Investing in the housing market has as much to do with your personal mindset as it does with your real estate business acumen. If for nothing else, there may be nothing more important to a real estate investor than his or her individual business mindset. Sometimes the only thing separating a good investor from a great one, after all, is the inherent ability to overcome mental obstacles. After all, what is an investor; if not someone that can think on their feet and make impromptu decisions for the betterment of there bottomline.
Let’s take a look at what I believe to be the foundation of a great business mindset.
1. Courage Trumps Fear
In making the decision to become an entrepreneur, you have already taken the first step in developing a winning business mindset. After all, it takes a lot of courage to leave the familiarity of a nine-to-five for the prospects of becoming an entrepreneur. That said, fear will prevent you from taking steps in the right direction, whereas courage will push you forward. In order to be successful, you must extend beyond your comfort zone, and nothing is more capable of helping you make the transition than courage; courage in yourself and what you have learned up to this point.
While there are those that will argue a little bit of fear can go a long way, I am of the belief that fear will only serve to cripple entrepreneurs. That said, it is vigilance, not fear, that is invaluable to today’s entrepreneurs. There is a fine line between being careful and fearing the results of your actions. You should never fear the decisions you make if you are making them with the support of a sound education and proper due diligence.
You see, it is healthy to exhibit a slight degree of skepticism, but not as a result of fear. Any hesitation you have should not be because you are scared of the ramifications, but rather the product of a well rounded education.
Entrepreneurs that are not scared of failure ultimately have an advantage over those that are paralyzed by fear. At the very least, those that understand mistakes are invaluable learning experiences are more likely to be proactive, and what are entrepreneurs if not proactive businessmen and women?
2. Attitude Is Everything
To become a successful entrepreneur, or even simply boast a productive business mindset for that matter, you must believe in yourself. Quite simply, if you don’t believe in yourself, you can’t expect anyone else to, nor should they. Entrepreneurs incapable of seeing their own potential will ultimately run their course sooner rather than later. In my opinion, there may be nothing more damaging to a real estate professional than an inherently bad attitude.
That said, a winning attitude can absolutely elevate a good real estate entrepreneur into the upper-echelon of their peers. It is entirely possible that the only thing separating the best real estate investors from marginal ones is their attitude; not access to capital or a dearth of contacts. If for nothing else, a great attitude can generate everything you need in the real estate industry.
It is important to note, however, that your attitude shapes more than your own perspective of the industry; it simultaneously shapes the way others view you. Whether you like it or not, your success as a real estate investor is contingent on how others view you as an individual. At the very least, real estate is a people business; the sooner entrepreneurs understand that, the better. The relationships you build throughout your career are your strongest asset. And it shouldn’t surprise anyone to learn that your attitude will shape the relationships, for better or for worse.
Nothing, at least that I am aware of, has the ability to foster better relationships than a positive attitude. Do yourself a favor and take a good attitude with you to work everyday; your contacts and your bottom line will thank you for it.
3. Do What You Love & Love What You Do
It is true what they say; you never work a day in your life if you truly enjoy what you are doing. As cliche as this statement may sound, it carries more weight than many may be willing to acknowledge. There is something to be said about passion; often times it is the only thing separating the truly great business minds from the rest of the pack.
It is the act of doing what you enjoy that will develop a truly powerful business mindset; never forget that. Passion has a way of tipping the scales in your favor, and real estate investors are no exception to the rule. I am convinced that success is more likely when you are invested in your passion, as you will want to work harder to achieve the goals you have laid out for yourself.
I am convinced that the best business mindset a real estate investor can exhibit is a well-rounded one; one that encompasses every viable attribute. That said, the three I mentioned above are in no way solely reflective of the perfect business mindset, but rather the foundation of today’s best investors’. There are countless characters deserving of praise, but I have found that these three are universally found in those that have made a habit out of success. That said, if you are looking to take your business to the next level, try adopting some of these into your own business mindset.