Doctors ,Electrical engineers and starting your own business

[StudentOfSuccess]

Hello dear FastLane followers,

I am facing an interesting question, which is a balancing act between education, time management and business field.

Short self-introduction:

I am a german electrical engineering student, I am at the beginning of my studies. So far, I have developed a patent that allows people to instantly make any radio blootoh compatible. I am currently looking for large manufacturers who want to use the license. This would theoretically generate a steady stream of income. Own production would require investments of about 10000€, which would put me in debt.

Question:

Is a better Slowlane career beneficial to Fastlane aspirations?

German universities are heavily subsidized by the government, and cost practically nothing. I have considered choosing a different field of study to generate a higher income later, to finance entrepreneurial projects, and to gain experience in a different field.
I am considering studying medicine and becoming a doctor. (again this would cost me almost no money, but is a significant time investment).
In germany becoming a doctor, is a better slow lane than engineering.

I just see that passivity is at risk when it comes to the medical field.
Ideas to overcome this include:

• Open a clinic and market it as a chain (for example plastic surgery).
• Or a nutrition consulting, via an online content and server system
• A doctor placement via an Internet platform.
• A Network marketing , concerning B to C marketing via the internet.

How do you rate the ideas?

Do you think it makes sense to invest in the medical field?

I have to study anyway, do you think it makes sense to invest a little more time (1 to 2 years) in a higher paid slowlane career?
[ --> Here is the thought: if the FASTLANE fails at least the SLOWLANE can support a new FastLane, or is at least more profitable than other careers]

Thank you for your Insights!

 

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[NervesOfSteel]

Hello dear FastLane followers,

I am facing an interesting question, which is a balancing act between education, time management and business field.

Short self-introduction:

I am a german electrical engineering student, I am at the beginning of my studies. So far, I have developed a patent that allows people to instantly make any radio blootoh compatible. I am currently looking for large manufacturers who want to use the license. This would theoretically generate a steady stream of income. Own production would require investments of about 10000€, which would put me in debt.

Question:

Is a better Slowlane career beneficial to Fastlane aspirations?

German universities are heavily subsidized by the government, and cost practically nothing. I have considered choosing a different field of study to generate a higher income later, to finance entrepreneurial projects, and to gain experience in a different field.
I am considering studying medicine and becoming a doctor. (again this would cost me almost no money, but is a significant time investment).
In germany becoming a doctor, is a better slow lane than engineering.

I just see that passivity is at risk when it comes to the medical field.
Ideas to overcome this include:

• Open a clinic and market it as a chain (for example plastic surgery).
• Or a nutrition consulting, via an online content and server system
• A doctor placement via an Internet platform.
• A Network marketing , concerning B to C marketing via the internet.

How do you rate the ideas?

Do you think it makes sense to invest in the medical field?

I have to study anyway, do you think it makes sense to invest a little more time (1 to 2 years) in a higher paid slowlane career?
[ --> Here is the thought: if the FASTLANE fails at least the SLOWLANE can support a new FastLane, or is at least more profitable than other careers]

Thank you for your Insights!

I would better choose a field of my interest where I would be motivated 'by default' to go to work and enjoy my work. Even in the worst case scenario, if I would not be reduced to the work I hate!

From my experience, its pretty damn hard to bring value to the table if you're into a field with only one intention - making Big Money! Passion does matter !

 

[Mikkel]

If you already have a patent as an electrical engineer, you clearly have to have some level of intelligence and competence.

It seems like you are suffering from "grass is greener on the otherside" syndrome. Which I can tell you, it is not always the case.

I can't tell you what to do, as I amnkot in your situation, but you clearly have experience in this field, don't keep jumping to different fields of study or you'll never get anywhere.

Can you make money as an electrical engineer? For sure you can. Esspecially in Germany. Stick with electrical engineering, take a slowlane job to sustain yourself. Reach out to an inventing group in Germany so you take the proper steps to license your product, and get your first license deal. You can either repeat the process and keep inventing, or you can start another business that may involve electrical engineering.

 

[Stargazer]

Why don't you do what most University Students would do which is to get access to high level decision makers in manufacturing companies.

The Universities already have the contacts and resources for everything you would ever need and you are already in it. Presuming it is a half decent one of course.

