One of the most common fatal mistakes I watch new investors make is not taking their new entrepreneurial adventure seriously. While they may talk a good game about their new 'Business', their walk reflects a 'Hobby'.
Many new investors get sucked into the dream of riches delivered through late night television informercials filled with Average Joe's turned millionaires overnight with no cash, no credit and no experience. Now, don't get me wrong...we all need to be 'sold the dream' at one time or another just to get started. And while that is vitally important, it is what you do as an investor from that moment forward that really matters.
From my perspective, as a full time investor with 8 years of experience and 600+ units/properties under my belt, the rubber really meets the road when you begin to convert your dreams into reality. This reality is what I commonly call goals. You see, a goal is merely a written plan to achieve your dreams. Similarly, to convert your hobby into a business, all it requires is a written plan!
As a new investor (or an investor looking to refocus their business) this plan does not have to be complex or sophisticated. In fact, it should be quite the opposite. As a new investor a simple plan will often lead to greater success far more efficiently...and often more effectively.
As a beginning investor, your plan should really only answer these three key questions:
1.What are you hoping to accomplish?
2.How will you accomplish it?
3.What makes you special?
By clearly and simply describing the answers to these three straightforward questions, you will be light years ahead of 90% of all start up businesses. This is the foundation of your treasure map to success. This foundation will immediately transform you hobby into a serious business upon which you can build your empire.
At the end of the day, you can treat your new entrepreneurial adventure like a Business, or like a Hobby. Just keep in mind, if you treat it like a Hobby, you will be paid like it's a hobby!
