Key Takeaways Physicians Can Learn from The Millionaire Fastlane by MJ DeMarco

2023-09-23 | https://www.youtube.com/watch?v=VqkXdyVhk7w

Transcript
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[Music] hey guys this is Dr Mike Wang welcome to another edition of bootstrap MD the podcast for Healthcare on entrepreneurs I am doing this podcast on location I'm currently at the passive income MD conference put on by the illustrious Peter Kim this year we are doing real estate and Entrepreneurship and I've been invited uh to speak on a a few panels pretty excited about that and if you're listening and you're at the event uh hopefully I had a chance to meet

with you and just another reason why it's important to kind of get out of your comfort zone and to come to events like this and especially if you're a physician and wanting to get into entrepreneurship I can't think of any a better place to do it than with other like-minded doctors now today I'm going to be talking about a book that had a tremendous impact on my life it was written by MJ DeMarco in 2011 with the subtitle of the book

uh crack the code to wealth and live rich for a lifetime now the backstory of MJ DeMarco he was a founder of a media company and he was the he created a online Forum called the fast L Forum that had 880,000 members or currently has 880,000 members of entrepreneurs uh his companies included uh starting up limos.com and limo forsale.com uh was involved in profitable multi-million dollar Enterprises arising from Phoenix where he lived and he when the book came out nobody at

least I didn't know much much about him but it the book really resonated with me at the time he has had um subse books coming after that but I really feel this was his best work uh his first one I think it really hit a home run because he covered different principles that affected me and what I want to do on this episode is to see how these principles and how it canate to you the healthcare or physician entrepreneur so let's

go over these Concepts that he talked about and see how it can relate to you so a principle that I learned in the millionaire fast lane was known as the law of affection and that not afection but effection e FF c t i o n what the law of affection means is that basically the more lives you affect in an environment you control the more wealthier you you will get so as you know as in this world of social media we're

in a world of influencers right and we have have people who are using social media to have you know millions of followers and if they mention you know a brand or they're wearing a certain type of clothing you know they'll make overnight sales so it's really easy to understand again this is back in the time where maybe social media wasn't as prevalent as it is today and just just to show you that one of the important things that you can do

your business is really work on your brand and for many of us ourselves as our own brand and so very as a physician entrepreneur there are certain businesses where you're going to have to be your own brand and what that allows you to do is it can increase your influence it can increase people who know like and trust you now for myself I don't necessarily want to be my own brand but it's kind of one of the things that you have

to do it's kind of a necessary evil if you're in a business where you're selling your own knowledge your own expertise so we sh talked about becoming an infopreneur where you are using your knowledge to help um others and one of the ways that you can do this is by increasing your brand increasing your social media putting out content that people can and understand that you are an expert and that was one of the principles that I learned from the book

is this law of ection the second principle is the Commandment of need and essentially what this means is that if you want to make millions of dollars you have to impact people and this is the idea about when you have a goal when you have a goal that you want to do like what do you want to do to uh get accomplished uh what can can you do and so here at the conference I think it's a great example is I'm

interacting with many uh with some entrepreneurs who are changing the way medicine is doing there was one doctor here who is uh create a a um a type of um dish wear that's safe for kids and although she is not in clinical medicine anymore she is impacting more and using her position as a physician because her philosophy is she wants to help as many children as possible that is her goal in life and now she says I'm still a doctor but

I'm just impacting even more people than I did as a pediatrition so if you want to have Revenue increased Revenue in your life it's not about affecting thousands of people affecting millions of people it's what we call a big hairy audacious gold beag right these are things that you need to think of it's like when I'm helping and coaching clients and and students about starting their own business it's like what's the most what's the biggest goal that you can get that

actually can kind of scare you and most of the time we think small and it's it's okay you know when you're having your imagination is start thinking bigger so what goals do you have in your business what could you be doing to impact others and that's essentially what the Commandment of need is all about we know that like for example I'm in the healthcare software market and our goal is to help other business owners medical businesses using our software and we

can impact Millions we can help um with within the software we can we're helping even millions of patients um and yes we're going to you know our goal obviously is to make money that's the goal of any type of business but it's the impact that can be making where it really you know when you really realize what impact that you could be doing another one is the Commandment of scale so what does the Commandment of scale what do they say about

that it's basically saying that when that what he discusses as the law of income in the in the Commandment scale is that you're paid for how hard you are to replace so how many times have have we seen like corporate layoffs right and it's usually the last one hired is the first one fired and when I talked to Physicians you know we for for years we said we're not being replaced but then something a little something called Co happened where we

