You want to make it in Commercial Real Estate. How can you develop an entrepreneurial mindset?
Commercial real estate (CRE) is a competitive and lucrative industry that requires a high level of skill, knowledge, and creativity. To succeed in this field, you need more than just a license and a network. You need an entrepreneurial mindset that can help you identify opportunities, solve problems, and create value for your clients and yourself. In this article, we will explore what an entrepreneurial mindset is, why it is important for CRE professionals, and how you can develop it through four practical strategies.
An entrepreneurial mindset is a way of thinking and acting that focuses on finding and exploiting opportunities, creating innovative solutions, and taking calculated risks. It is not limited to starting or running a business, but can be applied to any situation or challenge that requires creativity, initiative, and resilience. An entrepreneurial mindset can help you overcome obstacles, learn from failures, and adapt to changing market conditions.
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Sonam Chandwani
Driven, focused and committed - Managing Partner, KS Legal and Associates
This involves continuous learning about market dynamics and niche specializations, coupled with a strong focus on relationship-building within the industry. Embracing technological advancements for efficient operations and market analysis is also key. An entrepreneurial spirit in CRE means having a deep understanding of real estate finance and investment strategies, being adaptable and resilient to market fluctuations, and consistently innovating to add value. Above all, focusing on client needs with integrity and ethical practices builds a lasting, reputable presence in the competitive world of commercial real estate.
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Tyler Sellars
Self Storage Investor | CEO @ Cactus | Commercial Real Estate AI Provider.
My suggestion is to read Alex Hermozi's $100M leads and if you're more of a social/visual learner remove any influence in your life that doesn't subscribe to your overall goals. That doesn't mean to remove friends or family that are not aligned, they may still be highly positive and supportive people in your life. However, surround yourself with entrepreneurs or intrapreneurs within growing companies within your field of interest. Spend your time learning. Leadership is not born, it's built.
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Ahmad Bouzoubaa 🗝️
Real Estate Agent | Expert in Cutting-Edge Digital Real Estate Solutions | Luxury & Digital in Real Estate? ABI has the answers.
L'état d'esprit entrepreneurial met l'accent sur l'identification d'opportunités, l'innovation et la prise de risques calculés. Il s'applique au-delà des affaires, favorisant créativité et initiative face à tout défi. Favorise la résilience, l'apprentissage continu et l'adaptabilité aux changements de marché.
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Jonathan Schott
🌎 We help lead sustainable innovation in ESG consulting, HVAC design and project management | Co-Founder @ BLUECON
An entrepreneurial mindset in commercial real estate fosters creativity, innovation, and adaptability. It empowers professionals to identify opportunities, take calculated risks, and navigate challenges effectively. With this approach, individuals can drive growth, explore new strategies, and stay ahead in a dynamic industry landscape. Embracing such a mindset is crucial for success and staying competitive in the evolving world of real estate.
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Daria Romanenko
Real Estate Sales Representative | Real Estate Investment
Entrepreneurs are lifelong learners who are constantly seeking to expand their knowledge and skills. Have an entrepreneurial mindset means to be open to feedback, embrace new ideas, and actively seek out opportunities for growth and development.
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Hrijul Goel
Empowering Individuals to Maximise Returns | Personal Finance | Proptech & Alternative Investments | Business Leader
Here are some steps you can take to cultivate this mindset: 1. Learn Continuously: Stay updated on industry trends, market dynamics, and best practices in CRE. 2. Be Innovative: Look for creative solutions to problems and opportunities in the CRE industry. 3. Develop a Growth Mindset: Adopt a mindset focused on growth and development. 4. Set Clear Goals: Establish specific, measurable, achievable, relevant, and time-bound (SMART) goals. 5. Take Action: Finally, an entrepreneurial mindset is not just about thinking but also about taking action.
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Atchuta Neelam
Founder @ BeyondMLS.com & RealSuperMarket.com | Linkedin Top Commercial Real Estate Voice | Data Aggregator | Expert in Lead Generation & Real Estate Services | Data-Driven Strategies
An entrepreneurial mindset is a way of thinking and approaching opportunities with creativity, resilience, and a willingness to take calculated risks. It involves being proactive, adaptable, and resourceful, seeking out new opportunities and solutions to challenges. Entrepreneurs embrace uncertainty, learn from failure, and continuously innovate to create value and achieve their goals.
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Oleksandr F.
Valuation Consultant, Avison Young
Continuous Learning - Commit to lifelong learning and stay informed about market trends, industry developments, and best practices in CRE. Attend workshops, seminars, and conferences, and seek out mentors who can provide guidance and insights.
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Mohammed Afzal 🏠
Brand Marketing Expert | 7+ Years Revolutionizing Retail, FMCG, and Real Estate Sectors | Let's Connect!!
