Side gig gaffes
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The document discusses various considerations and potential pitfalls for physicians pursuing side business ventures or entrepreneurship. It notes the importance of having the right skills, avoiding unrealistic expectations, developing a clear plan, and ensuring the right mindset fit for entrepreneurship versus clinical practice. The document provides advice around quitting a day job too early or late, staying valuable as a company scales, conducting performance reviews, seeking referrals, and maintaining broad professional networks.
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Side gig gaffes
- 1. Sickcare Side Gig Gaffes ARLEN MEYERS, MD, MBA SOCIETY OF PHYSICIAN ENTREPRENEURS
- 2. Disclosure: My present gigs ▪ eMedevents ▪ Cliexa ▪ Cerescan ▪ WebMD/Medscape ▪ Neosoma ▪ MI10 ▪ SoPE ▪ ABAIM
- 3. Watch Out ▪ KSAs ▪ Unrealistic income and job expectations ▪ Blind spots ▪ No plan ▪ Doctor v physician entrepreneur ▪ Wrong sandbox ▪ Clinical v entrepreneurial mindset ▪ Mindset mistakes
- 4. Watch out ▪ Wrong coach ▪ Quitting your day job too early or too late ▪ No longeer adding value as the company scales ▪ Not doing regularly scheduled performance/necessity reviews ▪ Not asking for referrals or recommendations ▪ Narrow networks, I-thinking
- 5. KSAs ▪ Education ▪ Resources ▪ Networks ▪ Mentors ▪ Experience ▪ Peer to peer support ▪ Non-clinical career guidance
- 7. Blind spots
- 8. No plan ▪ Where are you now (Hx/Px)? ▪ Where do you want to go (Tx goals)? ▪ How do you want to get there? (Rx)
- 9. Doctor v physician entrepreneur ▪ Pursuit of opportunity ▪ VUCA (volatile, uncertain,complex, ambiguous) conditions ▪ Create stakeholder defined value ▪ Through the deployment of innovation ▪ VAST business model (valid, automatic, scaleable, time) ▪ Advising is not doctoring
- 10. Wrong sandbox
- 11. Clinical v entrepreneurial mindset
- 12. Mindset mistakes ▪ What you think matters ▪ You can’t change your mindset ▪ Doctors make lousy business people
- 13. Wrong coach Do you need a: Mentor Coach Sponsor Therapist Friend
- 14. Quitting your day job too early or too late ▪Too early: Prepare to flip the switch before you need to ▪Too late: Burnout ▪“It’s better to be alone before you want to be alone”
- 15. No longer adding value as the company grows ▪ Startup goal (<$2-5M ARR): Help to create and validate a scalable and repeatable business model ▪ Scaleup goal ($5-100M): Grow revenues using the model and build out products, revenues, team and systems ▪ Grownup goal: Grow revenues through the deployment of innovation and make business model obsolete before someone else does
- 16. Performance reviews ▪ Do it on a regular basis, not when it’s too late ▪ Redefine roles, goals and holes ▪ Are you measuring the right things?
- 17. Referrals and recommendations ▪ Ask for them and post on your Linkedin profile ▪ Testimonials on your website or other marketing collateral ▪ Return the favor
- 18. Narrow networks, “I”-mindset ▪Instead of robust internal and external networks and “T”-mindset
- 19. To Do List •Find people who are working in the spots that might interest you and interview them for a job preview •Redo your Linkedin profile and enlarge your networks •Create a personal and professional development plan •Ask 3 people to be on your personal advisory committee
- 20. To Do List •Build your entrepreneurial mindset •Create a services advisory agreement •Decide on your compensation model and fee •Volunteer •Keep a failure resume
- 21. Questions? ▪ Arlen.Meyers@ucdenver.edu ▪ Linkedin URL https://www.linkedin.com/in/am eyers/ ▪ www.sopenet.org