In this episode of the Doctors Building Wealth podcast, I reflect on the valuable lessons I’ve learned as a physician-turned-entrepreneur. Over the last decade, I’ve been involved in creating six multimillion-dollar businesses, balancing both my role as a hospitalist and my entrepreneurial ventures. The journey has taught me much about perseverance, resourcefulness, and the importance of a bigger purpose in business.
As physicians, we are trained to diagnose, treat, and heal. But when we transition into entrepreneurship—whether it’s through real estate investing or starting a new business—we must adopt a different mindset and skill set. In this blog post, I’ll dive into some of the key lessons I’ve learned and share how you can apply them to your journey toward financial freedom and escaping burnout.
Embracing Discomfort: The Power of Being the Only Physician in the Room
As a doctor stepping into the world of entrepreneurship, I often found myself as the only physician in a room full of seasoned business owners. At first, this felt uncomfortable. It’s easy to feel out of place when you’re surrounded by experienced entrepreneurs—especially if you’re new to this space.
Key Takeaway:
If you’re starting your own business or real estate investment journey, it’s likely you’ll find yourself in similar situations. Whether you’re the only woman in the room or the only physician, remember that your perspective and unique background are assets. Change the narrative in your mind: instead of feeling like an outsider, view yourself as a representative for others in similar positions. This shift in mindset will give you the confidence to push forward and contribute to the entrepreneurial community in meaningful ways.
Resourcefulness: The Entrepreneurial Skill You Already Have
Physicians are naturally resourceful. We’ve spent years in medical school and residency, developing the ability to find solutions under pressure and make critical decisions. This resourcefulness is essential for entrepreneurship, especially when you’re starting from scratch, just like building a business or real estate portfolio.
Key Takeaway:
Entrepreneurship requires a different kind of resourcefulness. It’s not about having a step-by-step guide; it’s about trusting yourself to make decisions and pivot when necessary. This is exactly what I did when I first ventured into real estate. There was no clear path, but my medical training had prepared me to handle ambiguity and uncertainty.
Practical Tip:
When you’re unsure of the next step, take a moment to recalibrate. Prioritize tasks that will directly move the needle in your business or real estate investments. Focus on learning, adapting, and growing, just as you did in your medical career.
Mentorship: A Key to Unlocking Success
When I first started in business, I didn’t realize the value of mentorship. Now, I invest significantly in my mindset and coaching. Having mentors who have walked the path before me has been invaluable in avoiding mistakes and accelerating my growth.
Key Takeaway:
No matter how successful you are in your medical career, entrepreneurship is a different world. Having someone who has already navigated these challenges can save you years of trial and error. Mentorship isn’t just about advice—it’s about gaining insight into the real-world obstacles you’ll face and learning how to overcome them.
Action Step:
Find a mentor in real estate investing or any area of entrepreneurship you’re focusing on. The knowledge they impart can be a game-changer in your journey to financial independence.
Building a Team: Leverage Your Time and Skills
In the beginning, I did everything myself, but as the business grew, it became clear that having the right team was essential. As physicians, we often operate solo, but the moment you transition into entrepreneurship, you’ll need a team to scale and succeed.
Key Takeaway:
The power of team members cannot be overstated. A-players—those who align with your vision and culture—are game-changers. Whether in real estate investing or business, your team amplifies your impact and efficiency, allowing you to focus on high-level strategy rather than getting bogged down by tasks that drain you.
Practical Tip:
When hiring for your real estate investments, seek out individuals who are not just skilled, but passionate about your mission. From real estate agents to property managers, having a solid team in place will free up your time to make smarter, more impactful decisions.
Systems and Processes: The Backbone of Sustainable Growth
As a physician, I’m used to working in fast-paced, high-pressure environments. However, entrepreneurship requires a different approach—one where systems and processes become the foundation for scaling effectively.
Key Takeaway:
Creating and implementing systems from the beginning, especially in your real estate investments, is crucial. Whether it’s managing tenant communication, handling maintenance requests, or tracking cash flow, well-defined processes ensure that your business runs smoothly and grows without constant firefighting.
Practical Tip:
Consider using project management software like Trello or Asana to streamline operations. Documenting your processes through tools like Loom to create Standard Operating Procedures (SOPs) is a smart way to ensure consistency as your business grows.
Pivoting: The Ability to Adapt to Change
One thing that’s constant in entrepreneurship is change. Whether it’s market shifts, economic changes, or personal growth, you’ll need to pivot at times to ensure success.
Key Takeaway:
Learning to pivot is a crucial skill. In real estate, the market can change unexpectedly. An investment that looked promising last year may not be as lucrative this year. The key is to remain flexible, assess the situation, and find new opportunities.
Action Step:
When faced with adversity, look for the opportunity. A failed real estate deal doesn’t mean you’ve failed as an investor—it’s just an opportunity to learn and grow.
How Entrepreneurship Shapes You Into a Better Version of Yourself
Becoming an entrepreneur isn’t easy. It challenges you in ways you’ve never been challenged before. But as you build your business, you also build your character. Entrepreneurship will push you to become the best version of yourself.
Key Takeaway:
The journey of entrepreneurship—whether it’s through real estate or another business—will help you grow in ways you can’t imagine. It forces you to confront your fears, push past obstacles, and ultimately become the person you were meant to be.
Practical Tip:
Find your why—the deeper purpose behind your business. Whether it’s providing for your family, achieving financial independence, or creating a legacy, having a purpose will keep you motivated through the tough times.
With the right mindset, strategy, and support, you can break into the world of entrepreneurship and real estate investing. Your journey toward financial freedom starts now—so take that first step, embrace the challenges, and watch how it transforms both your business and your life.