1. Foster creativity: Focus on innovative solutions. 2. Take initiative: Act without waiting for instructions. 3. Embrace risk-taking: Learn from failures. 4. Commit to learning: Stay informed about industry trends. 5. Cultivate resilience: Persist through setbacks.
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Pyush Lohia
Director, Lohia Global
This is what I focus on to develop an entrepreneurial mindset in commercial real estate: 1. Focus on innovation, resilience, and strategic thinking. 2. Embrace challenges as opportunities, constantly seek new ideas, and adapt to changes in the market. 3. Cultivate a growth mindset, learning from failures and setbacks. 4. Network with industry professionals, seek mentorship and stay informed about market trends. 5. Take calculated risks, but also have a plan B. Most importantly, stay passionate, persistent, and proactive in pursuing your goals.
An entrepreneurial mindset is essential for CRE professionals because the industry is constantly evolving and demanding. You have to deal with complex transactions, diverse clients, and uncertain outcomes. You have to be able to spot trends, analyze data, and negotiate deals. You have to be able to market yourself, build relationships, and generate leads. You have to be able to manage your time, money, and resources effectively. An entrepreneurial mindset can help you achieve all these goals and more.
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Daria Romanenko
Real Estate Sales Representative | Real Estate Investment
To have a strong sense of self-confidence and belief in abilities. To be not deterred by criticism or naysayers and have the self-assurance to pursue of goals despite uncertainty or doubt.
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Ahmad Bouzoubaa 🗝️
Real Estate Agent | Expert in Cutting-Edge Digital Real Estate Solutions | Luxury & Digital in Real Estate? ABI has the answers.
S'adapter à une industrie dynamique : L’esprit entrepreneurial permet aux professionnels de l’immobilier d’entreprise de naviguer dans un secteur en constante mutation, en anticipant les tendances et en s'adaptant rapidement aux nouvelles demandes du marché. Gestion des transactions et relations : Il favorise une approche proactive pour gérer des transactions complexes, développer un réseau solide, et attirer de nouveaux clients grâce à une capacité à innover et à négocier efficacement. Optimisation des ressources : Cultiver un état d’esprit entrepreneurial aide à une meilleure gestion du temps, des finances et des ressources, essentielle pour maximiser la rentabilité et le succès à long terme dans l’immobilier d’entreprise.
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Hrijul Goel
Empowering Individuals to Maximise Returns | Personal Finance | Proptech & Alternative Investments | Business Leader
Some ways to get started is: 1. Building a Personal Brand: Entrepreneurs leverage their unique strengths, expertise, and values to differentiate themselves in the market. 2. Identification of Untapped Opportunities: CRE professionals can uncover hidden gems and capitalise on opportunities that others may have missed. 3. Long-Term Vision and Sustainability: CRE professionals often have a long-term vision for their careers and investments. They prioritise sustainable practices, ethical conduct, and community engagement, recognising that long-term success in the industry.
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Atchuta Neelam
Founder @ BeyondMLS.com & RealSuperMarket.com | Linkedin Top Commercial Real Estate Voice | Data Aggregator | Expert in Lead Generation & Real Estate Services | Data-Driven Strategies
An entrepreneurial mindset is crucial for commercial real estate (CRE) professionals because it fosters innovation, resilience, and adaptability in a dynamic and competitive industry. It encourages CRE professionals to identify and capitalize on opportunities, think creatively to solve complex problems, and take calculated risks to achieve success. By embracing an entrepreneurial mindset, CRE professionals can differentiate themselves, drive growth, and create value for clients, investors, and stakeholders in the ever-evolving real estate landscape.
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Mohammed Afzal 🏠
Brand Marketing Expert | 7+ Years Revolutionizing Retail, FMCG, and Real Estate Sectors | Let's Connect!!
An entrepreneurial mindset is vital for CRE professionals due to the industry's dynamic nature. It equips them to adapt swiftly, solve complex problems, and drive themselves. Effective resource management and long-term success are also facilitated by this mindset.
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Okwudili Chigbogwu
I help Organizations overcome Financial Reconciliation Challenges| Master Process Improvement & Ensure Reliability & Integrity of Financial Reports. Handholding & Coaching staff for Knowledge Transfer.
Absolutely, an entrepreneurial mindset is indeed crucial for CRE (Commercial Real Estate) professionals due to the dynamic and demanding nature of the industry. They encounter intricate transactions, diverse clientele, and uncertain outcomes, requiring skills in trend-spotting, data analysis, and negotiation. Additionally, they must excel in self-marketing, relationship-building, and lead generation. Effective management of time, finances, and resources is also paramount. An entrepreneurial mindset equips professionals to tackle these challenges adeptly, facilitating success and innovation in the ever-evolving CRE environment.
