The Entrepreneurial MD

Powerful emotions make or break physician business success

2009-11-05T21:47:41Z

Great article on the staying power of bad habits, from my esteemed psychoanalyst and business consultant colleague, Dr Alexander Stein (a testament to LinkedIn networking!) from Fortune Small Business.

I nodded my head emphatically at his words. This is familiar territory for me when working with a pragmatic get-it-done client who is more comfortable avoiding conversations about feelings and fixing problems than really looking at what's under the hood!

And I particularly like Dr. Stein's concluding advice about where to begin making the effort to change old unproductive behaviors:

Recognize that your personal history plays a central role in shaping your behavior.

Revise any prejudice against emotional inquiry. Accept the fact that fear, rigidity and avoidance are corrosive -- and that reaching an understanding about yourself can reap rewards.

Admire psychological complexity; don't let it intimidate you. Decode your mind to harness its natural ingenuity.

Respect the gargantuan force of your emotional life. Emotions can propel you to success. They can also impede and even straitjacket you. No matter what, you can't ignore your emotions and still hope to prosper in business or in life.

Nice encouragement, Dr. Stein!

The Website Weapon: The secret to marketing your entrepreneurial physician business successfully.

2009-11-04T23:59:44Z

November's The Entrepreneurial MD Newsletter is an update from an earlier post written long before I had a real audience, so if this appears partially redundant to my long-standing readers, please forgive me!

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It shocks me when physicians (and others in business!) boast that they don't have a website for their practice or business -- although admittedly I no longer hear that much.

It's safe to say that any business that takes itself seriously and lacks a website is like a household without a phone - decidedly out of step with the 21st century!

According to studies, patients expect to learn about their doctor and his or her practice, and be able to search the Web for information on their medical symptoms and conditions. It has become a way of life!

"The Internet is permeating nearly every aspect of daily life, and doctor-shopping is no exception. Nearly a third of the people who surf the Web use it to research doctors or hospitals, according to the Pew Internet & American Life Project, which explores the Internet's effect on families, communities, work and home. That's up from about one in five in 2002."

In turn, physicians are waking up to the reality of the Internet age and creating websites that reflect their philosophies and practice policies, and some are even going as far as to offer tools for secure e-mail communication, online appointment scheduling and medication refills.

That is good and efficient and entrepreneurial, in my opinion.

Now, let's assume that you do have a website or are planning one. How well is your website doing its job - that of delivering great clients or patients to your doorstep?

Most physicians with business or practice websites have had websites built (often at considerable expense) that are nothing more than handsome brochures online. They have not taken the time to strategize and plan just what they want their websites to DO for their businesses.

Do you know how to take advantage of the Internet's true power? - its ability to connect your ideal patients or clients with your business and have them download something free from your business, or contact you, or even make an appointment, based on finding you in their online search for exactly the services or products you offer.

So how does one make that happen?, you may ask. Well, I can't give my insights away quite yet, as I am putting the finishing touches on a free CD that will share my top secrets to building a revenue-capturing website for your business.

So, let me challenge you with these questions instead:

If you had the opportunity to get your business or practice's name out with far greater speed and influence than ever before, and very little expense, would you do it?

If you answered "yes", how would you go about doing it?

To get you some answers, here are my 4 best book resources for anyone wanting to understand modern-day marketing and to manage their web presence:

Get Slightly Famous, Second Edition by Steven Van Yoder (Van Yoder podcast interview here)
The Complete Idiot's Guide to Growing your Business with Google by Dave Taylor (do not be fooled by the title!)
The New Rules of Marketing and PR by David Meerman Scott.
Mastering Online Marketing: 12 Keys to Transform Your Website into a Sales Powerhouse by Mitch Meyerson.

Time management mastery tip for entrepreneurial physicians

2009-11-03T19:57:05Z

As I was watching a video from the Small Business School on Working on Your Business, I realized that one of the points they were making had the potential to transform how I think about all the activities and tasks on my action item list each day.

This simple time management idea can best be illustrated this way:

(click here to see the image)

Too often, folks who are getting a business started find themselves stuck in the gloomy Not Important/Not Urgent corner - fiddling with business card font, creating detailed workshop content or figuring out how to find a product packaging company, when they haven't yet spent the time on finding out who their clients or workshop attendees are likely to be.

Maybe they've convinced themselves that what they are doing is Urgent, but which on closer inspection turns out to be Not Important. This might happen if they're intent on getting a beautiful website up before they have determined what their best business model and marketing message are. Or they are spending hours organizing filing cabinets and desks, instead of making those tough calls intended to generate revenue.

When it comes to starting a business and prioritizing the use of your time, you'll be the champ when you spend your time largely in the Important/Urgent quadrant, and to a lesser extent on the Important/Not Urgent side.

