{"id":119988,"date":"2022-02-22T02:30:00","date_gmt":"2022-02-22T09:30:00","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=119988"},"modified":"2023-03-22T02:13:34","modified_gmt":"2023-03-22T08:13:34","slug":"3-must-have-traits-successful-entrepreneurs","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/3-must-have-traits-successful-entrepreneurs","title":{"rendered":"3 Must-Have Traits of Successful Real Estate Entrepreneurs"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC4794385544\" width=\"100%\"><\/iframe>  \n\n\n\n\n<p>As my wife and I continue to grow our investment property portfolio, I often wonder why everyone else isn\u2019t doing the same thing. I look around my circle of friends, all of whom know about our real estate investment ambitions, and am puzzled why they aren\u2019t taking action to grow their net worth through REI.<\/p>\n\n\n\n<p>Almost every time we are with our friends, they will ask us, \u201cHow are things going with your real estate?\u201d We make a point not to bring up the subject ourselves because once someone does, we usually have a hard time talking about anything else. But when asked about the latest news regarding our properties, we are happy to converse and answer any questions they have.<\/p>\n\n\n\n<p>And we obviously give a pretty optimistic picture of why we think REI is a great way to grow our wealth.<\/p>\n\n\n\n<p>But I sometimes wonder if our friends\u2019 inquiries are more embedded in a secret desire for us to fail than rooted in a genuine inquisition for an update. I sometimes feel they are mostly asking because they want to hear about a tenant horror story or how a property has gone terribly wrong.<\/p>\n\n\n\n<p>Now, I honestly don\u2019t think our friends are rooting for our failure. It has nothing to do with us, and it is all about them. I think the reason they are waiting for the real estate \u201cbubble\u201d to burst is that it would justify the fact they are choosing not to do it themselves.<\/p>\n\n\n\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/2015-05-24-learned-from-latest-tenant-horror-story\" target=\"_blank\" rel=\"noreferrer noopener\">Dirt, Dead Mice &amp; Cobwebs, Oh My: What I Learned From My Latest Tenant Horror Story<\/a><\/em><\/p>\n\n\n\n<p>It\u2019s more about FOMO. See, if my wife and I succeed (and we are) in our real estate investments, it proves to them that it\u2019s a viable way to grow wealth quickly\u2014or at least more quickly than the traditional investment strategies those friends are using. And if that\u2019s true, they would likely feel they have made a mistake by ignoring the opportunity, especially since they had friends (us) who offered to help them get started.<\/p>\n\n\n\n<p>I often ask myself, \u201cWhy don\u2019t they do it, too?\u201d My wife and I are no more intelligent than our friends. We don\u2019t have more financial resources than they do. We aren\u2019t privy to a secret, bulletproof doctrine that guarantees success in real estate investing.<\/p>\n\n\n\n<p>So, why don\u2019t they join us on board this tried-and-true train chugging steadily towards Wealthville?<\/p>\n\n\n\n<p>There\u2019s probably more than one reason. But as I ponder them all, the one I always come back to is that not everyone is cut out to be an entrepreneur.<\/p>\n\n\n\n<p>What is it precisely that allows us real estate investors to pull the trigger of the \u201cproperty investment gun\u201d while others sit back, watch, and covertly hope for us to struggle?<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"702\" height=\"336\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/12\/meetups-group.jpg\" alt=\"\" class=\"wp-image-120125\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/12\/meetups-group.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/12\/meetups-group-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">3 traits that are vital to succeeding as an entrepreneur<\/h2>\n\n\n\n<p>Here are three traits I feel are vital to the entrepreneur\u2019s journey. How my wife and I have come to embody these traits and others have not is a mystery to me. I\u2019m just grateful we have them.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. An insatiable thirst for knowledge<\/h3>\n\n\n\n<p>Once we leave the secondary school system, additional education is a choice. Many choose to continue their education with a degree or certification, then stop. For entrepreneurs, stopping is not an option. Knowledge is food for our brains that we naturally seek. Continued learning is as necessary as oxygen and nourishment.