And the meat of what he’s talking about.
We can’t determine how to make enough money from the things we want to do, and do really well. I’m constantly surprised at what can be monetized. And on the web, there’s a market for almost anything. But this problem requires you to rapidly iterate your positioning and the type of clients you serve. Often, we’ll get transfixed on a single direction early on (because we’re desperate to solidify our business) and we’ll miss our chance to radically experiment with the market.
We’ve found things we want to do, and can be paid for, but we’re not the best game in town. Mediocrity is not a sustainable strategy. Being able to recognize your own weakness is a profound strength, and acting to improve what you do is key to any kind of long term growth and stability. Find the best talent and steal them. Learn how your competitors run their businesses, and copy what works.
We’ve come across things people want us to do, that we do well (or at least better than the competition) that we really don’t want to do. This is perhaps the most fatal trap for any business I’ve worked in. These are the sirens calling you to shipwreck. You’ll hemorrhage your best people, you’ll stop loving what you do, and you’ll lose the passion that built your business in the first place. Start saying ‘No.’
How does this apply to your Real Estate Investment Business? Let us know by leaving a comment.