A promising start-a-business task list might look something like this:

I/U:

sketch out biz plan, with one year's financials
write short description of my ideal client/patient
find and contact colleagues/affiliates serving my desired target market; ask if I can survey their list in exchange for writing an article for their newsletter
set up 5-question survey in SurveyMonkey
set prices for services/products (if you have a pending client - otherwise that can come a little later in the I/NU category)
prepare my Marketing Syntax script
attend 5 networking meetings this month where ideal clients or ideal referrers might be present
make 10 calls a week to potential clients

I/NU:

set up meeting with my banker
set up meeting with my business attorney to determine business structure
decide on company name; secure domain name(s) for website
get business cards made
get computer(s) set up in office
make a decision re hiring support personnel
talk to business insurance person to decide on what insurance to purchase (depending on what kind of business you're starting and what your level of immediate risk is)
begin mapping out a website strategy based on earlier decisions; request referrals to website designers/webmasters.

I hope you are spotting the underlying theme. I like to call it the "What is the shortest route to income in 90 days for my business?" approach!

For the tasks you're currently spending time on, what are their importance and urgency?

Lawyerly help for physicians in business

2009-11-02T19:58:24Z

As much as I don't like to pay lawyers' fees (how come I can't get away with $500 a hour and a $15,000 retainer yet?), I am a big believer in getting the right kind of legal advice early on in the process of starting a business. Saves the big headaches later!

But what if those fees are beyond the typical startup budget?

Happily, all kinds of intriguing resources abound, to help you get legal advice from the experts without blowing a month of income.

Here then are a few that I have come across recently (although I can't vouch for them):

Lawbidding.com

This seems to be the eHarmony of legal services, matching clients and their various legal needs to lawyers who in turn are seeking clients.

From their website:

... a free, easy-to-use website which connects individuals and businesses with attorneys. By connecting those who are seeking legal help with those providing these services, LawBidding.com's mission is to make retaining an attorney more efficient and less expensive for clients and to make it easier for attorneys to find potential clients!

...Because these bids can be based on three fee structures: flat fee, hourly rate or contingent basis, this site will allow for options beyond the expensive and sometimes inefficient hourly rate . More bids make it far more likely clients find what they are looking for; whether that be a good price, experience, or location. Also, there are more attorneys than ever before who are very well qualified to assist clients.

RocketLawyer

This business goes one step further and provides you with the ability to generate your own legal documents, in addition to locating a lawyer in your area, with the expertise you need.

You can even incorporate for free.

From the press release:

Professionals who use the RocketLawyer.com free incorporation service also receive a free trial of Easy Legal Care. With an Easy Legal Care professional plan, anyone can create essential business legal documents like corporate minutes, employment agreements and business contracts. Additional Easy Legal Care benefits for professionals include:

* Free Registered Agent service - a $200 value
* Unlimited do it yourself business legal documents
* Access to free legal consultation from business lawyers nationwide
* Easy collaboration and sharing of legal documents online with anyone
* RocketSign Electronic Signature Service
* Safe, secure online storage of vital documents in the FileSafekeeper

I'm all for saving money in your business where appropriate, and I feel certain that there are many simple documents that you could benefit from creating without the lofty knowledge and fees of a business attorney, but I will offer this caveat:

You need to be judicious in your use of low-cost services as you don't want your frugality to come back and bite you later.

One valuable use of these tools might be to prepare an initial document for review and comment/amendment by your attorney (hopefully one who knows you well and cares for your business's welfare). That way, you may save time and expense, paying for minimal modification instead of the creation of a new piece of gorgeous legal work!

Anyone else with any good legal tools or resources to share?

Happy Horrible Haunted Halloween

2009-10-30T19:12:22Z

Click here if you can't see this brief holiday video!

(It's a super-quick simple video so pardon my non-professional lighting!!)

Physicians - build a faster, smarter and better business in 2010

2009-10-28T04:12:04Z

Every once in a while a little gem is tossed into my path. Tonight I received this email from vSmallBusiness.com, in a collaboration with the Small Business School (from PBS TV) run by Bruce Camber and Hattie Bryant.

Everybody agrees, "Small Business is the backbone of most every economy." In 1994 when we started, small businesses were ignored. Our mission, then and now, is "... to help entrepreneurs and business owners by providing information, case studies and examples from people who've done it.." No matter how strong your skills are, there is always more to learn. No matter what your issue is, someone else who has been there, they gotten over the hurdles, and they can be a guide.

We begin each program this way: Small business is about courage, risk-taking, independence. And we small business owners are survivors.

There are 27 million of us survivors in the USA alone!

To act on our promise, ...to learn about business from the inside out, from the people who've done it, we are opening the doors to experts who can help.

Hattie says: "When you have your own business, you're free to act on those ideas. So we can't just do the ordinary; we have to do the extraordinary. The only way we can compete with big business is to be faster, smarter and better.

So this letter is to explore ways to help you grow your business.

We are stepping up our support for you. We've created an alliance with vSmallBusiness to give you access to a 7-day program that is rich with business building ideas to help you prepare for 2010. We are opening up a unique tool chest at no cost to you.

