General advice, but very valuable advice.
The orthopedic industry, with its constant advancements and high demand, presents a lucrative opportunity for wealth creation for many people. Example – meet the 9 billionaires in orthopedics here.
However, achieving success in orthopedics isn’t just about working hard; it’s also about making strategic choices in what you work on, who you work with, and how you work.
1/ Choose the Right Space
Your journey begins with selecting the right niche within orthopedics. You have to look out to where the puck will be in 5 years or so. Look for emerging markets and products that excite you and align with your expertise. This could mean focusing on revolutionary medical devices, innovative surgical techniques, or even digital health solutions in orthopedics. The key is to find an area where your passion and knowledge intersect with market needs. I see the new trends eclipsing the old trends in this order… AI > Imaging/Nav > Extremities > Robotics > Biologics > Spine > Joints > Trauma
2/ Surround Yourself with Excellence
The next step is to collaborate with the best. Elevate your standards and seek to work with individuals who bring intelligence, energy, and integrity. Remember, the caliber of your team can significantly influence your success. Consider the Wright mafia as an example; their success was partly due to the collective genius of the team. Aim to build a network of highly competent and motivated individuals in the orthopedic field.
3/ Work Smart, Not Just Hard
Working hard is essential, but it’s not just about logging countless hours. It’s more effective to work in sprints – fully focused and passionate, then taking necessary breaks. This approach is akin to a lion hunting, exerting maximum effort in bursts, rather than a continuous marathon. Remember, inspiration is fleeting. Act on it immediately, but be patient with the results. Complex systems like the orthopedic industry take time to yield results.
4/ Impatience with Actions versus Patience with Results
Be impatient with your actions. If something needs to be done, do it promptly. This is particularly crucial in a fast-evolving field like orthopedics, where delays can mean missed opportunities. However, once you’ve taken action, be patient with the outcomes. Markets take time to adopt new products, teams need time to gel, and it takes continuous refinement to develop exceptional products.
In summary, becoming wealthy in the orthopedic industry is more nuanced than just hard work. It’s a strategic approach involving the right focus area, an excellent team, and a balanced work ethic. By being impatient with actions but patient with results, you position yourself for substantial success in this dynamic and rewarding field.