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Going from employee to entrepreneur takes more than just a dream and hard work. It takes discipline, persistence, and the willingness to think, see and do what is necessary to succeed.
The transition is not smooth, but it doesn’t have to be difficult either. Whether you are new to the real estate industry or have been working in it for years, getting into the entrepreneurial mindset is critical for your success.
Chances are you have spent years working as an employee under someone else’s vision, guidance and rule book. Whatever the industry and whatever your role, you likely had little to no say in how the business operated. Your only job was to work hard, prove your value and stay employed.
As an entrepreneur working to build your own real estate business, you hold the rule book. You still have to work hard and prove your value, but you get to decide how that looks. The challenge is that most people don’t know what that is. What I believe is the key to transitioning into becoming a successful real estate entrepreneur is the “think, see and do” rule.
1. Think like an entrepreneur.
The mindset you choose is pivotal in ensuring the success of your business.
Are you operating from a growth mindset or a fear mindset? Are you flexible or fixed? There will be times in your journey where you are called upon to do things that may seem above or beneath you. After all, you own your own business now. Why should you have to worry about the little things that don’t directly generate your business, right?
Wrong. While an employee’s mindset is typically very fixed in a role, an entrepreneur’s is not. Successful real estate professionals look at everything that impacts their business, not just the things that directly make money. Working on thinking like an entrepreneur is one of the most important things you can do to help establish a foundation for success.
2. See like an entrepreneur.
Your clients come first. And whenever you are in negotiations or servicing your clients, you are doing so with their best interest at heart. But what happens when there is conflict? What happens when you don’t see eye to eye?
In an employment setting, you have protocols in place to help you manage conflict. Maybe it’s a manager or an HR department that can assist by helping you see situations differently. One of the greatest things about running your own business is that you are the business. That means you are likely the manager and the HR department and every other role in between. When conflicts arise (and they will), you need to be prepared to see things from all perspectives — that client who may be coming across as demanding and giving you a hard time might just be having a hard time.
The decision to buy and sell real estate is not always a positive one. Maybe it’s financial distress, a change of employment or a divorce. It’s essential to look at all situations from different perspectives.
Seeing like an entrepreneur means not taking things personally and understanding that when conflict surfaces, there could be something going on beneath that is contributing to the cause, and it’s your job to find out what.
3. Do like an entrepreneur.
“Fake it till you make it.” How many times have you heard that before?
While it may sound scripted, there is some truth to it. Imposter syndrome is real, and you are certainly not alone if you have ever felt like you were walking around trying to be someone you aren’t. It’s not easy to exude confidence and success when you feel like a fish out of water.
If real estate and entrepreneurship are new for you, start looking at what the experienced agents are doing. Are they up at the crack of dawn working on themselves and their businesses? Are they taking courses and continuously upgrading their skills? Are they looking for ways to expand their sphere of influence by becoming networking pros? If you want to be like the successful ones, then you have to do like the successful ones.
Learn to make the transition from an employee to entrepreneur easier by using the “think, see and do” rule and enjoy the rewards that come with a career in real estate.