello, my friend, welcome backto another episode of the
(00:25):
EntryMD podcast.
I want to say a big thank youfor coming back, for listening.
I really am coming here withsomething that is a gift to the
entire physician community.
So sometimes there are podcastepisodes that we do that are
really tactical how to docertain things in your business.
Sometimes they're things thatare mindset.
Sometimes they're things thatare industry-specific, maybe
(00:47):
with like for private practice.
Maybe we have a thing like howto turn your payroll into an
investment instead of an expense, and things like that and there
are some that are really allabout the EntryMD movement.
So I'm going to be specificallytalking to physicians who are
employed.
But if you're not employed, yourun your own business.
I mean, you've been running itfor years.
(01:08):
It's a multi-million dollaroperation.
I still want you to lean intothis because for the physician
community, we're the Calvaryright.
Nobody's coming to save us, andit really does take all hands
on deck to get this job done soI want you to kind of take a
listen to this.
It will be so important forsome conversations that you'll
need to have with yourcolleagues or with your friends,
(01:29):
and this is definitely anepisode that you want to share
with every physician that youknow.
You want to share it on socialmedia.
Please tag us hashtag EntryMDLove to give you a big shout out
.
Thank you for it.
And this really came out fromin the Facebook groups that I'm
a part of.
It's probably two to threetimes a week at this point where
(01:50):
I'd see a post about someonesaying they just got terminated,
and it's happened so often thatI wonder if we're a little
desensitized to it.
But if you think about itpre-2016, this was not really
something that you heard.
I mean, if you had a job as aphysician, chances are you kept
the job, and now the lack of jobsecurity is so unbelievable,
(02:17):
and I don't want any physicianto be in a position where, if
you know that happens and youdon't have anything to do, you
don't have a response.
I don't want you to be in aposition where it's something
that you're afraid of, right.
I want you to be in a positionwhere you are in control, and so
that's the reason why I decidedto record this podcast episode,
(02:39):
because this is not going toget any better.
This is what I started talkingabout in 2016, that there was a
bloodbath coming and those werethe words I used to describe it
then, because I knew it wasgoing to be really, really,
really bad.
And I remember I'd talk aboutit or I'd post about it, and
lots of people come out andthey're like what are you even
talking about?
(03:00):
We will always have jobsecurity, and here we are Right.
So this is seven years later,at this point, and so if it was
true then, it's really true now,and I don't want you to be
afraid at all.
I want to equip you on thispodcast episode to know exactly
what to do and to be in control.
I mean, for some reason,somebody said you're terminated.
(03:21):
You already have plan B, plan C, plan D.
You're not even bothered by it,okay, and so I mean you may be
bothered by it, right, likemaybe it's a place you've worked
at for a long time.
You really love your coworkers,you love the patients that you
have, so I don't mean it thatway.
I just mean like you've takencare of yourself.
Okay, all right, so let's lookinto this.
(03:41):
I mean to start with.
The overarching theme here is Iwant to invite you to do
something that is sounbelievably radical but is very
simple and like you can do it,and that is to quit your job.
Okay, it is to quit your job,and somebody might be going,
like you know maybe, just lookat your phone, like wait a
(04:03):
minute, am I listening to theright podcast?
Like what did she say?
Okay, it's not a completesentence.
I want you to quit your job andbecome an intrapreneur.
Okay, so let's say you work fora hospital system.
Okay, let us say the SoutheastHospital System.
(04:24):
Totally making this up, I'm notsaying this is a hospital or
whatever.
That's where you've worked.
Okay, from this moment, I wantyou to quit your job at
Southeast Medical Center or ahospital system.
I want you to quit your jobthere and I want you to take up
employment in a new company, andthat company is called Dr
(04:45):
Unincorporated.
So your boss will never knowyou did this, your bank account
will never know you did this,but this is a shift and this is
the shift that makes all thedifference.
This is the starting point ofyou having working a job and you
love it and you're cool and if,for any reason, they terminated
you, you're not bothered.
(05:06):
So you're going to quitSoutheast Medical Center and
you're going to start DrUnincorporated.
Okay, that means you are acorporate entity, you hire
yourself and you have this eighthours a day that you give
services to the hospital or themedical system where you work.
(05:29):
Again, this is nothing.
You're not doing anything,you're not incorporating
anything, you're not tellingyour boss I quit.
That's not what I'm referringto.
This is a mindset shift.
Okay, I don't work for thishospital, I work for my company.
My company is Dr MeIncorporated, for right now, I
am the solo employee of thiscompany.
