Getting Cold Feet

[Praefectus]

I currently have multiple acceptance to medical schools (including a top 25) and I've been pretty excited to attend this fall. Recently, I've grown more concerned about the level of debt that I'm about to acquire and I've thought about an alternative. My idea is to start a company that has the potential to become a household name within 10-15 years. I'm obviously not going to share my concept on the internet, but basically I would completely alter the way that this industry does business. I've talked to my father about my idea (he does IB) and he was impressed, so he's asked me to draw up a business plan to give to one of his VC buddies.

Now here's the catch: starting a business in this environment is incredibly risky, regardless of the fact that capital is extremely cheap right now. I could open 100 stores over 10 years or I could end up bankrupt by next year. On the other hand, I have a guaranteed job where I spend my day healing sick people. Based on what I've already wrote I might sound disingenuous, but I seriously have enjoyed my clinical exposure to the medical field. I have a propensity to excel in whatever I do, so I'm sure that I'd be a great doctor.

What should I do?

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[Doctor Strange]

I currently have multiple acceptance to medical schools (including a top 25) and I've been pretty excited to attend this fall. Recently, I've grown more concerned about the level of debt that I'm about to acquire and I've thought about an alternative. My idea is to start a company that has the potential to become a household name within 10-15 years. I'm obviously not going to share my concept on the internet, but basically I would completely alter the way that this industry does business. I've talked to my father about my idea (he does IB) and he was impressed, so he's asked me to draw up a business plan to give to one of his VC buddies.

Now here's the catch: starting a business in this environment is incredibly risky, regardless of the fact that capital is extremely cheap right now. I could open 100 stores over 10 years or I could end up bankrupt by next year. On the other hand, I have a guaranteed job where I spend my day healing sick people. Based on what I've already wrote I might sound disingenuous, but I seriously have enjoyed my clinical exposure to the medical field. I have a propensity to excel in whatever I do, so I'm sure that I'd be a great doctor.

What should I do?

Okay, yeah.... No.

In any case, I'm actually really intrigued by this idea of yours. If you really think it can be successful, then, by all means, go for it. The only thing you really need to think about is if ten years down the road from now you'll look back and regret not having gone to medical school.

 

[acslater99]

My advice go to medical school, It's like your going to waste all the hard work you put in and throw it away.

But It's your decision not mine. Good luck.

 

[sinombre]

What industry are you referring to OP?

 

[Doctor Strange]

What should I do?

Go on Shark Tank.

 

[Ravizzle]

Go on Shark Tank.

I recall one episode where a UCSF med student was on there.

Sent from my Galaxy S2

 

[Praefectus]

Okay, yeah.... No.

In any case, I'm actually really intrigued by this idea of yours. If you really think it can be successful, then, by all means, go for it. The only thing you really need to think about is if ten years down the road from now you'll look back and regret not having gone to medical school.

Haha I didn't know how to phrase that without sounding like an ass. To clarify, even if I sucked at medicine I would work harder to fix it.

And it's actually a simple but powerful idea. I'm using a prominent F500 company as my inspiration, so I'd try to mimic their rapid expansion.

 

[OwlPower22]

If you have a solid business plan and lots of financial and emotional support, by all means chase your dreams of entrepreneurship. However, it's tough to run your business and study medicine at the same time. Not impossible, because I have a medical school friend who runs her own business, but very time-consuming. Good luck!

 

[Praefectus]

What industry are you referring to OP?

It's a surprise .

 

[sinombre]

Go on Shark Tank.

There was a guy on Shark Tank who went to Princeton for undergrad and UCSF for med school. He was pretty much torn apart.

Actually, I found it on YouTube:

[YOUTUBE]hqFHlwuZSmo[/YOUTUBE]
[YOUTUBE]6M0MZWCfJ80[/YOUTUBE]

 

[Ravizzle]

There was a guy on Shark Tank who went to Princeton for undergrad and UCSF for med school. He was pretty much torn apart.

Actually, I found it on YouTube:

[YOUTUBE]hqFHlwuZSmo[/YOUTUBE]
[YOUTUBE]6M0MZWCfJ80[/YOUTUBE]

Sent from my Galaxy S2

 

[Praefectus]

If you have a solid business plan and lots of financial and emotional support, by all means chase your dreams of entrepreneurship. However, it's tough to run your business and study medicine at the same time. Not impossible, because I have a medical school friend who runs her own business, but very time-consuming. Good luck!

