Any way you approach the real estate game — there’s an entrepreneurial angle to it. Whether you’re a seasoned real estate developer with years and years of experience or you’re taking on your very first project, we’re all entrepreneurs here.
Why is that?
Simple: we take something that needs improvement (a vacant parcel of land, a dusty old apartment property, etc.) and inject value into it. We transform our physical world. How is that not entrepreneurial…and exciting!?
We marvel at successful entrepreneurs because, against all odds, they’ve built, created, and transformed industries. However, few pry into the inner workings of their growth to tease out exactly how they took on such ambitious endeavors.
4 Ways to Think Like an Entrepreneur
There’s a wealth of knowledge one can learn from studying how entrepreneurs operate. Many of their techniques and modes of operation translate into the real estate realm. Here are a few ways to start adopting entrepreneurial hallmarks in your real estate investing, developing, selling, brokering, and acquiring:
Iteration – minimum viable product. The idea behind this is to develop what’s minimally acceptable in the market and then iterate from there. Too many times people, companies, and organizations stress over perfecting their product or idea to the Nth degree.
There’s a problem with perfecting for the sake of perfecting: when focusing so much on perfection, one can oftentimes have blinders on to competition, market trends, and demand. To avoid this, don’t focus so much on perfection. Get your real estate deal functional and operational with a minimally viable product mentality. Then grow and iterate from there.
Want a good example? Look at the first iPod:
Now look at the latest iteration:
Had Steve Jobs and Co. attempted …read more