Do YOU have the mind of an entrepreneur? If you’re a great real estate agent, then your “know-how” will help you maintain a decent level of success. But, if you understand WHY specific things need to be done to succeed as a real estate broker, you may be a real estate entrepreneur who can lead your real estate business startup to great success.
Accomplished real estate agents know how to gain many prospects and then close deals selling real estate. Real estate entrepreneurs know how to start and grow a successful real estate business – their brokerage. Read more to uncover what makes the mindset of an entrepreneur tick.
The mind of an entrepreneur understands the WHY
If you have the mind of an entrepreneur, you understand WHY every aspect of your real estate business exists. Also, you know how the milestones and functions should be prioritized. This happens when you have strong entrepreneurial vision, which is the foresight required to lead a real estate business startup in the right direction. You have the know-how, but do you understand the big picture? Knowing WHAT needs to be done, and WHY, should be exactly what makes you tick as a real estate entrepreneur.
Understanding the mind of a famous entrepreneur
Most important duty as a real estate entrepreneur
Having the real estate sales know-how is great. And the more you have, the better. You WILL perform many, if not all of the duties during the early days of your real estate business startup.
Just don’t forget your most important job: NAVIGATING YOUR REAL ESTATE BUSINESS STARTUP FORWARD! You have the mind of an entrepreneur. Now use it!
You’re not a real estate agent!
You’re the real estate entrepreneur running the show!
Each milestone and function is determined and prioritized by you. Therefore, focus on implementing your entrepreneurial vision first and foremost. Do this regardless of your skill-set and know-how. Go ahead and work as a real estate agent to make ends meat in the beginning. But don’t get too comfortable staying in that role. You’re no longer just a real estate agent. You’re the real estate entrepreneur running the show.
The correct mind of an entrepreneur
As the real estate entrepreneur, you’re the board of directors and the stock-holders all wrapped into one person. Keep in mind, neither of those groups manage anybody. They DO call the shots, but they don’t implement them. Of course you’ll perform much of the implementation in the early days, but you’ll do it as the broker, not the agent or employee. Hire a manager and build your team under them as soon as you are able.
YOU OWN IT!
You’re the one who’s most preoccupied by the progress
“Ownership” is the state of mind of an entrepreneur. When you own a task, your passion drives you forward. When you work for a broker, they own your task. That means, your directive only moves you forward at the required pace. Both are strong motivators, but owners reap the rewards. And, passion, along with knowing the WHY, overcomes any lack of know-how. When you own it, you truly care about getting it done right.
Passion keeps you on-the-clock 24-hours-per-day, seven-days-per-week, and 365-days-per-year. Who is the one most preoccupied by how the company is doing? You are at the top. You’re the one who takes the highest risk. Yet, you don’t even get holiday pay for Christmas. Keep the right mindset as the visionary who’s focused on starting and growing a business startup, not on managing one or working at one.
You most likely work harder and longer than anyone else
Entrepreneurship is such an obscure concept for so many people to understand – new real estate entrepreneurs and small real estate brokers included. And, it’s sad, because you most likely work harder, longer, and innovate more than anyone else at your real estate business. You’re it. You’re the key to success!
For some examples of the how the mind of an entrepreneur works, check out: Ten Things Entrepreneurs Don’t Do.
Misconceptions about the mind of an entrepreneur
As you may have already discovered, obscurity is commonplace in the life of an entrepreneur. Nobody will truly understand you. They won’t understand WHY you do what you do. Working 15 hours or more per day, keeping EVERYTHING on-course and balanced, isn’t a normal duty – it’s not a normal job role at a company. That would be like having someone else raise your child. You’re the “parent” raising your own real estate business. Don’t let someone else raise it.
“Real Estate Entrepreneur” or “Real Estate Broker” is not a job title. Most people think you have to work at a job within your real estate business startup. And, “Manager” is typically the job title they expect you to hold. But, “Manager” is a full-time job all in itself – you’re already working 15 hours or more per day as it is!
Are You a Small-Business Owner or an Entrepreneur? The Difference Is Important to understand in order to know if you have the mind of an entrepreneur.
Find someone to manage the day-to-day duties
As roles and responsibilities increase at your real estate business startup, you’ll need to put a good manager in place. You must do this in order to keep the ball rolling effectively. Find someone who can manage employees and the day-to-day tasks according to your direction. The correct mind of an entrepreneur here is leadership, which isn’t the same as management.
For fine-tuning of your entrepreneurial mindset, check out: Top 10 Tips From Seasoned Entrepreneurs.