Google
About Philippa Kennealy

 

Philippa Kennealy MD MPH CPCC PCC is The Entrepreneurial MD Business Coach who wants to help you build your business!
meet Philippa>>>

 

 

Search this site
Subscribe to our newsletter
captcha
Subscribe to our feed
Click here to subscribe

Or enter your email address here, and you'll get new posts delivered via email:



Powered by FeedBlitz

Recommended Books and Programs
  • The E-Myth Revisited
    The E-Myth Revisited
    by Gerber, Michael E.
  • Get Slightly Famous: Become a Celebrity in Your Field and Attract More Business with Less Effort, Second Edition
    Get Slightly Famous: Become a Celebrity in Your Field and Attract More Business with Less Effort, Second Edition
    by Steven Van Yoder

    A must-read for all business owners

  • Made to Stick: Why Some Ideas Survive and Others Die
    Made to Stick: Why Some Ideas Survive and Others Die
    by Chip Heath, Dan Heath

    How to create unforgettable messages

  • E-Myth Mastery: The Seven Essential Disciplines for Building a World Class Company
    E-Myth Mastery: The Seven Essential Disciplines for Building a World Class Company
    by Michael E. Gerber

    Implement the E-Myth business habits

  • Duct Tape Marketing Revised & Updated: The World's Most Practical Small Business Marketing Guide
    Duct Tape Marketing Revised & Updated: The World's Most Practical Small Business Marketing Guide
    by John Jantsch

    Just what it says it is!

  • Never Eat Alone: And Other Secrets to Success, One Relationship at a Time
    Never Eat Alone: And Other Secrets to Success, One Relationship at a Time
    by Keith Ferrazzi, Tahl Raz

    Masterful networking resource!

  • What Business Should I Start?: 7 Steps to Discovering the Ideal Business for You
    What Business Should I Start?: 7 Steps to Discovering the Ideal Business for You
    by Rhonda Abrams

    A practical approach to uncovering your biz idea

  • The Complete Idiot's Guide to Growing Your Business with Google
    The Complete Idiot's Guide to Growing Your Business with Google
    by Dave Taylor
    Fundamentals of being found on the Internet
  • Good to Great: Why Some Companies Make the Leap... and Others Don't
    Good to Great: Why Some Companies Make the Leap... and Others Don't
    by Jim Collins

    What matters in building a great business

  • The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich
    The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich
    by Timothy Ferriss

    Surprisingly practical for such a fanciful idea

  • The How of Happiness: A Scientific Approach to Getting the Life You Want
    The How of Happiness: A Scientific Approach to Getting the Life You Want
    by Sonja Lyubomirsky

    Practical implementable ways to create happiness

  • Mastering Online Marketing: 12 Keys to Transform Your Website into a Sales Powerhouse
    Mastering Online Marketing: 12 Keys to Transform Your Website into a Sales Powerhouse
    by Mitch Meyerson, Mary Eule Scarborough

    The nuts and bolts of Internet marketing

     

  • The New Rules of Marketing and PR: How to Use Social Media, Blogs, News Releases, Online Video, and Viral Marketing to Reach Buyers Directly, 2nd Edition
    The New Rules of Marketing and PR: How to Use Social Media, Blogs, News Releases, Online Video, and Viral Marketing to Reach Buyers Directly, 2nd Edition
    by David Meerman Scott

    Using blogs, podcasts, viral products etc to reach your target market

  • Concierge Medicine: A New System to Get the Best Healthcare
    Concierge Medicine: A New System to Get the Best Healthcare
    by Steven D. Knope M.D.

    The only book on the topic!

  • The Medical Practice Start-Up Guide
    The Medical Practice Start-Up Guide
    by Marc D. Halley, MBA and Michael J. Ferry, MPA

    A thorough guide to getting started in practice

  • Yes!: 50 Scientifically Proven Ways to Be Persuasive
    Yes!: 50 Scientifically Proven Ways to Be Persuasive
    by Noah J. Goldstein, Steve J. Martin, Robert B. Cialdini

    Encapsulates the best thinking about how to influence others

    -----------------------------------------

  • Finding Your Own North Star: Claiming the Life You Were Meant to Live
    Finding Your Own North Star: Claiming the Life You Were Meant to Live
    by Martha Beck

    Discovering what your Essential Self really needs

  • Are You Ready to Succeed? Unconventional Strategies to Achieving Personal Mastery in Business and Life
    Are You Ready to Succeed? Unconventional Strategies to Achieving Personal Mastery in Business and Life
    by Srikumar S. Rao

    From a business professor comes the teaching that has inspired hundreds of MBA students

  • Tribes: We Need You to Lead Us
    Tribes: We Need You to Lead Us
    by Seth Godin

    A fascinating look by a master marketer and future thinker about how clear messages and contemporary tools are enabling the much-needed formation of loyal followers - a leader's "tribe"

  • eBoot Camp: Proven Internet Marketing Techniques to Grow Your Business
    eBoot Camp: Proven Internet Marketing Techniques to Grow Your Business
    by Corey Perlman

    Read my review here.

