I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
While the first step to becoming a successful entrepreneur is developing a profitable practice idea, the real foundation of entrepreneurial success rests within your mindset. A good idea can take you only so far. However, true determination to stop at nothing to achieve your goals can carry you through to the finish line. You may have hundreds, if not thousands of competitors, in your specialty. Many of them offer the exact same services or products as you do. Yet, one practice may be raking in huge monthly revenue in profits while the other can barely get off the ground and stay afloat.
What separates these two practices?
It’s the difference in the mindset of the entrepreneurs behind them. The successful practice owner boasts a heightened mindset that leads to increased revenue, profits, and assets. The unsuccessful one may know a thing or two about business, but they are ok with doing the bare minimum.
I have created a chart that displays the critical differences between a successful entrepreneur’s mindset and an unsuccessful entrepreneur. Adopt the successful entrepreneur’s philosophies, and you’ll happily discover that your profits and revenue increase as well.
Here are some traits of the successful entrepreneur
- They invest in more assets (what puts money in your pocket) than liabilities (what takes money out of your pocket).
- They believe that customer service is just as important as promotion in providing quality care and quality products.
- They are problem solvers.
- They can allocate funds as if it were their natural talent. They know how to run a tight ship to keep revenue up and overhead down.
- While they’re open to other’s input, they value their intuition more because they truly understand what’s best for their practice.
- They keep moving when things are slow; they are always quickly moving onto the next task that must be done to improve their practice.
- They thrive under pressure. They are always attentive and alert. When their practice begins to see red, they are the entrepreneurial heroes that save the day. They implement sound ideas into their existing practice plan to increase revenue, customer service, patient care, and promotion.
- They stand their ground. They confront rotten eggs with a calm attitude and a firm intent. They notice everything and handle all confrontation with class.
They know how to turn $5 into $20. They have an elevator pitch prepared and will recite it to anyone willing to listen. They value the power of marketing and employ proven marketing techniques. They market whether their business is booming or in a lull. They believe in their ability to achieve the best and continuously push themselves beyond their comfort zone for the practice’s greater good.
Now let’s examine the contrary.
Here’s the mindset of the unsuccessful entrepreneur
- They believe that good is really good enough. They think that a dollar in revenue is better than no revenue at all. They feel embarrassed to toot their own horn and often downplay the complexity of their practice.
- They employ marketing tactics only when their practice is slow. They’re all about cutting corners, and when the practice is booming, marketing expenses seem unnecessary. They allow their low personal self-esteem to translate into their practice leadership. Because of this, their marketing, networking, patient care, public reception, and revenue take a hit.
- Customer service is an afterthought to them. They take personal offense to most patient complaints when they come. They are problem solvers only when it comes to menial issues, but they crack under pressure when the hard times come knocking.
- They ignore their intuition and run to all the wrong people for advice before taking action.
- They take advantage of the slow time in their business to indulge in their personal lives when they should be working.
- They may thrive under pressure, but it’s their fear that keeps them going rather than their optimism. The same fear can cause panicky, unwise decisions. They let their ideas lay dormant until their practice is bringing in more money. They are not innovators.
As you can see, your mindset significantly impacts your assets. A heightened mindset, a willingness to succeed and take risks for your practice, is the foundation for attaining higher profits, fewer liabilities, and more assets. By following the successful entrepreneur’s mindset, you’ll gain the mental and physical assets to experience the success you’ve been dreaming about in your practice.
Attention, Physiatrists! Stop leaving money on the table. Sign up for the free video series: How To Build A Profitable Practice in 90 Days or Less: http://www.sixtytosuccess.com
I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits. Follow me on social media @DrHassanRehab.