would have doctors were furlos who were practicing medicine where they felt that they weren't as essential essentially were replaced um you know it's it's and it's important to what can you do to increase your value what is what are things that you could be doing to increase your value to an employee and as most Physicians are employees so what skills could you be learning and that's for example I've learning the skill of AI because we've talked about in the past I

would rather be on the side of someone who can execute artificial intelligence than to be replaced by artificial intelligence and for me I felt that as a skill although I'm not employed by anyone that's a skill that I I I need to learn so what you can you be doing to help make sure that you're difficult to replace that's the importantance of understanding the law of income and the importance is make sure that you're not being easily uh disregarded and easily

replaced as a doctor I wasn't used to asking for help especially when it came to subjects outside of medicine but then I found physician coaches.com in an instant I found hundreds of experts to help me in all aspects of Life on areas I was afraid to ask dealing with burnout starting a side gig money management even help with my marriage and the best part nearly all experts are Physicians themselves after reading their profile and quick chat I knew I found the

right Mentor for me at physician coaches.com help from professional colleagues is just a click [Music] away another one is they talked about is making sure you have a business uh that's hard to replicate this is all known as the Commandment of Entry you know I've I've used the topic about if you want to be in a business like how can you make yourself unique so I've talked with a number of doctors here who want us open their own MedSpa and they're

saying like what can you do that's different from all the other MedSpa that are open it's about having a business that is difficult to replicate for example if if you're a plastic surgeon or a cosmetic surgeon or a let's say you're dermatologist you have something that not a lot of Med spots can do is you can offer different services that you know someone let's say a register nurse can't do do because you're a physician that is one way that you can

make yourself uh unique perhaps you're in a business that um you have special um access to like special uh or medications that other um medical spas wouldn't be able to access perhaps you could develop something in your business that is proprietary where you're creating certain technologies that are difficult to replicate creating more barriers of Entry are there things that you could be doing such as tradem trademarking your own products trademarking your own services that um again is another reason for difficult

to replicate so think about that when you're starting a business you want to be the one everybody's kind of doing all the same thing because that's how they um no one can be differentiated so it's important to think about these things when you're starting your business another important principle is using networks to create your wealth and I'm sure you've heard this quote and I've said it many successful entrepreneurs said that is your network is your net worth meaning it's important that

you utilize professional networks for better opportunities in entrepreneurship case in point I'm here right now at PDC con and it takes a a lot of money it takes some time people away from their families to come in there's over 400 doctors here right now but I further would guess that these doctors are having more opportunities to learn from one another it's almost like the amount of information that's coming is like uh from a fire hose that they're doing and they're getting

connected to different resources to different connections um you know there is something where it's like you know what what kind of makes you successful and we could say that in business it's like you're the most talented doctor right so you could have the highest grades in medical school but the one who actually usually ends up getting that government contract or is usually getting that um you know access to special advertising platforms or has connections or invited to being a guest on

certain podcasts is usually ones who they've actually been in the same room with they've broken bread with they've gone belly to belly so to speak and and are able to uh get those deals made at the many time you know this is called you know the good old boys club right um wealthy men would be able to get those deals and they weren't necessarily the most successful business or had the best Yol reviews or or what they just happen to be

in that room and those people that they network with were know liked and trust and that's how deals get done deals get done usually this was done in behind closed doors at a mastermind meeting or on the country club um playing golf those are the things that are going on but you know these days and I know we're in the world of Zoom the time of Zoom calls it's really important when I've seen accelerations in my business it's when I've actually

got my but on a plane flown somewhere to to meet like-minded people who can really accelerate my business so it's important for you to start using Professional Network for better opportunities in entrepreneurship it could be something like joining entrepreneurs organization in your local business on is ear local city and town EO or joining other different masterminds because those are the those are where people are going to uh business is going to get done and people are are are going to be

um their businesses are going to thrive because of it another important principle that I learned in the MJ DeMarco's book The Millionaire fastan is play to win not to play meaning play the game to win and don't settle for mediocrity you know and this might be difficult for to hear from doctors because we generally are higher Achievers I know some of you are what they called Gunners right that you want to get the highest score and we can be very competitive