(05:50):
So when I have a deal, a gigwhich is what I have there I go
there, give them services, but Iwork for me.
And to make that simple shift,what is what changes everything?
Okay, so that's the overarchingthing.
Because once you do that guesswhat you just put yourself back
in the driver's seat.
(06:11):
That's what you just did.
I'm in control, I work for me.
And what that means is now Ican start saying how can I earn
better, how can I have betterwork conditions, like?
There are all these otherthings that can happen, but the
starting point is that, okay,all right, now, as somebody who
is an entrepreneur, I want togive you only three things to
(06:32):
work on, and it puts you in aposition where you have a really
solid company and if, for somereason, this company says, oh,
we can't have you here anymore,your company is taking care of
business, so your options arelimitless, okay, so the first
thing I want to invite you to donow, before I even go there, I
want to say this I am a bigbeliever in win-win situations.
(06:55):
I'm not a fan of hurting a jobor hurting a place where you're
privileged to work, or being athorn in the flesh at work on
your way out.
Okay, I just don't subscribe tothat philosophy.
And so when I say this, I'm notsaying the level of your work
is different because you're likeI don't care about.
No, I mean now, your boss isyour client.
(07:18):
I want you to think about howrevolutionary this is.
Right, your boss is no longer aboss.
Your boss is a client.
Right, you got their business.
You want to keep their business.
You can decide if this businessdeal works for me or not.
I need to go somewhere else,but that's your client, so it
doesn't mean you treat them.
It doesn't mean you show up atwork less.
(07:38):
It means you show up at workeven stronger, right?
And so we're not talking aboutsabotage here.
We're not talking about being anightmare at work, and I'm sure
you weren't thinking that, butI just want to clarify what I'm
saying.
Okay, so let's talk about thosethree things.
The first thing is you want tobuild a dominant brand.
Your brand is your business.
(08:00):
Your brand Dr Yu Incorporatedis a business.
Your brand is so powerful.
In fact, I was listening toAlex Hormozzi, who is one of the
greatest entrepreneurs of ourtime as far as marketing, sales,
offers, all of these things,and he's exited a company, sold
(08:21):
it for 46.2 million.
I want you to think about that,right?
And after doing all of that,after doing all of that, he made
a statement.
He said my personal brand is mybiggest asset.
I want to think about that.
He has a portfolio of companies.
He has millions I mean likemillions and millions of views
(08:42):
on YouTube.
He has 1.5 million subscriberson YouTube.
All of this and he buildscompanies and he's like my
biggest asset is my personalbrand.
Your personal brand is sopowerful, you build a dominant
brand.
If you get terminated, right,you have people literally
waiting and would love to haveyou on their teams.
(09:05):
Why, you built a brand.
They know you, they like you,they trust you, they would think
it's an honor to work with you.
Right, you may decide you knowwhat.
I don't want to work anotherjob and I think I'm ready to
start my own business.
Guess what?
With that brand, you alreadyhave an audience.
You already have people whoknow I can trust you.
You just have never made theman offer.
So you have set the stage foryou to go like, yeah, I have
(09:26):
what it takes to start mybusiness right With that, you
may even not, you may not beterminated, you may not leave.
You may use it to negotiate forpromotions, for raises, for
better work conditions, like allof these kinds of things.
Because of that brand and whatcomes with your brand.
Okay, I've told this story alot of times on the podcast Dr
(09:48):
Barbara Joy, phenomenal familymedicine physician out of
Atlanta, who I have had theprivilege of working with for a
few years.
At this point, she built shebuilt a rock solid brand like
rock solid right.
And because she did that, thereare so many opportunities that
have come her way, whether it'sa job, whether it's a business
(10:09):
deal, whether, like all kinds ofthings, paid speaking gigs all
of that as an employed physician.
She was getting all of thesewhy?
Because of the brand she built.
Okay, so you want to take thetime to build a dominant brand,
and that is kind of yourinsurance policy.
That is what gives youunlimited options.
(10:30):
That is what sets the stage forwhat comes next.
You can leverage that to dowhatever you want your next
thing to be Build a dominantbrand.
And so there's so many avenuesto do that.
Whether you're doing that onsocial media, whether you're
building an email list thatcould be whether you're speaking
on stage there's so many waysto do that.
(10:50):
But the era of hiding, don'twant anybody to know me, just do
my work and disappearing.
You own a company now.
You don't do that, okay.
Okay.
So the first thing is you wantto build that dominant brand.
