PM
LEADERSHIP
Developing Your “Practice Owner” Mindset
I was speaking to a large group of dentists recently, when I was asked, “Why are
been asked that question.
company, a lot of dentists have come to believe I have some secret, inside information
about divining which dental practices grow and which die.
They seem to think their practice would skyrocket if I would only tell them how
should learn. So, when I answered the question with, “The single most important
differentiator is the mindset of the practice owner,” I was met with a lot of confused
looks.
I asked the audience, as I always do on this topic, “How many of you graduated
from dental school?” Every hand went up. I followed with, “Awesome. How many
of you have a license to practice dentistry in your State?” Again, a few chuckles and
every hand went up. I then said, “Congratulations! You’re ALL educated, trained
formal training or formal experience running a business other than your own?” Not
one hand.
I have always been astounded that in dentistry, 84% of dentists own their own
practice. There is no other profession that merges two such dissimilar vocations, in
such a high percentage. Roughly 51% of physicians are practice owners, but 89%
of those are owners in a hospital-owned, physician group. Only 9% of Accountants
own their own business, and the percentage of attorneys who own their practice
shot up to an amazing 5.5% in 2018. More astounding, only 19% of MBAs start a
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