3 Must-Have Traits for Success
As a full-service brokerage, our team speaks to people interested in real estate investing nearly every day. Unfortunately, many of them never move forward. We started to wonder what the difference was between those that move forward verse those who just sort of fizzle out. While researching how we could take our service to the next level and help those interested in real estate investing be successful we came across an article written by Dan Sheeks. In his article, 3 Must-Have Traits of Successful Entrepreneurs, Sheeks list out personal traits that could make even the most unlikely investor successful.
1) An Insatiable Thirst for Knowledge
Once we leave the secondary school system, additional education is a choice. Many choose to continue their education with a degree or certification, then stop. For entrepreneurs, that’s not an option. Continued learning is as necessary as oxygen and nourishment. Knowledge is nourishment for our brain that we naturally seek.
It’s not a secret that an entrepreneur needs to have wisdom and knowledge to be successful in their endeavors. Pursuing an investment opportunity without knowing and understanding the details is not the best strategy. The more we know, the more likely we are to succeed. (But only to a point—see No. 2 below.)
If someone wanted to start a restaurant but knew very little about food, business, accounting, cooking, customer service, managing people, or the market area, it would likely be a quick and disastrous attempt. We need to know before we go.
There are numerous ways to seek out knowledge. But no matter what options are available, entrepreneurs will find at least one to satisfy their hunger for knowledge until another option is available—they’re always learning.
I’m sure this will look familiar to you, but here is a shortlist of ways to gain knowledge:
- Attend a class
- Attend a seminar
- Find a mentor
- Read books
- Listen to podcasts
- Read blogs
- Converse with others
2) The Ability to Pull the Trigger at the Right Time
We will never know everything about real estate investing, but there comes a point where we know enough. Therein lies the real test of the entrepreneur: Can they pull the trigger at the right time?
There is a spectrum of decision making. The left extreme is making decisions without any information. The other end is the extreme of always needing more information, resulting in no decision whatsoever. Either extreme is rarely the case, as most of us make decisions somewhere in between.
But entrepreneurs can actually make a decision. Too many fall on the right side of the spectrum and always feel they need more knowledge.
The left side of the spectrum is for fools. They are the quick-draws, who jump in without any prudence. They often fall victim to scams and are broke without knowing what happened. A fool and his money are soon parted.
Those who find their home on the right side of the spectrum are the “paralysis by analysis” types. They want to have every detail figured out. They are continually seeking that additional piece of insight or always waiting for the perfect opportunity. Neither ever comes, and in the end, they do nothing.
An entrepreneur knows when they know enough. They recognize that point in time, which is key. Because once they are confident in their knowledge, they act. They are able to know when they know what they need to know.
3) An Unusually Low Fear of Failure
Success does not come without failure. Period.
We’ve all heard the story about how Thomas Edison tried a thousand materials before he found the one that made the light bulb work. Or how Stephen King submitted his first book, Carrie, 30 times, while would-be publishers rejected it each time. Or how George Lucas took his idea of Star Wars to Disney, United Artists, and Universal and was sent walking on each occasion—until finally FOX decided to roll the dice.
Entrepreneurs don’t fear failure; they thrive in it. An entrepreneur inherently realizes that failure brings education, knowledge, growth, confidence, and opportunity. They recognize that failure is the key. It’s about trying; it’s about putting yourself out there; it’s about breaking the norms; it’s about exploring beyond the box; it’s about ignoring the hoops and jumping through walls; it’s about challenging the status quo. And this approach will inescapably come with massive failure at times, but those failures are the needed steps to be taken on the path to success.
Unfortunately, most people are too concerned about what others may think if they fail. Or too worried about the consequences of a failure. Entrepreneurs are more concerned with the consequences if they don’t fail.