Posts Tagged ‘Entrepreneur’

There’s a catch

Thursday, February 17th, 2011
A Sales Gang with Michael Gerber

Image by Infusionsoft via Flickr

This month we’re talking about vision for your practice. But there’s a catch…

In business you are either an entrepreneur, a manager or a technician, according to the work of Michael Gerber and his book, The EMyth Revisited. Entrepreneurs are notoriously bad managers. Technicians tend to struggle with the big picture or the vision for growth of the practice and the brand.

If you’re not entrepreneurial, reading this may be a lot like kissing your sister. If you are motivated to read this through need, but you sense that you are not entrepreneurial by nature, you may need to focus on developing that capability within your team first rather than trying to implement what I am suggesting yourself.

You don’t have to be an entrepreneurial type to embrace the good part of entrepreneurism. You just have to attract someone that you can trust to bring those skills to your team and set them up to succeed. You can hire this person as an employee or a consultant.

I recently worked with an attorney on a challenging business negotiation. I wanted to reach an agreeable price with a vendor but they were playing hardball and not responding to my offers, which in my opinion were fair and in good faith. So I brought in an attorney that was highly recommended to negotiate on my behalf.

The attorney told me that getting lawyers involved would only make the negotiations more contentious and instead he tried to coach me on what to say to my vendor. Big mistake! I got another attorney who quickly got the job done right. I needed to leverage the attorney’s skills, not be foolish enough to think that I could talk to an attorney for 30 minutes and then accomplish all he could.

You can be proactive about increasing practice growth and efficiency even if you are a technician at heart. Just make sure you bring enough human capital to support your entrepreneurial ambitions.

This is the reason we started Ultimate Practice Builder in the fist place. I see doctors struggling all the time with the business side of their practice. UPB is designed to be a trusted partner to outsource the areas of your practice that you don’t have the capacity to innovate and manage with excellence. 

Here’s the other catch: As doctors we are experts… and sometimes we believe in our own hype too much. We can’t know everything about everything. But we have to let go of our ommniscience to grow beyond our current circumstances.

David Zahaluk, MD is a practice optimization expert and the author of The Ultimate Practice Building Book.  His firm, Ultimate Practice Builder, takes physicians to the top 10% of their specialty – in income, time off and quality indicators - within 3 years… guaranteed.  Learn more at www.UltimatePracticeBuilder.com.

Are you an entrepreneur?

Monday, December 13th, 2010
Image representing Bill Gates as depicted in C...
Image via CrunchBase

This is my totally unscientific gut-level test to tell if I am dealing with an entrepreneur or not.  You may be an entrepreneur if…

  • You become very excited and passionate when talking about your ideas
  • You make decisions quickly and before all the data is in
  • You are future directed in your thinking
  • You think the people who believe your idea will fail are totally insane
  • You walk fast and talk fast
  • You stay busy
  • You are quick to take action on a new idea or trend
  • You want the big picture and not all the details at first
  • You like to innovate and streamline processes
  • You like the thought of making a lot of money
  • You believe in making a bigger pie rather than cutting it into smaller and smaller pieces

Most people are not entrepreneurial… thank God!  We drive everyone else nuts.  The universe can only tolerate so many fanatics.   Whether you are an entrepreneur, a technician or a manager, the most important thing is to know what role you are meant to play and ensure each of these three elements is in place to function effectively as a team.

Okay, I’m going to boil that down to its essence for the entrepreneures out there – stop trying to manage people.  You’re not that good at it.  Go find a manager better than yourself and spend your time stirring the cauldron of your ideas.  Let the manager manage the implementation piece and report back to you.

David Zahaluk, MD is a practice optimization expert and the author of The Ultimate Practice Building Book.  His firm, Ultimate Practice Builder, takes physicians to the top 10% of their specialty – in income, time off and quality indicators - within 3 years… guaranteed.  Learn more at www.UltimatePracticeBuilder.com.

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Attention Capitalists!

Sunday, November 21st, 2010
Capitalism and Freedom
Image via Wikipedia

I’m entrepreneurial, you’re entrepreneurial.  Can’t we work together instead of competing?

If you have clients or customers that could use some of UPB’s services, let’s get together and create a fun, mutually beneficial revenue-sharing project.

Here’s how it works.  You are the host – we are the parasite.  You introduce your doctors, medical office managers and financial advisors to doctors to our services and we will provide consideration to you/your company based on the amount of new business that is generated.  Consideration is typically monetary but it is certainly not limited to that.

Now I understand, the biggest risk you face in considering this proposal is what if we underperform and make you look bad to your core client base.  We can’t have that – it’s bad for everyone involved.  So check us out – we will be very open and upfront about our services.  By the way every service we offer was developed by my team and I and then implemented first into my own practices.  Believe me, we don’t want the egg of poor performance on our faces.  You can’t build a brand on poor fulfillment.

The other layer of protection we can offer is to test the relationship initially on a small scale.  Have UPB  work with only a few (or even just 1) of your clients until we prove ourselves to you.  If anything goes wrong, we’ll give you authority to pull the plug immediately and make right anything that is a problem.  I offer that with confidence because I know we can perform at a much higher level than 90% of the vendors serving the physician marketplace.  In fact the reason why I developed UPB was that as a physician it seemed like I could never find a capable vendor to take care of my management, billing or marketing needs. 

We believe in patients for life, clients for life and joint venture partners for life.  We’re doing fine and we want to do even better, but we’re not in such a hurry that we would consider damaging a potentially valuable relationship such as this.

Don’t contact me if you want the reverse kind of relationship – with us as the host and you as the parasite.  We will consider that later, but not now.  We have to operate in a manner consistent with our growth plan and being on the wrong end of one of these relationships will create a distraction which I will not allow. 

By the way, the Fortune 500 do a lot of business based on the exact same model as this.  Shouldn’t you?

David Zahaluk, MD is a practice optimization expert and the author of The Ultimate Practice Building Book.  His firm, Ultimate Practice Builder, takes physicians to the top 10% of their specialty – in income, time off and quality indicators - within 3 years… guaranteed.  Learn more at www.UltimatePracticeBuilder.com.

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