  • Endless Referrals, Third Edition
    Endless Referrals, Third Edition
    by Bob Burg

    A networking classic that shares immensely practical information on how to build a network that really delivers!

  • Career Renegade: How to Make a Great Living Doing What You Love
    Career Renegade: How to Make a Great Living Doing What You Love
    by Jonathan Fields

    A must-read for anyone wanting to flee the fold and launch a new and different career.

  • A Whole New Mind: Why Right-Brainers Will Rule the Future
    A Whole New Mind: Why Right-Brainers Will Rule the Future
    by Daniel H. Pink

    Dan Pink's brilliant analysis of what skills are needed to thrive in the 21st Century in business.

  • Entrepreneur's Notebook: Practical Advice for Starting a New Business Venture
    Entrepreneur's Notebook: Practical Advice for Starting a New Business Venture
    by Steven K. Gold

    A useful book written by a physician

  • Escape From Cubicle Nation: From Corporate Prisoner to Thriving Entrepreneur
    Escape From Cubicle Nation: From Corporate Prisoner to Thriving Entrepreneur
    by Pamela Slim

    Humorous, practical, excellent guide written by my dear colleague, Pam Slim

  • The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything
    The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything
    by Guy Kawasaki

    Guy Kawaski's classic about starting your own business

  • The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship
    The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship
    by Bill Murphy

    Great and inspirational stories -- I've blogged about several of the "secrets"

  • The Art of Possibility: Transforming Professional and Personal Life
    The Art of Possibility: Transforming Professional and Personal Life
    by Rosamund Stone Zander, Benjamin Zander

    Most enlightening -ten vital practices to develop the attitude that transforms how you live your life

BlogCatalog

Medicine Blogs - BlogCatalog Blog Directory

Google+

For physician business owners and entrepreneurs!

Are you ready to love work again
...or grow in a new direction?

Crack the Code report.GIF

You'll also receive with our compliments:

1. "The Entrepreneurial MD Newsletter" each month,

2. Cutting edge video "BizTips for Getting Started", and

3. "The Entrepreneurial Mindset Assessment" to gauge your "business" readiness.


We will NEVER give your information away.
Unsubscribing is easy if you no longer want to hear from us!

 
First Name *
 
Last Name *
 
Email *
 

 

The Entrepreneurial MD Blog

PS: I'd love to hear from you. Click on the blue "Post a Comment" link at the BOTTOM of each article, follow the simple instructions, and write away!

Feel free to share with others by clicking on the "Share Article" via Digg. Delicious, StumbleUpon or the other "social bookmarking" tools.

Just a few rules: Be nice. Keep it clean. Stay on topic. No spam!

Wednesday
Nov292006

Quick news about TWO upcoming December teleclasses

quick news tidbits.jpgI have a quick reminder about my complimentary monthly teleclass on December 13th at 5:00 PM Pacific/8:00 PM Eastern.

The topic will be: Legal fundamentals for my business - What do I need to know about the Law when starting a business?, and I have the pleasure of interviewing Stephanie Granato, a Los Angeles-based attorney who has a wealth of information and knowledge to share about the various legal aspects of starting a business. I know I shall learn a lot.

I shall be coming on the call prepared with questions to interview her, BUT..... I would love to know what your questions are! Please send your questions to me in advance of the class - you can use the Contact Form here - and I'll happily work them into the interview.

(PS: In case you are wondering, we web folks are being advised to keep our e-mail addresses off our web pages to help manage the deluge of spam, by outwitting those technical robotic morons that scan pages to farm e-mail addresses - sorry to have to ask you to communicate with the contact form instead!)

Remember, even if you cannot be present at that time on the call, you will still receive a copy of the class recording later, as long as you have registered on this page here! If you haven't registered, my automated system will not know to send you the recording link.

