Are you a real estate entrepreneur or a manager? You may not know this, but there is quite a difference between entrepreneur and manager. From personality traits to job roles and functions, the difference between entrepreneur and manager are distinct across the board. You might be surprised by this, and you may even be skeptical about it. But after you put the pieces together that are revealed below, you’ll truly have an epiphany.
Successful real estate entrepreneurs are not always good managers. For one, they are very impatient. This is due to their competitive nature and strong sense of urgency, which is why they succeed. And if that’s not enough reason to be ineffective at managing people, there’s more. Highly-successful real estate entrepreneurs have a mild form of OCD (Obsessive Compulsive Disorder). This trait alone is enough to drive away top-selling real estate agents and quality employees – not good! Interestingly enough, these traits work well for entrepreneurial success.
Steve Jobs, genius entrepreneur or manager? – He wasn’t known as a good manager
He was, however, one of the best entrepreneurs of our time
I’m an online service entrepreneur who understands the in’s-and-out’s of the real estate business in Mexico. As such, I know how to launch a business startup, make it viable and then grow or scale the business accordingly. But admittedly, I’m not a good manager. I’m very good at managing myself, but I’m impatient with others and I’m a total control freak. I’ll try not to mention my temper – Oops!
I’m writing this article because I truly understand the difference between entrepreneur and manager. And, this applies to any real estate agent who wants to become a successful broker.
Breaking down the difference between entrepreneur and manager
Most successful real estate brokers already understand the principles of management. They probably know the theory and the formulas required to build a great team and then manage them. They may have an MBA or they may have studied most principles taught in an MBA program. That mean most successful real estate entrepreneurs have the know-how to manage.
Real estate entrepreneurs struggle to balance people skills with their strong drive to succeed. As such, they tend to be abrasive and offend others unintentionally. And while managing their growing team, they come across as overbearing as they implement their vision for success of their real estate brokerage. The bottom line is this: Real estate entrepreneurs can’t do their work if they’re spending their days managing people and managing the day-to-day operations.
Great example reveals the difference between entrepreneur and manager
A real estate entrepreneur is the board of directors combined with each and every stock-holder, all wrapped into one person. And believe it or not, NEITHER of those groups manage anyone. They call the shots, but they don’t implement them.
Misconceptions about real estate entrepreneurs
Obscurity is commonplace in the life of real estate entrepreneurs. Nobody truly understands them. People just don’t know why they work so hard for so many hours every day. Building any successful business requires the kind of hard work that most people are simply unable or unwilling to perform. Unfortunately, that type of dedication is necessary to be successful in real estate, especially if your building a real estate brokerage.
You, the real estate entrepreneur, don’t work “at” your brokerage. To explain, you work “on” your brokerage, pushing it forward and making it grow. That is such an obscure concept for most people to understand, which is why most real estate agents fail. As a broker, you must work harder and innovate more than anyone else. You’re it and you’re the key to success!
As the one who’s most preoccupied by how your company is doing, you’re on the clock 24 hours per day, seven days per week, and 365 days a year. You’re the one who takes the highest risk. And, you don’t even get holiday pay for Christmas. Real estate entrepreneurs are visionaries who are focused on growing a real estate business startup, not managing the daily operations.
How to address the difference between entrepreneur and manager
Typically when you start your new brokerage, you’ll perform most everything yourself, including sweeping the floor. But as you turn your real estate business startup into a viable brokerage, you’ll start building your team. And if you hope to keep the top-selling real estate agents and high-quality employees that can find, you’ll need to hire a good manager to be a buffer between you and them. Hire someone who can deal with your impatience and your OCD, and translate your vision into something your team can understand and implement.
Find yourself a good right-hand person
Locating a great right-hand person is very important indeed. Very few competent people can tolerate working for an entrepreneur. Therefore, make sure you find someone with a personality that complements yours extremely well. They must be patient, level-headed, dependable and smart. The rewards you’ll experience will equate to steady, positive growth. But then, always work to improve your interpersonal skills.