How To Boost Your Business With An Entrepreneur Mindset
By Paul Esajian on July 28, 2017
Investing in real estate is like batting in the major leagues. If you get a hit just three times out of ten you are well on your way to the Hall of Fame. The other seven times you may be close but the numbers tell a different story. It is easy getting beaten down by defeat in the major leagues and real estate. The reality in both is that you fail much more than you succeed. It is often how you handle defeat that determines your success. If you let it become a habit you will have a tough time moving forward. However, if you learn to shake it off and move on your business will be better off in the long run. As is the case with baseball, and most sports, success is 75% based on your mental approach. Here are five ways you can change your business simply by changing your mindset.
- Accept that there will be problems. If you watch almost any real estate investing show on TV there is one common theme. At some point, there will be an issue that needs to be addressed. Some of these may be bigger than others but there is almost always a monkey wrench thrown in the plans at the worst possible time. Even though the investor may initially complain about it they have the ability to quickly get past it. The biggest reason for this is because they accept that there will be issues on almost every deal. Instead of pouting and pointing fingers they take the problem as a challenge and quickly try to figure the best way out of it. The sooner you solve the problem the easier the rest of the transaction is. Nobody likes dealing with unexpected problems but they are a big part of the real estate business.
- Luck is a byproduct of hard work. The best investors just happen to be the luckiest. Of course, this should be read with a bit of sarcasm because there is no such thing as a lucky investor. In real estate, and in life, you create your own luck. From the outside, it may appear that luck made a fellow investor who has access to multiple deals call you out of the blue. The reality is that luck was created by showing up at networking events and following up with constant emails. The same is the case with any new deal that comes your way. If you want a deal to just fall on your lap you need to take steps to make it happen. The best investors know that they need to constantly stay on top of their pipeline by reaching out to past contacts and developing new ones. Eventually you will get a phone call out of the blue that may seem like luck but is really the benefit of hours of hard work.
- Never rest on your laurels. If you want to grow your business you need to change your mindset. Sure, you can carve out a good business with your existing education or current skill sets. But, the more education you have the more deals you have access to. Every free working hour should be spent on improving your education or sharpening your skills. The minute you think you know enough some other investor in your market will sail right past you. Even the busiest investor has an hour a week to take a new online course or start reading a book that will help their business. There is literally always something you can do that will benefit your business. If you think you have all the skills and education you need you are mistaken. The real estate business is constantly changing and evolving. You need to change with it.
- Every decision is impactful. There is a definite domino effect with every business decision you make. The best investors know that they cannot make hasty decisions and expect to get the results they desire. Even the most experienced investors give thought to how they run a certain deal or their business as a hole. All it takes is one poor decision on a rehab transaction to start a spiral of negative events. Before you know it, you will be forced to compensate for that decision with everything you do. This further compounds your initial bad decision and can quickly turn a profitable property to one with only average returns. You should never make decisions solely based on gut or feel. These should only be a consideration after looking at numbers and data. Always give thought to every decision you make.
- Open minded. There is a fine line with any business in sticking with what you know and trying new things. On one hand, you should have a bread and butter niche you can rely on for steady income. On the other, you never know when that niche will fade away. Take for example the foreclosure crisis. This was the rave of the industry at the end of the last decade. Any investor who put all their eggs in this niche probably isn’t around the business today. Those that had the foresight to try new things and market in other areas is probably thriving right now. Never reject a niche or close the door on something until you give it a fair shot.
Your thoughts often control your actions. You can always change the course of your business simply by changing your mindset.