Entrepreneur Mindset: Overcoming Your Fears of Starting a Micro-Business
Jan 23, 2025
A doctor recently told me during a micro-business consultation
I know transitioning to self-employment is the right move for me, but my biggest obstacle is the fear of doing it. I am hopeful this consultation will help me overcome those fears,"
This physician was experienced, driven, and well aware of the potential for professional growth and autonomy by owning a micro-business. Yet, despite these aspirations, fear still held them back.
Fear Holds Us Back
Starting a micro-corporation or micro-business might seem daunting, particularly given our lack of business education during training and our familiarity with structured healthcare environments. However, this venture is an incredible opportunity to expand your skills and embrace new challenges. By stepping into the world of entrepreneurship, you can apply your expertise in innovative ways while gaining valuable insights into business operations. This leap not only broadens your professional horizons but also empowers you to make a significant impact beyond traditional settings.
Micro-Business
When I use the term micro-business in reference to non-employed/self-employed doctors, I am referring the following basic characteristics:
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You are single member business since you are the only employee and owner
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Your lean business model has one intangible product: your professional services
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Your business is flexible in the marketplace including its visibility, mobility, and location
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You can choose the business entity as either unincorporated (sole proprietor, LLC, etc.) or incorporated (PC and PLLC, designed for licensed professionals).
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You can choose the federal tax classification of the business entity
The simplest approach to establishing yourself as a micro-business is to call yourself a sole proprietor, with the pros being a simple setup, no separate business tax filings, and total control over the business. However, the cons include unlimited personal liability. Many physicians choose this option for its simplicity, but I recommend better alternatives due to the lack of liability and asset protection as a sole proprietor, which is crucial given your high net worth.
A micro-business for a physician is typically a small, independently owned entity that delivers medical services or consulting through various flexible arrangements. Often structured as a small corporation, these micro-businesses empowers you to control your career, work directly with patients, and escape the pressures of corporate healthcare. Micro-corporations can offer you more time, professional freedom, and better financial rewards—but starting can feel like a daunting mountain to climb.
For those of you with entrepreneurial aspirations, taking that first step can be intimidating.
Today, I will discuss the common fears that physicians encounter and, more importantly, offer practical steps to address them. At SimpliMD, we have developed a range of tools and resources tailored for physicians who are considering self-employment. These include personal business consultations, comprehensive courses, business planning templates, and coaching services designed to support their transition effectively.
These resources are designed to provide guardrails, enabling you to confidently establish your micro-business with clarity and control.
Understanding the Fear of Starting
Fear is natural, and if you’re feeling apprehensive, you’re not alone. Many doctors worry about financial risks, maintaining steady patient flow, managing the business side of things, or handling unanticipated challenges. Such concerns are valid, but fear doesn’t have to stop you from creating a thriving, fulfilling micro-corporation.
In her book, Discipline: The Glad Surrender, Elisabeth Elliot writes, "Sometimes fear does not subside, and one must choose to do it afraid." This line speaks directly to the heart of overcoming fear: action, even in the face of uncertainty, is often the only way forward. Facing your fears may seem uncomfortable, but the rewards of freedom, autonomy, and the opportunity to practice medicine on your terms are well worth it.
Taking the First Step: Willingness to Try
As James Clear, author of Atomic Habits, wisely puts it, "A critical quality to develop in life is the willingness to try. You simply must find enough confidence to give it a go. The human mind is fabulous at learning. You will get better at whatever you practice. But before you can develop the skill to succeed, you must find the courage to attempt."
Your first step doesn’t have to be perfect; it simply needs to be intentional. At SimpliMD, we’ve seen countless doctors transform their careers by first taking one small step—whether that’s a consultation, developing a preliminary business plan, or even guiding you through starting your micro-corporation. Each step, no matter how small, builds your skills and confidence.
Strategies for Overcoming Fear and Taking Action
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Clarify Your Vision and Goals
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Understanding why you want to start a micro-business is essential for breaking through fear. Are you looking for work-life balance, the ability to practice medicine on your terms, or increased financial security? Clarify your “why,” and let it fuel you.
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SimpliMD’s personalized business consult for only $99 provides you with an initial blueprint, helping you understand how to translate your goals into actionable steps. This consultation also comes with a one-year SimpliMD membership, giving you access to over $2,500 worth of resources tailored to help you succeed.
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Educate Yourself on Business Basics
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One of the most common fears physicians express is a lack of business knowledge. At SimpliMD, we bridge this gap with products like our "Creating a Practice Without Walls" course. This course covers everything from the logistics of setting up a micro-business to building financial acumen, guiding you to approach self-employment with the right mindset and skill set.
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Additionally, SimpliMD’s Business Plan Suite includes a Business Plan Template, Micro-Corporation Budget Template, and SWOT Analysis Template—tools crafted specifically for self-employed doctors to help streamline your business planning.
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Develop a Support Network and Seek Guidance
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Having a trusted network and mentorship is invaluable. The SimpliMD community connects you with physicians who have taken the plunge into self-employment and can provide insights, encouragement, and tips.
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SimpliMD’s coaching products and resources act as guardrails, guiding you through the common obstacles of self-employment. We are here to provide support, resources, and feedback to keep you moving forward.
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Focus on Building Confidence Through Small Wins
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Start by setting small, achievable goals. For example, draft a simple budget, outline your initial services, or meet with a trusted advisor. Each small accomplishment builds confidence, making the next step easier.
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Consider James Clear’s advice: by practicing each step in starting a micro-business, you’ll become better at managing both the process and any uncertainties that arise. As you achieve small goals, you build momentum that makes fear less intimidating.
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Adopt a "Do It Afraid" Mentality
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Fear may not completely disappear, but action can make it manageable. When you “do it afraid,” you’re practicing resilience, one of the most powerful tools for overcoming challenges in self-employment.
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Remember Elliot’s words, and embrace that courage doesn’t mean you’re fearless; it means you’re willing to move forward despite fear. Trust that your skills, experience, and ability to learn will serve you well.
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Leveraging SimpliMD’s Resources to Support Your Journey
At SimpliMD, our mission is to empower you to succeed in a self-employed medical career. Every SimpliMD product, from our Business Plan Suite to our personalized consultations, is designed to demystify the process of starting a micro-business.
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Personalized Business Consultations: For just $99, our micro-business consult gives you access to personalized guidance and resources, along with a year’s membership worth $2,500 in business-building products. This consult is designed to help you define your goals, clarify your vision, and break down your fears.
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"Creating a Practice Without Walls" Course: This comprehensive course walks you through every step of creating a micro-corporation that gives you agency in the marketplace. It covers essential skills for running your business and provides practical strategies for growth.
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SimpliMD Business Plan Suite: Save yourself hours of planning with our pre-built templates specifically for physicians. The Business Plan Template, Micro-Corporation Budget Template, and SWOT Analysis Template are essential tools for optimizing your business planning and reducing uncertainties.
Final Thoughts: Choosing Courage Over Fear
Transitioning from employed physician to self-employed micro-business owner is no small feat. However, every day, physicians like you are finding the courage to take this step, embracing the learning process and gaining confidence along the way. As you move through each stage, you’ll likely find that what once felt impossible is now second nature.
At SimpliMD, we’re here to provide guidance, support, and resources so that you can make this transition confidently. Take that first step—schedule your micro-business consultation today, and let us help you build a future where you practice medicine on your terms.