Entrepreneurs are consistently told to learn by trial and error.
We are expected to figure it out on our own and hope for a lucky break along the way. However, in my 20 years of experience, I’ve learned that there are ways to turn decades of experience into days. There are so many people out there with years of experience that are openly sharing their stories and lessons they’ve learned. One of the reasons I was able to have successful deals at a young age was because of the wisdom I collected from others. So, here are 5 pieces of wisdom that I have gained from the past 20 years that I want to pass on to you:
1 – You don’t have to learn through trial and error – leverage other people’s wisdom.
Let me offer some wisdom that I have learned over the past few years: just like you’re doing right now, seek out wisdom from others. Learn from other people’s mistakes. What decisions are the most successful people making? Understand the strategy of successful people along with all the elements that contributed to their success. There are many books out there where people share their experiences and lessons learned along the way.
2 – Goals are great for setting the direction of your life, but without systems in place, you’ll fail long term.
Anyone can have goals. However, it is the system in place that will determine how you succeed. Established systems of discipline and learning set an environment where success is easier to sustain.
3 – Knowing the full history of markets can give you a competitive edge.
I have found that knowing the rich history of buildings and families in markets can allow you to better understand macro trends. Legacy knowledge of certain buildings can give you a limited perspective. However, when you study the broader history of areas and begin to identify the bigger trends and match that with an understanding of the trends in the current market, you will shift to having a macro perspective.
4 – Let the market determine what you do with individual assets.
The market is always changing. We can see this in the market of 2020 versus the market of today. Even though it was a couple of months of difference, the market has still changed drastically. There are opportunities in every market and you can find them by looking at the larger trends in the world. For example, the pandemic has changed how we view and need office space which in turn has affected the market for office spaces. On top of that, markets change based on geographic location. Understanding the micro-trends and macro trends of an area can help you make wise investment decisions.
5 – In all that you do, create value.
This is probably the most important piece of wisdom that I could impart to you–in fact, it is a part of my core methodology. In all of my business deals, my approach is to create value by solving some sort of problem. For example, affordable housing is a market right now that has the potential to solve many problems and create value for many. Over time, people see your motivations in business and when they see you have honorable intentions, you are better able to gain trust. Your reputation is an asset. Ensuring that your motivation is pure will help you in the long run.
Want to hear some more lessons I have learned through my years of experience? Catch my podcast episode with Evan Holladay on the Monumental Podcast!
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