Emphasizing/Hiding that you ran a business in medschool for residency apps

[carml]

Does anyone have experience with running a small business for a good portion of medschool and emphasizing that experience in residency interviews? I was wondering how residency directors might look at such a situation?

I've been running a small but steady business since my junior year of undergrad. Right now I have 2 employees. I've been fairly busy with the work and haven't done/don't plan on doing much bench or clinical research because of it. I'm also planning on selling the business for a small amount before MS3 because it wouldn't be possible for me to continue running it during MS3.

In any case, I was wondering if there are people with similar experiences or how you guys think this will play out for my future residency interviews in general. I'm debating between emphasizing this experience and its contribution to my ability to manage time well, to delegate tasks and run a small team; how it has helped me pay for a portion of my tuition, etc. On the other hand, I don't want it to bite me in the a-- in terms of not having significant outside clinical experiences/research.

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[NotAProgDirector]

I think it's fine to mention, and would be a strength and set you apart from your peers. If you were planning on keeping the business, programs might be concerned -- I've seen residents struggle when they try to do too much. But, since you plan on selling it before M3, that won't be a problem.

It would of course depend on what type of business it is, to some extent. Needless to say, running a small tax prep firm might be seen differently than running your own porn movie studio.

 

[carml]

I think it's fine to mention, and would be a strength and set you apart from your peers. If you were planning on keeping the business, programs might be concerned -- I've seen residents struggle when they try to do too much. But, since you plan on selling it before M3, that won't be a problem.

It would of course depend on what type of business it is, to some extent. Needless to say, running a small tax prep firm might be seen differently than running your own porn movie studio.

Thanks!

 

[HondoCrouch]

No need to hide it but I would not emphasize, you dont want them to think you are going to be preoccupied with your business endeavours.

 

[3dtp]

No need to hide it but I would not emphasize, you dont want them to think you are going to be preoccupied with your business endeavours.

I started a small business my first year of medical school. Mainly to help family members to get back on their feet after a previous business went south. It prospered, grew to a dozen employees, after startup, (less now due to the present economy) I was able to ease out of management. I didn't make a big deal about it on residency apps, and I don't think anyone noticed it except one program mentioned it. They asked if they could get a discount on the product, which was referred to the company sales manager. I have no idea whether they followed through.

 

[carml]

I started a small business my first year of medical school. Mainly to help family members to get back on their feet after a previous business went south. It prospered, grew to a dozen employees, after startup, (less now due to the present economy) I was able to ease out of management. I didn't make a big deal about it on residency apps, and I don't think anyone noticed it except one program mentioned it. They asked if they could get a discount on the product, which was referred to the company sales manager. I have no idea whether they followed through.

Interesting story!

My concern is that since I'm fairly busy with the business, I am not putting in any time doing the "standard" EC in medschool - no research, no traveling abroad "saving the world", etc. So unless I do emphasize the experience, I could look like I didn't do anything "extra"

 

[pixella]

My concern is that since I'm fairly busy with the business, I am not putting in any time doing the "standard" EC in medschool - no research, no traveling abroad "saving the world", etc. So unless I do emphasize the experience, I could look like I didn't do anything "extra"

In that case I would probably be sure to point it out. I'm not sure what you mean by "emphasize" - it shouldn't be a more prominent part of your application than your clinical experiences and your rationale for entering the specialty. Do you know what you will be applying for?

 

[carml]

In that case I would probably be sure to point it out. I'm not sure what you mean by "emphasize" - it shouldn't be a more prominent part of your application than your clinical experiences and your rationale for entering the specialty. Do you know what you will be applying for?

Well by "emphasizing" I mean including as part of my experience and significant time input during med school. I am narrowed down to EM/Anesthesia (for now, at least).

 

[pixella]

Well by "emphasizing" I mean including as part of my experience and significant time input during med school. I am narrowed down to EM/Anesthesia (for now, at least).

I would absolutely include it in your application as an experience. Both of those fields should be very receptive to a candidate who clearly has good time management/multi-tasking abilities. Also, as far as I know neither of those specialties are going to hold it against you too much that you didn't do research, so long as you weren't sitting on your butt doing nothing.

 

[Fah-Q]

Dude, keep the business. Drop out of medicine.

 

[EctopicFetus]

Dude, keep the business. Drop out of medicine.

Not bad advice.. BUt once you have those loans they own your nuts.

 

[badasshairday]

It would of course depend on what type of business it is, to some extent. Needless to say, running a small tax prep firm might be seen differently than running your own porn movie studio.

You can always just call themn "independent films." I mean, that's what I plan on saying at interviews.

 

[carml]

Dude, keep the business. Drop out of medicine.

Not bad advice.. BUt once you have those loans they own your nuts.

Why do you guys say this? What fields are you in and why are you dissatisfied with your careers?

PS - I don't have significant loans from my education(less then 20K), in large part, thanks to the business, so that's not a major worry for me at this point.

 

[Fah-Q]

The details are not as important as you think they are. Medicine is changing rapidly and not in a good way. Most physicians in the latter half of their career would get out if they could, but they can't. They don't have the skill and knowledge to change careers and they don't have the time to acquire it. You have started and run a successful business and have the ability to do something other than practice medicine. Take that ability and apply it in an environment that will appreciate your product/service and pay you fairly. Don't take that for granted because it just doesn't happen in medicine these days. Our days as independent practitioners applying our knowledge to help make patients better are over. We are no longer in control. The third-party payors have taken complete control and soon the government will take that a step further.

