Remember everyone buying Bitcoin in December 2017 when it was worth over $20,000?
Remember the frenzied buying into the dot com bubble in the late 90’s into the 2000’s?
Remember buying any type of property or housing before 2008?
Hey it was an investment!
Or at least everyone and their uncle’s mom knew it was a great investment at the time.
In last week’s episode, I talked about how to find the best dental associates for your practice. And that you have to first be able to influence the best talents to apply to your position.
And now we’re talking bitcoin, stock market and dental associates.
Yes you guessed it! These are all investments. Even if they may have lost some people a lot of money.
With any level of investment, there is risk. That can be applied to anything in life though.
The foods you stock in your fridge. An investment for your health.
The CE you took on occlusal factors in pediatric dentures. An investment in your own education.
The significant other looking at your face when you wake up. An investment… well it could be for stable partnership or whatever, you decide.
Now with a dental associate, there is an absolute investment. Time, money and your practice. All the blood,sweat and tears you’ve put in, and now you’re letting this newbie into your playground.
So how do you not lose your money and your shorts when you have to make an investment?
I can’t promise that you won’t. It’s why it’s called risk. There is always potential for loss. But what you have to weigh out, is what is your potential for gain???
That requires research, time and resources to find out. Exactly what a lot of dentists don’t want to give up. Man this sounds like a bummer doesn’t it.
Yea, it does, if you view it as a dentinal tubule being attacked by cold. Sensitive.
As dentists, if we’re not ready to invest in helping someone grow to become the independent dentist that you have become, then if you find yourself struggling to find the help you seek, look at yourself a little closer in the mirror when you want to blame somebody.
It’s the harsh reality when having to admit you invested into a bubble. Chasing the shiny objects and listening to your friends uncle back in 2017 on Bitcoin.
But had I listened to my computer friend back in 2011, who is a software programmer, who had done all the research and spent the time and resources to learn about Bitcoin. He had recommended to me to buy a few coins when it was worth only $100 at the time.
So in 10 years time, just buying one coin would have doubled 10 times.
Avoid the small time thinking. When a very talented associate arrives at your doorstep. And you want them to stick around. Invest in them. Invest time. Invest money. Invest a few resources into them. And make sure they are learning about all the aspects of dentistry, techniques, business and management.
A bit of skin in the game can only motivate the right individual who wants to thrive in the environment you create.
Cheers all,
Lam