When you are an unknown trying to break into the entrepreneurial world from the outside there are a few maxims that hold true:
- No one knows who you are; no one has reason to believe you’ll be able to execute
- Talk, talk, talk. Everyone talks about being their own boss, running a business, taking that risk, far fewer actually pull the trigger. I liken this to the military as well. “I was gonna be a SEAL/Green Beret/PJ/CCT/Superman, but I decided to pursue my dream of basket weaving instead.” Or really, “I was gonna join the military but decided that would be selling myself short, but that’s just as good as having actually served.” This is probably not dissimilar to a number of things. “I was going to be a US Senator, but decided that would be selling myself, and my calling, short.” And on and on. People like to talk about the cool things they are PLANNING to do, they are too good for, or that they could have done if they had wanted to. I think it is similar to why many people assign blame for their circumstance or failings to some other unspecified boogey man. It’s the governments fault. It’s that rich guys fault. It’s that poor guys fault. It’s the fault of (Insert ethnicity) people. Risk is scary. Talking is easier. Blaming something else is comforting.
- It doesn’t matter how much money you make on your first deal.This comes from a conversation I had on my networking efforts over the winter holidays back in Texas. That first deal gives you a success to point to, which gets you a second deal, and third deal, and fourth deal, and so on. Then hopefully you have a reputation for adding value and have solid trusting relationships with LP’s, business mentors, friends, confidantes, and partners.
The above is my opinion, and I reserve the right to be wrong.
With that, I am actively working my first deal. I hope to have news to share shortly.
Best to your investing!