- People building businesses take on greater financial risks than people working for themselves.
- People building businesses are building something larger than themselves.
- People working for themselves tend to work to “earn their jobs” instead of working to cultivate an entrepreneurial mindset.
There is a big difference between working for yourself and building a business. One of those differences is that people who are building, organizing and operating a business are taking on greater than “normal” financial risks.
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Another big difference is that business builders or entrepreneurs are working to build something that is bigger than themselves…something that, in the beginning, needs the business owner’s full attention, actions and efforts but something that, down the road a bit, is sustainable with or without the owner…a business that is embedded with an entrepreneurial mindset.
Someone working for themselves tends to be working in a never-ending cycle of transactions… starting and closing deals again and again and all over again in order to continue making money and earning a living. Someone working for themselves tends to be working in order to “earn their job.” Someone working for themselves, even when working in real estate and not having anyone telling them when and how and what to do, doesn’t have true freedom or independence or wealth…without a deal in the vicious cycle pipeline now and forever, there isn’t any income, let alone wealth.
However, once the person realizes he/she is tied to this vicious transactional cycle, the person is on her/his way to cultivating an entrepreneurial mindset and building a business. Cultivating an entrepreneurial mindset and building a business means cultivating multiple income streams.
In real estate, cultivating multiple income streams may translate into…
- Developing business options that are complementary to the original real estate business
- Building a sales force in which you, the founder of the business, keep a portion of the deals that your sales force closes
- Aligning yourself with a brokerage that offers revenue and/or profit sharing in exchange for your help in growing the firm via recruiting and training/coaching
- Building you brand and/or your business influence in your community via content, podcasts, workshops, sponsorships, ad revenue, product placements, affiliate marketing, etc. that become additional income/revenue streams for your business.
- Fixing and flipping and/or renting single-family and/or multi-family units
Owning your own business rather than owning your job requires this entrepreneurial mindset that enables you to put your thoughts into actions. This entrepreneurial mindset enables you to build a financial safety net. This entrepreneurial mindset enables you to take action, make hard choices, and develop systems and structures that make these multiple revenue/income streams happen and that eventually takes pressure off of you.
Think Warren Buffett. Think multiple streams of income. Think entrepreneurial mindset.
Thanks to HousingWire’s Dustin Brahm for his thinking and source material.