and when you're looking at successful entrepreneurs is what do they do to to be become the best in their field it's it's going after and not not selling just being average when you look at somebody like um you know Michael Jordan or Kobe Bryant tremendous athletes in the in their field and you've probably heard about how competitive they were their competitiveness is legendary it's like when they play on the basketball court and not just in a playoff game or a NBA

regular season game it could be like a celebrity basketball tournament it could be a pickup game in their in their local neighborhood you'll hear interviews if You' ever heard of KOB Bryant he says he's a killer like because he wants to basically destroy that person that he's playing not necessarily for the money it's just their competitiveness is is off the charts and when I see you know entrepreneurs who are really successful they have that same mentality it's not to destroy their

competition um at least for some that I know but historically there have been people like that uh like Steve Jobs and thing like that where um they literally say I'm going to be the um the Big Kahuna the big whale in this market and I'm going to destroy the rest of you and I'm not saying you have to be as Cutthroat as that but like for example in my business I do have this competitive edes like I'm going to outwork you

I'm going to do whatever they can to outwork you and that's going to have in my head I may not say this I may say that with a smile but if I'm seeing like the competition and they're doing some things that is taking literally um you know um I'm going to do everything I can to make sure that that I win because that's affecting my family and that's sometimes what you have to take uh being an entrepreneur uh and and how

many times have you settled for mediocrity in what you do and so this is why you you see things that especially in businesses that are disruptive like for example like uber was a very disruptive business I know if you were watch the uh um their shows based upon you know uh these uh Brands and they're ruthless in terms of what they do but sometimes that's a game that you have to play and that's what MJ DeMarco teaches in his book and

another principle called commandment of responsibility and that's taking responsibility for your finances because no one else will I was recently on a panel today in fact we're talking about hiring and when we hire somebody and something happens and an employee is you know just didn't meet up to your standards and you have to let them go or perhaps they did something to your business that uh you know was hurtful to your business and that you let them go other times you

may hire somebody and it just didn't work out now many people would be able to to blame that person because they were a bad person or you're just a bad employee but ultimately you have to be the one responsible for it because you're the one who hired them and when I'm looking at like letting go somebody ultimately it's on me it's like what did I do I didn't do enough to help them I didn't train them enough or I didn't educate

them enough the buck stops with me so that comes in the Commandment responsibility comes with when you're hiring or any decision that you make when you know I've worked with some doctors where they found out that um that's say office manager stole money took money under the table talk with one doctor she lost $400,000 for years this uh office manager that she trusted they were around her kids slowly was taking money from them and ultimately yes that person did something bad

perhaps they could go to jail for that but it was your responsib when I was talking it was like I just trusted her implicitly with it I wasn't paying attention to it so they didn't understand all the financial aspects and they didn't understand that they were losing $400,000 slowly ultimately what can you do to what should you have done that's going to help you in the future uh to to prevent that um so that's what the Commandment of responsibility and that's

what happens as an entrepreneur is that you ultimately have to be responsible you're the the one who has to take the blame of what ever happens in your business and then finally one of my favorite principles that he says in the book MJ DeMarcos the milliaire fast Ling is the Commandment of time and that's detaching yourself from time constraints um meaning that can you build a business that doesn't involve your direct involvement I say this all the time if you have

I see doctors who are solar practitioners they're responsible if they don't work they're not making any money if they take vacation they're losing money their money is made by seeing all the patients if all your money is made by how many patients you see that's a business that you need to get out of right away so can you create a business that doesn't involve your direct involvement all the time that involves may involve delegating responsibilities me hiring mid-level providers to see

uh the patients if if you're in a practice uh let's say you're doing coaching which involve once onone coaching could you do something where you could do group coaching and you're able to scale so it doesn't matter how many people are on that Zoom call uh you could add more members increasing your Revenue without sacrificing your time um those are examples of time constraints so when you're creating a business think about what businesses involved that don't reflect that it could be

things like software it could be things like group coaching it could be it could be things like um information products courses uh those are examples of detaching yourself from time constraints and one of my favorite examples of businesses that are out there so those were my principles of that I learned from MJ DeMarco the mire fast lane if you haven't read it I highly encourage you to read it I think it'll be eying for you if you have read it I'd

like to know what your takeways that you gotten from the book um for me it was a game changer and uh something that I read from time to time again just to keep myself aware about that there's wisdom in these books they're not very expensive and you can look at different lives of different entrepreneurs and see how that reflects on yours this is Dr Mike gring entrepreneurship will give you UPS it'll give you Downs do something every day to get you

closer to your goals and keep moving [Music] forward