Making The Leap From Employee To Real Estate Entrepreneur

Leaving behind the 9-5 and a steady paycheck to pursue dreams of real estate gold isn’t for the faint of heart. Becoming a real estate entrepreneur can be utterly frightening at times, as it’s entails a world of challenges, unpredictability and commitment to see things through to the end. It’s a tough road that many choose not to travel.

For others, it can be an awakening; Like getting up early and seeing the sun rise while the rest of the world still sleeps, it’s a vision of possibility. While others prefer a career path hinged on safety and security, entrepreneurs take the road less traveled, following their aspirations and dreams — no matter how uncertain they may be. Becoming a successful real estate entrepreneur begins with a goal, and to achieve it, an entrepreneurial mindset is required.

Becoming A Real Estate Entrepreneur

Becoming a real estate entrepreneur

The entrepreneur mindset is a critical element for success in real estate, as it encompasses a persistent drive and a mentality to never stop learning. Truth be told, having the right mindset is just as important as taking action. Consider this: each year, over a million people set out to start a business in the United States. After the first year, approximately 40 percent of those businesses will fail, and after five years, more than 80 percent of those businesses will fail. If they don’t, most businesses will still fail to fully achieve their potential.

As a beginner real estate entrepreneur, you’re bound to make mistakes. In fact, you’re probably going to make a lot of them. Having the right mindset will assist in overcoming those business hurdles, as well as furthering your long-term development and experience in real estate.

In his book, The E-Myth Revisited., Michael E. Gerber writes: “The basic difference between an ordinary man and a warrior is that a warrior takes everything as a challenge while an ordinary man takes everything either as a blessing or a curse.” The book provides a guiding light for entrepreneurs and dispels the myths about starting a business. In it, Gerber describes three business personalities that reside in every individual and how they need to align for success. They are:

The Entrepreneur

The Entrepreneur personality is where creativity draws breath, and optimism thrives.

“The Entrepreneur is the visionary in us. The dreamer. The energy behind every human activity. The imagination that sparks the fire of the future. The catalyst for change.”

The Manager

The Manager craves order. They are both strategic and tactical, focusing only on the past. According to Gerber, if The Entrepreneur thrives on change, The Manager uncontrollably clings to the status quo. Where The Entrepreneur sees opportunity, The Manager sees the problems.

“The managerial personality is pragmatic. Without The Manager there would be no planning, no order, no predictability. It is the tension between The Entrepreneur’s vision and The Manager’s pragmatism that creates the synthesis from which all great works are born.”

The Technician

The Technician gets things done; they are the doer. If The Entrepreneur lives in the future and The Manager lives in the past, The Technician lives in the present.”

“The Technician is a resolute individualist, standing his ground, producing today’s bread to eat at tonight’s dinner. He is the backbone of every cultural tradition, but most importantly, of ours. If The Technician didn’t do it, it wouldn’t get done.”

When starting a business, the problem lies in balancing the three elements. Gerber says the typical small business owner is only 10 percent Entrepreneur, 20 percent Manager, and 70 percent Technician. In order to succeed as a real estate entrepreneur, the personalities must align accordingly and work together.

Making The Leap From Employee To Employer

From the employee to employer

Once the three personalities are recognized, it’s time to make the leap from employee to real estate entrepreneur. However, a key cog in this transition period is timing. More often than not, people will say things like, “I need to wait until I’m more financially stable to start a business”, or “I have too many bills and responsibilities to make such a bold move.”

For beginner investors, it’s important to remember that the timing will never be right. The traffic light of life will never all be green at the same time, and if you’re looking for a sign, it’s never going to come. Having a strong real estate business mindset will not only ease the worries that come with starting a business, but instill a confidence when you’re on the right path.

In order to keep your mindset sharp, here are a few daily habits:

Get Up Early: As a real estate entrepreneur, it’s important to seize the day. Last year, Fast Company surveyed the daily habits of some of the most successful business leaders and found that not one of them woke up later than 7 a.m. Getting up early not only helps set the tone and attitude for the rest of the day, but it’s essential to maximizing your potential.

Visualize Success: If you can visualize it, you can achieve it — that’s the mentality real estate entrepreneurs need to integrate into their daily lives. Set a goal and envision how to obtain it. It’s a simple practice that will pay dividends in the long run.

Network: The phrase “It’s not what you know, but who you know” seems to speak directly to the real estate industry. As a beginner entrepreneur, building an extensive real estate network of contacts is vital to long-term success in real estate, as it curates leads, friends and potential partners. It’s a skill that needs to be refined over time with practice and implementing it into your daily life will ensure that occurs.

Talk To Yourself: Ask any successful entrepreneur and the majority will tell you that talking to yourself as proven benefits. Known as self-talk, this practice is used to build confidence and boost willpower, helping to motivate when faced with difficult times.

Becoming a real estate entrepreneur isn’t easy, but for most, it’s worth it. The right mindset can be a catalyst for great change in one’s life, including recognizing the entrepreneur personality in all of us. Learning how to recognize and align the three personalities is the first step in striking it out on your own and becoming an entrepreneur.