Think for a moment on this quote from Jim Collins:
“Greatness is not a function of circumstance. Greatness, it turns out, is largely a matter of conscious choice.” — James C. Collins, Good to Great: Why Some Companies Make the Leap… and Others Don’t
This premise states that someone could have a profoundly awesome idea, but it might not become great or even come to fruition at all. The reasoning behind this is we have not made a conscience choice to grow this idea into a decision, then to a determined action. If you are working with a team or group of people (which you almost always would be), this means you yourself would have to first believe in this idea and then make a sustained and conscious series of decisions to take the actions to do something. You would then need to deliver that idea in a way people understand, own, and then take the same deliberate action on.
Carrying Through With Actionable Processes
This could mean, for instance, in practical and applicable terms, if you want to be a flipper, you continue to search out properties that seem to have potential, and then do the homework and due diligence on that series of properties until you have found one that meets that criteria. Then beyond that, have the understanding and the skills to implement the plan. Once you believe it is a deal, you surround yourself with your partner, friend, real estate agent, or all of these people. You review together, make an offer, and lock this property down.
Then, you bring in your contractor and learn from what they tell you about the renovation they suggest. How does the bid process work? What would the extent of the repairs be, and how would you bring your team together during this process to understand what you want to do, the desired outcome, and how everyone on the team plays their part in bringing that to completion and success?
You could also bring in your real estate agent to review the comparable properties in the area, ask what is selling, and for how much and how fast. As a new investor, you also don’t want to get into a project that is so complex you can’t understand what the variables and risks are. You use the real estate agent to assess the market and the subject property and to make an informed decision on logic and data.
This idea of conscience choice requires the idea, the desire, the action, and finally, the execution.
Get Your Company on the Same Page
In his book Good to Great, Mr. Collins talks a lot of about having the right ideas, the right kind of leader, and the right people, all on the “bus” going in the same (right) direction. When you think about a specific idea owned and shared by specific people who are on the same wavelength, working for the same goals, they then have the opportunity to be successful with it.
When I think about my own company, our growth, challenges, and opportunities, almost all of our exceptional growth has come around the times of addition of awesome team members who have had a specific role to play and who have bought into the ideas of what our company stands for. These team members who have been awesome and lasted long also were the right fit. They had the right attitudes, desires, and goals.
In another book, Jim goes moves on to a different idea:
“Visionary companies are so clear about what they stand for and what they’re trying to achieve that they simply don’t have room for those unwilling or unable to fit their exacting standards.” — James C. Collins, Built to Last: Successful Habits of Visionary Companies
Looking Into Our Business
You NEED Great People Around You
“Great vision without great people is irrelevant.” — James C. Collins, Good to Great
- You have great vision but you are a complete jerk to everyone around you? You have failed.
- You have great ideas but lack the ability to lead your team to accomplish those things? You have failed.
- You have bad ideas and you lack self awareness to bring people around you who will tell you your idea is a bad one — and then you try and execute a plan that fails? You have failed — badly.
You have to have great people around you.
We have our fourth staff person coming on next week, and I could not be more excited about their hiring. I won’t pretend that I’ve always had a clear understanding of all of these ideas even a year ago on the best ways for our team and our staff to operate. I’ve learned, many times through completely blowing it.
Don’t be ashamed if you failed. Stop whining about it. Start learning from what happened and do a better job next time. Bring people around you who are better, smarter, and have more experience.
Not only do you need to have those awesome people around you to help make your business grow, to complete your rehab, to manage your investment property, to grow your business, or to list that beautiful property you just renovated to resell, but life is a whole lot more fun and satisfying with others around doing whatever you are so fired up about doing.
Learn to be a better leader and listener. Learn how to delegate in your business and in your life. Then execute, celebrate, learn, and do again, as a team.
What books have changed the way you look at your business lately?
Let me know with a comment!