Being an entrepreneur is the hardest thing you will ever do. I know people like to say that and you brush it off, but I promise you, you will find out who you really are during this process. Sleepless nights, anxiety, fear, and did I mention anxiety? This will be the most epic journey of your life.
Things I ran into when I started my business to help you navigate this journey.
These are your worst enemy when starting a business.
My definition of a talker is someone that has a lot to say, but no actions to back it up. It could be you, your best friend, or potential investors.
The bottom line is, you want to eliminate these people from your start up quickly before they stall your drive. As an entrepreneur, you have a vision for what you are building, and it may change but it’s still your vision. Shove it down their throats…nicely. Stand firm in your vision and make sure they hear you.
Starting my real estate company was interesting. I had a lot of push back due to market factors, investors that don’t understand my vision, and Talkers. I trusted and relied on the wrong people. It was tough to deal with but I learned a lot about myself. I am the type of person that will do what it takes, but not everyone’s the same. Some investors talk like they have money, but really don’t. Other investors claim they can open doors for you, but they don’t. While partners claim to work hard and build a plan of action, but they don’t. You get my point.
Your Passion is Your Weapon
The only way I broke through those barriers is my passion for The Carson Group. Passion for my vision and my ability to do what I say I am going to do. I didn’t know how to buy houses let alone value them appropriately, but I knew I could figure it out and I wasn’t going to let someone tell me no. Now I can be dropped into any market and buy homes. I understand how to do it and how to negotiate purchases prices that make the flip make sense.
Passion, it’s what separates you from the average Joe. Passion to make money, passion to build an empire, and passion to build wealth for my family are the three things that motivate me. You need to find your passion and then harness it. Use it to convey your serious about your endeavor and do not let Talkers stand in your way. Craft a pitch for your potential investors which conveys your knowledge of the industry as well as your vision. Your passion is going to take them over the edge and want to invest. Most investors want to invest in the entrepreneur, not so much the idea. If they believe in you, they will throw you money.
I love reading about rich people telling young entrepreneurs, money comes easy when you have a good business plan… Okay, sure if you can go to a hedge fund but it’s incredibly hard to get early investors. I struggled to build investors because they were unwilling to think outside the box. It could be the small town vibe Reno gives that causes them to be risk averse, but breaking that barrier was the hardest part.
Looking back, I wish I would have just taken out a hard money loan (private loan with about 8-10% interest). Instead, I took out credit cards and then maxed them out… Oops. But I wasn’t going to let anyone stand in my way so I did it all myself and told the investors they would be sorry. At the time of writing this, I bought 15 deals in 8 months and the investor that took the deal, is already profitable. I know the folks that said no are now sorry they did. It’s fun to prove people wrong.
What I am trying to say here, is building a business is much harder than you think. I know the big fad right now is to start your own business and be an entrepreneur, but I promise you, not everyone is cut out for it.
Last piece of advice, think bigger. Think as big as you can because there is no reason to settle. Life is way too short to care what others think or settle for mediocrity. A big fear I had was telling people my goals for the Carson Group because I was afraid of the reaction I would get. I was afraid of being called “ambitious” or laughed at for thinking too big, but reality is people are too worried about themselves to care about you. So think bigger and work hard to make your dream become reality.