Which Gig Should You Accept, Doctor?

Problem statement: Dr Jones presently is the CMO of a startup with a generous compensation package. However, his CEO has asked him to send a revised job description.

Should Dr. Jones say yes?

If you a healthcare professional looking for a non-clinical gig and have done your homework, clients will start asking you to work with or for them, or, the people who you presently advise or consult to will want to modify your job and/or your compensation arrangement because, inevitably, circumstances will change. In other words: we didn't get that investor money after all , or , you didn't meet our expectations.

Then, you will have to decide whether you want to include them in your client portfolio or not. So, how should you make that decision? Which gig is it, doctor?

Answer: Do the cost / benefit analysis. In other words, on a legal pad with a line down the middle, list the tangible and intangible benefits and costs of your participation and decide the value of the engagement to you and your potential client.

HINT: Asymmetries between the value of saying yes to you and your value to a potential client is a red flag. It should be a win-win.

The tangible benefits are typically compensation and any other perks and the costs are the time and effort to fulfil the scope of work.

But, don't overlook the intangible benefits that, in the long run, might be even more valuable than money or goodies. These are:

1. Networks that can connect you to other opportunities
2. Education about a domain or industry where you have knowledge, skills, abilities and competency gaps
3. Leadership, emotional intelligence and team building experience
4. Potential mentors
5. Building personal brand equity
6. Creating synergies with other people you know or have as clients
7. Satisfying mission or purpose
8. Getting an idea that is important to you to patients or other stakeholders 
9. Satisfying your intrinsic motivation driven by a personal need or circumstance
10. Giving you something worthwhile to do while you are locked in your house during COVID-19 getting on your spouse or partner's nerves.
11. Challenging you to meet stretch goals
12. Getting the chance to pass it forward

Like all the choices we make, we buy emotionally and justify rationally. Your intuition about the intangibles should be an important part of your decision about whether and how to ladder your career portfolio. If you decide to say no, do it amicably. The world is a small, round place.