I’m not a businessman. I’m a business, man. Simple yet wise words from Jay-Z. But what does this have to do with doctors? In my opinion, everything! Every physician is capable of becoming an entrepreneur. The problem is that we often just don’t see it that way. 

I’m hoping to help change that narrative. And I can use myself as an example. In June 2020, I started a personal finance blog. Around the same time, I also started other side gigs outside of clinical medicine. These include consulting, medical surveys, and real estate. Prior to starting these endeavors, I had no experience in these realms and had never even considered them as options. I simply didn’t know what I didn’t know. 

However, fast forward nearly five years and all of these side gigs have become such a critical component of who I am as a person and as a physician. In fact, they’ve made me a better doctor.

As Jay-Z alluded to, I stopped seeing myself as the salesperson and started seeing myself as the product. I became a physician entrepreneur. And it has been so worth it. Here’s how you can do the same.

1) Recognize your value.

In my life, I always had a growth positive mindset in medicine — but a restrictive mindset in most other areas. Like many doctors, I willed myself through medical school and grueling training, never stopping or questioning my ability. I did things I had never done before and ventured in without fear. I knew I could do it. And I knew I had to do it. But in other areas of life, like finance, I felt that I just could not be successful. And I wasn’t alone in this.

So, the first step toward becoming an entrepreneur is to flip the script. As physicians, we have tons of things going for us that prime us to become successful in business. We are smart, hardworking, resourceful, resilient; are self-starters and know how to get stuff done; have extensive knowledge in a sought-after field; and are part of a very small percentage of the population that have this specific, sought-after knowledge. Plus, I know from experience that once we start looking, we can find tons of people who are actively seeking to give us money for our expertise, opinions, and help.

Doctors often think the biggest hurdle to becoming a physician entrepreneur is on the demand side of the equation. But it’s not! It’s us. We are the problem, by not putting ourselves out there on the supply side. People are looking for us. We just need to have the courage to get into the arena!

And yes, that will feel scary the first time. You will feel impostor syndrome. Fight through it. Just like you did as an intern and throughout training. You’ve done this before. Use that as proof of concept and get started!

2) Match your passion with a need.

In order to be successful, you need to find something that you are at least somewhat passionate about. Entrepreneurship is very active, and you won’t stick with something, no matter the benefits, if you don’t have some intrinsic motivation and passion for it. This is the case whether you are seeking to become an entrepreneur to replace, supplement, or add to your clinical work. I’ve seen too many doctors trade burnout in clinical medicine for burnout in another endeavor. It’s rarely worth it.

So, the key here is to really think about what you are passionate about. It doesn’t have to be creating a new medical device. It could be that you really love home decorating and want to incorporate that into a business idea (which I have seen a doctor do). Or it could be that you are interested in providing clinical medicine on your own terms as a micro LLC.

I encourage you to make a list of things you feel passionate about and would be happy to flex your brain on. Then, go through this list and write down a need or pain point that exists in the world that your skill or knowledge could help with. It’s a plus if you can apply this clinical or non-clinical passion to help other doctors, as that gives you immediate credibility.

To make this really work, focus on just one thing at a time, and commit to following it for at least six months. If you hit up against a wall, just keep going. It will take a lot of “no’s” before you get a “yes.” Don’t give up for at least six months. Then, at that point, if it’s not working, move on to another idea.

3) Unabashedly seek opportunities.

There is no set script for becoming a physician entrepreneur. Depending on what your idea, skill, or knowledge to share is, the path will be different. So, I can’t tell you to go to this website or reach out to this specific person. You will need to find your own path.

However, the general steps to following that path are universal, whether you are selling a widget, teaching someone a new skill, or providing a needed service.

When you start out, no one will just come to you asking for you to solve their problem or to hand you money. This means that the onus is on you!

So, begin to search specifically for two things: a) an audience of people who need what you can provide, and b) companies or businesses that already are connected with an audience of people who need what you can provide. Then, reach out to them. Tell them who you are. Share what value you can provide and why you are uniquely qualified to give that value. Ask for an opportunity to share that value with them.

It will feel uncomfortable at first. But here’s the secret: people are out there waiting for you. They may know they need what you can give them or they may not. It doesn’t matter. They are out there.

So, develop an elevator pitch introduction and value proposition and hit the figurative streets. Share your pitch with as many people as you can. Take feedback and make adjustments. Every “no” is a learning experience. Just remember that you will get a “yes.” Remember, enthusiasm is common but endurance is rare.

And when you do get that first “yes,” celebrate it! Then analyze it. See what you did right and what you did wrong. How can you be better? What is your audience looking for? How can you provide more value?

Here’s an example from my own life. When I started, as I said, I had no experience as an entrepreneur. But I have always been passionate about helping others and teaching. Further, I loved the medical field and wanted to help doctors rekindle their love for medicine. So, I recognized my hidden value and matched it with a passion. Then I created a short introduction and value proposition: “Hi, my name is Jordan Frey and I am a plastic surgeon. In training, I experienced burnout primarily due to very poor financial well-being. I now share my ongoing journey from financial cluelessness to financial freedom transparently and authentically in the hopes of helping others avoid my mistakes and create their own path to financial well-being to thrive personally and professionally.”

Then, I started sharing that value and story with anyone who would listen! I sent my blog out on social media. I emailed every other related blog I could find to share it. I emailed every medical news outlet. I asked to speak to residents and medical students. And on and on. I didn’t stop because I knew what I was providing was valuable and that I was passionate about sharing that value to help other doctors.

The rest is history!

I have found this journey toward physician entrepreneurship to be extremely rewarding. In addition to generating additional streams of income, I have improved my intrinsic sense of self-satisfaction and worth; met new people; allowed myself the safety of new income streams in the event that my clinical income changes; and accelerated my path toward financial freedom and living life on my own terms.

I truly believe that every doctor is capable of this. And I will venture to say that every doctor would benefit from it. There are skills I translate from my entrepreneurial work that have made me a better doctor and enabled me to provide better clinical care.

I encourage you to try this as an experiment! The beauty of entrepreneurship is that you can titrate it to how involved you want to be. It doesn’t have to consume you. In fact, the biggest reason that my blog isn’t even bigger is that I still absolutely love clinical medicine and devote a lot of my time to that. As a practicing physician, you can make your journey into exactly what you want it to be!

Do you have any side hustles? Shout them out in the comments!

Jordan Frey, MD is a plastic surgeon in Buffalo, NY at Erie County Medical Center and the University of Buffalo. His clinical focus is on breast reconstruction and complex microsurgery. He is also the founder of The Prudent Plastic Surgeon, one of the fastest growing finance blogs. There, he shares his journey to financial well-being with a goal of helping all physicians reach financial freedom, practicing on their own terms.

Image by Denis Novikov / Getty