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What can property investors learn from Jeff Bezos?

Tuesday, November 07, 2017

CREDIT: Fortune.com


Oh… so so much. There is something to be said about the man who manages to turn a garage operation into a global conglomerate in less than a quarter of a century. A lot of something to be said actually, and we are only scratching the surface today.
One stand-out Jeff Bezos business philosophy has always struck a chord with me, and it should with you. On the fundamental ingredient to success, Bezos speaks about beingstubborn on vision … (and) flexible on details. Simple and straightforward, but packs a punch for anyone looking to get to the next level of your property portfolio.
Let's break the Bezos philosophy down and apply these key principals to your success journey:


1. Have a vision
At yesterdays entrepreneurship webinar, David Hoath of Kris Pedersen Mortgages and Insurance talked about the number one reason small enterprises fail - the lack of a business plan. Ask yourself this, why are you investing in properties? Are you looking at improving your lifestyle or growing some form of generational wealth? Do you want to retire early? Or are you an investor because you have a passion for property? If you don’t know your why, you will never work out your how. Stop being a mindless investor and let the vision you have for your future drive your day-to-day decisions.
2. Tune out the noise
Not everyone is driven in the same way. As you become stronger, bolder, and more successful, you will go through the inevitable process of leaving people behind. Accept that there are people in your life who show their friendships and love by (sometimes, unintentionally) putting doubt in your mind. It is not because they do not believe in you, but rather they do not share your vision of success. Learn to tune out these noises and focus on your vision. Identify ‘mentors’ from your peer group - these are people who personify where you want to be and have a genuine (but not vested) interest in seeing you become successful. Listen to what they have to say, learn from their experiences, and if you ever disagree - have the courage of conviction to do so respectfully.
3. Be patient
If Rome wasn’t built in a day and neither was Amazon, why would it be reasonable to expect instant results with your property portfolio? It takes a number of years, some well thought-through decisions, a dash of boldness, and a sprinkling of luck for many long-term investors to feel secure enough with their cumulated property wealth. Accept that you are going to find the tide against you for the first few years (especially with incoming Labour initiatives that could slow down newcomers) and focus on how to ride through. Resist the urge to cave emotionally into short-term setbacks. You are investing in properties to build wealth for the long term. Be patient, look further than your nose, and start making smart decisions.
4. Apart from your vision, everything else is negotiable
Do you find yourself constantly bogged down by the smallest details (such as interest rates) and lose sight of the big picture? Are you spending a lot of time on your properties but never seem to get anywhere? If you answer yes to any of these questions then it is time to re-focus on your investment vision and trim out the time-sucks that distract you from your goals. Rather than spending the whole week scouting for the elusive 4.0% interest rate, ask yourself if your time is better spent getting the lending structure right for your strategy and securing the best property deal that returns strongly.  
5. Don’t get comfortable
When we achieve a milestone, our mind does this little trick on us by grossly inflating the perceived universality of the actions that preceded this little success. This feeling of confidence lures us into a false sense of security that does nothing other than put us right into a rut. We stop thinking critically and creatively to push through. What has gotten you to point A seldom gets you to point B. If you want to grow your property portfolio, you will need to evolve alongside it. Stop cruising and learn to challenge yourself with new thinking and a new way of doing things. By shaking up your routine, you will see new opportunities and get out of the rut you find yourself in.


Are you a Jeff Bezos fan?  Comment share below and let us know how else he has inspired your investment journey!


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