Most of us got into real estate and running our own businesses because we craved freedom and autonomy. The problem is that freedom can be the very thing that leads to us losing our businesses.
In order to have both the freedom and the sustained great results, we need to build constraints around ourselves. If we don’t, at any given moment, our businesses are under the threat of four killers.
No matter how long you’ve been in the game, you can still fall prey to these problems and find yourself going backwards or completely derailed. Our businesses aren’t just in danger when the market is hard, they are in fact most prone when everything is going well and you get complacent.
Today, we’re going to discuss the 4 business killers, how they manifest and how to prevent and address them.
Quotes
When things are good, it’s easier to spend money, to say yes and to not hold standards. We lose discipline in the things that got us to where we were. -Kevin Kauffman
A lack of discipline shows up in not us not repeating the same activity day in and day out. -Fred Weaver
People are assigning hope to an external activity to fuel their business. You can’t do that for that many quarters in a row without finding yourself out of this business. -Fred Weaver
Key Points
The danger of inconsistent discipline
In this industry, it’s really easy to be disciplined when you desperately need the next deal, but what happens when things start going well? We take our foot off the gas. We’re disciplined enough to go out and hustle for the next deal, but not in the long run. Many of us are undisciplined - a good month is based on deals happening and having money in the bank. We have peaks and valleys in our income because it’s a direct reflection of the inconsistency in our activity. When things are good, it’s easier to spend money, to say yes and to not hold standards. It’s really easy to lose discipline in the things that got us to where we were.
Being overly optimistic
We have to accept that fact when the market’s good, our results are going to outpace our effort. Some of our great outcomes are just pure luck - we were at the right place at the right time. The problem is: if we believe that things will stay good, that easy deals will keep flowing in and that rates will stay low, we’ll miss market changes that are obvious. Assigning hope to an external activity to fuel your business isn’t sustainable.
This is a boredom management business
The truth about this business is boredom will creep in the longer you’re in it. If you’re not bored, you haven’t been in business long enough and/or you’re not consistent enough with your activities. The problem is boredom can sabotage our business because we fall into the trap of trying new things, creating chaos and taking our eye off the ball. This ultimately crumbles results in our core business.
How to combat impatience
Impatience is lethal in business because there might be a bigger gap between our effort and results than we expect. So many business owners sabotage themselves because they start thinking whatever they are doing isn’t working. Successful people have mastered the art of outlasting the impatient people.
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