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Daria Romanenko
Real Estate Sales Representative | Real Estate Investment
Developing an entrepreneurial mindset is a process that involves cultivating specific attitudes, behaviors, and skills over time. For example, provide your network and collaborate, take risks, set clear goals etc.
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Mohammed Afzal 🏠
Brand Marketing Expert | 7+ Years Revolutionizing Retail, FMCG, and Real Estate Sectors | Let's Connect!!
To develop an entrepreneurial mindset, engage in continuous learning, take calculated risks, seek feedback and mentorship, and persist through challenges.
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Luke Thurlow MRICS
Workspaces at Canary Wharf Group & Chair of the Junior Board
Don't look at what your competitors are doing, take inspirations from other sectors and markets. Find a way to take innovation, processes and strategy from non-real estate companies and apply to the sector
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Atchuta Neelam
Founder @ BeyondMLS.com & RealSuperMarket.com | Linkedin Top Commercial Real Estate Voice | Data Aggregator | Expert in Lead Generation & Real Estate Services | Data-Driven Strategies
To develop an entrepreneurial mindset, focus on fostering creativity, resilience, and a willingness to take calculated risks. Embrace challenges as opportunities for growth, seek out new experiences, and continuously learn from both successes and failures. Cultivate a growth mindset, stay adaptable to changes, and proactively seek opportunities to innovate and create value. Surround yourself with like-minded individuals, seek mentorship, and stay committed to your goals to cultivate an entrepreneurial mindset in commercial real estate.
One way to develop an entrepreneurial mindset is to seek new experiences that can broaden your horizons, challenge your assumptions, and expose you to different perspectives. You can do this by attending events, joining groups, reading books, taking courses, or traveling to new places. By doing so, you can discover new ideas, learn new skills, and meet new people who can inspire you or help you in your career.
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Daria Romanenko
Real Estate Sales Representative | Real Estate Investment
No-one but you will make you new experiences, only you. Don't wait for permission or validation from others—take action and create your own opportunities for success.
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Atchuta Neelam
Founder @ BeyondMLS.com & RealSuperMarket.com | Linkedin Top Commercial Real Estate Voice | Data Aggregator | Expert in Lead Generation & Real Estate Services | Data-Driven Strategies
Seeking new experiences exposes you to diverse perspectives, challenges, and opportunities, fostering personal growth and expanding your skillset. Whether through travel, volunteering, or trying new hobbies, embracing new experiences encourages adaptability, creativity, and a broader understanding of the world. In commercial real estate, exposure to different markets, property types, and client needs enhances your ability to innovate, problem-solve, and thrive in a dynamic industry.
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Ahmad Bouzoubaa 🗝️
Real Estate Agent | Expert in Cutting-Edge Digital Real Estate Solutions | Luxury & Digital in Real Estate? ABI has the answers.
Ne pas hésiter à sortir de sa zone de confort pour essayer de nouvelles stratégies d'investissement, visiter des biens uniques ou expérimenter avec des technologies innovantes dans le secteur immobilier. Chaque nouvelle expérience est une occasion d'apprendre et de grandir.
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Okwudili Chigbogwu
I help Organizations overcome Financial Reconciliation Challenges| Master Process Improvement & Ensure Reliability & Integrity of Financial Reports. Handholding & Coaching staff for Knowledge Transfer.
Certainly, seeking new experiences is a potent method to cultivate an entrepreneurial mindset. Attending events, joining groups, reading extensively, enrolling in courses, or traveling to unfamiliar destinations can all broaden horizons, challenge assumptions, and expose individuals to diverse perspectives. These experiences facilitate the discovery of fresh ideas, acquisition of new skills, and connections with inspiring individuals who can offer guidance or support in one's career journey. This proactive approach fosters adaptability, innovation, and continuous growth, key characteristics of an entrepreneurial mindset.
Another way to develop an entrepreneurial mindset is to experiment and test different approaches, methods, and tools that can improve your performance, efficiency, or results. You can do this by setting goals, making hypotheses, collecting data, and evaluating outcomes. By doing so, you can find out what works and what doesn't, what needs to be changed or improved, and what can be scaled or replicated.
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Sonam Chandwani
Driven, focused and committed - Managing Partner, KS Legal and Associates
In the dynamic world of entrepreneurship, the ability to experiment and test various strategies is a crucial skill. This approach is much more than just a means to an end; it's a mindset that fuels innovation and growth. When entrepreneurs engage in experimentation, they adopt a mindset of exploration and curiosity. They understand that the path to success is not linear, and they're willing to navigate through uncertainties and take calculated risks. It fosters a culture of continuous learning and improvement, essential in the ever-evolving business landscape.
