Real Deal REInvestor Network

10 steps to live your life by... 1. “How you think is everything: Always be positive. Think success, not failure. Beware of a negative environment.” 2. “Decide upon your true dreams and goals: Write down your specific goals and develop a plan to reach them ”3. “Take action: Goals are nothing without action. Don’t be afraid to get started. Just do it.” 4. “Never stop learning: Go back to school or read books. Get training and acquire skills.” 5. “Be persistent and work hard: Success is a marathon, not a sprint. Never give up." 6. “Learn to analyze details: Get all the facts, all the input. Learn from your mistakes.” 7. “Focus your time and money: Don’t let other people or things distract you.” 8. “Don’t be afraid to innovate; be different: Following the herd is a sure way to mediocrity.” 9. “Deal and communicate with people effectively: No person is an island. Learn to understand and motivate others.” 10. “Be honest and dependable; take responsibility: Otherwise, Nos. 1-9 won’t matter.” 

This is an interesting discussion about what it takes to be truly successful at a level far above everyone else in business.  Taken from his book, Outliers, Malcolm Gladwell (with really wild hair!) brings up two significant points worth considering.  The first is that it takes 10,000 hours to become competent (an expert) in something.  The second is, the recurring theme through his books is that we don't become an expert in a vacuum - we need other people and mentors to help us get there.  Our education in any area of business or life comes from our curiosity of how it works.  Then we find information about it to lay the foundation for taking action.  Next we take action by practicing the skills associated with our education (read a book about improving your golf swing, then practice the technique).  That practicing sometimes takes many years and also may have its years of failures.  But if we persist, we will achieve the desired results. 

I have found that when you can partner with others who are more experienced than yourself (your mentors), you can learn from their mistakes and not repeat them yourself, thereby cutting years off the education curve.  As Gary Tharp is fond of saying, its not learning what to do that matters most, its learning what not to do that will keep you out of trouble and save you a boat load of money (my rough paraphrase). 

So if you are getting involved in commercial real estate, gather as much information as you can, then partner with others who are ahead of you in the game to cut down your learning curve.  Always be asking questions, be curious, and grow through the experiences and investments you are a part of, so you can avoid the costly mistakes.