The ‘Joy’ of Entrepreneurship
Why property investors are true entrepreneurs
I wanted to kick off my first blog for the year, with a quick chat about one of the reasons why I got started in property investing. And it’s probably not something you may have guessed. There are many reasons why property investing is a good thing to do, and the longer you do it for, the more you will realise this as well.
Over my Christmas break, I was triply blessed to get to spend the whole time with my girlfriend, as well as the New Year with my parents and West-Aussie friends (nothing like jetting across to the other side of the country to see out 2015 and see in our next annum). We were also fortunate to spend Christmas with my brother and his family in NSW.
And it was while up on the Central Coast of New South Wales, that we happened across a movie that I was interested to check out.
You’ve probably heard me say before, that one of the things I rather enjoy when I get a free couple of hours – and especially when on holiday – is catching a good movie (and I’ve blogged about a couple of these in the past).
And a good movie by my definition, isn’t it a mindless park-your-brain kind of flick, where you wake at the end, stupider than when you went in. I like movies that challenge me, that provide insights into other peoples success, and help show the way forward to success in life, business, love, and other important endeavours…
And this movie in particular relates to property investing and entrepreneurship… A bit more directly than most movies do.
Now, before we get started, I want to disclose that I am a big fan of Jennifer Lawrence – it was one of hers. (Yes, I’ve seen all the Hunger Games movies… but this isn’t a Hunger Games blog…)
The movie we saw has had mixed reviews which I find rather interesting because I thought it was great. And I know that not everyone has the same taste, but my theory is that the people who didn’t like this movie were not entrepreneurs and did not understand the Journey that was being portrayed.
So the movie was ‘Joy’ (out now) and is based on the true story of Joy Mangano, a self-made millionaire who created her own business empire back in the 1990s.
It follows the trials and tribulations of getting to a point in your life where you hit your financial wall, you are stuck in a rut, with not enough money coming in, and relationships starting to feel the strain of things not going right. Then finding an idea that can bring you financial security but being a start-up-project, having limited funding, investing all your cash in an endeavour, and then the effort you need to go to, to make it work. When you’ve burned your bridges, the only way is forward… (Sound a bit like starting out in property investing??!)
The movie is also about how your crazy family can help or hinder (or both) your dreams and endeavours. Joy’s family are simultaneously her biggest supporters, and her biggest critics and doubters, and the movie shows the rollercoaster ride that owning a business can be. If your family or friends or colleagues can be at all like this, you’ll relate!
It’s a funny movie, and it really demonstrates the determination you need to succeed – as an entrepreneur in business and in property investing – but also that indeterminable quality that truly successful investors and business people have – that when everything seems lost, they can still pick themselves up and manage to find a way to get things to work. The need to ‘just keep going’ to reach that point of success. The need to solve problems when things aren’t working, but you know that they can.
Now – the reason why I mention all this, is that property investing in reality is just another form of business. A lot of people don’t realise that owning 15 properties, is owning 15 independent small businesses. Sure, property investing is the housing business – but your investments have to run just like businesses to be successful.
If you want to learn how to be a good business owner, but with less risk to start, get into property investing.
I guarantee you’ll still have the ups and downs. But properties as a rule are inherently more stable investments than a business (it’s one of the reasons why banks will lend you up to 100% of the value of property – especially if they are cashflow positive). And it can be far easier to buy a property when you are starting out or when you have a full-time job, than trying to buy and run a business on the side, with no experience. And when it comes time to sell a property, there are generally a lot more buyers who are interested, than there are for businesses – making properties easier to sell quickly, too.
But you can make a lot more cash flow from a successful business than from property, which is why I recommend getting into business too. Property is just one of the best ways to learn good business practices, before you jump into a more difficult game.
One of the reasons why I started in property, was that I wanted to learn how to be a better entrepreneur and businessperson, and this was a great training ground for me. When I was starting out I made lots of mistakes, but property is forgiving and I was able to learn from my mistakes and become a better business person for it. I now have several business ventures on top of my property portfolio, with another starting off this year.
So, my recommendation, in 2016, is to decide what you want to do, set some goals, and get into it. Whether it is business or property, make the time to make something work, and make this year your best year so far!
And check out the movie, Joy, while it’s still on in the cinemas, or get it on your iPad or on Netflix!!
Happy New Year!!
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