The second thing you want to dothese are all kind of
intertwined in a way.
The second thing you want to dois you want to build your
(11:10):
network.
Okay, if you are an introvertlike I am, you're probably like
oh no, dr Iuna, right, but I amhere, I am on your side, I am
rooting for you.
I'm an introvert too.
You've heard my story.
I started off as a sociallyawkward, super shy, introverted.
Introvert.
Networking is not a personalitytype, it is a skill and you can
(11:34):
learn it.
But let me play this picturehere.
Right, let's say you built thisreally solid network, okay, and
what that means is you have allthese relationships with people
who own private practices,people who are in positions of
authority in hospitals and inmedical centers.
You built all theserelationships with referral
sources, with people who fall inthe category of your clients,
(11:57):
right, with vendors, with allthese kind of people.
If someone tells you you'reterminated, I mean you just have
to send some text messages andyou could end up with a brand
new job like the same day.
Do you see what I'm saying?
Like, your network mattersbecause people know people, who
(12:22):
know people, who know people.
That's the way the world works,right, and so the bigger your
network, the more high qualityyour network is, the more access
to opportunities you have.
They are literally limitless.
So you don't wait for somethingto happen for you to start
building your network.
You start now.
You start building it.
(12:43):
You start interacting withpeople.
You start talking to people whoare like referral sources, or
people who are what we callcenters of influence.
So they have a lot of peoplewho could be your audience, your
clients and things like that.
People matter and the truth ofthe matter is there are doors
that people will open for youthat money will never open for
you.
So your social wealth, yoursocial capital, your
(13:06):
relationships are actually morevaluable than money.
So you want to build thatnetwork.
If you're like me and you're anintrovert, just remember that
it's a skill.
You're going to put yourselfout there.
You're going to meet people.
You're going to look them inthe eye.
You're going to shake theirhands with a firm grip.
You're going to ask them aboutthemselves.
People like to talk aboutthemselves.
You're going to startpracticing building.
(13:28):
It may feel weird, that's okay,but if you do it long enough,
you'll feel more normal.
So build that dominant brand,build your network, build your
network, build relationships.
This is one of the things thatI see in the Entremde Business
School a lot and I really am so,so, so, so grateful.
It's really so inspiring to seeit, because this is a community
(13:49):
of people, different stages ofbusiness, different kinds of
businesses, so private practice,coaches and consultants,
speakers, people who host events, people who have products,
people who are entrepreneurs, sothe employed physicians who are
building brands, and all ofthose things, and all over the
country, all stages of life.
And it's amazing how somebodywill come in and ask a question
(14:14):
and there's all theseexperiences, right.
Or they'll come in and there'sa kind of they say, oh, this is
who I am and this is what I do,and people are like oh, I can
connect you with this group andthey will be perfect ideal
clients for you and things likethat.
People will get speaking gigsand pass them off to others,
like all kinds of connectionsand networks are happening and
people are opening doors foreach other.
(14:35):
It's just about who you know,right?
So build your network, buildyour network.
This is capital, your brand iscapital, your network is capital
, okay, and so you don't have tobe afraid of being terminated,
because I can reach out to mynetwork and people know somebody
who's looking.
Okay, all right.
(14:56):
The third thing is, if I couldsay there's a skill that I would
really love to see as master,as physicians, is negotiation,
especially if you're an employedphysician, because, guess what,
you own a company.
Now, right, you don't work foryour boss anymore, you work for
a doctor, you're incorporated,and your boss is not your client
, right?
And there are times that, asbusiness owners, we would walk
(15:19):
up and say, hey, things havehappened, prices have changed,
or things have happened andthese are the new conditions, or
whatever.
That is right.
And so what that means is, forinstance, even if you're staying
in the job, salaries alwayssomething to negotiate, and if
you don't know how to negotiate,you're not going to.
Really, you may not have thesalary that you want, right?
(15:40):
Maybe there work conditions,maybe you have, like, too many
patients per session, or youhave, you have, a bunch of
committees that you've beeninvited to be on and they're
like, oh, we don't have a budgetfor this, but it's going to
cost you 10 more hours of yourtime every two weeks, and things
like that.
You have to learn how tonegotiate salary, work
(16:02):
conditions, right?
You need to learn how to talkabout the bottom line like an
entrepreneur, because that's whoyou are, remember, you work for
a company called Dr, youIncorporated, right?
And so, for instance, you wantto negotiate for a scribe.
You don't just go and say oh,I'm burned out, I need a scribe,
right?
