Here are the 5 questions each of these successful investors answered:
What are the top 3-4 things a brand new investor should focus on initially?
What is the best marketing advice you can give someone just starting out?
What factors do you attribute your success to?
Is there something you wish you had done sooner or done differently when you first started your business?
Do you have any tips for newbies for managing their mindset during those inevitable “ups and downs”?
1. What are the top 3-4 things a brand new investor should focus on initially?
Initially, a new investor needs to understand what they're trying to accomplish and how they're going to do it (because you have no business running a business if you don't understand the basics of what you're trying to pull off). It's also important to set up the basic business infrastructure needed to run the business and getting the essential tools you'll need to compete in the market (if someone comes to you with a business proposition tomorrow – do you have what you need to get the job done?) and of course, the new investor needs to focus on marketing like crazy, because nobody is going to come knocking on your door in the beginning, you need to meet them where they are.
2. What is the best marketing advice you can give someone just starting out?
When a new investor is just starting out, they probably won't have the luxury of an established pipeline of leads coming in the door every day. It takes time to get to this point, so until this happens, I would encourage any new investor to work hard on getting their message out to the people who need them most. Even more important is that you learn to do this strategically. Don't just send direct mail out to everybody and don't post generic ads for just anyone to see. Be very specific – both with your audience and your message! I'll be honest – this usually takes a lot of thought, mental effort, trial and error (and most marketers are terrible at it), so the more specific, unique and even obnoxious you can make your message, the greater response you're going to see from your marketing efforts.
3. What factors do you attribute your success to?
From what I've seen in life, there's seems to be a few common attributes that most successful people have (myself included). These people truly believe in their business model, they understand what it takes to succeed and they don't give up. When things go awry or the results of their latest effort are less-than-stellar, they know hot to take it in stride and they don't let it derail them. They realize the path to success is filled with peaks and valleys and that one negative outcome isn't the end of the story. This kind of steadfast dedication less-common than most people realize and the ones who have it tend to find more success in many areas of life.
4. Is there something you wish you had done sooner or done differently when you first started your business?
I wish I had created my website and gotten serious about my online marketing from the start. Today, it's my biggest source of new business (and because I'm not paying for direct advertising, most of it is free). Some of my biggest deals have come about simply because I had a solid online presence.
5. Do you have any tips for newbies for managing their mindset during those inevitable “ups and downs”?
I'd have to emphasize the importance of simply understanding how these ebbs and flows work. For obvious reasons – it's difficult for anyone to stay “happy” after experiencing a dry spell, a dead deal, or some other negative event in business. The life of an entrepreneur is filled with emotional ups and downs, so don't expect to be “high on success” at all times, it just doesn't work that way. When you experience the lows, don't feel defeated, just understand that this a normal part of the process. It's something that even the best of us have experienced at one time or another (and will probably experience again in the future). Learning how to deal with this internal drama is part of what makes you human and it doesn't mean you're a failure.
Seth Williams (@retipsterseth , G+) is an experienced land investor, commercial real estate banker and residential income property owner.
He is also the Founder of REtipster.com – a real estate investing blog providing real world guidance for part time real estate investors.
If you have any questions, both Seth and I will be happy to answer them.
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