Ignorance more frequently begets confidence than does knowledge.
– Charles Darwin
It is more common than not for physicians who are trying to navigate the complexities of business ownership by themselves deal with quite a bit of cognitive dissonance.
Great things are accomplished in life when individuals have more confidence in themselves than what the status quo would find acceptable. And yet, having more confidence in one’s own abilities is what gets us into trouble. Truly knowing the edge of one’s abilities is the beginning of success.
You’re likely familiar with the “Dunning-Kruger Effect.”
- Incompetent individuals tend to overestimate their own level of skills
- Incompetent individuals fail to recognize genuine skill in others
- Incompetent individuals fail to recognize the extremity of their inadequacy
- If they can be trained to substantially improve their own skill level, these individuals can recognize and acknowledge their own previous lack of skill
(This helps explain the commonly known statistic that 80% of all American drivers consider themselves to be above average drivers.)
I actually get excited for those who have the odd combination of Hope and Confusion in their eyes. These are the people that fit into Dunning and Krueger’s 4th category. With the proper guidance, these people are going to be the successful entrepreneurs and business owners.
Those who don’t have that combination of Hope and Confusion fall into the first 3 categories. While Hope and Confusion can actually be used to find success in business ownership, Ignorance and Arrogance is a recipe for disaster. (“How hard can running a business be? I AM a doctor after all.”)
Sometimes, however, Ignorance and Arrogance are simply masking Hope and Confusion. And that’s ok, if you’re willing to ask for help.
Which are you struggling with?
If you’re not thinking about combing business ownership with the art of medicine, you should be; the world of medicine as we know it is about to change like at no time in history.