I have found it is usually better to crawl, walk, run, then fly
in terms of business startup success than it is to leap off a 500-foot cliff on
day 1 to “test your wings”.
When I lived in Oz, I was among the first to fly hang
gliders in that nation, and not die. The year was 1972.
My crew and I learned to fly in the sand hills south of Sydney; we’d takeoff from
20-foot sand dunes. We got to know the flight characteristics of our kites;
study micro meteorology and gain experience. Those early hang gliders had glide
ratios little better than a stone 4:1. Today’s airframes are 10:1, 12:1 or even
14:1, and much more forgiving. If you have a wingtip or nose stall now,
your chances of coming out of it successfully are far better.
young prof Bruce with Canucklehead hang glider in Australia circa 1972… south of Canberra
I saw one Aussie at Long Reef (on Sydney’s north coast) putting together his
glider, looking from the manual to his kite and back again. We asked him, “You
ever done this before?”
“She’ll be right, mate. Pull in, go down, push out, up, lean
right, go right, lean left, go left. No worries.”
We told him he should practice first—and tried to convince
him to pack up his gear and head south to the sand dunes for a few weeks.
Instead, he took off with a big, “Yeehaw,” promptly did a
nose stall, and descended 500 feet (head first) into the base of the cliff,
where 8,000 miles of Pacific Ocean calmly
crashed into the continent. He died instantly of massive head trauma.
So why do I suggest startups I coach whether in real
estate or business should go slower to go faster? Here’s why—
It’s why on the real estate side, I want the folks I coach to do one project, and do it really, really well, demonstrating that not only can they master a process of excellent selection, smart negotiating, good analysis, solid financing, animating (adding value and differentiation), renovating, operating, leasing, managing, maintaining and repairing, driving up value and refinancing too, but also that they are suited to the industry–that they are in it, boots and all… with their head, heart and gut instincts all in positive alignment.
After they prove that to themselves and to me, they can start repeating the process endlessly.
The people who make the most money through investments or via running their own PB4Ls (personal businesses for life) are the ones who focus on one product or service, one niche and become very, very good at it. They don’t have multiple types of enterprises or investments, each with their own learning curve to master. They have ONE.
Everything else, they treat as a hobby… not a business.
So here are the four things you need to be aware of IMHO to find greater levels of success:
-focus, focus, focus… and find your “why” (https://profbruce.tumblr.com/post/149029472759/why) and then get really good at that one thing
-sell, sell, sell… ABC, always be closing
-check, check, check… everything
-control your costs… develop the supply side of your business with as much care as you do the sales side.
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.