Dan

 

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[WJK]

Hello dear FastLane followers,

I am facing an interesting question, which is a balancing act between education, time management and business field.

Short self-introduction:

I am a german electrical engineering student, I am at the beginning of my studies. So far, I have developed a patent that allows people to instantly make any radio blootoh compatible. I am currently looking for large manufacturers who want to use the license. This would theoretically generate a steady stream of income. Own production would require investments of about 10000€, which would put me in debt.

Question:

Is a better Slowlane career beneficial to Fastlane aspirations?

German universities are heavily subsidized by the government, and cost practically nothing. I have considered choosing a different field of study to generate a higher income later, to finance entrepreneurial projects, and to gain experience in a different field.
I am considering studying medicine and becoming a doctor. (again this would cost me almost no money, but is a significant time investment).
In germany becoming a doctor, is a better slow lane than engineering.

I just see that passivity is at risk when it comes to the medical field.
Ideas to overcome this include:

• Open a clinic and market it as a chain (for example plastic surgery).
• Or a nutrition consulting, via an online content and server system
• A doctor placement via an Internet platform.
• A Network marketing , concerning B to C marketing via the internet.

How do you rate the ideas?

Do you think it makes sense to invest in the medical field?

I have to study anyway, do you think it makes sense to invest a little more time (1 to 2 years) in a higher paid slowlane career?
[ --> Here is the thought: if the FASTLANE fails at least the SLOWLANE can support a new FastLane, or is at least more profitable than other careers]

Thank you for your Insights!

I would go get my degree and make all the contacts you can while you're there. Get your license for your invention and start working on the next one and/or an improvement to your current one. Working in a field for a couple of years sure won't hurt you. You can work on your side gig while you work. Again, make more contacts. A lot of times your success comes with being "in" with the right people. Your education earns you that access.

 

[FreakyThomas]

Your post is funny to me because I did the medical studies, and I always tough that if I had chosen engineering, it would have been much easier to go fastlane!

I don't in Germany, but here in the medical studies you need to spend a loooot of time studying to actually pursue them. That's less time you have to fund your fastlane.

Every specialized skill you learn is difficult to transfer in other areas. I know how to operate on bones and mostly shoulders, but that just makes me a specialized labourer. I can't delegate it, if I want to teach it, it's very long and there is few students. Absolutely impossible to scale ! Developing a "product" using my specialized knowledge is difficult because there is a lot of regulations. You can't just come up with a prototype and test it. You have to back it up with scientific papers, and just this process is really A LOT of work. Then you have to get authorization to perform research on real people. You have to make them sign A LOT of papers that are frightening so that you can actually test your "product" on them. And then you have to collect the data, and if it works, you have to submit your products to some more authorizations to start to sell it. For all this you need a lot of funds so you'll probably have to give the majority of your equity.

Since 10 years the regulations have been much stronger in the implants fields, and that's the reason why there is so few innovation in this field lately.

Opening a private hospital... Well why not, but here too there are so many regulations, so many difficulties, so much capital needed...

Also I'd like to stress that doctors usually earn more money, that's true, but they work a lot more, and in much more stressful conditions. To develop your fastlane you need money, but you also need time and energy.

On the other side, being an engineer you can learn a skill that you can use in A LOT of businesses. For instance if you learn mechanical engineering, you know how to design products in this field. If you're a computer engineer, you will have much more ease to design a SaaS than a doctor.

The studies are shorter but you can still get a very good pay which means you will be able to fund your fastlane project much, much sooner. That's really crucial because at some point you want to develop your fastlane but you don't want to let life go by without living it. And when you're 30, you probably have been in love for some years, you may want to have kids or get married... But when you're in medecine, you didn't finish your studies yet! And when you have kids, it's still possible but much more difficult to develop a fastlane business.

Another thing is that being an engineer, you would probably have much more freedom, comfort, energy working as a freelance, it would be much more easier to develop a fastlane project in my humble opinion.

It's a fantastic job and career and I love a lot of aspects of it, but I think if you're looking for a good launch pad for a fastlane venture, or the easier way to make good money, to me engineering is definitely a much better choice!



That would be really nice if some engineers here could give us their point of us in response to mine !!