You're an entrepreneur now andyou're like.
You know what I was talkingwith the biller.
This is how much revenue I'mbringing in per patient, and I
(16:26):
know that this company they havea scribing service.
This is how much it comes to,and the truth of the matter is,
if we can bring on a scribe, Ican add two extra patients to,
or even an extra patient per day, and what that will do is that
it will create even more revenuefor the company.
So the bottom line will bebetter and the risk of burnout
(16:46):
becomes a lot lower for thedoctors, and so this is a
complete win-win situation.
How can we work this out?
How can we make this possible?
Right, that is a very differentconversation from oh my
goodness, I hate it here andagain, I'm not saying you do
that, I'm just trying to give anexample here.
So, work conditions, salary,promotions.
Maybe you've always even wantedto go more to the admin side,
(17:08):
maybe you wanted to be a chiefmedical officer or anything like
that.
Negotiation, having thoseconversations.
You're an entrepreneur now.
You make deals.
That's what you do, right, andif, for any reason, you get
terminated or whatever, you cantake your stuff somewhere else
and go negotiate there andcreate a dream job for yourself,
right?
I'm saying all of this to sayplease, don't not have a plan.
(17:34):
Please stop working for yourboss.
Become an entrepreneur, build adominant brand, build your
network, learn to negotiate andso that, if anything happens,
you're ready and if nothinghappens, you're better
positioned in your company tobring them more value and create
(17:55):
a job that you love.
So it works for you whether youstay.
It works for you whether you'reterminated.
It works for you whether youdecide I want to go on and start
my own business.
These are things that willserve you.
Please don't roll over.
Please don't play dead.
Please don't stay in the fearof oh, what if this happens?
And don't wait the time tostart doing this now.
I want to invite you.
(18:16):
Maybe this is your first timeof listening to this podcast.
I want you to start listeningto it like the entrepreneur you
are.
My name is Dr Ann Smith and I'mthe CEO of Dr Ann Smith
Incorporated, and you show thisis my company.
This is who my client is.
I want you to listen to theepisode.
I want you to embrace thatidentity as an entrepreneur and
(18:36):
entrepreneur.
I want you to learn the skills.
I want you to start applyingthem, start practicing them.
Practice the negotiationpractice, the brand building
practice, the network andpractice all of those things and
you will be a different, moreevolved version of yourself.
I mean, like there's so manydoctors in the entrepreneur
business school who have donethis.
They have negotiated forcoaching for all the docs in the
(18:59):
hospital.
They have negotiated forscribes and got them for all the
doctors in the hospital.
They've negotiated for raises.
They've negotiated for four-daywork weeks, all kinds of things
, all kinds Okay.
So, yes, this is fascinatingtimes for physicians, but I want
to invite you to not despairbecause of it.
Okay, you can still be incontrol and this is how you take
(19:21):
back control.
So what do I want you to do now?
Well, if you're an employedphysician, I want you to do
exactly this, right, and for youand for everybody else, I want
you to take this episode.
I want you to take a screenshotof it and I want you to put a
little blurb on social medialike this is the reason if
you're a physician and you'reemployed, this is the reason why
(19:43):
you must listen to this episode.
Okay, tag us hashtag on-train D.
I would love to reshare and allof those things, but I would
love for this message to go outbecause, as physicians, we
cannot afford to not know this.
Okay, what is coming is a timewhen doctors are confident in
their spaces.
(20:03):
They're not afraid oftermination because you can't
really.
It's not termination that way,because they already terminated
themselves.
Okay, they work for themselves,they work for the doctor,
they're incorporated.
We work for ourselves, okay,and we're just.
We have this client and theclient decides I'm not being a
client anymore, you just go findanother client, right?
(20:23):
But there's nobody coming tosave us.
There's nobody coming to makethis better.
We have to take back controlourselves and this is how we do
it.
So do this for yourself, sharethis with another dog, share
this on social media, hashtagon-train MD.
And I will see you, my friend,on the next episode of the
on-train MD podcast.
Hey, if you love listening tothe on-train MD podcast, I want
(20:47):
to invite you to join on-trainMD on demand.
It is my signature subscriptionprogram that gives you access
to a library of business coursesdesigned to help you do one
thing as a physicianentrepreneur, and that is to
thrive.
So head out to on-train-dcomforward slash on-demand and I'd
love to have you join us.
See you on the inside.
Hi dogs, welcome to the EntryMD podcast, where it's
all about helping amazingphysicians just like you embrace
entrepreneurship so you canhave the freedom to live life
and practice medicine on yourterms.
