How to Become a Real Estate Entrepreneur by Creating Value (From: How to Make Real Estate More Valuable)
While this may appear to be a broad study consisting of personality, risk taking threshold, and having an IQ of 180, it is, however, a basic endeavor anyone can aspire to. But at the same time, it may appear naïve that anybody could be an entrepreneur. To become an entrepreneur you simply have to think. That’s it--think. You have to learn to use your brain. Now, I know what you are thinking: “Gee, if this is the best advice you have on becoming an entrepreneur, then why read the rest of this lesson?” Do you know how to think? I mean really think? Do you know how to organize your thoughts? Can you focus your thoughts on one subject at a time? How badly do you desire to do something? To be something? Having an overwhelming desire to achieve something—anything can lead you to become a real estate entrepreneur—a professional flipper or long-term investor in rental property
Have you ever devised a way to do something better? If you have, then you know how to think. You would be surprised at how many people do not know the first thing about thinking. I would guess that 90% of the U.S population does not really know how to think: thinking of ways to make more money; thinking of ways to live better, healthier; thinking of ways to help family and friends in crises; thinking of ways to enjoy living; thinking of ways to do better and more productive business; thinking in all sorts of ways—but thinking nonetheless.
Think, create, execute, and manage, this is how you become an entrepreneur. How do you become an entrepreneur? The first step is to think. The second step is to create. The third step is to take action. The fourth step is to manage. The fifth step is to think again, and the process starts allover. Now let’s visit each step a little more closely.
Think. Thinking is elementary. All of us are capable of it, but many do not attempt it often enough. If you believe you were meant to go out on your own, not to be tied to a job that stifles your energy and creativity, and you have an idea that can set you free to create your own life and the way you deserve to live, and then think about becoming the entrepreneur you were meant to be. James Allen, in As a Man Thinketh wrote, “Good thoughts and actions can never produce bad results; bad thoughts and actions can never produce good results.” Entrepreneurs think then create—and then take action. Entrepreneurs need to think “good thoughts.”
Create. An entrepreneur must have the energy and commitment to create. An entrepreneur must have an overwhelming desire to achieve success and must possess the motivation to overcome setbacks. The vision of the enterprise must be indelible; long work days without pay for months or years are acceptable from a true entrepreneur whose belief in an idea possesses his whole being. There is a fire in a true entrepreneur which is impossible to burn out. The creation or birth of an idea is within everyone, but very few act on it; an entrepreneur must act on it—he is compelled to act because it is what he believes in.
Execute. Effective execution is a rare thing. Not many entrepreneurs can do this. Many lack managerial skills, many lack people skills, and many lack the ability to acquire the right people for the right jobs. Good managers are hard to find, so the entrepreneur will need to spend the time learning every part of the business starting out.
Devising a strategy is easy, but executing the strategy for real, positive results is difficult. The lack of execution is typically the ruination of many entrepreneurial ventures.
Manage. As noted, finding good managers is hard. The entrepreneur who has the ability to manage people effectively and who is able to lead them to superior performance is the entrepreneur who will accelerate growth in the enterprise from day one. Very rarely does the true entrepreneur step down from a managing standpoint; he may hire others to do the job, but he will also be close by monitoring performance.
Real estate entrepreneurship is all about creating value and increasing value of property. A sharp entrepreneur studies his market thoroughly and makes changes to his property(s) that give the greatest gift of all--greater profits.
Becoming an entrepreneur is within you if you are able to think clearly, create with overwhelming desire and commitment, execute your idea, and manage yourself and others effectively, leading to superior performance. A strong vision, motivation and a burning desire to implement your ideas is also a necessary requisite.
To increase value, you must think and take action as an entrepreneur--a person who is willing to create and think, manage and execute projects differently and with style. Real estate entrepreneurs find ways to increase value--and so must you.