Investing in yourself first will better position you for success in other investments.
The biggest investment you can make is in yourself. You’ve probably heard this feeling before, in one form or another. Most people would agree with the idea, but when it comes to applying it, i.e. investing, many miss the mark.
As an entrepreneur, by nature, you have an independent spirit. You come up with an idea and you want to get something big out of it. Unfortunately, many people, especially entrepreneurs, often fall into the trap of thinking that they have to do everything themselves.
There’s nothing wrong with wanting to start a new business on your own. Don’t allow yourself to be so rigid that you don’t see the value in the experiences and role models other successful people have left for you.
The reality is that for some types of businesses and investments, there is too much information and expertise needed to succeed in today’s market. Rather than getting bogged down in the details, take a moment to look around and observe what other successful people are doing in these areas. Are there experts who have knowledge that can help you find your way?
Truly unique ideas are rare. If you manage to find one, fantastic. But, even then, there is at least some tangential information related to your idea that you can learn from.
For example, when scientists try to find new evidence in the world of physics, they don’t start from scratch every time, berating the theory of gravity. They ride on the backs of the giants who came before them, blazed the trail and established our basic understanding of how gravity works.
The same is true in business and investments. Let other professionals guide you.
time is limited
Knowledge is power and time is a limited resource.
If you can spend a relatively small amount of money to get the right knowledge and training that will save you time, frustration, and tens of thousands of dollars down the road, it would be well worth the cost.
Remember that time is the most limited resource, not money. You can spend countless hours, weeks, or months researching every detail of a specific market to give yourself the best chance of success. Or, you can spend your time more wisely, learning from others who have been there and done it.
Even if you were able to acquire all the necessary knowledge yourself in your chosen field, knowledge is simply information. Having the wisdom and experience to apply this information effectively makes all the difference.
The willingness to learn from the expertise of other professionals is a sign of strength, not weakness. Allow their years of experimentation, trial and error, and best practice advice to fuel your success.
be honest with you
To make the most of your time for success, you need to know what you’re doing well and what you’re not doing well.
As with any business you run, as you work on your own development, focus on what you are good at and delegate the rest to others who have the strengths you lack. Whether you’re forging a new path in your entrepreneurial career or simply shifting your investments to a sector you’re less familiar with, prioritize finding the right advice.
In his book “Outliers”, Malcolm Gladwell claims that it takes 10,000 hours to become an expert in a specific field. This was once a common belief, but in the information age, this is no longer the case. With the right guidance, training, and mentoring, you can master your chosen field in much less time. Getting the results you desire is more dependent on your willingness to improve and grow, and the people you surround yourself with.
It may have been years or even decades since you graduated. The reality is that if you want to become better, both as an entrepreneur and as a person, you must be prepared to learn throughout life.
Even the most successful investors don’t rest on their laurels; they stay sharp and continue their education process, if not traditionally, then by surrounding themselves with others who are successful and innovative.
To ask questions. Never assume you have it all figured out. Surround yourself with people who challenge you.
Isolating yourself from the learning process is one of the quickest ways to limit yourself and your future.
Make an effort to get involved in the inner circle of the market you are looking for. Whether it’s your local REIA, seminars on specific investment courses, management training, or even online courses, always be eager to learn.
Plus, it’s not just about learning the ropes and acquiring the tools to invest; it’s also about building networks and connections that will help drive your success.
Whether in the form of partners or mentors, building strong connections with more experienced people will help motivate you and provide fertile ground on which to cultivate your ideas.
There are few things more frustrating than going solo and learning the wrong way of doing things. The process of unlearning bad habits and relearning effective ones often comes at a significant cost in terms of time and money.
Always do your research, but be sure to tap into the expertise of others who have been where you want to go.
Following the lead of another professional and allowing their life experiences to show you the shortcuts is usually incredibly rewarding, both personally and professionally.
The best investments do not come from financial institutions, real estate or business opportunities. The best investment you can make is in yourself. So take the time to expand your knowledge, hone your craft, and grow as a person and as an entrepreneur. Hard times will come, and all that is in you will eventually come out. If fear is in you, fear will manifest. If pride is in you, pride will manifest. But, if you cultivate humility and a desire to learn and grow, you will see the fruits of your labor.
Kurt Coleman brings a wealth of skills and experience to the RALAcademy team, a company cornering the market in the residential assisted living niche.
A graduate of Arizona State University with years of experience as a team leader, systems developer and writer, Coleman is the editor of RALAcademy.
He loves writing and sharing with investors how to use their skills, knowledge and expertise in the real estate industry to translate into this exciting new niche.