Commercial Property Investor Podcast Overcoming Challenges in Commercial Property Investing
Today we are diving into what's absolutely crucial to overcoming challenges and getting more success in commercial property investing (or any industry for that matter!).
Maintaining a growth mindset is key for experts or beginners and this is best done through listening & learning yourself. It may seem strange as an expert as you're often seen as or treated like a leader or font of knowledge around your expertise; but there's still so much to learn.
Do you manage to maintain your mindset when things become difficult? Or does it go by the wayside?
For instance, during tough times I have seen many investors get discouraged. Leading to a fixed mindset, where they cannot see out of the box (where they see their current difficulties are permanent and insurmountable. This mindset can stifle growth and innovation (it can be hard to come back)
How to avoid a Fixed - Mindset
- Compartmentalising - this is where you treat things or process tasks and challenges separately. It is knowing when to park it to move on and deal with the next problem or task. The key is to recognise the things you can change or control to take pressure away from those that you have zero control or ability to affect in the immediate future. Along side this is the recognition of time; Rome was not built in a day and some things require time for others to act, processes to adhere to and stages to complete.
- Networking - Putting yourself out there to meet and see others working (which is inspiring and counterbalances & can really make the difference).
- Know when to Back Off (or when to push ahead). Its not an exact science. Its knowing when to go all in at the clutch, but equally when to step back and cruise to reserve energy.
- Embrace Challenges - see them as opportunities (Check out last weeks episode for more on this!). A chance to learn, rather than an obstacle.
- Acknowledge and learn from Criticism - use feedback as a tool for improvement.
- Recognise efforts and perseverance as well as the wins
“ A growth mindset is the belief that abilities and intelligence can be developed; through dedication, hard work and continual learning" - Carol Dweck
KEY MOMENTS
- "Mindset is simple; when you think or claim you know everything, your knowledge is limted to what you've achieved so far. thats it. finito!"
- "When you're focused on learning more & more every day; your mindset is set on growth"
- “This moment right there, is what I am talking about; The mountains have closed in, the weather’s taken a turn and the navigation system is failing.
- “Some will give up, right here-and-now; most will push on. Some will then, when required, push on again. But even the strongest willed begin to have doubt…”
- “Even the strongest willed begin to have doubts… survival becomes the key focus, and not growth.”
- “A growth mindset fosters resilience, creativity and a willingness to take on challenges & to find out the best solution”
- “Challenges are inevitable, of course; but how we respond to them can make all the difference”
- “ I cannot overstate the power of focussing on one-to-one conversations with those around you (your mentors or mentees) as this is key to growth”
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