And I am asking you to sign up for each class individually, in case one class is not of interest to you - I do NOT want to be filling your e-mail boxes with follow-ups unless you have expressly requested or permitted them.

So, join us for a lively class and get your pressing legal questions answered - and let's promise to be nice to our guest, even if she is an attorney <smile>!!

*************************

I am also delighted to let you know that I have been invited to participate as guest faculty in an Audio Conference, sponsored by Oakstone Medical Publishing, on December 6th from 1:00 to 2:30 PM Eastern (10:00 to 11:30 AM Pacific).

The topic for this live audio conference (it's just like a teleclass!) is: "Become a Physician Entrepreneur: Use Your Medical Know-How and Credibility to Launch a Lucrative Business", and I shall be sharing the stage with Amy S. Leopard, a Cleveland, Ohio attorney and former health care executive.

Some of the issues we will be discussing (time permitting) include:

  • Overcoming fears and common barriers
  • Tapping into available resources
  • Determining your entrepreneurial “sweet spot”
  • Dealing with family fears and life changes
  • Start-up strategies
  • Calculating initial investments and securing start-up capital
  • Partnerships
  • Creating support and marketing networks
  • Legal, tax, and regulatory issues

To learn more, and register directly with the sponsors, click here. 

Monday
Nov272006

How to respond to "the lure of great wealth"

11-27-06wealth.jpgAn astute physician reader wrote to me today and drew my attention to an article in the New York Time Business section today, called "Gilded Paychecks: Very Rich are Leaving the Merely Rich Behind" or "how the lure of great wealth affects career choices".

In the article, the writer describes the journey of a hematologist-oncologist, Dr. Robert Glassman, from his academic aspirations (including winning a Nobel Prize) to having a seat on Wall Street as an investment banker specializing in biotechnology and new drug investments.

In the article author's words:

What Dr. Glassman represents, along with other very rich people interviewed for this article, is the growing number of Americans who acknowledge that they have accumulated, or soon will, more than enough money to live comfortably, even luxuriously, and also enough so that their children, as adults, will then be free to pursue careers “they have a hunger for,” as Dr. Glassman put it, “and not feel a need to do something just to pay the bills.”

I particularly enjoyed the on-the mark observations in a follow-up e-mail from my physician reader:

I thought it (the article) was interesting because: first, it does show that some physicians (and probably more than before) are leaving academia and practice to, for example, work for Wall Street. Nothing new, but it seems like this is a more prevalent situation.

Secondly, medicine for a lot of physicians does guarantee a steady paycheck, most of the time. However the paycheck is nowhere near - in terms of financial security - where it used to be, even 10 -15 years ago, especially for young i.e. just starting physicians and in non-surgical specialities.

Thirdly, it shows that most of physicians can easily transform into other type of work and be successful.

And lastly, most of them still want to practice medicine for the joy of it, not the money.

And of course the gap between well-educated professionals who work hard and overall do OK and those that do not necessarily have any more education or work any harder and still strike it rich, is rapidly widening.

Since we are talking about money, a lot of starting salaries for non-surgical specialities are in the low $100,000's. A starting internist salary at a university I used to work at is $115, 000. With escalating housing costs, it does not even allow one to save enough money for a down-payment in any reasonable time, not too mention comfortable living. I am not saying $100,000 is not a lot of money, because by global standards it still is and American MD's make more than their Europeans counterparts ( although in Europe education is less expensive and the work week is much shorter, so the real gap is less than most of us think - average physicians' salary in the Netherlands is I think $160,000). However, for a lot of physicians - pediatricians, internists, family practitioners, psychiatrists etc. - living with "no financial worries" just because "they are doctors" is no longer true.

I could not have analyzed the article better.

I do confess to having experienced a moment of hypocrisy about whether to highlight this topic or not!

I'd like to believe that there resides in the hearts of all physician entrepreneurs the pure desire to continue to do good in the world. And I'd like to avoid the focus of my efforts with The Entrepreneurial MD being merely about how to make doctors wealthier. That purpose makes me squirm - as if I and my business have somehow lowered myself to some crass, money-grubbing standards (can you see how alive and well my Inner Critic is? <smile>)  

And yet, I too want great wealth, for many reasons. Some are personal and others I'm willing to go public about, such as "embracing philanthropy as an alternative to a life of professional accomplishment".

What are your thoughts about great wealth??

