Are you chasing money or success? Every nurse practitioner needs to ask this fundamental question to themselves when they take the entrepreneurial journey. Why? Because it will help guide you on your journey and will ultimately shape your life.
There are 2 goals with general entrepreneurism:
When most nurse practitioners start their first practice, they are looking at the financial reward. This is good, as money is a powerful motivator, but you need to determine if this is your main motivator or if it is the success you desire instead.
Well, how do we define nurse practitioner success? Nurse practitioner success is simply achieving a certain level of professional satisfaction. This level will vary from person to person, but it can range from owning a business empire to teaching new grads how to suture. That is for you to decide.
Some people want lots and lots of money. This is fine, our economy is founded on capitalist principles and the free market is the fuel to Americas success as an economic powerhouse. I have discussed multiple times that dollars = time. The more money you have, the more free time you will have to do the activities that you are truly passionate about outside of work (fishing, traveling, hiking, horseback riding, spending time with your children, etc.). Unfortunately, it takes a lot of time to earn that money at first, but with the right strategy of developing passive income streams, you should be able to make that money work for you, not the other way around. This is done by having your business work for you!
Additionally, if you are someone who is looking to travel the world, have a big house, drive an expensive sports car, and be able to pay for your children’s college, then you are going to need money, and a lot of it. The best way to earn a significant amount of money is by owning a business. Therefore, the main motivating factor for many entrepreneurs is the money!
So, ask yourself:
Do you want the finer things in life and to have a considerable amount of free time to pursue what truly makes you happy?
If so, then you are likely chasing the money. If this is what you desire, then you need to:
- Start a high revenue practice/business that you can GROW.
- Invest your profits wisely so you can turn $1 into $4.
- Work your ass off building the foundation to your financial empire.
On the other hand, if you are happy living below your means and money is not that important to your happiness and overall quality of life, then you could just be chasing success as an entrepreneur.
Do you desire professional freedom and autonomy? Do you like spending time with your patients and making an impact in their life? Do you love teaching others and improving the world around you? Do you not mind giving up your time to build a professionally fulfilled life? Do you love the work you do? Would you prefer to spend your time working than pursuing leisurely activities because you enjoy your work? Do you want to build a legacy? If you answered yes to a few of these questions, then perhaps you are chasing success instead of the money.
Remember, chasing success means you are chasing professional fulfillment vs. just the money. You are looking for that long term fulfillment. You want to see your practice flourish and turn into a legacy. You want to see your patients succeed. The money is not that important to you.
If you are chasing success through nurse practitioner entrepreneurship, then you need to:
- Start a practice that brings you tremendous professional satisfaction and autonomy.
- Further your knowledge base so you can be the most competent nurse practitioner in your area.
- Find a line of work or service line as a nurse practitioner that you absolutely love. If it feels like work, you will never feel successful. If you love it though, you will!
What about chasing both? Are you chasing money and success? I know I certainly am, as I feel like this is the path to balance. Some people are chasing one or the other or both. Let’s take a look at a few examples:
Chasing money: The business owner who drives around in a $150,000 sports car, lives in a 5000sqft mansion, goes on $20,000 vacations, and loves to spend their time spending their money! They love their free time to pursue their passions. When they work though, money is the primary objective. Another example would be a nurse practitioner who owns a high-volume med spa that generates $500,000 a year in profit and has developed a business structure where she has others working for her, therefore giving herself ample free time to do what she wants while earning a very healthy income. Her business works for her!
Chasing success: The nurse practitioner professor who absolutely loves teaching and is completely satisfied by seeing her students pass boards. Another example would be the nurse practitioner entrepreneur who owns a concierge cash practice that is making a decent living but loves spending time with her patients and feels successful knowing she is bettering their health and lives.
Chasing both: The nurse practitioner entrepreneur who owns multiple wellness practices and is bringing home $500,000 a year in profit but CHOOSES to continue seeing patients at one of their practices because they TRULY LOVE what they do.
Like I mentioned before, I am chasing money and success! I do not want just one, I want both! I love what I do as a nurse practitioner, but I also love the fruit of my labors. A successful business mentor of mine said:
“Justin, the money is easy once you know how to make it. But there will be a time as an entrepreneur that more money will not equal more happiness. When you reach that point, you either quit working and focus on activities that truly bring you contentment and joy, or you continue working because you love what you do. The difference is that the person who quits and focuses on another activity is the person who will be unhappy on their way to financial independence, where as the person who wants to continue working after they achieve financial independence will enjoy the ride and feel like they never worked a day in their life. Which one do you want to be?”
It was a hard question to answer and one I still battle with. I love men’s health and The Elite Nurse Practitioner. When I write articles, it doesn’t feel like work. When I create courses, it doesn’t feel like work. When I see my men’s heath patients, it doesn’t feel like work. But on the other hand, when I see patients at the urgent care I still work part-time at, it feels like work. On busy days at my medical cannabis clinic, it feels like work. When I have to deal with renewing licenses, certifications, and all the other BS that comes along with being a nurse practitioner, it feels like work. But I know I have to do these things on my journey towards total financial independence. So, in reality, it is a double-edged sword. I want free time to pursue my passion of the outdoors, but I also love aspects of what I do. Consequently, I am chasing money and success!
I suspect most people who read The Elite Nurse Practitioner are chasing both. Hence, you need to accept the reality that it will feel like work some days, and other days it will not.
Chasing money alone will take a lot of work that you might not enjoy but will result in more “future” free time and a life of abundance.
Chasing success alone could result in poor financial health and a life of long-term work that you enjoy, but you will feel fulfilled.
Chasing both is a happy a medium. As with anything in life, moderation is best and in your journey as an entrepreneur, you need to find that happy medium.
Don’t just chase the money. It could be detrimental to your mental and spiritual wellbeing.
Don’t just chase the success. It could be detrimental to your financial wellbeing.
Instead, chase both and see a happy, well rounded entrepreneur emerge on the other side!