E677 | The Risk Reward Paradox

In this episode of the podcast, host Doc Danny dives into the topic of taking risks to achieve one's goals and dreams. Inspired by the documentary about Beyoncé's Renaissance tour, which took years of dedication and numerous risks to produce, Doc Danny explores the importance of stepping outside of our comfort zones in order to reach our desired level of success.

Using Beyoncé as a prime example, the host highlights the fact that for every successful person in the entertainment industry, there are countless others who have tried and failed due to the immense challenges involved. The higher the level of success one aims for, the greater the risk of failure. However, without taking risks, there is no opportunity for growth or change.

Drawing parallels to listeners' own lives, Doc Danny encourages them to reflect on the risks they may or may not be taking. He suggests that choosing to play it safe may result in average or mediocre outcomes, while stepping out of one's comfort zone brings the potential for greater rewards. For physical therapists, this could mean starting their own practice rather than staying at a clinic they don't enjoy. While the risks of business failure or debt are real, so too are the possibilities of increased time freedom, income, and the ability to help more clients.

The host challenges listeners to confront their fear of potential failure and instead focus on envisioning the life they could have if they were to succeed. Too often, people only consider the downsides and potential obstacles, failing to recognize the potential for a better future. With time on their side, Doc Danny emphasizes that taking calculated risks is necessary to avoid future regrets of not pursuing one's dreams due to fear.

Tune in to this thought-provoking episode as the podcast encourages listeners to push outside of their comfort zones, embrace risk-taking, and strive for a brighter and more fulfilling future.

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Podcast Transcript

Danny: Now you have. What I would consider semi passive income. You're not seeing all the patients. You're not running all the day to day. You can go on vacation and income still comes in for your business. You still have, you're still heavily involved in the business. There's no doubt about that. But you're not directly tied to every little thing that happens.

Hey, are you a physical therapist looking to leverage your skillset in a way that helps you create time and financial freedom for yourself and your family? If so, you're in the right spot. My name is Danny Matei and over the last 15 years, I've done pretty much everything you can in the profession. I've been a staff PT.

I've been an active duty military officer, physical therapist. I've started my own cash practice. I've sold that cash practice. And today my company physical therapy business helped over a thousand clinicians start growing scale, their own cash practices. So if this sounds like something you want to do, listen up, cause I'm here to help you.

Hey, what's going on? Doc Danny here with the PT entrepreneur podcast. And today we're talking about taking risk on the things that you want. To accomplish in life whether that be in the business world, we talk about here all time whether that be professionally in some other way, but I wanted to give you a little background to why I'm talking about this and what got me thinking about this and it has to do with Beyonce.

My wife is a massive. Massive Beyonce fan. And I went to the Renaissance tour show here in Atlanta, which was awesome. And then she made a a movie out of it. It's it's really, it's like a documentary. It's it's very long. It's three hours, but about an hour of it is the documentary of the show, which took him like four years to put together. And that's crazy four years to put one show together. And the background stuff was really cool. And one of the things that she was talking about on the side was just talking about like risk and all the risk that you know, she's had to take.

And really, I started thinking about anybody that's really on a high level of anything has to take some level of risk, but it's interesting what happens with that because with risk, there's potentially. Great reward, right? You can have this amazing outcome, but you could also have massive failure.

And the higher up you go on this risk curve the more success you try to have, the less likely it is you actually get there. And the more likely it is that you end up on the complete opposite side in the failure category. So if I tried to become the next Beyonce as. Completely unrealistic as that is let's say that I go for it not knowing how to sing or dance one damn bit And I say to myself man, i'm gonna dedicate my life to this.

I maybe it works out right? Maybe that's what happens and i'm touring internationally, but there's a much higher likelihood that I end up maybe, financially broken rejected mentally broken bitter about not being able to achieve my goal to live the life that I want to live.

And for everyone. Example of somebody that's made it there's who knows how many examples of people that are trying to be in a place where that person is. Now, I want you to think about this in terms of risk that you're taking. In your life or you're not taking in your life. So let's say okay.

It was Beyonce's mom's a hairdresser, right? And Beyonce could have said, you know what, I want to be the best hairdresser in Houston, Texas. That's what I'm going to, I'm going to, I'm going to have the best business in Houston, Texas. And that's what she's going to focus on. So now she's taking risk, but.

It's not as high on the risk return curve as trying to become internationally famous, singer. And what's the worst case scenario there? It doesn't work out. Maybe she's embarrassed. Maybe she falls into some debt because she had to start, whatever this business up with some equipment.

It's not catastrophic failure, right? But also no, one's going to know who she is outside of probably her local community. And so like the risk is low. The reward is lower than trying to, become up international star. So I think when you're looking at this in perspective for what you actually are going to do, right?

No, listen, you're probably not, you and I both probably have the same chance of becoming the next international pop star, but you may be not taking any risk in your life and taking no risk is going to give you a mediocre outcome. It's going to give you a. Average outcome, you stay at this clinic that you don't really hate, you don't really love, but you think to yourself, man, if I start my own business, I'm taking on risk and what if it doesn't work out?

What if, what do people think of me? What happens if it doesn't work financially? I have student loans. I have to pay for all these things, right? So what do you do? You stay in that clinic. You keep doing that job until you. A, you just can't take it anymore, or B, you retire. That's it. No risk. No change.

