Real Estate Entrepreneurship

I had the pleasure recently of moderating a panel on real estate entrepreneurship for the Urban Land Institute in Seattle. The panel was comprised of several of the most inspiring business leaders in the Pacific Northwest region and we discussed everything from mentors and venture capital to potential business pitfalls and opportunities for budding entrepreneurs.

At the end of the panel our leaders dispensed some free advice, which interestingly enough, had nothing to do with poring over financial statements, business plans, or loan requests. Rather, they relate to a few more ethereal concepts that speak to qualities already possessed by most entrepreneurs, including their ability to:

• Love It
• Get Excited
• Be the Brand
• Be Ready to Adapt.

They’re all simple concepts really, but perhaps more simply stated than actually accomplished.  However, if you take a closer look at what each means, you’ll notice the first makes the second possible, which makes the next possible, which makes the last happen almost naturally.

Most entrepreneurs start businesses for one of three reasons, they see a demand in the market not currently being filled, they can make a product or deliver a service better than their competition, or there is something they like doing so much they would probably do it for free…maybe. If they’re lucky, the first two do not have to preclude the third.  When you LOVE what you do it’s easy to get excited about waking up every day and getting some work done, even if you work just down the hall from where you wake up.

When you are truly excited about your work it shows through in everything you do.  You will be more confident in the sale and delivery of your product or service, which will likely draw additional customers to you, and as you continue to grow your business you will start to develop a brand. Your brand, as you become more widely known, will deliver business to your door day after day and year after year.

Your love of and excitement for the work, along with a well known brand, will make your company a nimble one able to instantly adapt to changes in the market so you can keep on driving value to your customers.

Love it, get excited by it, be the brand, and be ready to adapt. Four simple concepts that have made all the difference in my business and will probably do the same for yours.