739: Solve, Systematize, Scale: Build an Online Business, Monetize Your Existing Skills, and Master Time Management with Dr. Mike Woo-Ming

Dr. Mike Woo-Ming is a physician strategist, online health influencer, and medical practice owner. He has built multiple successful businesses, including an information product business during his medical residency and his current medical clinic and med spa. Today, Dr. Mike talks about his entrepreneurial career, sharing insights on balancing multiple income streams, building a team, and overcoming the common mistakes he sees doctors make when starting their own businesses. He also talks about his upcoming book, "The Positioned Physician," and his chapter in the book "Level Up."

Quotes

“I'm not the biggest fan of having bosses, I like to proudly say that I am unemployable.” - Dr. Mike Woo-Ming

“I have a bit of control issues, and you can't do that if you want to grow and scale. Another thing I had to learn is to back off and not micromanage things.” - Dr. Mike Woo-Ming

“Know the numbers in your business. Understand ROI. If you have products and services, know how much these products cost you, how much you're selling, and whether you're making money or not.” - Dr. Mike Woo-Ming

Takeaways

04:12 Starting a side business or income stream while maintaining a primary job can provide financial stability and flexibility, allowing for gradual transition into entrepreneurship.

18:19 Diversifying income streams, including passive and active sources, can help mitigate risk and provide financial stability, especially in uncertain times.

23:18 Maintaining a clear understanding of the numbers and financial performance of a business is crucial for making informed decisions.

27:57 Pursuing passions and finding ways to give back can make work more fulfilling and energizing for the entrepreneur.

32:25 Embracing a mindset of action and experimentation, rather than excessive research and planning, can help overcome the risk-averse tendencies common among doctors.

35:22 Letting go of control and empowering a talented team can enable business growth and free up time for the entrepreneur to focus on high-level strategy.

Resources

Podcast: Play in new window | Download (Duration: 38:41 — 35.6MB) | Embed

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Filed in: Archive 3: 2018-2020 • Interview • Podcast

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