Short-term success is easy for real estate entrepreneurs. They posses high energy in the beginning. That means, when they do it right, they experience early success. This comes after setting up their brokerage, putting their marketing infrastructure in place, and then acquiring their initial prospects – they close a few sales. However, that energy eventually dies when there is a lack of mental stamina. So naturally, that growth slows too.
When energy levels die, how do you keep it on full throttle? How do you maintain that high energy, long term? As a real estate entrepreneur, you must develop your mental stamina to achieve long-term objectives. Read on to uncover how to posses mental stamina.
Mental stamina defined
The word stamina refers to physical strength and endurance. In business, mental stamina is your inner power to endure mental, and even physical fatigue, hardship, distress, and difficulty.
You need unfaltering entrepreneurial stamina in order to maintain business growth. If you already have it, great! If you don’t, let’s develop it now so you can launch and grow your business startup for the long-haul.
The difficult life of a real estate entrepreneur
Your life as a real estate entrepreneur will be very difficult, especially during the early stages. You’ll live and breath your brokerage day in and day out. And you’ll work long hours in order to succeed.
In the beginning, you’ll wear many hats. And, you’ll be required to perform most duties, whether you like them or not. Also, you’ll perform many tasks in which you might not be proficient at doing.
Mental stamina for the long haul
So are you in this for the long haul? Are you willing to work harder than you have ever worked before? Lastly, are you in this for the long haul? Hopefully, to these questions your answer is an enthusiastic YES!
Real estate brokers need mental stamina to keep themselves and their team going strong while they grow. Real estate agents and staff don’t have the same motivation as brokers – real estate entrepreneurs. Staff receives paychecks every week, regardless of how the brokerage is progressing. Your agents have their own motivation, but they need to be inspired by your mental stamina. Be sure to always give your team plenty of incentives and motivate them regularly.
Your entrepreneurial persona
It starts with an entrepreneurial mindset. Real estate entrepreneurs have a burning desire to create something profound – something which will provide financial freedom – something which will meet a need or fill a niche in the marketplace.
Entrepreneurs are pioneers. They break new ground, and they seek out new territories.
Entrepreneurs are game changers. They know how to change the status quo.
Entrepreneurs are risk-takers by nature. They also know that failure is a normal part of the process.
Do you have passion and the determination to stick with it through the rough times? Are you risk averse?
Far too many people start doomed real estate brokerages. The business startup failure rate is eight out of ten in less than two years. What new brokers fail to realize is that a new brokerage is a business startup So you shouldn’t start a real estate brokerage unless you have strong mental stamina. You need that to keep your brokerage growing, long-term.