I'm your host, dr Imna.
Well, hello.
Hello, my friend, welcome backto another episode of the
(00:25):
EntryMD podcast.
I want to say a big thank youfor coming back, for listening.
I really am coming here withsomething that is a gift to the
entire physician community.
So sometimes there are podcastepisodes that we do that are
really tactical how to docertain things in your business.
Sometimes they're things thatare mindset.
Sometimes they're things thatare industry-specific, maybe
(00:47):
with like for private practice.
Maybe we have a thing like howto turn your payroll into an
investment instead of an expense, and things like that and there
are some that are really allabout the EntryMD movement.
So I'm going to be specificallytalking to physicians who are
employed.
But if you're not employed, yourun your own business.
I mean, you've been running itfor years.
(01:08):
It's a multi-million dollaroperation.
I still want you to lean intothis because for the physician
community, we're the Calvaryright.
Nobody's coming to save us, andit really does take all hands
on deck to get this job done soI want you to kind of take a
listen to this.
It will be so important forsome conversations that you'll
need to have with yourcolleagues or with your friends,
(01:29):
and this is definitely anepisode that you want to share
with every physician that youknow.
You want to share it on socialmedia.
Please tag us hashtag EntryMDLove to give you a big shout out
.
Thank you for it.
And this really came out fromin the Facebook groups that I'm
a part of.
It's probably two to threetimes a week at this point where
(01:50):
I'd see a post about someonesaying they just got terminated,
and it's happened so often thatI wonder if we're a little
desensitized to it.
But if you think about itpre-2016, this was not really
something that you heard.
I mean, if you had a job as aphysician, chances are you kept
the job, and now the lack of jobsecurity is so unbelievable,
(02:17):
and I don't want any physicianto be in a position where, if
you know that happens and youdon't have anything to do, you
don't have a response.
I don't want you to be in aposition where it's something
that you're afraid of, right.
I want you to be in a positionwhere you are in control, and so
that's the reason why I decidedto record this podcast episode,
(02:39):
because this is not going toget any better.
This is what I started talkingabout in 2016, that there was a
bloodbath coming and those werethe words I used to describe it
then, because I knew it wasgoing to be really, really,
really bad.
And I remember I'd talk aboutit or I'd post about it, and
lots of people come out andthey're like what are you even
talking about?
(03:00):
We will always have jobsecurity, and here we are Right.
So this is seven years later,at this point, and so if it was
true then, it's really true now,and I don't want you to be
afraid at all.
I want to equip you on thispodcast episode to know exactly
what to do and to be in control.
I mean, for some reason,somebody said you're terminated.
(03:21):
You already have plan B, plan C, plan D.
You're not even bothered by it,okay, and so I mean you may be
bothered by it, right, likemaybe it's a place you've worked
at for a long time.
You really love your coworkers,you love the patients that you
have, so I don't mean it thatway.
I just mean like you've takencare of yourself.
Okay, all right, so let's lookinto this.
(03:41):
I mean to start with.
The overarching theme here is Iwant to invite you to do
something that is sounbelievably radical but is very
simple and like you can do it,and that is to quit your job.
Okay, it is to quit your job,and somebody might be going,
like you know maybe, just lookat your phone, like wait a
(04:03):
minute, am I listening to theright podcast?
Like what did she say?
Okay, it's not a completesentence.
I want you to quit your job andbecome an intrapreneur.
Okay, so let's say you work fora hospital system.
Okay, let us say the SoutheastHospital System.
(04:24):
Totally making this up, I'm notsaying this is a hospital or
whatever.
That's where you've worked.
Okay, from this moment, I wantyou to quit your job at
Southeast Medical Center or ahospital system.
I want you to quit your jobthere and I want you to take up
employment in a new company, andthat company is called Dr
(04:45):
Unincorporated.
So your boss will never knowyou did this, your bank account
will never know you did this,but this is a shift and this is
the shift that makes all thedifference.
This is the starting point ofyou having working a job and you
love it and you're cool and if,for any reason, they terminated
you, you're not bothered.
(05:06):
So you're going to quitSoutheast Medical Center and
you're going to start DrUnincorporated.
Okay, that means you are acorporate entity, you hire
yourself and you have this eighthours a day that you give
services to the hospital or themedical system where you work.
(05:29):
Again, this is nothing.
You're not doing anything,you're not incorporating
anything, you're not tellingyour boss I quit.
That's not what I'm referringto.
