#196 How to Balance Your Medical Practice and Entrepreneurial Ventures, ft. Dr. Peter Kim - Passive Income MD

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#196 How to Balance Your Medical Practice and Entrepreneurial Ventures, ft. Dr. Peter Kim
Episode #196

#196 How to Balance Your Medical Practice and Entrepreneurial Ventures, ft. Dr. Peter Kim

In this episode, Dr. Peter Kim offers practical advice on time management, delegating tasks, and building a thriving business and side hustle alongside your medical career. Listen now and unlock your full physician entrepreneur potential.

Are you looking for a community to encourage you as you begin, or want to accelerate your business to the next level? Then join thousands of physicians who share the same journey of creating their ideal lives through multiple streams of income by joining us in our Facebook communities such as Passive Income Docs and Passive Income MD.

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Eckard Enterprises, LLC, is a family-owned and operated alternative investment and asset management firm, specializing in mineral rights and the U.S. energy industry. Eckard believes that owning tangible assets is one of the safest, long-term investment strategies available in today’s investment climate.

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11.46 Min • January 29

Episode Highlights

Now, let’s look at what we discussed in this episode:

  • My Story of Growing Beyond Medicine
  • Believe it: Doctors are Good at Business
  • How to Balance Being a Physician and Entrepreneur
  • Finding People Who Share the Passion
  • It’s Not Static, it Evolves Over Time

Here’s a breakdown of how this episode unfolds.

 

Episode Breakdown

[01:04]

My Story of Growing Beyond Medicine

Peter starts by recollecting how he, an anesthesiologist, initially planned to solely pursue medicine but felt a desire to create and build something outside of the field. 

He observed that many physicians have turned their hobbies into profitable businesses and decided to create a real estate business called Curbside Real Estate, connecting physicians with realtors and lenders nationwide. This venture of his originated from a personal struggle in purchasing a home, aiming to develop a solution for his need but also having that genuine excitement to try something different.

Peter also recognizes the challenge of balancing entrepreneurial desires with a demanding clinical practice and family responsibilities. He acknowledges that taking this step requires energy, time, and effort, which can lead doctors to doubt themselves.

“I was excited to do it and try something different [Curbside]. I had no idea what I was doing but I had that drive.” — Peter Kim, MD.

[03:43]

Believe it: Doctors are Good at Business

Dr. Kim continues by stressing that physicians can thrive as entrepreneurs alongside their medical careers, as they already possess the necessary skills and stability to start businesses. 

He shares that the changing landscape of medicine has made job security less certain, but physicians’ stable incomes provide a safety net for taking entrepreneurial risks. Many physicians are also already engaged in side gigs, with nearly 40% involved in some form of entrepreneurial activity. This indicates a growing openness among physicians to explore entrepreneurial endeavors, reflecting a shift in mindset within the medical community.

Peter also adds that if you love stories of physicians and their entrepreneurial ventures, he invites you to join in the upcoming Leverage and Growth Summit, taking place from February 26 to March 1. The summit is free and promises to be an enjoyable and informative event made especially for current and aspiring physician entrepreneurs.

“We’re ambitious. We’re intelligent. We’re creative. We know how to learn. We know how to adapt… It’s just a matter of focus. If anything, I find that physicians are in the best position to start businesses.”  — Peter Kim, MD.

[06:03]

How to Balance Being a Physician and Entrepreneur

Dr. Peter shares that physicians can balance their side hustles with their primary careers by identifying and utilizing gaps in their schedules. 

He finds these sorts of times can be found during commutes, waking up earlier, or using downtime during night shifts. These gaps allow physicians to effectively work on their entrepreneurial ventures without compromising their main responsibilities. He reasons that the flexibility of side hustles allows physicians to allocate time and energy as they see fit, making it possible to successfully manage both pursuits.

In addition, Peter encourages listeners to participate in PIMDCON, a physician real estate and entrepreneurship conference taking place from September 26 to 28, 2024, in Dallas, Texas. The event is designed to offer valuable insights and networking opportunities for those interested in real estate investing and entrepreneurship. Through expert speakers, panel discussions, workshops, and masterminds, attendees can acquire the knowledge and confidence to pursue financial success beyond medicine. The conference provides both in-person and virtual attendance options, catering to a diverse audience of like-minded individuals.

“This doesn’t have to be your main gig, so you can give it however time you want and energy. You can also decide how much money you want to put into it. I found that it was possible to do both. In fact, it was fun to do both.” — Peter Kim, MD.

[08:51]

Finding People Who Share the Passion

Dr. Kim continues by sharing how he got a business partner to help him with his ventures. He found that it can be highly beneficial, as it allows for task delegation, shared responsibilities, and the ability to bring a vision to fruition while managing other commitments.

He adds that one can also leverage technology and virtual assistants as they also significantly increase efficiency, enabling physicians to pursue entrepreneurial work without overextending themselves. This approach significantly helps avoid burnout and allows for the successful management of multiple career paths.

“It’s not about working harder, it’s about working smarter. You can reach captured time by being more efficient so that you can pursue these business ventures” — Peter Kim, MD.

[09:56]

It’s Not Static, it Evolves Over Time

Peter concludes by sharing that after finding balance and as things started to grow, he eventually gave up some of his clinical time. He was able to find a sustainable place that not only fulfilled him but also provided the income needed to support his lifestyle.

He emphasizes the importance of leveraging the physician’s financial stability to mitigate risk and pursue entrepreneurial opportunities, encouraging others to pursue ventures they are excited about so they can avoid potential regret.

“At the end of our lives, regret usually comes from not the things that we’ve done, it comes from the things that we haven’t done, that we never got to try or never did try.”  —  Peter Kim, MD.

We talk in depth about all of this and more in our course–Passive Real Estate Academy. Want to learn everything about investing in real estate with confidence? You can grab your seat right here!   

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