Entrepreneur Mindset

10 Replies

I'm curious to how many members were raised in homes of entrepreneur/business owners and how many are self-taught. To me it seems difficult to transition from 9 to 5 thinking (my parents) to that of an entrepreneur. We have little support and it almost seems like those around us are waiting to tell us 'I told you so' if we were to fail. I don't want to be like some of the non-supporters living paycheck-to-paycheck. How do we obtain, maintain and expand our Wealth building mindset?

Shawn this is a great topic. I was raised in a household where both parents worked 9-5 gigs and never promoted the entrepreneur lifestyle, although my dads family were business owners he never tried to adapt. I'm not sure what the turning point was for you but I never liked the fact that someone else could control my income and fire me for whatever reason they liked. I never wanted to feel like I had to kiss a** in order to feed my family which is what I saw my dad do but he made it through and stayed on the same job for 31 years. But he was very unhappy. I decided I wanted to be different and have more control over my life.

One thing I have learned is that you will always have people who are waiting for you to fail and can give you a million reasons why something wont work but this is where you have to dig in deep and push onward. I have also learned that most people who are trying to shoot down your ambitious goals are the ones who are afraid to try these things themselves. I have several "friends" and family members who are college educated and feel that what I'm doing is foolish and up until recently felt that getting a "steady" job was the way to secure a good life but since the crash of the economy their viewpoints have changed and seem a little more interested in real estate investing.

When it comes to obtaining,maintaining and expanding a Wealth building mindset here are a few things that have worked in my favor:
1) Stay away from the "nay-sayers". I dont mean cut them out of your life just dont discuss your business goals with them. Period.
2) Educate your self. The worlds of real estate and finance are constantly changing therefore I have learned the more I educate myself on different aspects of the business the more confident I feel about pursuing certain goals.This can be done by reading, listening and networking on awesome sites like BIGGERPOCKETS.
3) Surround yourself with like minded people. You will no doubt need someone to talk with when that "blockbuster" deal falls through but it needs to be someone who can relate to your frustrations. But beware just because someone is an investor does not mean that they wont try to discourage you. You have to learn the difference between someone who is offering constructive criticism and someone who is jealous and trying to pick you apart. Also these colleagues dont have to be involved in real estate. Most business owners experience similar problems.

These are just my personal thoughts on the subject but there are many investors on this forum that can offer some great advice also.

My grandparents were entrepreneurs but both parents for the most part had 9 -5 jobs, though later, my father moved to entrepreneur, therefore, I was exposed to both sides. But I still grew up with the "go to college, get good grades, and get a 9-5 job." So I did this. Fortunately my 9-5 job is engineering so I am neither at a low income level nor is my sense of creativity stifled. My reasons for having my own business is only an extension of my desire to create something of my own. The one time I did leap from my job and work soley for my own corporation, it was because my sense of independence was being trampled own. Though I enjoy the work work I do on my 9-5 job, I despise a structured environment, corporate politics and I generally just don't fit into that environment very well. My business is my escape mechanism that allows me to run away from that whenever I choose. I guess this all seems to make sense in that I came from a mixed environment and have continued in one.

Shawn,

Great topic!

For me... I came from a family where neither parent worked. Yep... one of those rags to riches stories.

It wasn't until after I was out of the Navy and into the "real" world that I saw the possibilities of being an entrepreneur.

I spent 14 years helping someone else build their business which he ultimately sold for many millions. Even while I was helping him, I still didn't get it.

To be frank, it wasn't until I read Rich Dad, Poor Dad, that things started to click.

And... that is how I got into real estate.

Once there I quickly learned that as real estate investors we are out there on our own. I have since learned that every business owner is on their own... because it is lonely at the top.

That is one of the great things about Bigger Pockets and sites like it... we don't have to feel alone.

In addition, I would recommend joining your local REIA if you haven't already and also look for other networking opportunities in your area. Even if they are not real estate specific.

Every business owner experiences that same stuff everyday... it is just cloaked in different business models.

And lastly, I wrote an article a couple of weeks ago discussing who we asscoicate with, which I have reposted to the this Bigger Pockets link... http://www.biggerpockets.com/articles/1250.

Best of luck to you...

