Do You Have an Entrepreneurial Mindset?

© Maridav - AdobeStock

Entrepreneur Magazine recently published a list of 12 traits that are consistent among most entrepreneurs. We’ve analyzed those 12 traits and outlined how they apply to the real estate industry. See how many of these entrepreneurial characteristics you have and how you can apply them to improve your business in 2020.

1. You take action. Barbara Corcoran, founder of the Corcoran Group and co-star of TV’s The Shark Tank, believes those who have a concept, but not necessarily a detailed strategy to realize that concept, are more likely to be entrepreneurial. Corcoran’s strategy is “invent as you go.” Forget about over-analyzing and take action, she recommends. That means a real estate professional should be in action 90% of the time rather than planning mode.
2. You’re scared. Fear isn’t necessarily a negative emotion—it’s actually quite motivating, as the Entrepreneur article points out. Fear creates focus; it keeps you on your toes. Fear creates the drive to succeed, no matter what—even when the market is bad or a deal falls through. According to Susan Jeffers, author of Feel the Fear and Do It Anyway (Ballantine Books, 2006), “Pushing through fear is less frightening than living with the bigger underlying fear that comes from a feeling of helplessness.”
3. You’re resourceful. Being an entrepreneur is not about having enough resources (such as experience or perfect scripts). “Being an entrepreneur is about being resourceful with what you have,” as the Entrepreneur article says. Earn while you learn—great advice for brokers and agents alike. And remember, action is more important than perfectionism.
4. You obsess over cash flow. Define what you want and track your income.
   • Track your cash flow to fuel your basic monthly expenses.
   • Track your cash flow to pay your taxes on time.
   • Track your cash flow to fuel the lifestyle you want, including paying off your debts, paying cash for all expenses, etc.
   • Track how many transactions you need to meet or exceed your goals.
   • Track how many listings you need to create the number of transactions you need to meet or exceed your goals.
5. You don’t ask permission. Your listing and buying clients want you to be a leader. If you’re a broker-owner, you’re the one with the final word at your company. Take charge and embrace your authority.
6. You’re determined. Not taking action will cost you money. Make a list of what you’re not doing that you know is profitable and start doing those things now. For example, contact expired listings, contact FSBOs, set appointments, recruit new agents or team members, try a new marketing technique, or build a lead-generating platform.
7. You welcome change. In real estate, it’s imperative to have a willingness to be flexible and versatile. When things don’t go according to plan, do not give up. Find another way.
8. You love a challenge. Entrepreneurs think nothing is insurmountable. Entrepreneurs do not panic—they rise to the occasion.
9. You consider yourself an outsider. Chances are, you felt like an outsider where you worked before you became a real estate agent. Now that you are an agent or broker, embrace the fact that you don’t have anyone telling you what, how, or when to do what you’re doing. You get to figure all of that out and do it as you see fit.
10. You recover quickly. If you fail, Corcoran advises that you to resist the urge to feel sorry for yourself or to wallow. Move on to the next thing immediately, be it the next person who needs your help, the next business plan, or the next day.
11. You listen. As an entrepreneur, you listen to those who know things you don’t and to ideas that are not your own. Real estate leaders should be able to take constructive criticism and honest feedback and to gain insight from others at your firm. Always be listening, learning, and implementing.
12. Focus on what matters. What matters is your product and your product is profit. William Wordsworth, an English poet, once said, “Life is divided into three terms—that which was, that which is, and which will be. Let us learn from the past to profit by the present, and from the present, to live better in the future.”

Listen to our podcast to learn more on how to apply entrepreneurial traits towards creating your best real estate business in 2020. Happy new year!