CA: Why do you think business school is the right path for entrepreneurs?
SP: I think there is a common ideology out there—namely that if you are going to be an entrepreneur you don’t have to go to business school. I am of the opposite opinion. I originally started my business without business school. But just learning and applying the core skills I’ve gained here at SOM really helps take entrepreneurs and businesses to the next level. The support and advice you get at business school and in entrepreneurship classes is also incredibly valuable. I didn’t know anything about lean methodology before I got here. Applying everything I have learned has helped me enormously.
CA: Which of the sharks was toughest?
SP: I would say they were all pretty tough, but Mark Cuban and Kevin O’Leary were probably the toughest.
CA: What were your key takeaways from the experience?
SP: One of the key takeaways was that the sharks themselves—it is not a coincidence that they are as successful as they are. When I explained my business, I was incredibly impressed with how quickly they were able to identify my core competencies, understand my revenue model, zero in on my challenges. They are very astute business people, so it is not at all surprising that they have done as well as they have.
Photo credit: Disney | ABC Television Group
Another key takeaway for me was that you can only prepare so much. And this applies whether you are pitching Shark Tank or a private equity firm or venture capitalists. I’ve talked to other Shark Tank entrepreneurs who watch every episode and write down every question. I watched a few episodes, but at the end of the day when you get in a pitch you can only be so prepared. They are going to ask you questions that you aren’t ready for, and you have to think on your feet. It’s ironic—given that I started a business based on preparation. I am so used to preparing for everything. But I have learned that you sort of get knocked in the face and there is inevitably some level of unknown.
CA: You’ve shared how Yale SOM prepared you as an entrepreneur. How has it prepared you as a future doctor?
SP: One of the problems I think with medical school—although a lot are trying to change this now—is that you become so focused on the pathophysiology of disease and clinical medicine that there’s not much exposure to the business side of medicine, healthcare administration, insurance. At Yale SOM I took a class called “Healthcare, Economics, Finance and Policy,” which really opened my eyes to everything else in healthcare—Medicare/Medicaid, pharma companies, the insurance side of medicine—all of these aspects of medicine that are outside of clinical pathophysiology. Most medical students have to learn those things on the job after they are in practice.
CA: Did you consider joint MBA/MD programs?
SP: I did have that option—I had the opportunity to go to business school at USC as part of a joint program that would have meant a reduced overall course load. But I actually really think the two years in business school are worth it. The first year at SOM is all your core classes—accounting, marketing, finance, operations—and I definitely wanted all of those. And then the second year is all electives. The first year is very important in terms of building a foundation, but the second year has been important in terms of allowing me to take electives in entrepreneurship and healthcare management. For me, the extra year is not something I regret at all. I think there was a very big benefit to doing it this way.
CA: Anything else you’d like to share with the Clear Admit audience?
SP: One thing I would suggest to business school students who are entrepreneurs is to really consider pitching Shark Tank. The chances of getting onto the show are low, but there is a chance. There were other business school students when I was in the green room at Shark Tank—people do make it onto the show.
I know so many business school students who have startups. An investment from Shark Tank is great, but the experience is valuable whether or not you get one. A lot of people place a lot of value on the investment potential and not enough on the exposure. Especially for first- or second-year business school students—getting that exposure in the first few months of your company could help you really take off.
It’s a great opportunity for all business school students, and the auditions take place from January through March—so now’s the time.
CA: Any tips for the casting call?
SP: Try to give something away that is memorable. The casting director I presented to—the entire time he had a stone cold face and didn’t seem very impressed—even though I think I did a really good job with the pitch. It wasn’t until, at the last second, I pulled out my number one best-selling SAT prep book. He seemed to be really impressed with the book. So my advice is to try to give something away that can be memorable or tangible. I run a service business so it’s harder—I’m so glad I had the book.
