I was catching up with an old friend the other day and he was asking me how starting a new business has been in 2009. He was referring to, of course, Investor Nation. Although I’ve been in the same business for several years, Investor Nation was officially launched in February. This timing was interesting, starting a new business in the midst of the financial crisis, a real estate business, no less. It gave me an opportunity to reflect on 2009 and the events leading up to the breakup of my previous business partnership and launching of the new entity. This year has for many businesses been a difficult environment. The real estate business has bore the brunt of the fiscal crisis, but that also has created a big wind of change. Further I couldn’t have a better business partner in this time of uncertainty.
For my company in 2008 was much different. The real estate business (up until the Lehman Brothers implosion) was booming, at least on the real estate investment side in my geo. The numbers looked good and the revenue was certainly coming in, but in 2008 something wasn’t right. It’s almost as if my gut told me this wasn’t going to last. I was working some relentless hours trying to make up for a partner who was exploring the 4-hour workweek. Seriously, he literally left mid afternoon for Yoga and then went home to “work”. Meanwhile our client base was on the West Coast which warranted us working their hours. They were just getting done with lunch by the time my business partner was in Yoga. Thankfully I had a team of people who working their asses off to grow the business. When my partner and I split in January this year, the existing team chose to my new company which made the prospects of starting a new business less daunting. These people are my heroes of 2009
Having multiple startups under your belt helps alleviate any fears entrepreneurs have. So while 2009 has been a difficult year for many startups, those with hard working, dedicated people have reason to smile. Now the excitement has replaced the stress knowing we made it through the Dip. Financing markets are improving somewhat, real estate sales are picking up (although somewhat artificially), and the real estate community is buzzing. Just join the conversation on Twitter and you’ll see what I mean. Carefully architecting a team takes time. A wise person told me the only thing you can’t teach is desire. Everything else can be taught. I learned this through several heavily one-sided business partnerships. As entrepreneurs, we must find the like-minded people who throw the emotion away to focus on success, creating change, disrupting industries, and not listening to the forces for mediocrity.
Real estate is no different. Market disruptors like Google, Zillow, Trulia, Redfin, and more are forcing the real estate industry to change. And these are good changes which will create new sub industries within real estate leaving a big void of opportunity for those of you who are willing to work and skip the 2:30pm Yoga breaks to make it happen. The problem is the change meets resistance. That resistance can be anything in the form or shape of negativity and emotion based logic. These forces for mediocrity will suggest that your business model is no good, that it can’t be done, and that you won’t succeed. Yet the forces themselves are the antithesis of success. As we prepare for 2010, take a strong look at what you are doing within your business. Are you bold enough or crazy enough to change the world? If you are, then bootstrapping your business will be an enjoyable experience.
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