Essentially, it would be a "one or the other" decision. The thing that scares me the most would be if I had to file Chapter 7 after a couple of years of hemorrhaging money and then reapplying to medical school.

 

[sinombre]

I recall one episode where a UCSF med student was on there.

Sent from my Galaxy S2

Haha... didn't see this before I posted the link. Good stuff!

 

[Mt Kilimanjaro]

I currently have multiple acceptance to medical schools (including a top 25) and I've been pretty excited to attend this fall. Recently, I've grown more concerned about the level of debt that I'm about to acquire and I've thought about an alternative. My idea is to start a company that has the potential to become a household name within 10-15 years. I'm obviously not going to share my concept on the internet, but basically I would completely alter the way that this industry does business. I've talked to my father about my idea (he does IB) and he was impressed, so he's asked me to draw up a business plan to give to one of his VC buddies.
What should I do?

A bird in the hand is worth two in the bush, even if your dad is super rich and has a bunch of super rich friends.

 

[Doctor Strange]

There was a guy on Shark Tank who went to Princeton for undergrad and UCSF for med school. He was pretty much torn apart.

Actually, I found it on YouTube:

[YOUTUBE]hqFHlwuZSmo[/YOUTUBE]
[YOUTUBE]6M0MZWCfJ80[/YOUTUBE]

I liked seeing him squirm.

How did this guy get into med school? Omg. I can't even...

 

[goodkarma]

Defer a year while you make up your mind. At least then you're not taking a spot that could have been filled by an applicant who actually is 100% sure.

 

[113]

I've talked to my father about my idea (he does IB) and he was impressed, so he's asked me to draw up a business plan to give to one of his VC buddies.

What should I do?

Work for your father.

/thread

 

[EarthtoneJon]

That show Shark Tank, or at least that particular episode, is so gimmicky. If it weren't televised and completely dependent on appeasing the lowest common denominator with drama, poor Michael would have done just fine.

Damon went from an intrigued potential business partner to pouting toddler in 3 minutes. He acted like Michael was trying to do a shady drug deal. Michael's idea is potentially worth billions, excuse him for wanting to give his whole presentation before agreeing to give up 25%. But I get it, it's television.

Anyway, I think if your idea is anything like Michael's, you should go for it. Alternatively, you could save it for retirement (if that is even feasible.) That way, you could retire at 55 with the satisfaction of having healed the sick for 25 years or so, then have an exciting project to manage later in life. Maybe this is a little too idealistic.

 

[NickNaylor]

Defer a year while you make up your mind. At least then you're not taking a spot that could have been filled by an applicant who actually is 100% sure.

I think this is probably the best bet. You seem pretty dedicated to the idea, and as long as it has been vetted by people that know what they're doing and have no interest in buttering you up. For what it's worth, I am in a somewhat similar situation and can understand to some degree what you're going through. You don't want to miss out on an opportunity that you think could be truly awesome. I intend to take a year off to pursue my own project if I decide to do so. I don't think you should approach it as an either/or though. It is entirely possible to do both.

Feel free to PM me if you want someone to bounce thoughts off of.

(sent from my phone)

 

[MiracleforMD]

Okay, yeah.... No.

Why do you say this?

 

[Doctor Strange]

Why do you say this?

Because the bolded statement was a little presumptuous.

 

[MiracleforMD]

Because the bolded statement was a little presumptuous.

Eh, possibly. From most of the physicians I have spoken to they feel the threshold of required intelligence to become a doctor is very attainable, but the amount of work required is the true barrier. If someone like OP has excelled at most things in life, seemingly being a hard worker, it doesn't seem like that much of a stretch.

 

[Josh7]

I currently have multiple acceptance to medical schools (including a top 25) and I've been pretty excited to attend this fall. Recently, I've grown more concerned about the level of debt that I'm about to acquire and I've thought about an alternative. My idea is to start a company that has the potential to become a household name within 10-15 years. I'm obviously not going to share my concept on the internet, but basically I would completely alter the way that this industry does business. I've talked to my father about my idea (he does IB) and he was impressed, so he's asked me to draw up a business plan to give to one of his VC buddies.

