It’s difficult to not worry in today’s up and down financial times. Newspapers, television, and social media outlets continually reveal the negative results of decisions made by entrepreneurs. Unfortunately, the rush of bad news is only compounded when your friends, neighbors, and long-term associates join in and talk about their personal failures. If you’re like most people, you might soon question your personal investment decisions, and before you realize it, you develop what I call “personal fearopia.”
In this “fearopia,” you start to question decisions you made without any basis for concern. In today’s world of real estate investing, this is especially true. When “personal fearopia” rears its ugly head, the decision-making process can quickly be impaired. The first thing that happens is that you begin to question past decisions. You worry that you made a mistake and start to financially retreat. But beware: when you’re moving backward, there is no chance for you to progress. Here at Response, we hear many financial success stories, and without exception, the individuals who have been financially rewarded have done so when they followed a simple well thought-out plan for overcoming fear of failure.
Entrepreneurs experience failure, but they should remember that they’re not alone. Bill Gates and Steve Jobs both experienced setbacks and failures on their road to success. What makes them different is that they treated these failures as temporary roadblocks on their path to ultimate success. As the Director of Real Estate Education at Response, I believe it is critical for each new real estate entrepreneur to realize two important points. First, failure is temporary and not fatal, and second, there is a proven method for overcoming fear in the tumultuous financial climate of today.
With the right attitude, failure is temporary. In an earlier article, I explained why I believe that Michael Jordan is much more than a tremendous athlete and member of the Basketball Hall of Fame. He has impacted countless individuals in their quest for success, both on and off the basketball court. When asked about failure, Michael Jordan used his own quest for success on the court to emphasize that failure is temporary and nothing to be feared. He said, “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. Twenty-six times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”
I would like to suggest a simple five-step method for overcoming your fears as you begin your career in real estate investing.
Step #1 – Confront your fears head on. Don’t ignore fear. Instead act as if you have already succeeded. Ignore the media and social media outlets who barrage you with negative examples of why you can’t succeed.
Step #2 – Develop a personal real estate plan. Start by getting as much education as possible about your preferred real estate strategies. Remember that Resource provides training, tools, and resources. Now use your education to develop a plan that includes goals and objectives along with timetables. You will never succeed unless you are willing to challenge yourself to meet timetables that match your objectives. This plan should be written out and then reviewed on a regular basis.
Step #3 – Eliminate negativity. This new plan is a personal roadmap that can help you reach your financial objectives, but if you don’t eliminate negativity in your thoughts, actions, and associations, the plan can fall apart. Instead of thinking about negative “What if” questions, turn your thoughts to the positive and start dwelling on the “When this (positive event) happens.” You will be surprised at how this new positive attitude will increase your ability to turn your plan into reality.
Step #4 – Take action. You must put your plan into action. Own your plan. These are your goals and objectives. It can help to cut large goals into small, easier goals. Prioritize your time and turn those small goals into completed tasks. Take action and you will be actively conquering fear.
Step #5 – Build confidence by refining your plan. As you take action and experience small successes in your real estate career, your confidence level increases. When this happens, consider refining your plan to include larger yet still achievable objectives. Every time you do this, your ability to overcome fear will increase.
It’s good to accept that fear could play a large role in your financial life. But you are in control. Your thoughts control your actions and vice versa. So eliminate that fear by taking steady, manageable action and you will soon find success in your real estate investing.