I’m not your typical entrepreneur. I left a secure job as a pediatrician at the age of 55 to pursue a concept that was revolutionary at the time, and together with the help of a few colleagues from the Abramson Center of Medical Physics, we took the leap.
Our idea? An innovative and cost-effective solution for sleep disorders to help the millions of consumers who have trouble sleeping.
My family and colleagues thought I was crazy. They didn’t know if I could survive with the young entrepreneurs of the day who grew up with technology and the Internet.
Today, I’m 68 years old, and I’m glad I didn’t listen to all the people who tried to persuade me to not pursue my dream. My company, Sleeprate, has evolved into a virtual sleep coach on the mobile phone. Our mobile program is used by insurance companies, academia, including the University of Iowa and MIT, professional athletes and consumers around the world. We’ve also partnered with electronics giants, Philips and Garmin, who are using Sleeprate’s technology and patents to help consumers sleep better and improve their performance during the day.
So how did I outlast many younger entrepreneurs? My education in physics pulled me through the tough early days of starting a business. Here are three lessons I learned in physics that can help all aspiring entrepreneurs — regardless of age — assess their business ideas.
Understand and Communicate the Big Picture
Physics is all about understanding the big picture. It deals with quantum equations and large data sets. Physicists need to understand the big picture without getting lost in the details, while also communicating the big picture. If you just understand it, but can’t communicate it, the physics discovery may be lost.
A similar approach to entrepreneurism. Entrepreneurs must understand the big picture of their product. This larger vision helps aspiring entrepreneurs see the right direction and to remain on top of things — especially in the first few months of a new project, when everything is scattered.
If you’re starting a new business or are in the early stages of a startup, make sure you have a deep understanding of the big picture and can communicate it in ways your customers will understand.
Test Your Hypothesis Before You Take Product Public
All physicists follow the same hypothesis testing model that 1) analyzes the problem; 2) challenges the hypothesis; and 3) tests the outcome. Testing a theory and conducting experiments are the two most important steps that lead physicists to insightful outcome data.
It is important to always identify your business objective. In the case of Sleeprate, my objective was to bring Cognitive Behavioral Therapy for Insomnia to the mobile phone. The better you understand the objective, the more focused your business model will be when it comes to generating solutions.
This same physics thinking can be applied to all business models. Entrepreneurs should test their model before introducing it to consumers. Conducting surveys and focus groups to gather quantitative and qualitative data can be crucial for success. Initially, Sleeprate began gathering quantitative and qualitative consumer data that showed users how well they were sleeping at night. This included qualitative surveys that we still use today with our mobile app and research. I’m proud to say that the qualitative research has evolved into one of the unique selling programs of Sleeprate.
Trust Your Instincts with New Ideas
Physics also relies on instincts. Trusting your instincts is as important for a physicist as possessing an appropriate knowledge. Without instincts, there would be no breakthroughs in science, because instincts guide a physicist to test new theories and explore the unknown.
As an entrepreneur, relying on knowledge alone is insufficient for ensuring advantageous behavior, since instincts, not general knowledge, provide unique perspectives. Your instincts as an entrepreneur will also help you spot new and innovative opportunities.
There’s a business cliche, ‘trust you gut.’ Many entrepreneurs might not realize this, but that cliche is rooted in physics. If you’re launching a new home business, trust your gut if something doesn’t seem right.