No change in your career. And maybe that's okay with you, probably not if you're listening to this podcast, but you got to keep that in mind. Like that outcome is tied to how much risk you're willing to take. Now, maybe you started your own practice and you said to yourself, yeah, I like it here. I'm comfortable.

I've got a busy schedule. I'm making more money than I did working for another for another clinic. I have time control. I can say when I want to work, make my own hours like this is pretty sweet. And it probably is in comparison. To whatever you were doing before. Now you've taken a little bit of risk.

That little bit of risk increases, the life you get to live by a proportionate amount. But if you're sitting there and you say to yourself, Ooh, but if I grow into a standalone space and. I bring on more staff, what if it doesn't work out? What if they leave and they take all my clients and what if I can't make it work?

And I have these loans from a buildout and equipment. You don't ever take that risk. You never get a chance to move up on the risk reward curve because what could have happened. All right, you go for it. All of a sudden you take that clinic from. 200, 000 a year in gross revenue to 1, 000, 000 a year in gross revenue.

You go from actively doing everything yourself to now you have. What I would consider semi passive income. You're not seeing all the patients. You're not running all the day to day. You can go on vacation and income still comes in for your business. You still have, you're still heavily involved in the business.

There's no doubt about that, but you're not directly tied to every little thing that happens. So you move up on the ability to have time and financial freedom especially monetarily make a lot more money, impact a lot more people, higher people that are great. Employees, they're great team members.

They're great people. You get a chance to have these great jobs built for them and they get to work with more people, get to impact more patients in your area. You you get more of a lot of things with the risk that you're taking on. You also have a likelihood as small as it might be potentially, if you do it the right way, a failure.

Of, you took the risk at the wrong time. Next thing all right, didn't work out. What's the worst thing that could happen though? All right. Financially, maybe not in the best spot. You go to Christmas dinner and your uncle told you, tells you, he told you, you shouldn't have done that shit.

But Hey that's the risk reward, right? You take the next step up and you can do this for anything. You can do this for anything that you want in terms of how far are you willing to go? I thought about this after I watched this movie, I was like, man. Am I not taking enough risk or what is the next risk look like?

And what's the potential negative of that because you swing for the fences, like trying to become the next international pop star. And there's, there's a pile of people that haven't, they try to do the same thing that failed, they'll never recover from it. Or. I don't know if you've ever seen this like super talented people that are just like singing and playing the guitar at a restaurant.

You're just like, Oh my God, this person has an amazing voice. What's up with this? People are out there that are like that for so many talented people and they never ever get past, playing these little small little gigs and they're trying and it doesn't work out because it's hard.

It's very difficult thing to get to a point like that. So that's. The flip side of it, right? Forever Beyonce, there's a hundred or who knows how many people that are, whatever, playing at a local club. And that's as far as they're going to get. So you got to think about that, but ask yourself this, maybe you're not going to go all the way out on the risk curve.

Like I'm talking about with becoming, famous, are you shine away from risk that maybe takes you to the next stage? Because I think your life, if you look at, if you look at the outcome, it comes down to this. What does your life look like? And is that the life that you actually want, right? You want to fly around on private jets and, do all the cool shit that Beyonce does.

And yeah, you, okay, then maybe you need to be Beyonce in some capacity. But if you want to have financial freedom, time, freedom the ability to work with clients that you get a lot of energy from working with and not have to just see a bunch of work comp patients or home health patients that you don't really want to see.

You just don't really know what else you can do. And you're making decent income doing that. Is that what you want your life to look like? Or are you willing to take a little bit more risk to put yourself in a place where your day to day starts to change? Your ability to impact people that you want to impact starts to change.

Your ability to generate, time freedom changes dramatically. And that requires some risk. And you gotta get comfortable with risk. Because if you don't get comfortable with risk, you're gonna be in that same job that you don't really love, and you don't really, you don't hate it. Yet, but you probably will one day.

And at a certain point, it's probably going to be too late. You're going to have too many responsibilities. You're going to have too much stuff going on. You can't make a change. And at that point, the only thing you have left is regret. And that sucks because there's not a lot you can do about that at a certain stage.

So if you're listening to this and you have time on your side, ask yourself, are you avoiding risk because of the fear of the things that you think might happen? And if so, I want you to have this in a slightly different manner. And just ask yourself this, what happens if what you want to do actually works out?

What does that look like? Write it down. Vividly. What does this look like? What does your day look like? What is your relation? What are the relationships that you have people around you? What is it? What are your stress levels look like if now all of a sudden financially you're in a far better position?

What does your week look like when you have so much more flexibility with your schedule? What does your life look like if it actually works out? Because too often we focus on what if it doesn't work? But man, what if it does? Hey Peach Entrepreneurs, we have big exciting news. A new program that we just came out with.

It is our PT Biz part time to full time five day challenge over the course of. five days, we get you crystal clear on exactly how much money you need to replace by getting you ultra clear on how much you're actually spending. We get you crystal clear on the number of people you're going to see and the average visit rate you're going to need to have in order to replace your income to be able to go full time.

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And then finally, we help you create a one page business plan. That's right. Not these 15 day business plans. You want to take the small business association, a one day business plan. It's going to help you get very clear on exactly what you need to do and when you're going to do it to take. Action if you're interested in signing up for this challenge, it's totally free head to physicaltherapybiz.

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