This is a mindset shift.
Okay, I don't work for thishospital, I work for my company.
My company is Dr MeIncorporated, for right now, I
am the solo employee of thiscompany.
(05:50):
So when I have a deal, a gigwhich is what I have there I go
there, give them services, but Iwork for me.
And to make that simple shift,what is what changes everything?
Okay, so that's the overarchingthing.
Because once you do that guesswhat you just put yourself back
in the driver's seat.
(06:11):
That's what you just did.
I'm in control, I work for me.
And what that means is now Ican start saying how can I earn
better, how can I have betterwork conditions, like?
There are all these otherthings that can happen, but the
starting point is that, okay,all right, now, as somebody who
is an entrepreneur, I want togive you only three things to
(06:32):
work on, and it puts you in aposition where you have a really
solid company and if, for somereason, this company says, oh,
we can't have you here anymore,your company is taking care of
business, so your options arelimitless, okay, so the first
thing I want to invite you to donow, before I even go there, I
want to say this I am a bigbeliever in win-win situations.
(06:55):
I'm not a fan of hurting a jobor hurting a place where you're
privileged to work, or being athorn in the flesh at work on
your way out.
Okay, I just don't subscribe tothat philosophy.
And so when I say this, I'm notsaying the level of your work
is different because you're likeI don't care about.
No, I mean now, your boss isyour client.
(07:18):
I want you to think about howrevolutionary this is.
Right, your boss is no longer aboss.
Your boss is a client.
Right, you got their business.
You want to keep their business.
You can decide if this businessdeal works for me or not.
I need to go somewhere else,but that's your client, so it
doesn't mean you treat them.
It doesn't mean you show up atwork less.
(07:38):
It means you show up at workeven stronger, right?
And so we're not talking aboutsabotage here.
We're not talking about being anightmare at work, and I'm sure
you weren't thinking that, butI just want to clarify what I'm
saying.
Okay, so let's talk about thosethree things.
The first thing is you want tobuild a dominant brand.
Your brand is your business.
(08:00):
Your brand Dr Yu Incorporatedis a business.
Your brand is so powerful.
In fact, I was listening toAlex Hormozzi, who is one of the
greatest entrepreneurs of ourtime as far as marketing, sales,
offers, all of these things,and he's exited a company, sold
(08:21):
it for 46.2 million.
I want you to think about that,right?
And after doing all of that,after doing all of that, he made
a statement.
He said my personal brand is mybiggest asset.
I want to think about that.
He has a portfolio of companies.
He has millions I mean likemillions and millions of views
(08:42):
on YouTube.
He has 1.5 million subscriberson YouTube.
All of this and he buildscompanies and he's like my
biggest asset is my personalbrand.
Your personal brand is sopowerful, you build a dominant
brand.
If you get terminated, right,you have people literally
waiting and would love to haveyou on their teams.
(09:05):
Why, you built a brand.
They know you, they like you,they trust you, they would think
it's an honor to work with you.
Right, you may decide you knowwhat.
I don't want to work anotherjob and I think I'm ready to
start my own business.
Guess what?
With that brand, you alreadyhave an audience.
You already have people whoknow I can trust you.
You just have never made theman offer.
So you have set the stage foryou to go like, yeah, I have
(09:26):
what it takes to start mybusiness right With that, you
may even not, you may not beterminated, you may not leave.
You may use it to negotiate forpromotions, for raises, for
better work conditions, like allof these kinds of things.
Because of that brand and whatcomes with your brand.
Okay, I've told this story alot of times on the podcast Dr
(09:48):
Barbara Joy, phenomenal familymedicine physician out of
Atlanta, who I have had theprivilege of working with for a
few years.
At this point, she built shebuilt a rock solid brand like
rock solid right.
And because she did that, thereare so many opportunities that
have come her way, whether it'sa job, whether it's a business
(10:09):
deal, whether, like all kinds ofthings, paid speaking gigs all
of that as an employed physician.
She was getting all of thesewhy?
Because of the brand she built.
Okay, so you want to take thetime to build a dominant brand,
and that is kind of yourinsurance policy.
That is what gives youunlimited options.
(10:30):
That is what sets the stage forwhat comes next.
You can leverage that to dowhatever you want your next
thing to be Build a dominantbrand.
And so there's so many avenuesto do that.
Whether you're doing that onsocial media, whether you're
building an email list thatcould be whether you're speaking
on stage there's so many waysto do that.
(10:50):
But the era of hiding, don'twant anybody to know me, just do
my work and disappearing.