Pete

If you think it is a great post, acknowledge it and vote for the original poster. That keeps it around and suggests others to read it.
I also think it is a good question. My dad had a contract hardware supply company. He was bidding schools, hospitals, etc to supply the doors, locks panic bars etc. He really wanted me to take it over. I figured if I was going to be in sales, and had to go through all the same selling process, Let me sell big things with big commissions. Like real estate, instead of the doors and locks!! He was a great example and I was told that my dad could sell ice to the eskimos. I believe it. I miss him dearly. Rich in Fl.

I'll never forget my Mom's response when I told her I was striking out of my own and becoming self-employed after 13 years working in the corporate world: 'You can't be serious. That's ridiculous ... you have a family now and can't afford to take chances like it. You need to think about your retirement.'

---- best thing she could have said to me as it motivates me during tough times when I think back. :mrgreen:

I tend to agree that sometimes negativity is more motivational than positive responses. My parents are both very smart and hard workers, and always have been. Maybe if their efforts had been more directed towards themselves, rather than making someone else rich, they would have been more greatly rewarded. I try to take all comments/ideas positive or negative, from those I am in contact with, and spin it to work for me. The info in these forums are priceless with the information shared from such vast experience.

I grew up in a place where people always are looking to open their own businesses, many of them with family. My mom along with several of our family members bought a medical lab she worked in that was owned by a big newspaper that was in financial distress, and they were selling their side businesses cheap. She worked at the lab as one of 4 full time staff. I remember when I was a kid, before kindergarten, they offered it on the market my dad was pushing her to buy it. One of my earlier memories is my mom crying and really stressed because of her fear of doing it. She knew she could do it but was scared of the commitment. But she did it and now its the biggest lab in the city, with 5 branches with 150+ staff. She has the attitude that everything has to be done very well, even it if means she has to do it herself, and most importantly to know how much you're going to make before you do the job (before some deals, I ask her to review my Excel spreadsheets). I now live in a different country as them, in the RE biz and doing my best on my own.

When I was a kid they always said 2 things about my future profession.... they said whatever I do I have to be the best at... and you should be a doctor. I guess I am not a doctor....... trying my best to be the best though.

My father made the entrepreneurial shift when I was 13 years old and started me in it shortly after that. At age 14, I was operating my own online website which I still have today.

Now at age 17 (hasn't been long), I am stepping into the world of real estate. I can tell you that the entrepreneurial mindset really differs you from your peers, especially as a teenager. You can say I am still being raised at the moment. My mother still has the job security and stability 9-5 ideal. My dad is the more radical one.

I can't bear the idea of toiling as a waiter for 4 dollars an hour, and going through 4 years of schooling you had to pay for just for another 9-5 seemed ridiculous for me. But that's only because I got a taste of the power of becoming an entrepreneur. I was being paid as much as my fellow friends who were working 5 hours a day for 5 days and I worked about 30 minutes that week!

The conditioning in our society to become a worker is intense. Going to college and getting a job is so ingrained in our kid's minds that they sacrifice sleep, time, money, and their sanity to do so. I have friends who literally devote their entire high-school lives to getting into a good college. I value education, but not once do they consider how much more their efforts would go if they simply invested it.

There hasn't been many people that spoke negatively of what I have been doing. Most likely because they know the results of it. But when I mention that fact that I am hoping to forget about college and devote full time into investing after high school, I typically get the frownie face. Some times, others just can't see the possibilities. Just make it a reality so they can't deny it.

Tiger-
Wow, you're light years ahead me when I was 17 (and probably most of your peers) in terms of business maturity .... sounds like you're already focused on what you want in life and how you are going to get it.

Re: college - yes, it's for an education to help with a 'J-O-B' down the road but it's also a great time to grow and mature as a person ... There are some wonderful intangibles that come with going off to get an education so don't completely discount it... not saying it's right for everyone but just something to think about. Regardless, keep keeping on with real estate - it's been a wonderful wealth vehicle for many folks who've done it right! :mrgreen:

Thanks for the topic. My father left a decent paying job - the only job he'd ever held to start his own landscaping business. His positive mindset and self-confidence influenced me greatly since I was only 10 years old at the time.

I stepped out and floundered for what seemed like "light-years", but stayed with it and somehow survived those very difficult years. However, I would not trade them, and the lessons learned for anything.

My father and mother were great examples to me. My dad because of his work ethic and my mom, because she supported him and raised us four boys, who all developed an entrepreneur mindset. I think being exposed to that has helped me to better understand and take the associated risks and rewards.

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