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“I don’t know what a business is. All a company is is a bunch of people together to create a product or service. There’s no such thing as a business, just pursuit of a goal — a group of people pursuing a goal.” — Elon Musk
How do you approach your business, and how do you solve your business problems? The problem with the dental practice today is that most dentists, hopefully not you, are running businesses via assumption and conventional thinking. The usual way we conduct our lives is we reason by analogy with an analogy. We are doing this because it’s like something else did or what other people are doing.
In this episode, I will discuss Profiting from First Principles like Elon Musk. So if you want to conduct a “Knowing What I Now Know Analysis” on your practice, build a career that you enjoy, and benefit from non-conventional, fundamental truth thinking to gain an unfair advantage, tune in now!
Listen in and find solutions to common practice issues at Prescriptions for Your Practice.
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Key Quotes:
- “You’re smart enough to know, and as a D1 and D2, some of the things that you’re learning, you’re not going to do after you get your dental license.”
- “The possibility is that when you use first principle thinking, you ensure that you’re building a practice that best fits you. And it brings unique value to your community.”
- “Traditional thinking starts with limitations, and then you’re iterating and improving that existing path.”
- “If you just ask a typical dentist, what’s the purpose of your practice? They might say to fix teeth, to give patients back their confidence, smile, to restore oral health, something like that, right? But if you don’t have a customer, a client, a patient, the chair call, whatever you want, you don’t really have a business.”
- “All businesses are a reflection of their owner.”
Featured on the Show:
- TV: George Carlin’s American Dream, Judd Apatow – director
- People: Max Planck, German physicist
- People: Richard Feynman, American physicist
- People: Elon Musk, business magnate and investor
- People: Peter Drucker, Austrian-American management consultant, educator, and author
- Blog: What’s your money story?, Dr. David Maloley
- I appreciate your feedback. Let me know what you learned and loved here: [email protected].
