Why we become Rich but Not Wealthy
The Limits of A Practice Mindset
The TRAP we get ourselves into of either having Money or Time but never both
1) Every Practitioner lives in a TRAP
2) A Doctor dreams of having his own clinic and a daily queue of Patients AND so does the Financial Advisor.
3) Soon the doctor / Advisor starts to earn more, stays more busy, has less time to upgrade knowledge or go on holidays
4) Conferences become disguised holidays where you they neither learn nor enjoy
5) This is also the fate of CAs, Architects,Financial Advisors
6) Either they have money or time but seldom both
7) The Specialist Mindset also makes them less inclined to share knowledge and create more Specialists. Being the only one is big kick they get
8) And being the best becomes an obsession
9) Since the knowledge and skill remains limited the people (customers at large) are either deprived of their services or have to pay through their noses
10) Practicing till death is seen as an advantage and the perk of the profession
11) Experience becomes the Ego
12) Keeping the young minds at a distance by setting up heirarchies becomes the norm and ensures that knowledge sharing stays limited
13) Life itself becomes the Profession and Money the sole driver
14) Such a person wears blinkers and has no other interests and never develops a versatile personality
15) Specialists do not contribute much towards creating an ecosystem
16) Because their business model (practice model) does not encourage making the ecosystem larger. In fact it thrives on keeping it small so that their importance rises
17) This topic therefore is important and should not be put under the carpet
18) Time to think different
19) Instead of having either money or time ask the question whether both time and money can be made available
20) Why should it be necessary to have a trade off between Time and Money
21) Because Time and Money are both different forms of Wealth we should aspire to have both
22) A Person with Money and No Time is Rich but a Person with both Time and Money is truly Wealthy
23) In order to achieve this one needs to wear the hat of an Entrepreneur
24) An Entrepreneur sets up an Enterprise
25) With the aim to Scale up and reduce cost for the end customer while enhancing service quality.
26) He dreams of the best of both worlds
27) And not only for himself but also for others be it employees or customers
28) He believes in building a Foundation and constructs an Ecosystem over it
29) This Foundation is known as the Brand and the ecosystem is the organization
30) The Brand and Organization acts like an institution that spawns large number of specialists
31) In passing knowledge an Entrepreneur sees no insecurity. In fact he likes to hire people having more knowledge than what he has. He is obsessed about his brand, his people and his organisation and not about himself
32) He creates systems and processes processes
33) He invests in continuous self development to figure out the latest concepts and developments in the world and prepares himself for the changing trends
34) He invests in Technology and Scale
35) His ultimate aim is to provide the best at the lowest cost
36) A case in point is Dr Devi Shetty of Narayan Hrudalaya who has made it possible to offer heart surgeries at very low and affordable prices with best care and quality
37) An Entrepreneur is one who is inspired by the desire to make the world a better place for all
38) An Entrepreneur understands that his Wealth Grows As More People Benefit
39) This is called “Valuation Wealth” which is nothing but a Wealthy Ecosystem which is a Win Win Win strategy for Customers, Employees and Owner
40) He creates and trains a team and has no insecurity if his team is more knowledgeable than him
41) He sees his wealth as a function of a flourishing organization independent of himself
42) His only connect with the organisation stems from his Vision which is like the umbilical cord that connects a mother to the child
43) He builds an Organisation which acts like a Magnet to Attract More Talent ans Prosperity and business becomes self perpetuating
44) He himself becomes a magnet like Narayan Murthy or Ratan Tata
45) We can crib till the cows come home that the government isn’t creating enough Doctors and other Professionals but quite truly it is a Good Doctor, a Good Architect, a Good Advisor who is best poised to create a stream of able Doctors, Architects and Advisors by showing the leadership and providing the ecosystem required
46) A Doctor can transform his Clinic into a Hospital or a Nursing Home
47) A Financial Advisor can transform his practice from an Individual Practitioner into a Wealth Management Company
48) An Architect from an individual specialist into an Architectural company
49) Same with a CA, Tax Consultant, Broker and other Professionals
50) A Practitioner can never leave behind a legacy for his heirs but Entrepreneurs change the world and provide a platform for their heirs to grow it further
51) Our MFP Program teaches exactly this and helps one to transform from an Individual Specialist into an Entrepreneur