<\/p>\n\n\n\n<p>It\u2019s not a secret that an entrepreneur needs wisdom and knowledge to succeed in their endeavors. Pursuing an investment opportunity without knowing and understanding the details is not the best strategy. The more we know, the more likely we are to succeed. (But only to a point\u2014see No. 2 below.)<\/p>\n\n\n\n<p>If someone wanted to start a restaurant but knew very little about food, business, accounting, cooking, customer service, managing people, or the market area, it would likely be a quick and disastrous attempt. We need to know before we go.<\/p>\n\n\n\n<p>There are numerous ways to seek out knowledge. But no matter what options are available, entrepreneurs will find at least one to satisfy their hunger for knowledge until another option is available\u2014they\u2019re always learning.<\/p>\n\n\n\n<p>I&#8217;m sure this will look familiar to you, but <strong>here is a short list of ways to gain knowledge:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Attend a class<\/li>\n\n\n\n<li>Attend a seminar<\/li>\n\n\n\n<li>Find a <a href=\"\/renewsblog\/2015\/06\/20\/ultimate-guide-finding-incredible-mentors\/\" target=\"_blank\" rel=\"noopener noreferrer\">mentor<\/a><\/li>\n\n\n\n<li>Read <a href=\"https:\/\/www.biggerpockets.com\/store\" target=\"_blank\" rel=\"noopener noreferrer\">books<\/a><\/li>\n\n\n\n<li>Listen to <a href=\"https:\/\/www.biggerpockets.com\/podcast\" target=\"_blank\" rel=\"noopener noreferrer\">podcasts<\/a><\/li>\n\n\n\n<li>Read blogs<\/li>\n\n\n\n<li>Converse with others<\/li>\n<\/ul>\n\n\n\n<p>In my book, <a href=\"http:\/\/www.biggerpockets.com\/teen\" target=\"_blank\">First to a Million<\/a>, I do a deep dive into many other ways a young person can satisfy their need for knowledge, and I explore even more traits of a successful entrepreneur. If you\u2019re young, check out the book for tips on continuous learning and many other strategies that will allow you to reach early financial freedom.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"702\" height=\"336\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/01\/girl-reading.jpg\" alt=\"top real estate books\" class=\"wp-image-105815\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/01\/girl-reading.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/01\/girl-reading-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/figure>\n\n\n\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/2016-06-16-5-influential-business-books\" target=\"_blank\" rel=\"noopener noreferrer\">4 Influential Business Books Every Entrepreneur Should Be Reading<\/a><\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"> 2. <span style=\"color: revert; font-size: revert; font-weight: revert; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">The ability to pull the trigger at the right time<\/span> <\/h3>\n\n\n\n<p>We will never know everything about real estate investing, but there comes the point where we know enough. Therein lies the real test of the entrepreneur: Can they pull the trigger at the right time?<\/p>\n\n\n\n<p>There is a spectrum of decision-making. The left extreme is making decisions without any information. The other end is the extreme of always needing more information, resulting in no decision whatsoever. Either extreme is rarely the case, as most of us make decisions somewhere in between.<\/p>\n\n\n\n<p>But entrepreneurs can actually make a decision.<\/p>\n\n\n\n<p>Too many fall on the right side of the spectrum and always feel they need more knowledge. These are the \u201cparalysis by analysis\u201d types. They want to have every detail figured out. They are continually seeking that additional piece of insight or constantly waiting for the perfect opportunity. Neither ever comes, and in the end, they do nothing.<\/p>\n\n\n\n<p>The left side of the spectrum is for fools. They are the quick-draws who jump in without any prudence. They often fall victim to scams and are broke without knowing what happened.<\/p>\n\n\n\n<p>As inflation climbs, real estate prices continue to break records, and our economy is finally feeling some ease after the pandemic, a natural entrepreneur can wade through all the noise and still pull the trigger on some intelligent investments.<\/p>\n\n\n\n<p>An entrepreneur knows when they know enough. They recognize that point in time, which is crucial. Because once they are confident in their knowledge, they act. They are able to know when they know what they need to know.<\/p>\n\n\n\n<div id=\"hero-block_62ee867235a1c\" class=\"first:mt-0 hero-block py-4    has-background has-slate-300-background-color has-text-color has-slate-800-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-2\/3 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-slate-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Want a financially savvy teenager?