Pursuing Financial Freedom by Finding Your Niche and Following Your Intuition
In this episode of MedStreet Journal, Chris shares his journey from being a doctor and then taking a leap of faith and becoming a consultant for physicians who want to achieve financial freedom. Listen in to hear the lessons that Chris has learned while running a startup with limited finances in a highly saturated market.
What is your background? [1:05]
He came from ‘humble beginnings’, growing up around extremely wealthy kids who made him aspire for financial freedom at an early age. Under the influence of the Asian culture who typically raise their kids to become doctors and lawyers, he pursued medicine and became a medical doctor. In 2008, he decided he'd had enough and went out to pursue his heart’s true calling. In the midst of the financial crisis, he became a consultant and a business strategy coach to his fellow doctors, nurses, and other people from healthcare, leveraging his experience from the medical field.
Ten years later, and with extensive training and experience in building a successful business brand, he is now teaching startup entrepreneurs on how they can build their own brands that are strong enough to dominate the market and endure the fast switching trends.
He has identified a notable difference in the healthcare profession from ten years ago to the present and created different coaching programs relevant to these changes. He has patterned these programs to the different needs and profiles of his clients.
With the rise of technology and social media, including the current issue with COVID, Chris posed a challenge to his former colleagues in terms of leveling up their ante when it comes to financial literacy and by offering other options they can try to explore outside the healthcare industry.
What challenge did he encounter while he is in the medical field and what action did he take to resolve the challenge? [03:20]
He realized he was no longer happy being a doctor and decided to pursue his childhood dream of achieving financial freedom by being an entrepreneur. He believes that building your own business and taking control of your time is the best way to achieve financial freedom and that there’s a lot of skill set gathered from being in the healthcare industry that can help you become a successful entrepreneur.
Did he succeed in his venture outside the medical field and how was he supported by his customers? [08:07]
His customers are people from the same background he previously belonged and that earned him the credibility to become their consultant, speaking from experience on what he knows the kind of help they needed exactly at the time they needed it. His success in starting his own business and brand helped him further pursue becoming a coach who speaks to his audiences about financial freedom and creating a strong brand in a brand driven world.
Why is it important to create a strong brand and how do we create one? [18:48]
Your brand is your reputation, your expertise, your value. It is the daily actions that you take that tells the world of who you are and what you stand for. You have to be experienced in providing value, personalize your customer experience, and promote your brand using different platforms accessible to your target customers. Be more specific. Understand your customers so you can personalize your message and communicate effectively to them. Create a following by being specific with your brand.
What are some of the problems he identified in the healthcare profession? [10:52]
He realized that health is now commoditized and the healthcare professionals from ten years ago have evolved. With the influence of technology and automation, more jobs are being handed out to robots and machines and there are less jobs left for human beings. There is an urgent need to market the value of healthcare professionals to the public and establish a unique brand differentiator that can set you apart from machines and other professionals.
What advice would he give to healthcare professionals today? [22:44]
Healthcare professionals need to get smarter in terms of managing their finances. You were taught to pursue higher income but you don't know how to manage this income and opt to use them on fancy cars and fancy houses. You need to level up your financial literacy and understand the difference between assets and liabilities. Start thinking outside the box. Follow your intuition. So many times my intuition has saved me from disaster. If I didn't listen to my intuition, I wouldn't be where I am today. Listen to your intuition even in massive uncertainty and it will save your life.
Christopher Loo answers the rapid-fire round of questions. [25:07]