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Atchuta Neelam
Founder @ BeyondMLS.com & RealSuperMarket.com | Linkedin Top Commercial Real Estate Voice | Data Aggregator | Expert in Lead Generation & Real Estate Services | Data-Driven Strategies
Experimenting and testing ideas allows you to discover what works and what doesn't, fostering innovation and learning. Whether it's trying out new strategies in marketing, negotiation tactics, or investment approaches, experimentation helps you refine your skills and identify opportunities for improvement. By embracing a mindset of experimentation, you become more adaptable, creative, and resilient in navigating the challenges of the commercial real estate industry.
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Ahmad Bouzoubaa 🗝️
Real Estate Agent | Expert in Cutting-Edge Digital Real Estate Solutions | Luxury & Digital in Real Estate? ABI has the answers.
N'ayez pas peur de l'échec. Testez différentes approches dans la gestion de vos biens, le marketing, et la communication avec les clients. L'analyse des résultats vous permettra d'ajuster vos stratégies pour maximiser le succès. C'est par l'expérimentation que vous découvrirez ce qui fonctionne le mieux pour vous et votre marché.
A third way to develop an entrepreneurial mindset is to embrace failure and feedback as opportunities for learning and growth. You can do this by acknowledging your mistakes, analyzing your errors, and applying your lessons. You can also seek feedback from your clients, colleagues, mentors, or coaches, and use it to improve your skills, knowledge, or behavior. By doing so, you can avoid repeating the same mistakes, overcome your weaknesses, and enhance your strengths.
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Sonam Chandwani
Driven, focused and committed - Managing Partner, KS Legal and Associates
Embracing failure and feedback is pivotal in developing an entrepreneurial mindset, as it fosters resilience and continuous growth. In the unpredictable journey of entrepreneurship, failures are not just inevitable, but also valuable lessons in disguise. Acknowledging mistakes and actively seeking out constructive criticism from peers, mentors, or clients is a testament to one’s commitment to self-improvement and adaptability.Moreover, it cultivates a culture of humility and lifelong learning, which are indispensable qualities in the ever-evolving business landscape. Therefore, viewing setbacks as opportunities rather than obstacles is a key element in the repertoire of a successful entrepreneur.
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Ahmad Bouzoubaa 🗝️
Real Estate Agent | Expert in Cutting-Edge Digital Real Estate Solutions | Luxury & Digital in Real Estate? ABI has the answers.
Voyez l'échec non pas comme un revers, mais comme une étape essentielle à votre croissance. Soyez ouvert aux critiques constructives et utilisez-les pour améliorer vos méthodes. Le feedback, qu'il soit positif ou négatif, est une source précieuse d'apprentissage et d'adaptation.
A fourth way to develop an entrepreneurial mindset is to think big and act small. You can do this by having a clear vision of what you want to achieve, why you want to achieve it, and how you can achieve it. You can also break down your vision into smaller, manageable, and measurable steps, and execute them with focus, discipline, and consistency. By doing so, you can align your actions with your goals, track your progress, and celebrate your achievements.
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Sonam Chandwani
Driven, focused and committed - Managing Partner, KS Legal and Associates
The think big, act small approach is essential in developing an entrepreneurial mindset, as it perfectly blends ambitious vision with pragmatic execution. By setting grand, long-term goals and breaking them down into smaller, manageable steps, entrepreneurs can maintain focus and direction. This method ensures steady progress and adaptability, allowing for both the pursuit of bold dreams and the celebration of incremental achievements. It’s a balanced strategy that fosters both inspiration and discipline, crucial for any entrepreneurial success.
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Blumi Weil 💰
Single Family Real Estate Investment Lending | Portfolio Manager
Cultivating an entrepreneurial mindset is like orchestrating a fabulous party 🎉: dream big, but remember the tiny details! Start by envisioning your ultimate goal 🎯, then break it down into manageable steps. Dive into office social events, rally sponsors 🎈, nurture vendors 🌟, and foster a strong team spirit 🤝, all while celebrating each milestone along the way 🎊. With focus, discipline, and a sprinkle good fortune, you'll make waves in the industry!
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Sosena Desta, MPT, Project REAP
Women at Work 🧰 Real Estate Development| Strategic Planning| International Relations | Deal Sourcing | Power Broker | CBE/DBE/WOSB.
Take the first step and seek people in your circle for support. You’ll be surprised how many people you already know who can move you forward if you show dedication and commitment to achieving your goals. Write down your accomplishments quarterly and place them somewhere where you can see them often. Some days you’re walking, other days you’re sprinting towards your goals, but just remember to keep moving and you’ll get there.
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