Television in general may not be the best place to get better at real estate investing. One major exception is the CNBC show called The Profit. The show follows the CEO of CampingWorld – Marcus Lemonis, who has built an empire of over 100 business. In his reality show, various businesses applied to be on the show and hopefully secure a monetary investment from him.
His three components of success in business (for us real estate investing) is People, Process and Product. As a turnaround expert, for his show he will identify what is broken in the candidates business and then decide if he will invest.
So how can we use this tool? How about your people, process, and product analysis:
#1. People: Do you have a great team? By team I also mean your mastermind group of people around you. In real estate, there are a lot of complicated issues relative to both tax and law. Do you really need or want to know all of it to an expert level; is that even possible?. Successful entrepreneurs are team builders – no know-it-alls.
#2. Process: Do you have systems in place? If you feel constantly overwhelmed and are working IN you business and not on your business, perhaps you need to outsource some of your tasks. I highly recommend The Four Hour Workweek by Tim Ferris as a great place for times on outsourcing using very inexpensive virtual assistants.
#3. Product: This is a unique question for real estate investors. What are we really selling product wise? When is the last time you pondered this question. This slight change in viewpoint can force us to view what we offer. Is the lifestyle of the shelter we offer appropriate relative to that which is offered by our competitors?
Overall, the people, product, and process formula offers an easy way to review any business and see what needs improvement. I highly recommend you check out the CNBC show if you have not seen it yet6. This is TV that can make you smarter, which is rare, and can make you a profit, which is really rare…
Douglas Dowell J.D. is commercial and multi-family investor. His areas of expertise are raising money legally, risk mitigation with due-diligence, and management science. Douglas is an avid student of success principals with a focus on modeling success factors.
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