Saturday Morning Rounds December 5th, 2020 - What to expect from a post-corona world, and how to set yourself up to win in it

Posted by BossB, MD on December 5, 2020
BossB, MD

Saturday Morning Rounds

A weekly round-up of career & negotiation content for women physicians

What got our attention

 
We don't often highlight long-form content like podcasts on here, because we know how busy y'all are. That being said - this podcast, and especially certain sections of it - is spectacular, timely, and worth a listen.
 
If you're not familiar with Scott Galloway, he's one of the clearest, most prescient thinkers in the business world today. But this podcast isn't just about business (and neither is the book he's doing this podcast to promote - Post Corona - which we've not yet read) - it's about how culture and values affect pandemic response, it's about how to approach this crazy topsy-turvy investment market that's completely divorced from the economy, and most of all it's about the rapid seismic changes that are coming to medicine and higher ed in the next handful of years.
 
You might not be equally interested in all of that, so here's a timeline of the podcast w/topic breakdown (we listened on Spotify so your timestamps might be different depending on how you listen, but they should approximate):
  • 0:00 - 12:00: Intro
  • 12:00 - 20:00: On COVID-19
    • How culture and values shaped response
    • A per(during)-mortem on our response, esp where we failed
  • 20:00 - : 60:00: The Economy pt 1
    • How the economy is changing
    • What will happen to cities
    • Why commercial real estate is dead in the water and why residential will see a boom
    •  How to pick winners in this crazy market/economy mismatch
    • Why a recession is the best time to start your own business
  • 60:00 - 65:00: Higher Education pt 1
    • Current state, how broken it really is
  • 65:00 - 73:00: Healthcare
    • HUGE reallocation of capital to virtual mediums, telehealth, virtual pharma delivery, etc
    • Why the medical customer experience is one of the worst retail experiences in the world, making it ripe for innovation and disruption
  • 73:00 - 79:00: Higher Education pt 2
    • What will the fix look like (much like health, it'll center around tech - somebody will offer 80% of the value for 50% of the price)
  • 79:00 - 92:00: The Economy pt 2
    • Focus on the monopolies, the sector-leaders, and the companies with the strongest moats (Amazon, AirBnB, Google, etc)
    • What's changing in the media landscape, and what we can learn from HBO's massive nosedive in the last 2-3yrs
    • How the stimulus never hit the economy (ppl) and just went straight to the market (capital)
  • 92:00 - 97:00: Final Thoughts

Who we're following

Scott Galloway (@profgalloway) isn't just a great professor, author, and thinker - he's also a damn good Tweeter. If you want one of the best pound-for-pound (maybe character-for-character is the Twitter equivalent?) follows to get a high quality, nuance, long-term perspective on business and society, he's your guy.

BBMD tip of the week

Like most economic upheavals - and especially the modern, technology-enhanced ones - the next few years will likely create a small number of parabolic/exponential "win" stories, and a much larger number of linear, go-to-zero "loss" stories.

Every single thing we do at this company is aimed at helping you - yeah, you personally reading this right now - to first and foremost avoid losing, and ideally to end up on the winning side of things.

And the harsh reality facing us as healthcare workers - and many of us doubly as healthcare and higher ed workers - is that our institutions are about to come under a siege that a plurality of them will not survive.

The only logical response to that reality is to make sure that you're not 100% reliant on your institution.

And it just so happens that we have some thoughts on how to achieve exactly that.

First off, a CYA statement - we are not investment advisors and none of this is investment advice.

Okay, now that that's out of the way, if we - and Scott Galloway - are right, then there are three main strategies that will likely work well this decade:

  1. Invest in yourself
  2. Invest in stable, low-risk cash flow (ie rental properties > flipping houses, dividend-paying stocks > appreciation-only stocks, etc)
  3. Invest in things that can, and have the highest possible probability to, go parabolic (ie increase in value exponentially)

Strategies 2 & 3, when combined, are called barbell investing - and you'll learn more googling and youtubing that term than we can probably teach you effectively (we do have some hot takes on which sectors will go parabolic, but they're conjecture and a distraction from this conversation, so feel free to reply to this email if you really wanna hear 'em and we'll be happy to share 1:1).

Strategy 1, however, happens to be one of our personal areas of expertise, and it also happens to be about the only opportunity you have of creating your own parabolic growth, rather than hoping for a slice of someone else's.

We've already written on this topic previously over the course of a few weeks, so we'll condense that down here for you to walk through, should you so choose:

FIRST STEP - BRAINSTORM

Set a time for 2.5min brainstorm 10 ideas for side-hustles.

Ready...set...go!

...you really shouldn't read ahead before you've done this, we promise...

We start with this because it gets the creative juices flowing and encourages divergent, "outside-the-box" creative thinking, which is your friend at this stage of the process.

SECOND STEP - NARROW

Give each one of those ideas its own 0-10 scores in the following 3 categories:

  • Monetary investment to establish and maintain (think of this as a reverse-coded question - 0 for a high monetary investment because that's bad, 10 for a low monetary investment because that's good)
  • Time investment to establish and maintain (again - 0 for high, 10 for low)
  • How much the idea capitalizes upon YOUR UNIQUE gifts/talents/skills/assets (0 for not at all, 10 for completely)

Now, calculate the blended average for each idea and re-order the list based on that score, highest to lowest.

FINAL STEP - CHOOSE

Now we're gonna transition out of our heads and into our guts, away from our numbers and toward our intuition, and most importantly out of our own experience and into that of our potential customers (all businesses have a customer, after all).

  • Pick whichever idea from the top 3 in your list has the most energy/draw/attraction/excitement for you - trust your gut, your intuition in this step
  • Commit to trying to make at least $1 off that idea in the next month - It's even easier than it sounds, but also one of the most fundamentally gratifying and exciting and encouraging things most entrepreneurs ever do; presales are your friend ;)
  • Create a crystal-clear (first draft) vision of your perfect customer
    1. Read this short essay
    2. Watch this 2min video on customer personas 
    3. Watch this 3min video on the customer adoption curve and try to think about who your "innovators" and "early adopters" will be
    4. Brainstorm about the demographics, psychographics, motivators - and really anything else you'd find interesting or helpful (preferred brands, favorite color, favorite season, etc) - of your perfect customer, then edit and crystallize it into something that's easily digestible and memorable for you
    5. Give the customer a name (extra points for alliteration ie "Soccer Sarah", extra points for attaching an image)

And now you've got a better start than most successful businesses out in the world today even had! 

There's a lot more to this entrepreneurship/side-hustle/multiple-revenue-stream game than we could fit into even months' worth of newsletters, and we don't wanna bore you if this isn't up your alley. So, if you ARE interested in learning more about the topic (or are stoked about one of your ideas and want to share it with someone/get some feedback), please reply to this email to let us know!

Quote we're contemplating

"I'm not a businessman

I'm a business, man"

- Shawn Carter (Jay-Z)

 
 
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PPS - As always, please let us know your requests and suggestions by replying to this email (we read 'em all) or getting at us via Twitter. Which section above is your favorite? What do you want more or less of? Just send a tweet to @BossB_MD and put #SaturdayMorningRounds in there so we can find it.

Have a wonderful weekend, y'all!