As you might have heard, the Flip & Fund Summit 9 in Dallas, Texas is coming up April 13-15th .
I’m really proud of the lineup we have for this event – from our keynote speakers (Dr. Peter Linneman, former professor at Wharton School of Business and Kevin Harrington, creator of “As Seen on TV”) to our talented faculty, to having the newest, most up-to-date content to present to you. Based on how quickly tickets are selling, this is looking like it will be our biggest event, yet!
3 Characteristics of Elite Entrepreneurs
Back in 2o16, I was able to sit down with our former keynote speaker, Kevin O’Leary, and interview him for our podcast, Strategic Real Estate Coach Radio and I wanted to share some of what I learned speaking with him.
One thing we discussed is how there are many entrepreneurs out there – some good, some great and some ELITE. He sees many come through on Shark Tank and many others that probably approach him off-camera. A lot of times, it isn’t the product or idea that makes them elite, but it’s the actual person behind the idea and the characteristics that they possess.
From watching endless hours of unedited footage from Shark Tank and its sister show in England, Dragon’s Den, a professor was able to collect three attributes that entrepreneurs on the show who were able to attract backers had the same qualities. These three attributes that are essential to success are:
Elite Entrepreneur Characteristic #1 – They are able to articulate their business opportunity in 90 seconds or less. The idea is simple and they are able to tell others why it’s so simple and why it could really be huge. I teach this in all of my classes when explaining how to raise money from private lenders. Having a short elevator pitch that expresses what you do clearly and simply is vital to the business.
Elite Entrepreneur Characteristic #2 – They are always able to explain why they are the right person to get the job done and how they are going to get there. They show great leadership and convince others around them that they know what they are doing and where they are going.
Elite Entrepreneur Characteristic #3 – They know their numbers. If you are in front of investors, employee’s or even customers and they ask you about the business, you HAVE to know your numbers. If you are weak at numbers, always have someone with you who knows and understands the numbers. It’s essential to the success of your business.
Taking a step and thinking about these characteristics, how many do you possess? What areas do you need to work on??
3 Levels of Business
Kevin and I also discussed the three big levels when you are growing a business and he broke it down like this:
Level 1: $0-5 million – this is when you are scrambling and proving the concept of your idea. You start to get sales and reach 5 million and you know you are on to something.
Level 2: $5-10 million – this is when things get extremely challenging. You as a manager need to start assessing what your strengths are and what you are not good at. Businesses fail between the $5 and 10-million-dollar range when the leadership can’t let go and delegate. The hardest thing to do when the business is your baby, is to start to understand your weaknesses and bring in other people to fill the holes with strengths you do not have.
Level 3: $10 million plus – this is when you as a leader have perfected delegation with accessibility. You are able to focus on the ONE thing you excel at and have successfully delegated all other needs to other managers who are given their goals and deadlines.
All this is only a touch of what Kevin and I were able to cover, so make sure to tune into the full podcast to hear the rest. It’s packed with great content!
Listen to the full podcast to learn:
- When and why businesses end up failing
- Tips and strategies to identify great staff or great entrepreneurs
- Why respect for your investors is KEY
- What Kevin would tell his former entrepreneurial self, knowing what he knows now
Obvious reasons are to come and listen to our guest speakers this event give what will probably be a keynote speech you’ll remember for a lifetime and walk away learning new real estate trends that no one else in your market will know (unless they also attended the Summit).
But just to be safe, I asked our head coach at SREC, Kyle Garifo, for his perspective on what he thinks the key takeaways are from the Flip & Fund Summit since he has gone from attending as a student, eager to learn, to now hosting of the sessions and one on one coaching some of our students.
Here’s what he said:
- The atmosphere – the Summit is always in an upscale, fun location like Dallas or Vegas
- The Strategic Real Estate Coach staff – from customer service to operations, the staff is incredibly accommodating and friendly
- Me and the other hosts are NOT untouchable
- You are surrounding yourself with like-minded people
- Everyone is from a different market and has a different story to share, so there is so much to learn
Step Outside Your Business
I honestly hate to travel without my family, but I do attend a few key live events, masterminds and workshops each year. It allows me to take myself out of my businesses and really see where I stand. I get the chance to be away and think and learn new material and strategies. I get to decompress and plan for what’s next.
If you are on the fence about coming to the Flip & Fund Summit, I strongly encourage you to take the weekend to step OUTSIDE of your business and attend. Even if you are an experienced investor, you will be amazed and what you walk away learning.
See you in Dallas…
CEO Strategic Real Estate Coach
CEO Freeland Ventures and Freeland Lending
CEO Yellow Jacket Properties
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