You own a company now.
You don't do that, okay.
Okay.
So the first thing is you wantto build that dominant brand.
The second thing you want to dothese are all kind of
intertwined in a way.
The second thing you want to dois you want to build your
(11:10):
network.
Okay, if you are an introvertlike I am, you're probably like
oh no, dr Iuna, right, but I amhere, I am on your side, I am
rooting for you.
I'm an introvert too.
You've heard my story.
I started off as a sociallyawkward, super shy, introverted.
Introvert.
Networking is not a personalitytype, it is a skill and you can
(11:34):
learn it.
But let me play this picturehere.
Right, let's say you built thisreally solid network, okay, and
what that means is you have allthese relationships with people
who own private practices,people who are in positions of
authority in hospitals and inmedical centers.
You built all theserelationships with referral
sources, with people who fall inthe category of your clients,
(11:57):
right, with vendors, with allthese kind of people.
If someone tells you you'reterminated, I mean you just have
to send some text messages andyou could end up with a brand
new job like the same day.
Do you see what I'm saying?
Like, your network mattersbecause people know people, who
(12:22):
know people, who know people.
That's the way the world works,right, and so the bigger your
network, the more high qualityyour network is, the more access
to opportunities you have.
They are literally limitless.
So you don't wait for somethingto happen for you to start
building your network.
You start now.
You start building it.
(12:43):
You start interacting withpeople.
You start talking to people whoare like referral sources, or
people who are what we callcenters of influence.
So they have a lot of peoplewho could be your audience, your
clients and things like that.
People matter and the truth ofthe matter is there are doors
that people will open for youthat money will never open for
you.
So your social wealth, yoursocial capital, your
(13:06):
relationships are actually morevaluable than money.
So you want to build thatnetwork.
If you're like me and you're anintrovert, just remember that
it's a skill.
You're going to put yourselfout there.
You're going to meet people.
You're going to look them inthe eye.
You're going to shake theirhands with a firm grip.
You're going to ask them aboutthemselves.
People like to talk aboutthemselves.
You're going to startpracticing building.
(13:28):
It may feel weird, that's okay,but if you do it long enough,
you'll feel more normal.
So build that dominant brand,build your network, build your
network, build relationships.
This is one of the things thatI see in the Entremde Business
School a lot and I really am so,so, so, so grateful.
It's really so inspiring to seeit, because this is a community
(13:49):
of people, different stages ofbusiness, different kinds of
businesses, so private practice,coaches and consultants,
speakers, people who host events, people who have products,
people who are entrepreneurs, sothe employed physicians who are
building brands, and all ofthose things, and all over the
country, all stages of life.
And it's amazing how somebodywill come in and ask a question
(14:14):
and there's all theseexperiences, right.
Or they'll come in and there'sa kind of they say, oh, this is
who I am and this is what I do,and people are like oh, I can
connect you with this group andthey will be perfect ideal
clients for you and things likethat.
People will get speaking gigsand pass them off to others,
like all kinds of connectionsand networks are happening and
people are opening doors foreach other.
(14:35):
It's just about who you know,right?
So build your network, buildyour network.
This is capital, your brand iscapital, your network is capital
, okay, and so you don't have tobe afraid of being terminated,
because I can reach out to mynetwork and people know somebody
who's looking.
Okay, all right.
(14:56):
The third thing is, if I couldsay there's a skill that I would
really love to see as master,as physicians, is negotiation,
especially if you're an employedphysician, because, guess what,
you own a company.
Now, right, you don't work foryour boss anymore, you work for
a doctor, you're incorporated,and your boss is not your client
, right?
And there are times that, asbusiness owners, we would walk
(15:19):
up and say, hey, things havehappened, prices have changed,
or things have happened andthese are the new conditions, or
whatever.
That is right.
And so what that means is, forinstance, even if you're staying
in the job, salaries alwayssomething to negotiate, and if
you don't know how to negotiate,you're not going to.
Really, you may not have thesalary that you want, right?
(15:40):
Maybe there work conditions,maybe you have, like, too many
patients per session, or youhave, you have, a bunch of
committees that you've beeninvited to be on and they're
like, oh, we don't have a budgetfor this, but it's going to
cost you 10 more hours of yourtime every two weeks, and things
like that.
You have to learn how tonegotiate salary, work
(16:02):
conditions, right?
You need to learn how to talkabout the bottom line like an
entrepreneur, because that's whoyou are, remember, you work for
a company called Dr, youIncorporated, right?
