#210 How To Build a Business That You Can Be Proud Of ft. Dr. Peter Kim

Doctors Being More

Peter starts by discussing what most of us can resonate with: doctors as entrepreneurs. 

He shares his thoughts on the limiting belief imposed on doctors to stay as doctors. According to Peter, doctors possess a unique blend of skills, dedication, and compassion that positions them perfectly to create impactful ventures.  

The key, he emphasized, lies in aligning your business with your core values – that same commitment to serving others that doctors take so seriously in the exam room.  Peter connected this to the Hippocratic Oath, highlighting the importance of integrity and putting the patient’s needs first.  

He argued that these same principles can guide all aspects of your life, including business ventures. True fulfillment and a deep sense of pride become attainable when your work reflects your core values and intentions.  

With this start, Peter encouraged listeners to silence the doubters and shared key principles for doctor entrepreneurs.

Build What People Are Asking For

Peter continues with the first principle – building a business that is asked for. He emphasized the importance of listening to the needs of the market and identifying areas where people are struggling.  

To elaborate, Peter shares his personal journey of creating the Passive Income MD (PIMD) platform dedicated to achieving financial freedom. PIMD, he explained, stemmed from his desire for flexibility and time freedom. He wanted to spend more time with his family and not retire in his later years.

Since then, PIMD has grown to be a thriving community, built through courses and conferences that have remained its commitment to value.  He emphasized listening to the community’s feedback and providing them with the tools and solutions they were actively seeking.  

Start Something That Matters

Talking about his second principle: starting a business with a mission, he referenced Blake Mycoskie’s TOMS Shoes, a company that balances profit with social good.  

The concept resonated deeply with Peter, and he ensured a social responsibility component was woven into every business venture he pursued. This could involve supporting specific causes or dedicating time to volunteer work.

Peter emphasized that this focus on giving back came naturally to physicians, reasoning that their choice of medicine stemmed from a desire to serve others, and making a positive impact remained a core part of their identity.  

He extended this principle to non-medical businesses, underlining the importance of purpose and passion for long-term success. Businesses fueled by a mission, Peter argued, offer greater fulfillment and resilience during inevitable challenges.

Create an Alignment of Interest

Peter introduces the principle of alignment of interests, emphasizing trust and mutual benefit in business relationships. 

He challenges the stereotype of doctors driven solely by money, highlighting the sacrifices they make and the importance of genuine intentions. While acknowledging the role of financial success, he stresses that it should not be the sole motivator. Peter shares examples of overcoming fear of criticism to align with true intentions, promoting purpose over external pressures. 

He also emphasized the importance of structuring a business where everyone benefits. As an example, he discussed his real estate company, Ascent.

Seeking to establish trust and transparency, Peter designed a system where the community’s needs were prioritized. Profits were only distributed after everyone else benefited – a strategy that fueled the company’s growth. Peter shows his dedication to this as he foregoes personal salary to focus on community impact and his clear mission.

Own Your Mistakes and Be Accountable

Referencing the well-known Warren Buffett, who’s famous for admitting and learning from his missteps, Peter talks about the importance of taking responsibility since it builds trust and keeps you credible for the long haul.

He reasons that maintaining honesty, transparency, and showing genuine effort during times of volatility can lead to understanding and patience from others. While wins are preferable, Peter acknowledged the valuable lessons gleaned from losses and encouraged listeners to view setbacks as opportunities for growth, leading to smarter decisions in the future.

Don’t Give Up On Your Passions

Peter wrapped up with something that loudly resonates with success – perseverance. 

He acknowledged the importance of persistence in pursuing passions, despite facing naysayers and critics. Peter reasons that they may not understand your mission fully, but by staying true to serving others and maintaining passion – truth wins in the end.

Peter offered encouragement to aspiring and current entrepreneurs, acknowledging the potential difficulties. He then shared a piece of advice from his father: a quiet, average life may not bring fulfillment so if you feel called to lead and build something, Peter asserted, it’s almost your responsibility to act on that.

He follows this up with a quote by his friend Dr. Pranay saying that the world would be a better place with more physician-led businesses. Physicians, Peter argued, possess a unique combination of integrity, honesty, and a passion for service.

Peter ends by painting a heartwarming picture of the future. Where he invited listeners to envision years from now, reflecting on a life filled with experiences and accomplishments. 

“I imagined us all sitting on a patio somewhere looking out into the sunset, rocking in rocking chairs, looking at each other with a little bit of wrinkle on our faces, thinking about all that you’ve been able to experience and everything you’ve built. And hopefully, you can feel proud of it all. We all want our loved ones, our spouses, and our kids to be able to look at us and say, “Job well done”. That’s what I hope for all of you.” – Dr. Peter Kim