 

[Athena_]

Your post is funny to me because I did the medical studies, and I always tough that if I had chosen engineering, it would have been much easier to go fastlane!

I don't in Germany, but here in the medical studies you need to spend a loooot of time studying to actually pursue them. That's less time you have to fund your fastlane.

Every specialized skill you learn is difficult to transfer in other areas. I know how to operate on bones and mostly shoulders, but that just makes me a specialized labourer. I can't delegate it, if I want to teach it, it's very long and there is few students. Absolutely impossible to scale ! Developing a "product" using my specialized knowledge is difficult because there is a lot of regulations. You can't just come up with a prototype and test it. You have to back it up with scientific papers, and just this process is really A LOT of work. Then you have to get authorization to perform research on real people. You have to make them sign A LOT of papers that are frightening so that you can actually test your "product" on them. And then you have to collect the data, and if it works, you have to submit your products to some more authorizations to start to sell it. For all this you need a lot of funds so you'll probably have to give the majority of your equity.

Since 10 years the regulations have been much stronger in the implants fields, and that's the reason why there is so few innovation in this field lately.

Opening a private hospital... Well why not, but here too there are so many regulations, so many difficulties, so much capital needed...

Also I'd like to stress that doctors usually earn more money, that's true, but they work a lot more, and in much more stressful conditions. To develop your fastlane you need money, but you also need time and energy.

On the other side, being an engineer you can learn a skill that you can use in A LOT of businesses. For instance if you learn mechanical engineering, you know how to design products in this field. If you're a computer engineer, you will have much more ease to design a SaaS than a doctor.

The studies are shorter but you can still get a very good pay which means you will be able to fund your fastlane project much, much sooner. That's really crucial because at some point you want to develop your fastlane but you don't want to let life go by without living it. And when you're 30, you probably have been in love for some years, you may want to have kids or get married... But when you're in medecine, you didn't finish your studies yet! And when you have kids, it's still possible but much more difficult to develop a fastlane business.

Another thing is that being an engineer, you would probably have much more freedom, comfort, energy working as a freelance, it would be much more easier to develop a fastlane project in my humble opinion.

It's a fantastic job and career and I love a lot of aspects of it, but I think if you're looking for a good launch pad for a fastlane venture, or the easier way to make good money, to me engineering is definitely a much better choice!



That would be really nice if some engineers here could give us their point of us in response to mine !!

I am a doctor based in India and I was in a similar dilemma when I chose medicine, I was getting into both engineering and medicine, and I chose medicine, If you are confused I would advise you to take computer science or robotics or AI, I am not against medicine but I feel a slow lane job as a software engineer is better, because its really hard to move abroad with medicine degree, for example, to practice in the US, you need to crack USMLE, to practice in UK, you need to crack PLAB, to practice in Australia, AMC exam, all these exams take years and years to go through, but with an engineering degree, you can easily move anywhere you want in the world, often the company you are working for will send you abroad, without having to write any exam at all, also, think about other perks, no night shift, no emergencies, a lot of free time and not that much stress, no fear of a lawsuit or fear of senior consultants, plenty of time to exercise, freelance as a web developed/ web designer, starting a youtube channel , building a brand on social, or whatever fastlane opportunity you see or imagine , again, I am not against medicine, but if I could go back in time, I would choose engineering for sure, I didn't think of all these issues and had no one to guide at 18 but after all these years of experience this is the advice I would give to my younger self !

 

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[Plushy]

As someone also just starting uni in STEM, I vouch for sticking with electrical engineering too. I have relatives who saw through their patents and now still see dividends decades later and don't need to worry about retirement.

I know some doctors of friends too too. Despite a doctor's high income, even without debt, it is limited by beaurocracy and the pool of patients. Moreover, you invest years and years into that medical degree. If you come up with a cool healing device, it depends on how many patients it can benefit, and if you can get through all the regulations. Versus your electrical engineering product, which all you need is 10k. I don't think being a doctor is a good choice, if all you want is the money, you can get that 10k in a few months of working any job. Then that seed money, goes into your invention, which generates more money at scale, and you can make more money etc. The products you can come up with an engineering background scales more and requires less start up (imagine software and apps)

If I had such a great idea as yours, I would go ahead and contact manufacturers. Or find some way to come up with the money myself without going into debt. Sometimes, manufacturers will make things for you for free if you work out some negotiation with them (like they get a bigger % of the profit at first until your portion is paid off, which is what my grandparents did) There is no need to spend 7 years getting a doctor's degree.

