Friday, August 28, 2015
Stay in the Game
Ron's presentation last night was all about attitude, and "thinking like a multimillionaire." It was full of real gems gleaned from almost thirty years of real estate investing. His own wealth has come from embracing this attitude of success. Here are some of his guidelines, which apply to any investor or entrepreneur:
Over 93% of all businesses fail within their first year. If others are succeeding, but you are not, then figure out what is wrong with you - and fix it! This is why much success depends on personal development, and it will require you to get out of your own way, not matter how uncomfortable.
Entrepreneurial success should focus on revenue, rather than cost control. Successful entrepreneurs understand they must spend money, make an investment, in order to generate revenue. If your business is not generating more revenue than it costs to run, something needs to change.
The primary role of an investor is to MAKE DECISIONS. That's it. Pay others to do the work you need done. Ron is fond of saying "the less I do, the more (money) I make."
Find good people and build a business around them. Take care of the people who take care of you. Do not give away ownership, but do share profits with them. Give them incentive to increase profit for your business.
Set your goals higher than you expect to achieve. You might just surprise yourself.
Put a stake in the heart of the fear monster, and take massive action. Do the thing you fear the most, and the death of fear is certain. The number one fear of most people is that of rejection.
Ignore the naysayers - they are morons!
There is a never-ending list of people telling you that you are doing it the wrong way. Some people find fault as if there were a reward for it.
Make life long learning an integral part of your business, and do your own homework. Follow your dreams, and quit listening to people telling you how to live your life. Whatever you do, don't quit. Celebrate your failures and fail often. Learn from your mistakes and forget the past. Stay in the game. No one ever quit their way to the top.
Ron is a firm believer in multiple streams of income - and so am I. He has failed at some businesses, but sets his sights on a larger vision. He ignores the dream stealers, and achieves his goals. He loves his work.
Ron has developed a homeowner script that he uses to buy houses, and his questions are carefully worded to screen out the prospects from the suspects. I will share the wording of some of these questions in my next blog.