In the program you'll receive tools to assess the following:

Leadership: How to Find Time to Work on Your Business, Not Just in It

Strategy: Why a Documented Vision Can Improve Your Odds of Success by 300%

Process Improvement: Begin to Plug the Leaks in 2010 Cash Flow through Speed and Simplification

Marketing and Sales: Three Tools to Drive Successful Marketing Results

Integrating the Core Competencies: Part 1 - Vision and Customer Focus

Integrating the Core Competencies: Part 2 - Leadership & Organization Development Focus

Integrating the Core Competencies: Part 3 - Knowing Your Numbers and Leading for Results

While some of this material may be familiar, as a package it represents a series of core competencies that form the backbone of any small business development program.

This complete package has a commercial market value that approaches $300. Because of our active working relation with vSmallBusiness, it's available to you at no cost. Of course, if you put even one idea to work, the value could readily become priceless

To take action now, CLICK HERE.

You only have until Monday, November 2nd, to sign up. Your first tool to help you save time by seeing your use of it in a fresh and strategic light is scheduled to arrive in your in-box on November 3rd. Don't miss out.

We send you our every wish for your greatest success,

Bruce Camber

I've taken advantage of the many free programs Small Business School has offered, and although I only signed up for the new 2010 Challenge course a few minutes ago and can't yet vouch for it, I feel confident that it is being recommended by a worthy organization.

Let's accept the challenge together, shall we?

(Image from vSmallBusiness website)

Medical knowledge + Fun theory = Sheer Brilliant Behavior Change

2009-10-22T15:00:36Z

How cool is this?

From an initiative called The Fun Theory by Volkswagen
(Click here to see the video if you are getting this by email)

What fun could you have making a difference?

Physician career change - how to succeed in the job search

2009-10-21T19:16:23Z

Since I know not all of my physician readers are planning to start their own businesses, but are contemplating instead a job change into a non-clinical arena, I thought you might benefit from resources to make that process easier.

Whether you are seeking work as a physician executive or employee in a non-clinical business or organization, there are many job hunting, career transition and interviewing tips out there for you.

Slideshare recently compiled several slideshows dedicated to job seekers. While these lack audio commentary, they are filled with useful tips and reminders. Including that of remaining optimistic!

1. Effective Job Interviewing from Both Sides of the Desk

2. 10 Job Search Attitudes that Will Get You More Interviews

3. Rethink your Job Search

4. Leveraging LinkedIn for the Job Search

5. Job Search with Social Media & Mobile

The number one skill (and art) that needs mastering is that of effective, thoughtful networking. Which in turn demands an understanding of marketing - only this time it is yourself and your skillset that you're "selling"!

If you are eager to find physician colleagues, here, in addition to The Entrepreneurial MD's growing Physician Entrepreneur network, are four other useful resources providing opportunities to connect:

Non-Clinical Healthcare Professionals

Physician Renaissance Network

MomMD

Leave Medicine

And the granddaddy of them all is still LinkedIn!

A physician coaching success story - Dr Sara Stein, from the heart

2009-10-16T15:00:59Z

I wore a huge smile of delight for most of the day after receiving a signed thankyou copy of Dr. Sara Stein's newly published book, "Obese From The Heart".

Sara became a physician coaching client of The Entrepreneurial MD one year ago. At the time, she was bursting with ideas for various businesses, with a plan to cut back in her administrative role as Department of Psychiatry chief where she worked. A friend had recently died -- according to her, "his work killed him".

She was inspired by her life's purpose to heal suffering and reframe the human experience of illness (not that different from many of my physician clients).

It wasn't long before she felt the powerful pull of authorship, and she took up the challenge of writing a book in a weekend (took a bit longer).

Jump forward to October 2009, and I have in my hands her poignant, wrenching and funny part-memoir, part-self help book that I feel certain will heal much human suffering in this age of obesity and judgment.

Here is my Amazon review of Obese From The Heart.

My hat is off to you Sara! I look forward to your Oprah interview.

Toilet Paper Entrepreneur quotes The Entrepreneurial MD

2009-10-15T15:00:50Z

Toilet Paper Entrepreneur - isn't that the most intriguing name?

Here's how this business geared towards first time entrepreneurs describes itself:

Trying to build your business in this economy? Struggling with little or no cash? Have no experience, no baseline to judge your progress against? Thank God! You’ve got a shot at making this work.

Whether you’re just starting out or have been at it for years, the Toilet Paper Entrepreneur's "get real", actionable approach to business is a much-needed swift kick in the pants.

It’s your turn to clean up in the entrepreneurial world.

Cute. Quirky. Useful!!

And very Web 2.0 -- interactive community (handwritten "public commitments", "The First Million club"), full of user-generated content, heavy on short instructional videos, and apparently lots of automation behind the scenes.

Smart!

This business has garnered a fair amount of attention (check out those media under the banner! Could it be the name??) in its short lifespan, so it is fun for The Entrepreneurial MD to get quoted by Toilet Paper Entrepreneur in such illustrious company. My tip for not being a slave to my business was accepted and published 2 days ago.

And, if you are feeling industrious and in the mood for real learning, study the website. It is a masterful example of shared expertise, positioning, simplicity and personality!

See if you can spot the business model.

Now, what are you inspired to do next?