And so, for instance, you wantto negotiate for a scribe.
You don't just go and say oh,I'm burned out, I need a scribe,
right?
You're an entrepreneur now andyou're like.
You know what I was talkingwith the biller.
This is how much revenue I'mbringing in per patient, and I
(16:26):
know that this company they havea scribing service.
This is how much it comes to,and the truth of the matter is,
if we can bring on a scribe, Ican add two extra patients to,
or even an extra patient per day, and what that will do is that
it will create even more revenuefor the company.
So the bottom line will bebetter and the risk of burnout
(16:46):
becomes a lot lower for thedoctors, and so this is a
complete win-win situation.
How can we work this out?
How can we make this possible?
Right, that is a very differentconversation from oh my
goodness, I hate it here andagain, I'm not saying you do
that, I'm just trying to give anexample here.
So, work conditions, salary,promotions.
Maybe you've always even wantedto go more to the admin side,
(17:08):
maybe you wanted to be a chiefmedical officer or anything like
that.
Negotiation, having thoseconversations.
You're an entrepreneur now.
You make deals.
That's what you do, right, andif, for any reason, you get
terminated or whatever, you cantake your stuff somewhere else
and go negotiate there andcreate a dream job for yourself,
right?
I'm saying all of this to sayplease, don't not have a plan.
(17:34):
Please stop working for yourboss.
Become an entrepreneur, build adominant brand, build your
network, learn to negotiate andso that, if anything happens,
you're ready and if nothinghappens, you're better
positioned in your company tobring them more value and create
(17:55):
a job that you love.
So it works for you whether youstay.
It works for you whether you'reterminated.
It works for you whether youdecide I want to go on and start
my own business.
These are things that willserve you.
Please don't roll over.
Please don't play dead.
Please don't stay in the fearof oh, what if this happens?
And don't wait the time tostart doing this now.
I want to invite you.
(18:16):
Maybe this is your first timeof listening to this podcast.
I want you to start listeningto it like the entrepreneur you
are.
My name is Dr Ann Smith and I'mthe CEO of Dr Ann Smith
Incorporated, and you show thisis my company.
This is who my client is.
I want you to listen to theepisode.
I want you to embrace thatidentity as an entrepreneur and
(18:36):
entrepreneur.
I want you to learn the skills.
I want you to start applyingthem, start practicing them.
Practice the negotiationpractice, the brand building
practice, the network andpractice all of those things and
you will be a different, moreevolved version of yourself.
I mean, like there's so manydoctors in the entrepreneur
business school who have donethis.
They have negotiated forcoaching for all the docs in the
(18:59):
hospital.
They have negotiated forscribes and got them for all the
doctors in the hospital.
They've negotiated for raises.
They've negotiated for four-daywork weeks, all kinds of things
, all kinds Okay.
So, yes, this is fascinatingtimes for physicians, but I want
to invite you to not despairbecause of it.
Okay, you can still be incontrol and this is how you take
(19:21):
back control.
So what do I want you to do now?
Well, if you're an employedphysician, I want you to do
exactly this, right, and for youand for everybody else, I want
you to take this episode.
I want you to take a screenshotof it and I want you to put a
little blurb on social medialike this is the reason if
you're a physician and you'reemployed, this is the reason why
(19:43):
you must listen to this episode.
Okay, tag us hashtag on-train D.
I would love to reshare and allof those things, but I would
love for this message to go outbecause, as physicians, we
cannot afford to not know this.
Okay, what is coming is a timewhen doctors are confident in
their spaces.
(20:03):
They're not afraid oftermination because you can't
really.
It's not termination that way,because they already terminated
themselves.
Okay, they work for themselves,they work for the doctor,
they're incorporated.
We work for ourselves, okay,and we're just.
We have this client and theclient decides I'm not being a
client anymore, you just go findanother client, right?
(20:23):
But there's nobody coming tosave us.
There's nobody coming to makethis better.
We have to take back controlourselves and this is how we do
it.
So do this for yourself, sharethis with another dog, share
this on social media, hashtagon-train MD.
And I will see you, my friend,on the next episode of the
on-train MD podcast.
Hey, if you love listening tothe on-train MD podcast, I want
(20:47):
to invite you to join on-trainMD on demand.
It is my signature subscriptionprogram that gives you access
to a library of business coursesdesigned to help you do one
thing as a physicianentrepreneur, and that is to
thrive.
So head out to on-train-dcomforward slash on-demand and I'd
love to have you join us.
See you on the inside.
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