<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px\"><em>First to a Million<\/em>&nbsp;will teach your teenager the importance of financial independence and help them embrace the power of investing, living frugally, and developing an entrepreneurial mindset.<\/p>\n\n\n\n<div id=button-custom-event-block_64138705d4d27 class='button-custom-event'>\n      <a\n    href=\"https:\/\/store.biggerpockets.com\/products\/first-to-a-million-workbook-bundle?_pos=2&#038;_sid=7d16c7381&#038;_ss=r?utm_source=blog&#038;utm_medium=marketing_block\"\n        x-on:click=\"window.analytics.track('Blog Block | Publishing: FTAM Book', {\n      referrer: 'https:\/\/www.biggerpockets.com\/blog\/3-must-have-traits-successful-entrepreneurs',\n    });\"\n    class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Get Yours Now<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/3 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2020\/02\/First-to-a-Million_MECH-2.png\" alt=\"\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\"> 3. <span style=\"color: revert; font-size: revert; font-weight: revert; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">An unusually low fear of failure<\/span> <\/h3>\n\n\n\n<p>Success does not come without failure. Period.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI&#8217;ve missed more than 9,000 shots in my career. I&#8217;ve lost almost 300 games. Twenty-six times I&#8217;ve been trusted to take the game-winning shot and missed. I&#8217;ve failed over and over and over again in my life. And that is why I succeed.\u201d \u2014Michael Jordan<\/p>\n<\/blockquote>\n\n\n\n<p>We\u2019ve all heard the story about how Thomas Edison tried a thousand materials before he found the one that made the light bulb work. Or how Stephen King submitted his first book, Carrie, 30 times, while would-be publishers rejected it each time. Or how George Lucas took his idea of Star Wars to Disney, United Artists, and Universal and was sent walking on each occasion\u2014until finally, FOX decided to roll the dice.<\/p>\n\n\n\n<p>Entrepreneurs don\u2019t fear failure; they thrive in it. An entrepreneur inherently realizes that failure brings education, knowledge, growth, confidence, and opportunity. They recognize that failure is the key. It\u2019s about trying; it\u2019s about putting yourself out there; it\u2019s about breaking the norms; it\u2019s about exploring beyond the box; it\u2019s about ignoring the hoops and jumping through walls; it\u2019s about challenging the status quo. And this approach will inescapably come with massive failure at times, but those failures are the needed steps to be taken on the path to success.<\/p>\n\n\n\n<p>Unfortunately, most people are too concerned about what others may think if they fail. Or too worried about the consequences of a failure. Entrepreneurs are more concerned with the consequences if they don\u2019t fail.<\/p>\n\n\n\n<p>What crucial entrepreneurial trait have I missed?<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.biggerpockets.com\/real-estate-investing\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" width=\"706\" height=\"125\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/4.jpg\" alt=\"ad-ultimate-beginners-guide\" class=\"wp-image-114265\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/4.jpg 706w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/4-300x53.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/4-702x125.jpg 702w\" sizes=\"auto, (max-width: 706px) 100vw, 706px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Let me know by commenting below.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What does it take to be a successful entrepreneur? Here we look at a few critical traits and how they will help you achieve success in your business endeavors\u2014whether in real estate or otherwise. <\/p>\n","protected":false},"author":212026,"featured_media":119862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,7119],"tags":[],"class_list":["post-119988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-development","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/119988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/212026"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=119988"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/119988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/119862"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=119988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=119988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=119988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}