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Calling out people who quit Engineering, Law, Finance or Medicine (ELFM)

Discussion in 'General Entrepreneur Discussion' started by Amogh Sahai, Dec 3, 2018.

  1. Amogh Sahai
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    Amogh Sahai New Contributor Read Millionaire Fastlane

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    Hello guys,

    This is my 2nd post in the forums. As I already mentioned in my earlier post, I am a board certified physician looking to transition out of medicine. I make 6 figures in my current practice, but I have realized that medicine is not my calling. It also doesn't follow the 5 commandments that MJ mentions in his book.

    Anyway, the reason I am posting in this thread is to get some feedback and data points from people who have already made the transition or are in the process. I am particularly interested in the ELFM fields. How did you leverage the knowledge you acquired in your respective field to open up your own gig offering a unique product or service. It is definitely much easier and less saturated to fill up needs, and bring solutions to things within our fields of expertise.

    I personally will be doing a 1 week intensive entrepreneurial boot camp next month. I have already read the lean startup, the fast lane millionaire, entrepreneur revolution, the 100 dollar startup, and the entrepreneur's guide to customer development.

    I personally feel more inclined in pursuing a business around a product instead of a service. Once I finish the bootcamp, I will be looking to properly validate whatever business concept I come up with. The problem with many of these books is that theory can be so different to practice. I guess the most important thing I want to get out of this is how to execute properly. MJ speaks about how some people talk a lot but don't take action. However, taking the wrong kind of action (spending money on a product or service not properly validated) can also cause problems.

    I will be selling a property very soon and I am hoping to use part of that money to build a good solid foundation for my next endeavor. I am really looking to have an open discussion here, and not trying to take value without giving anything in return. So if you guys have any medical questions that fall within my field of expertise (physical medicine and rehab) feel free to send me a private message or ask me here.
     
    Shinebabe likes this.
  2. Paladin
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    Paladin Bronze Contributor FASTLANE INSIDER Speedway Pass

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    It sounds like you keep seeking more information before you take any action. Whether it's reading books, attending some bootcamp, or asking people on here what to do.

    You're caught in Paralysis by Analysis. A good decision now is WAY better than a great decision too late.

    You don't need other people to give you business ideas. There are about a million medical products and courses online. There are supplements and devices and exercise machines.

    There's nothing holding you back from action other than losing money. So start a business LEAN.

    You don't need to spend big money to kickstart your new career. It's not the middle ages. I started my business with just $500. So get out of that 1980s Wall Street "spend money to make money and I need an inside tip" mindset.

    Just take any action and see what happens.

    You can't learn to swim from reading a book, you need to get into the water.
     
  3. Amogh Sahai
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    Amogh Sahai New Contributor Read Millionaire Fastlane

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    I am not looking for business ideas. That will be my own assignment. I just want to understand better the process of how they went from point A to point B. They can decide what information they want to share or not share. But your point is well taken.
     
  4. Mikkel
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    Mikkel Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I'm not sure what ELFM is, but if you are in the medical field, stay in it. That doesn't mean you have to do the same job, but you are already well rehearsed in the many business practices. Plus, it is a very lucrative field, if done correctly.

    I am one year from being a physical therapist, however, I realized I wanted to be more involved in a business. Rather than dropping out of college, I am sticking with it. In the meantime, I am working on starting a product based on the skills I have learned as a physical therapist.

    Maybe not the answer you were looking for, but my suggestion is to not chase what looks to be greener on the other side. Stick to what you know, and grow on it... unless you are objectively a terrible physician( I don't know), in which case this might be a good time to switch fields :rofl:;)
     
    GoGetter24 likes this.
  5. Get Right
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    Get Right Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I did it. I pivoted my previous Architecture career to a business building spec homes. I was able to leverage my knowledge, experience and contacts in the industry which sped up my transition. It also gave me instant credibility.

    Feel free to check out my threads documenting this below:
     
  6. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I was a civil engineer and a project manager. I think that my engineering background helps to understand the structure of things. Technical writing has helped me write clear and concise product descriptions. Project management definitely helps me keep things organized. Most of all it’s the logical thinking that helps me work out solutions.

    But none of this helped me sell the products that I sell. Product knowledge is learned as you go.
     
  7. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I remember reading in Alex Becker's 10 Pillars of Weatlh he tells a story of Ben and Roy.

    Ben and Roy are both car salesman. Ben read books on selling fearing he might mess up. So he studied how he could prevent that from happening. Roy on the other hand realized that he hadn't sold a car that day. So he googled how to sell. The next day he sold a car.

    Ben again saw on the news that a salesman from another town got sued for selling a defective car. So he learned about defective cars and how to prevent them.

    Roy found he had a problem with negotiating. So he googled how to negotiate.

    Ben still hadn't sold a car. Roy already sold four cars.

    An angry customer yelled at Roy the next day for getting car details wrong. Roy apologized and refunded the customer. Ben got scared of this and studied all the details of every car.

    Roy fixed the issue and sold 6 cars. Ben still hadn't sold anything. His boss called him in and fired him for not selling anything.
     
    NicholasCato likes this.
  8. Envision
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    Envision Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    I made 30k/yr working customer service and I started with $5000 i saved up.

    You dont need money,
    your background doesnt matter,
    who you are,
    what you do,
    whatever label you want to throw on yourself

    Its irrelevant to action. You just need to do. You won't do it perfectly, you will mess up, you'll most likely fail, and then you'll keep going. But dont get stuck in the trap of learning, planning, and perfection.

    The masses are stuck there for a reason.
     

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