Now here's the catch: starting a business in this environment is incredibly risky, regardless of the fact that capital is extremely cheap right now. I could open 100 stores over 10 years or I could end up bankrupt by next year. On the other hand, I have a guaranteed job where I spend my day healing sick people. Based on what I've already wrote I might sound disingenuous, but I seriously have enjoyed my clinical exposure to the medical field. I have a propensity to excel in whatever I do, so I'm sure that I'd be a great doctor.

What should I do?

Have you considered going to the Carib for medical school and opening up businesses there? Two birds with one stone, my friend

 

[sinombre]

Have you considered going to the Carib for medical school and opening up businesses there? Two birds with one stone, my friend

Or opening his own medical school in the Carib. A potential plot for the sequel to the movie Accepted. And to throw in a quote relevant to my avatar, it would be like "getting two birds stoned at once."

 

[deleted127837]

Haha I didn't know how to phrase that without sounding like an ass. To clarify, even if I sucked at medicine I would work harder to fix it.

And it's actually a simple but powerful idea. I'm using a prominent F500 company as my inspiration, so I'd try to mimic their rapid expansion.

I currently have multiple acceptance to medical schools (including a top 25) and I've been pretty excited to attend this fall. Recently, I've grown more concerned about the level of debt that I'm about to acquire and I've thought about an alternative. My idea is to start a company that has the potential to become a household name within 10-15 years. I'm obviously not going to share my concept on the internet, but basically I would completely alter the way that this industry does business. I've talked to my father about my idea (he does IB) and he was impressed, so he's asked me to draw up a business plan to give to one of his VC buddies.

Now here's the catch: starting a business in this environment is incredibly risky, regardless of the fact that capital is extremely cheap right now. I could open 100 stores over 10 years or I could end up bankrupt by next year. On the other hand, I have a guaranteed job where I spend my day healing sick people. Based on what I've already wrote I might sound disingenuous, but I seriously have enjoyed my clinical exposure to the medical field. I have a propensity to excel in whatever I do, so I'm sure that I'd be a great doctor.

What should I do?

Do you really want to do either of them? You sound like you want to be a success, and don't particularly care how you get the moniker. "I'm smart/I'm a hard worker/I'm successful so I'm sure it'll turn out ok" is the number one slogan of failed businesses everywhere, and usually means you need to fail, hard and completely, before you'll crank out a success. From your rhetoric, I'd expect that, unless you have some powerful advisors on your side.

Or you'll pull a Mark Zuckerberg.

You should do the business idea, though. Medicine will always be there, if you actually really truly want to do it. Your business idea could easily be taken, and you'll spend your entire medical career being that guy who watched someone else get rich from your idea.

Or your idea could fail spectacularly, but at least then you'd know.

As someone who did take the time: I'm glad I did. You can learn a great deal from both success and failure - and if you're successful, well, that debt problem diminishes substantially. You can PM me if you want a devil's advocate.

 

[Josh7]

Or opening his own medical school in the Carib. A potential plot for the sequel to the movie Accepted. And to throw in a quote relevant to my avatar, it would be like "getting two birds stoned at once."

A few good idea Sinombre. Medical admissions... survival of the fitness boys.

 

[battousai]

Many attendings/residents that I've talked to say that if you're not 100% committed to being a doctor, you shouldn't do it. Becoming a doctor takes so much time and effort that if it's not really what you want to do, then you'll end up hating your choice/the profession.

My opinion would be to just do whatever would make you happy 5 years down the road.

 

[deleted127837]

There was a guy on Shark Tank who went to Princeton for undergrad and UCSF for med school. He was pretty much torn apart.

Actually, I found it on YouTube:

Just got around to watching this. Wow. Great idea, but I'm surprised he skipped Match to work on it. I guess he's hoping to make some hardcore cash longterm from it? 500k in 4 months is pretty impressive, granted.

I liked seeing him squirm.

How did this guy get into med school? Omg. I can't even...

You're going to be in for a surprise when you meet your future classmates. He's someone who's been trained to clarify everything he's saying and ensure he maintains a neutral middleground, and he's trying to apply that training (and a couple books on business he probably read) to dealing with high powered deals. It doesn't really work.

I wonder how things would've gone if he'd been trained in a more cutthroat environment.

 

[UrbanRiver]

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