Starting as an entrepreneur isn’t an easy journey.
I am going to discuss the six biggest mistakes that I made as an entrepreneur/investor myself. I’ll be discussing the successes that I had and also the failures but more on mistakes that I’ve encountered.
One thing that I am going to mention is that I am constantly evolving myself. I am not perfect, I’m still making tons of mistakes, but from those, I’ve learned a lot and what I am sharing right now is upon reflection of what I am doing.
1. Trying To Do Everything
If you want to succeed as an entrepreneur, don’t try to do everything. Focusing on different things at the same time can lead to not being able to accomplish your goals.
I tried to know and do everything because I didn't have the confidence and trust to delegate the job to other people. I was one of those stubborn business owners.
From that mistake, I’ve learned that you have to have the right people and sources to help you do and complete the tasks that are more important.
Right now, I have 16 employees underneath me, I am still involved with day-to-day but more pushed up within the company.
2. Not Following Up
This is more on the sales side, which is not following up, and this has been a huge AHA moment. Meaning when I was reaching out to a seller, or a seller has reached out to me expressing their interest to sell their property and then maybe they got cold feet for whatever reason that it is always important to follow up.
From my outreach efforts to owners, it takes a minimum of six attempts to just get in touch with them, and then it takes 15-20 touches to convert them from not interested to being interested. Following up is one of the secrets and a game-changer to make it big in the industry.
3. Not Investing in Myself
One of the mistakes I see that most investors or entrepreneurs do is they are not investing in themselves by enhancing the skills and knowledge by investing in courses, training and attending seminars. As for me on a daily basis, I logged in to sales training and go there and take notes and listen to contents provided and just further educate myself on sales.
From my perspective, I believe that sales is everything. The biggest ROI that you can get even outside real estate is investing in yourself, which is the biggest game-changer for me. In the beginning of my career versus what I do now, I still believe investing whatever money what I make from my primary business and then putting that right back into me in terms of learning, attending conferences to maybe get the upper hand to what technology to be used. You’ll be able to meet more people and increase the chances of having the right connection or network you need.
5. Understanding the Sales Game
Either you are selling or you are being sold, so now what I do on daily method is focus on sales training, so one book that I highly recommend for those who are looking to understand sales is Sell or be Sold by Grant Cardone and that’s why I mention either you are doing the selling or you are being sold. This material has helped me a lot to learn the hacks and secrets about how to improve sales.
In the real estate world, when you are going direct to the owner or maybe through a broker, you have to convey to that individual why you are the right buyer for that deal. Understanding sales is essential to assure that you are equipped with the right knowledge in the field, especially in the real estate world.
From this mistake, I was able to learn and create the right processes, negotiations, and strategies that have helped me improve myself and my business.
5. Not Thinking Bigger and Setting Goals
I learned a lot from having all those single-family and then shifting over to the multifamily, but I would say preferably would have wanted to go to multifamily sooner because if I had, the properties would have been cheaper than they are now, so I wish I did that before. I learned that thinking bigger and setting goals is one of the keys to making sure that you can succeed.
6. Chasing Perfection
I used to think that I have to have everything completely figured it out before actually taking the necessary actions, which is more of just committing first and then figuring the rest out later. It doesn’t have to be necessarily perfect, meaning you have to go out there, you get the feedback and then you can make revisions. Everything doesn’t need to be perfect when putting it out. Perfection is objective from my own perspective.
In conclusion, the above-discussed mistakes I made changed my perspective on life as it has helped me improve myself and learned a lot from that. Continuous learning and investing in the right people is an ideal key to correct these mistakes and be the best version of yourself.
P.S.
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