The answer is obvious to any student or resident who is willing to look at the future: find another career. Getting out of medicine is just not possible for some. You have that option. Don't squander it.

 

[carml]

The details are not as important as you think they are. Medicine is changing rapidly and not in a good way. Most physicians in the latter half of their career would get out if they could, but they can't. They don't have the skill and knowledge to change careers and they don't have the time to acquire it. You have started and run a successful business and have the ability to do something other than practice medicine. Take that ability and apply it in an environment that will appreciate your product/service and pay you fairly. Don't take that for granted because it just doesn't happen in medicine these days. Our days as independent practitioners applying our knowledge to help make patients better are over. We are no longer in control. The third-party payors have taken complete control and soon the government will take that a step further.

The answer is obvious to any student or resident who is willing to look at the future: find another career. Getting out of medicine is just not possible for some. You have that option. Don't squander it.

Thanks! This is certainly food for thought...especially after a talk I attended yesterday given by out hospitals' CFO about the future of health care reform.

Short term, looks like a lot of it hangs on who wins the next election but long term, things will ultimately have to dramatically change (in a way that might not be favorable to physician careers) because of how unsustainable the system is.

 

[ThePursuit]

1) I own and operate a small business as well, but have specifically refused to allow it to get in the way of my academics. I still published, I still got AOA, I still got good grades. That was kind of my personal rule - that it couldn't bring down my med school CV. I made mention of it in my CV etc, and it was actually a big topic of conversation at almost every interview I went on. I would make a point to explain why you did the business and how it will make you a better resident/employee and physician/caretaker.The way you sell your business experience to them on your app is important. Owning a lawn business is not impressive. Building a company during a recession, being profitable and performing above average in medical school while affecting the local community economy/job market is cooler.

I would be careful if you're not getting things like research done because of your business(unless it's like some medical-tech company inventing things etc.). Not doing research etc. may send a warning flag implying that you are in medicine for the same reason you ran a business - to make $$, not because you want to further the field and have a genuine interest (thus your lack of research). In that situation, your business becomes more of your "excuse" for these other blank spots instead of a unique accent.

2) I think a lot of people are over-reacting to the current medical situation. Yes, you're not going to make as much in the future. However, I think it's VERY unlikely that you will ever make less than six figures. In addition, MD's have ridiculous job security. You don't bend and sway with the market controlling half of your salary, you don't get downsized and you don't get moved to a different corporate location or travel 8 months out of the year as a physician. You are actually helping people on a daily basis too. That's far more rewarding than just trying to make some company as much money as possible every day. After medical school, you will be a highly trained individual with high demand for your services. Inventive thinkers will always find a way to be profitiable in that situation, but it may not be under the same medical operating system most people use today. Concierge medicine, cash-only, etc. I'm not saying that some government policies dont' have the potential to royally screw us over, but there's going to be ebb and flow and some balance will have to be reached. I think there's just no way you'll ever be working for cheap in this country unless you've done some horrible business managament on your own part. I could be wrong, but that's my opinion.

 

[ellinopedo182]

Well, because of some unfortunate events this last year, I took over my families large businesses. I grew up running them since I was 13 and know the business pretty well, but always wanted to get into medicine and get an MBA after residency/fellowship. Well, in August there were some unfortunate issues that came up in which I would have to take ownership of the restaurants. This past year, I have been rotating close to home which is 2000 miles from school, and was able to check up on the restaurants from time to time, set up some new ideas, and so far have been successful at honoring almost all my rotations since I took ownership and have been able to increase sales at the restaurants by double figures. I am currently back around school and have been able to run the businesses with some good managers, a good accountant and a good lawyer who is able to handle all the legal issues with the restaurant-- even though I am so far away. I currently have 100-120 employee's at the two restaurants. It has been hard with little sleep, but doable for me since I don't sleep a lot. The restaurants are not an issue anymore since they are being run well, but I would still like to match somewhere close to home.

On the other hand, most of the programs I interviewed at know about my restaurants, and did not show that it was a huge problem. Some interviewers never even brought up the issue while others asked me how I manage everything. Mostly all interviewers liked the idea that I had business knowledge and explained to them that it has helped tremendously and hopefully i'll be able to use my experience after residency. On rotations, the idea of a 27 year old medical student owning restaurants (many attendings who knew the restaurants even though they were 30-40 miles away from the hospital) was actually a plus. The attendings seemed interested in the idea and were surprised I was able to come on time, work long hours and still be able to run a restaurant, though I explained I did not have to run it anymore, it was running well with my employees. I even had attendings (on the resident committee) jokingly (though also seemed to be serious) asked me to apply to their residencies so they can get some free food for the residents once in a while. Too bad I was not applying in those fields or else it could have made things a bit more interesting.

So, truthfully, I was pretty lucky to not have negative issues with owning restaurants. But, I am sure other programs would probably not like the idea. But my situation was different, and I think they were considerate of it.

Hopefully I match somewhere close to home. Even if I do not, I still will do my best and put residency first, but that does not mean I will not be on the phone after shifts or during breaks everyday with the management making sure things are going well. It's a hard situation that I am in, and I am not sure what I think of it, but at least it will help pay for all my loans now... hopefully.

BTW, I also got the question, why medicine? Why chose a field that is so changing, salaries decreasing, issues with reimbursements, and long hours when I could be making much more money just running the businesses. I told them that I was passionate in becoming a doctor, and will continue working hard at it, and won't let these circumstances get in my way.