Wednesday
Nov222006

E-mail Etiquette and Security

quick news tidbits.jpg

Thanks to the eclectic collection of articles that Aussie techie Leon Ho of Lifehack.org posts almost daily in his blog, I am able to tap into a wealth of information floating around the Web. Some of it is incredibly helpful!

Like an article he made me aware of today, called 99 Email and Security and Productivity Tips.

The tips range from simple cyber-manners to effective communication and maintaining your privacy and security.

It's the kind of list that you'll want to browse after dinner, when the kids are in bed, and the household is quiet - it's detailed and thorough! And even if you commit to attending to just 3 relevant tips a day, you're bound to be able to manage your email chaos a tad better.

Now if only someone would design and build a special kind of hell for spammers - perhaps one in which they were force-fed, at 6-hourly intervals, the medications they're pushing or obligated under pain of death to listen to endless loops of their own garbage nonsensical wording. Any other ideas??

Tuesday
Nov212006

Is social entrepreneurship for you?

11-21-06outragedanger.jpg

I'm often asked by physicians considering starting a business: "Where or how will I find ideas for a business?", and I'd like to share this blog post with those of you who have that question foremost on your mind.

Consider this as one option available to you!

One of my favorite entrepreneur role models is Dame Anita Roddick, founder of The Body Shop International. She embodies the gritty, idealistic, pragmatic, dogged, opinionated and socially conscious characteristics of a visionary leader and businesswoman, and I love her for these traits!

I was delighted to come across an article published last week in the Financial Times, written by Dame Roddick, with the provocative title of Don't get a business degree, get angry.

She pooh-poohs the idea that entrepreneurship can be taught effectively in business school. Instead, she argues......

....... potential entrepreneurs are outsiders. They are people who imagine things as they might be, not as they are, and have the drive to change the world. Those are qualities that business schools do not teach. An MBA can give you useful skills that can be applied to a life in business. But they will not teach you the most crucial thing: how to be an entrepreneur. They might also sap what entrepreneurial flair you have as they force you into the template called an MBA pass.

.....I am not at all convinced it is a subject you can teach. How do you teach obsession - because often it is obsession that drives an entrepreneur's vision? How do you learn to be an outsider if you are not one already?

In the business school model, entrepreneurs are most at home with a balance sheet, a cash-flow forecast and a business plan. They dream of profit forecasts and the day they can take the company public. These are just part of the toolbox of re-imagining the world: they are not the defining characteristics of entrepreneurship. The problem with business schools is that they are controlled by, and obsessed with, the status quo. They encourage you deeper into the world as it is. They transform you into a better example of corporate man. We need good administration and financial flair, after all, but we need people of imagination too.

Her prescription for becoming an entrepreneur?

Become angry. Feel your outrage. Notice what frustrates you.

  • What infuriates you about the way healthcare is delivered? By the health plans? In your hospital? In your own practice?

  • What is so broken it makes you want to scream?

  • What would be worth your time and passion to fix?

  • What really sucks for you as a doctor? For your family? For your patients?

  • Whose lives could be dramatically improved by one small change or tool?

Passion and caring are the oxygen and dry wood that fuel the flames of outrage. And outrage is often what produces deep social change.

As a South African by birth, I would never have believed it possible to see the downfall of apartheid in my lifetime. As a citizen of the world, I did not dream that the Berlin Wall could come down so quickly brick by brick. Now I know better.

By harnessing your fury and channeling it into worthwhile entrepreneurial outlets, you stand a good chance of succeeding as a social entrepreneur - one who "identifies and solves social problems on a large scale, seizing opportunities others miss in order to improve systems, invent and disseminate new approaches and advance sustainable solutions that create social value." (this definition is from a PBS show entitled The New Heroes).

And being a social entrepreneur is NOT incompatible with being profitable. Look at Dame Roddick!

In her article, Dame Roddick does more than pontificate about becoming an entrepreneur. I've listed some of the wisdom she offers, from the article, to help make your business start up possible.

"Tell stories. The central tool for imagining the world differently and sharing that vision is not accountancy. It has more to do with the ability to tell a story.Telling stories emphasises what makes you and your company different. Business schools emphasise how to make you toe the line.

Concentrate on creativity. It is critical for any entrepreneur to maximise creativity and to build an atmosphere that encourages people to have ideas. That means open structures, so that accepted thinking can be challenged.

Be an opportunistic collector. When entrepreneurs walk down the street they have their antennae out, evaluating how what they see can relate back to what they are doing. It might be packaging, a word, a poem or something in a different business.

