"Entrepreneurs, I believe, are created. We can't generalise over a huge population for either 'born to do it' or 'learned it along the way' because necessity is the mother of invention."
Meet Justin Nabity – an experienced wealth management advisor with over 10 years of experience working exclusively with physician families. Furthermore, he is skilled in business planning, sales, public speaking, retirement planning, and management. He is a strong finance professional with a certified financial planner program focused on financial planning and services from the American College.
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Table of Contents
Thank you for joining us today. Please introduce yourself to our readers. They want to know you, some of the background story to bring some context to your interview.
Justin Nabity: I’m Justin Nabity, the founder and CEO of Physicians Thrive, an advisory group helping physicians avoid business and legal pitfalls and build their financial education. As a wealth management advisor from a family of doctors, I launched this business by traveling to medical schools nationwide to educate physicians about their unique financial, legal, and business needs. Today, Physicians Thrive has served physicians at over 400 medical centers, hospitals, and medical schools, and 1000 residency and fellowship programs.
I founded the company 11 years ago when I learned that my family members that specialized in medicine were being treated unfairly by their employers and were not getting the compensation that they deserved. I started this business as a resident while traveling around the United States, discussing salary compensation, employment contracts, and medical physicians’ funding and finances.
I am honored to be a part of the local branch of Entrepreneurship Network, as it helps me to constantly learn how to run a business as well as how to improve and strengthen my fellow team.
You are a successful entrepreneur, so we’d like your viewpoint, do you believe entrepreneurs are born or made? Explain.
Justin Nabity: Entrepreneurs, I believe, are created. We can’t generalize over a huge population for either ‘born to do it’ or ‘learned it along the way’ because necessity is the mother of invention.
The exceptions provide as confirmation of this. It has been demonstrated that offspring of entrepreneurs are more likely to become entrepreneurs themselves. Trust fund infants, on the other hand, who never participate in business at all, are an exception.
Furthermore, it may be stated that successful entrepreneurs are born, but they must use their characteristics in a specific way. However, no one is born with all of the required characteristics to be completely successful on their own.
If you were asked to describe yourself as an entrepreneur in a few words, what would you say?
Justin Nabity: Eager and motivated to learn more, robust work ethic coupled with a deep passion for growing as an individual.
Tell us about what your company does and how did it change over the years?
Justin Nabity: Physicians Thrive is a dynamic, full-service financial planning company helping doctors take control of their finances. I founded the company 11 years ago when I learned that my family members that specialized in medicine were being treated unfairly by their employers and were not getting the compensation that they deserved. I started this business as a resident while traveling around the United States, discussing salary compensation, employment contracts, and medical physicians’ funding and finances.
I am honored to be a part of the local branch of Entrepreneurship Network, as it helps me to constantly learn how to run a business as well as how to improve and strengthen my fellow team.
Thank you for all that. Now for the main focus of this interview. With close to 11.000 new businesses registered daily in the US, what must an entrepreneur assume when starting a business?
Justin Nabity: An entrepreneur should expect failure, but success isn’t guaranteed. You’ll doubt yourself, your employees won’t care, and you might even go bankrupt if you have a bad day. However, if you do not actively pursue your dreams, nothing will change in your life.
Did you make any wrong assumptions before starting a business that you ended up paying dearly for?
Justin Nabity: Assumption: They have a lot of money lying around:
I used to believe this until I learned that a very wealthy man has very little cash in the bank. Because his money was invested in stock and real estate, he might not have been able to fund a large cash outlay in the short term without going into debt
If you could go back in time to when you first started your business, what advice would you give yourself and why? Explain
Justin Nabity: Eagle vision coupled with a narrow focus yields significant outcomes. The number one reason individuals quit so quickly is that they focus on how far they still have to go rather than how far they have already come. However, the greatest substantial achievement might be achieved through a series of modest victories.
What is the worst advice you received regarding running a business and what lesson would you like others to learn from your experience?
Justin Nabity: Trust your instincts: It never works out when folks tell me to sleep on it. I end myself second-guessing myself and lacking real conviction in my decision.
I’ve really learned how to read my instincts. Now that there is a full-fledged company, I’ll look for data to back up my intuition. Sometimes my instincts are wrong, but now I know the right questions to ask to get there, instead of wasting away without trying to find more information.
In your opinion, how has COVID-19 changed what entrepreneurs should assume before starting a business? What hasn’t changed?
Justin Nabity: Entrepreneurs must confront a new reality in the face of the global Covid-19 pandemic: it is not simply a massive sanitary and health issue affecting millions, if not billions, of people throughout the world. This is also causing an unparalleled worldwide economic collapse.
Entrepreneurs in Covid-affected industries should expect to lose 50% to 80% of their turnover, as well as a significant amount of their market value. Lime, an urban mobility e-scooter start-up that was once a star firm, has lost about 80% of its worth.
With virus containment likely to persist in many parts of the world, new modes of living will undoubtedly emerge, creating new needs and, in turn, new opportunities for entrepreneurs. Dematerialization will need the development of new business models and offers.
What is a common myth about entrepreneurship that aspiring entrepreneurs and would-be business owners believe in? What advice would you give them?
Justin Nabity: Entrepreneurs are full of brilliant ideas: Some people may be hesitant to start a business because they lack a unique concept. To be an entrepreneur, you don’t have to invent the wheel.
There’s nothing wrong with adopting an established concept and turning it into your own business. It’s fine as long as you don’t infringe on other people’s trademarks, patents, or intellectual property
What traits, qualities, and assumptions do you believe are most important to have before starting a business?
Justin Nabity: Motivation, confidence, passion, drive to achieve more, resilience, emotional intelligence.
How can aspiring leaders prepare themselves for the future challenges of entrepreneurship? Are there any books, websites, or even movies to learn from?
Justin Nabity: Pirates of Silicon Valley: It traces the rise of two men who completely revolutionized the world of technology and provides insight into the humble origins of two of the world’s most iconic technological businesses.
You have shared quite a bit of your wisdom and our readers thank you for your generosity but would also love to know: If you could choose any job other than being an entrepreneur, what would it be?
Justin Nabity: If I wasn’t an entrepreneur, I probably would have opted to be a stockbroker.
Thank you so much for your time, I believe I speak for all of our readers when I say that this has been incredibly insightful. We do have one more question: If you could add anyone to Mount Rushmore, but not a politician, who would it be; why?
Justin Nabity:Bill Gates: Bill Gates’ business acumen, devotion to software design and innovation, and subsequent determination to give back through charitable organizations, makes him inspirational to people everywhere.
Jed Morley, VIP Contributor to ValiantCEO and the host of this interview would like to thank Justin Nabity for taking the time to do this interview and share his knowledge and experience with our readers.
If you would like to get in touch with Justin Nabity or his company, you can do it through his – Linkedin Page
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