Next Play Mentality: The Key to Thriving as an Entrepreneur

Entrepreneurship is certainly not for the faint-hearted. It demands a level of resilience and tenacity that most other careers do not. As a physician practicing independently or contemplating the leap into self-employment, you are already familiar with navigating high-stakes decisions and encountering moments filled with uncertainty and ambiguity. These experiences have likely prepared you to withstand the pressures and challenges associated with running your own business.

However, there is one crucial trait that distinguishes successful entrepreneurs from those who may stumble or falter along the way: the ability to embrace a "Next Play Mentality." This mindset, often borrowed from sports, emphasizes moving forward swiftly after each decision or setback rather than dwelling on past mistakes or triumphs for too long. It encourages individuals to focus on what they can control in the present moment while being prepared for future opportunities. Imagine yourself as an athlete in a critical game; when faced with setbacks such as missing a shot or losing possession of the ball, successful players do not dwell on these missteps but instead immediately refocus on their next move.

Similarly, as an entrepreneur, adopting this mentality can help you maintain momentum even when facing adversity. By learning from experiences without becoming paralyzed by them, you position yourself to seize new opportunities and drive your practice forward effectively. Incorporating this mindset into your entrepreneurial journey can transform challenges into stepping stones for growth and innovation. It empowers you to take calculated risks confidently while staying agile and adaptable in an ever-evolving landscape. By focusing on what lies ahead rather than fixating on past outcomes—no matter how difficult—they become merely part of your learning curve towards success rather than insurmountable obstacles preventing it.

This mindset emphasizes focusing on the present and future rather than dwelling on mistakes. It's about asking, "What is the best move I can make right now, given my current position?" rather than replaying failures in your mind. In this post, I’ll explore how embracing this mindset can transform your approach to building a micro-corporation, why it matters, and how to take action to secure your future.

The Weight of Dwelling on Past Mistakes

We’ve all been there. You made a decision that didn’t pan out the way you hoped. Maybe you underestimated the costs of starting a practice or chose the wrong partner for your business. It’s tempting to replay those missteps over and over in your mind, analyzing every detail and wishing you could go back and undo them.

But here’s the truth: the damage is done. The energy you’re spending reliving the mistake could be redirected toward making the best decision now. Dwelling on the past doesn’t change it; it only delays your progress.

As a self-employed physician, mistakes will happen. But the beauty of running your own micro-corporation is that you’re the one in charge. You have the power to pivot, adapt, and learn from every misstep. The key is to stop focusing on what went wrong and start planning your next move.

Why Next Play Mentality Matters in Business

Adopting a Next Play Mentality isn’t just a feel-good strategy; it’s essential for long-term success. Here’s why:

1. It Keeps You Focused on Solutions

When you’re stuck in the past, your vision narrows. You become so consumed by what went wrong that you can’t see the opportunities right in front of you. A Next Play Mentality shifts your focus to solutions. What can you do today to move forward?

For example, if your professional micro-corporation’s revenue stream isn’t meeting expectations, the Next Play Mentality pushes you to explore options like telehealth, cash-only services, or niche specialties instead of agonizing over why your current model isn’t working.

2. It Builds Resilience

Entrepreneurship is a rollercoaster, and setbacks are inevitable. The ability to bounce back quickly from failure is what will keep you in the game. A Next Play Mentality strengthens your resilience, helping you view failures as learning opportunities rather than roadblocks.

3. It Reinforces Control

When you replay mistakes in your mind, it’s easy to feel powerless. But when you focus on your next move, you reclaim control. This mindset reminds you that no matter what happened yesterday, today is a new chance to make progress.

Applying the Next Play Mentality to Your Micro-Business

You might be wondering how to put this into practice. Here are actionable steps to apply the Next Play Mentality as a physician-entrepreneur:

1. Assess Your Current Position

Stop and take stock of where you are. What resources do you have available? What’s working well, and what needs to change? A clear understanding of your current position will help you make informed decisions moving forward.

This is exactly what I did with a business consultant over a decade ago when I knew I needed to make a change from my traditional employment position. They helped me assess my assets, evaluate multiple business plan options, and directed me make a career pivot that restored my professional autonomy and improved my financial health by starting my own micrco-corporation and using an employment lite contract. Those business consultants changed by life for the better forever!

Read More: My Journey To Empowering Physicians Through SimpliMD

Tool Recommendation that used during my personal transition:

SimpliMD’s Business Plan Suite includes:

• A Business Plan Template crafted specifically for self-employed doctors.

• A Micro-Corporation Budget Template that will save you hours of time.

• A SWOT Analysis Template to optimize your business planning.

Start your journey toward clarity and structure with these essential tools. Get the Business Plan Suite now! I have had so many doctors use this bundle and love it!

2. Identify Your Next Best Move

Once you know where you stand, ask yourself: “What is the best choice I can make today given my current position?” Maybe it’s hiring a CPA to get your finances in order, investing in marketing, or pivoting to a new service line.

Take the Next Step:

Book a personalized micro-business consult with SimpliMD for just $99. This includes a one-year membership worth $2,500 in business products and resources tailored to your journey as a self-employed physician. Sign up for your consult here!

3. Equip Yourself with Knowledge

Running a micro-corporation doesn’t require an MBA, but it does require practical business knowledge. Learning how to create and sustain a practice that gives you agency in the marketplace is one of the best investments you can make.

Course Recommendation:

Join SimpliMD’s course, “Creating a Practice Without Walls,” and learn how to build a micro-corporation that offers you freedom, flexibility, and professional satisfaction. Start the course today!

4. Take Action Without Perfection

One of the biggest obstacles to progress is the fear of not getting it perfect. The truth is, entrepreneurship is messy, and that’s okay. What matters is taking consistent action and learning along the way. Don’t wait for the perfect conditions; start now with the resources and knowledge you have.

Real-Life Example: Turning Setbacks Into Success

Let me share a personal story about my own journey into real estate investing. I knew real estate could be a powerful tool for building wealth, but my first ventures were far from smooth. I invested in a duplex and a triplex early on, thinking they would be solid income-generating properties. While I didn’t lose money, my net gains were minimal because I failed to fully understand the value of accelerated depreciation and didn’t grasp the importance of pre-purchase evaluations.

In hindsight, I should have done a deeper analysis of the properties and consulted experts to ensure I was optimizing every possible tax benefit. This misstep taught me the value of being thorough and informed before making a big decision. Instead of replaying those mistakes, I adopted a Next Play Mentality. I shifted my focus to learning and improving, and today, I’ve built a profitable real estate portfolio by applying those lessons.

This experience mirrors the journey many physician-entrepreneurs face. It’s okay to stumble as long as you keep moving forward and refining your approach.

Final Thoughts: Your Next Play Starts Now

Entrepreneurship is about momentum. The faster you can shift your focus from past mistakes to present opportunities, the faster you’ll achieve your goals. Adopting a Next Play Mentality empowers you to make the best choice in every moment, no matter what challenges come your way.

Are you ready to take control of your professional life and thrive as a self-employed physician? Let SimpliMD help you:

• Book a $99 personalized consult for a one-year membership with $2,500 worth of resources. Sign up here!

• Enroll in “Creating a Practice Without Walls” to gain the tools and knowledge you need to succeed. Learn more here!

• Access SimpliMD’s Business Plan Suite to streamline your planning and execution. Get started here!

Your next play starts now. Let’s make it count.