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So You Want To Start A Business | Going all in on the side hustle

Aug 12, 2024

In this discussion, Dr. Jason Hine, an emergency physician and founder of SimKit, shares his journey from practicing medicine to launching a successful business. He emphasizes the need for a solid business plan and understanding the knowledge gap between clinicians and entrepreneurs. Jason explores the balance between passion and financial success, outlining the importance of involving family in entrepreneurial pursuits. He also highlights the significance of identifying customer pain points and developing effective marketing strategies tailored for healthcare.

42:24

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Episode guests

Jason Hine

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Episode notes

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Quick takeaways

Transitioning from clinician to entrepreneur requires bridging the knowledge gap through education and mentorship to navigate business complexities.

Balancing passion with market demands is essential for sustainable entrepreneurship, ensuring both creativity and financial viability in business ventures.

Deep dives

Navigating the Entrepreneurial Landscape

The journey from clinician to entrepreneur can be daunting, especially for those with limited business knowledge. Many healthcare professionals, like Jason Hein, recognize the gap between their medical expertise and the skills needed to operate a business effectively. This gap often leads to initial missteps and hard lessons learned, highlighting the importance of education and mentorship in entrepreneurship. By actively seeking advice and participating in entrepreneurial programs, clinicians can acquire crucial business acumen that enables them to navigate the complexities of bringing a product to market.

Intro

6min

Navigating the Entrepreneurial Journey for Physicians

11min

Navigating the Challenges of Physical Product Entrepreneurship

2min

Navigating the Entrepreneurial Journey: Challenges and Reflections

5min

Balancing Ambition and Family

11min

Identifying the Ideal Customer and Marketing Solutions

4min

Building Procedural Confidence in 30 Minutes

4min

Many of us have ideas that could make a great business. Most of the ideas, however, never see the light of day. It can feel like a big leap from physician to entrepreneur. So how do you do it? We speak with Dr. Jason Hine, the founder of SimKit, and see how he went from community emergency medicine doctor to successful business owner.

In this episode, we cover how Jason started his business, accounting for the knowledge gap between clinician and entrepreneur, setting boundaries, why saying hell yes has a critical proviso, the inevitable oscillation between passion and money, and a marketing exercise that’s critical to walk through before you even consider jumping in on a new product or business.

💡 Check out our Free Resources specifically designed to address pain points in medical practice💡

Guest Bio: Jason Hine, MD, is an emergency physician in southern Maine, where he is the Director of Education for his community hospital. He is a graduate of Tufts University School of Medicine and completed his residency at Temple University Hospital, where he served as chief resident. His interests include procedural skillset decay and the role of academics in improving the recruitment, retention, and satisfaction of community physicians. He is the founder of SimKit, a medical education company focusing on delivering convenient and effective hands on procedural skills practice.

We Discuss:

Sharks and boulders
Build a business plan early
Effective resources and dead-end rabbit holes
The first thing to consider before starting a business: the pain point and value proposition
Getting out of the Lone Wolf mindset and forming an advisory committee
What challenge surprised Jason as he got the business rolling
How do you pay your advisory committee before your business makes money?
What it means money-wise to give someone equity in your company
Negotiating equity stake and why contracts are by nature adversarial
The tipping point from dreamer to doer
A self-reflective prompt that puts endeavors in proper perspective
It might be a hell yes for you but a no for your family
Protecting immutable boulders
Logistics of setting and keeping boundaries
Nothing super cool happened because someone just wanted to make a bunch of money
Finding your ideal customer before the product even exists
A marketing exercise to do when a product is still an idea

Mentioned in this episode:

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