 

[FreakyThomas]

7 years, more like 10 to 13!

 

[Happyheart]

Hello dear FastLane followers,

I am facing an interesting question, which is a balancing act between education, time management and business field.

Short self-introduction:

I am a german electrical engineering student, I am at the beginning of my studies. So far, I have developed a patent that allows people to instantly make any radio blootoh compatible. I am currently looking for large manufacturers who want to use the license. This would theoretically generate a steady stream of income. Own production would require investments of about 10000€, which would put me in debt.

Question:

Is a better Slowlane career beneficial to Fastlane aspirations?

German universities are heavily subsidized by the government, and cost practically nothing. I have considered choosing a different field of study to generate a higher income later, to finance entrepreneurial projects, and to gain experience in a different field.
I am considering studying medicine and becoming a doctor. (again this would cost me almost no money, but is a significant time investment).
In germany becoming a doctor, is a better slow lane than engineering.

I just see that passivity is at risk when it comes to the medical field.
Ideas to overcome this include:

• Open a clinic and market it as a chain (for example plastic surgery).
• Or a nutrition consulting, via an online content and server system
• A doctor placement via an Internet platform.
• A Network marketing , concerning B to C marketing via the internet.

How do you rate the ideas?

Do you think it makes sense to invest in the medical field?

I have to study anyway, do you think it makes sense to invest a little more time (1 to 2 years) in a higher paid slowlane career?
[ --> Here is the thought: if the FASTLANE fails at least the SLOWLANE can support a new FastLane, or is at least more profitable than other careers]

Thank you for your Insights!

I am an MD in Germany and my husband an electrical engineer. After finishing medical school you are nothing yet and get about 50-60K per year. The mean number of years doctors take for most specializations is 9, because although it is theoretically 3-6, bureaucratic hurdles and logistics make it difficult to get there in a sensible time, unless you are one of the lucky few. After specialization a hospital will pay you 80-90K and if you want more you will have to climb the career ladder and do night shifts. You can alternatively start your own practice and earn 120-300k/year, but bureaucracy makes this only possible if a space is free on the 100% regulated market.

Also as was already stated above, emigrating means you will never work as a doctor, at least outside the EU. Only 2% of foreign MDs in the US work as doctors, that should tell you enough.

In short, for everything you want to do, you could benefit from knowledge of the field, but you could also hire people with the right expertise.

 

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[Muthembwa]

Hello dear FastLane followers,

I am facing an interesting question, which is a balancing act between education, time management and business field.

Short self-introduction:

I am a german electrical engineering student, I am at the beginning of my studies. So far, I have developed a patent that allows people to instantly make any radio blootoh compatible. I am currently looking for large manufacturers who want to use the license. This would theoretically generate a steady stream of income. Own production would require investments of about 10000€, which would put me in debt.

Question:

Is a better Slowlane career beneficial to Fastlane aspirations?

German universities are heavily subsidized by the government, and cost practically nothing. I have considered choosing a different field of study to generate a higher income later, to finance entrepreneurial projects, and to gain experience in a different field.
I am considering studying medicine and becoming a doctor. (again this would cost me almost no money, but is a significant time investment).
In germany becoming a doctor, is a better slow lane than engineering.

I just see that passivity is at risk when it comes to the medical field.
Ideas to overcome this include:

• Open a clinic and market it as a chain (for example plastic surgery).
• Or a nutrition consulting, via an online content and server system
• A doctor placement via an Internet platform.
• A Network marketing , concerning B to C marketing via the internet.

How do you rate the ideas?

Do you think it makes sense to invest in the medical field?

I have to study anyway, do you think it makes sense to invest a little more time (1 to 2 years) in a higher paid slowlane career?
[ --> Here is the thought: if the FASTLANE fails at least the SLOWLANE can support a new FastLane, or is at least more profitable than other careers]

Thank you for your Insights!

I'm a doctor too. wondering how to get customers for home based care services.