Be passionate about ideas. Entrepreneurs want to create a livelihood from an idea that has obsessed them; not necessarily a business, but a livelihood. When accumulating money drives out the ideas and the anger behind them, you are no longer an entrepreneur.

Feed your sense of outrage. Discontentment drives you to want to do something about it. There is no point in finding a new vision if you are not angry enough to want it to happen.

Believe in yourself and your intuition. There is a fine line between entrepreneurship and insanity. Crazy people see and feel things that others do not. But you have to believe that everything is possible. If you believe it, those around you will believe it too.

Have self-knowledge. You do not need to know how to do everything, but you must be honest enough with yourself to know what you cannot provide yourself."

As Mahatma Ghandi said: You must be the change you want to see in the world.

Does that provide you with any ideas?

Friday
Nov172006

Are physicians really THAT cheap??

 

11-17-06cheap.jpgI was invited to participate last night in a roundtable discussion with MBA students, from all the bigger Los Angeles schools, who were interested in entrepreneurship.

I represented the category of entrepreneurship and healthcare, and was pleasantly surprised to discover that several of the students were interested in learning more about healthcare opportunities, despite the siren call of much sexier sounding businesses like sports companies, fashion business and the liquor industry!

What stirred my juices was a question from a young man who, as a pharmaceutical sales rep now completing his MBA, had whiled away many hours in doctors' offices waiting to talk about his products. Instead of, as he put it, "reading Vogue or Sunset magazine -- the People magazines had invariably been stolen", or staring at the patients, he had chosen to strike up conversations with the office staff. In doing so, he had become aware of many of the challenges faced by physicians in private practice, as well as some of the good, and less-well performed business practices.

He wondered out aloud whether there was a viable business opportunity - figuring out ways to help physician practices reduce waste, increase efficiency and generally run more like great boutique or even larger service businesses.

It was his next observation that got me.

"Why are doctors so cheap?" he asked.

I gathered he was expressing concern that doctors wouldn't pay for the services he was considering offering.

I've heard this asked or remarked upon many times before, and I must have just dropped any pursuit of the question, perhaps because I didn't have an audience to blog about it to. Now I do - and you're it!

In trying to formulate a response, I realize that the questions behind this question need to be answered first.

Did he really mean: Why don't physicians understand that making an upfront investment in something can sometimes make them way more money later on? i.e. What do they know about Return on Investment?

Or, was he really asking: Why do doctors handle money so poorly?

Or perhaps: Why are doctors so arrogant about knowing it all and not paying for good help or advice?

Or, could it actually be: Why are doctors so miserly?

In his book "The E-Myth Physician", Michael Gerber has a chapter he calls "On the Subject of Money", where he describes the four factors of money:

   1. Income: what the doctor takes home as an employee of the practice or business
   2. Profit: what is left over after the practice has done its job efficiently and effectively
   3. Flow: how much money is there when you need it
   4. Equity: the financial value placed upon your practice or business by a prospective buyer of your practice or business.

This is, of course, a bit of an aside to my original question (just thought I'd take a moment to give you something meaty to think about!).

What Gerber says, and perhaps this is at least part of the real answer to our young man's question, is:

  • Doctors have studied medicine and NOT the economics and finances of practicing medicine - they lack knowledge
  • Doctors are really busy people, under a lot of pressure (getting worse all the time - my comment) - they lack the time to get educated about money
  • Doctors, for the most part, don't like dealing with money - they have an emotional reaction to money
  • Doctors don't think of themselves as business owners with responsibilities to teach all their staff to think like practice owners - they just want to be left alone to be a doctor and let the money take care of itself.

My reply to the ambitious and concerned sales rep MBA student was:

"Figure out what stresses the doctors most. Show them that you understand their headaches and their challenges - empathize from a sincere place of wanting to help.

Use the power of story to illustrate the ways in which your services could alleviate some or all of their most tedious headaches. Make it simple - no MBA jargon!

Intentionally design an experience that you want your customers - the doctors - to have of you and your business. Don't leave it to chance.

Share your knowledge - educate, without patronizing, because these are incredibly smart people.

And, do this with love in your heart, because it's a tough job running a practice or business in a low-reimbursement environment. By doing so, you will have created Meaning for your work - you'll be impacting not only the lives of many good doctors but also the thousands of their employees and patients".

Once you have accomplished this, I believe you will discover that physicians are not cheap - they are merely cautious. They want to trust you, because their work is, in many ways, a sacred cause.

And you must earn their trust!

Was I correct? What do YOU think?