Tag: Teamwork

Make Your Bed

 

Introduction

I first came across the author Admiral William H. McRaven when I watched a video clip of his speech when he addressed the graduating class of the University of Texas. His speech was very inspiring and so when I saw he had written a book for life/mindset based on his ten lessons learnt from SEAL training I knew that it would be a book that would be useful to entrepreneurs.

General

This book is just 130 pages long and an easy read, but the content is profound as it will help obtain a mindset that can help anyone move forward in their business. There are 10 chapters in the book, the titles will resonate with entrepreneurs and are as follows:

  1. Start your day with a task completed
  2. You can’t go it alone
  3. Only the size of your heart matters
  4. Life is not fair – Drive on
  5. Failure can make you stronger
  6. You must dare greatly
  7. Stand up to bullies
  8. Rise up to the occasion
  9. Give people hope
  10. Never, ever quit

The training that Admiral McRaven went under was designed to push them to the limit both physically and mentally, so there is a high rate of fallout with people quitting. This is no different to people wanting to start a business but when things get tough they quit and go back to a job because it is easier. Admiral McRaven had a parachute accident at 5,500 feet where his pelvis was ripped apart by almost five inches, and his stomach muscles became detached from the pelvic bone and became bedridden for two months, he thought that this was the end of his career, but his wife and boss refused to let him indulge in self-pity and reminded him who he is, and this support got him back on track and saved his career with eventually passing a fitness test and back on active duty. This should remind entrepreneurs that they can’t do everything themselves, they need help to move forward in their business.

During training, if they failed an event their names went down in the instructor’s notebook to join the ‘Circus list’. The circus was held at the end of the days training and was another ‘two hours of additional callisthenics, the obstacle course, the timed runs, or swims.’ The circus was feared by the trainees because they would be exhausted from the extra workout and there was a chance of failing the standard again which meant another circus. ‘It was a death spiral, a cycle of failure that caused many students to quit training.’ Admiral McRaven ended up on the circus list and stayed on it for a little while but refused to give up, and what he found was that he started to get stronger, faster and more confident. In the final 5-mile open water swim he and his swim buddy finished way ahead of the rest of the class. The Admiral sums up the circus in this way: ‘In life, you will face a lot of circuses. You will pay for failures. But, if you persevere, if you let those failures teach you and strengthen you, then you will be prepared to handle life’s toughest moments.’

Summary

Throughout the book, there are lots of gems that if you apply it to your business and life it will help you move forward. This book is small enough to keep with you and refer to when you think that things are tough and that you want to quit or stuck in a rut.

 

 

Learning about property investing from Wolves

It may seem strange to think that we as humans could learn something from animals after all are we not the top predator due to our creative minds. Wolves are always the bad characters in stories, myths and legends, nothing could be further from the truth, as wolves are very sociable, who work as a team and are highly intelligent. If we observe wolves we can obtain some insight on how to use some of their habits when it comes to investing in property. This may seem improbable, but before you dismiss it out of hand keep reading and have an open mind.

Teamwork

For wolves to succeed in nature they have to work as a team, it is the only way to survive. A lone wolf does not last long as they are social animals and need help from the rest of the pack, so they with very few exceptions soon starve, or become victims to other predators.

For an investor to succeed they have to have a team as they cannot do everything themselves. So an investor will have his power team such as Accountant, Solicitor, Broker etc. Without this team, the investor will not last as the investor will be starved from deals and other investors who are organised with teams will become predators who will take the deals away from the lone investor as they can act quickly.

Territory

Wolves know their territory intimately, nothing will happen in their territory without them knowing about it. By knowing their territory in this way the wolves know where their prey is likely to be and they also know how to use the terrain to surprise and attack their prey.

For an investor to succeed they need to know their investment area extremely well. Nothing should happen in the investor’s investment area without them knowing about it. The investor needs to know when there are changes and use their knowledge of the area to take advantage and make a potential gain.

Travel

Wolves are hunters, therefore, they travel long distances to find their prey and they search far and wide. They may travel fifty miles or more each day in search of food they can travel tirelessly for hours on end with no energy wasted.

The investor may have to travel long distances to get to their ideal investment area. Due to either the local property prices, the stock available or strategy the investor may not be able to invest in the area where they live, so it will be necessary to travel to different parts of the country. They must do this without wasting energy thinking that they have to get up early, they may have to drive for hours, etc. travel is part of investing so the investor must learn to accept this.

Hunting

Wolves are incredibly patient animals, they will carefully watch and wait to pick out a suitable prey. They are looking for a weakness that they can exploit, such as a slight lameness. Wolves will keep an eye on their potential prey by constantly checking on them to see if anything has changed that has made them weaker. Wolves may trail a herd of elk, caribou etc. for days before making its move. During this time, they are assessing the herd, looking for an animal that displays any sign of weakness, and this is just the beginning. Wolves also factor in other conditions that will affect the outcome such as weather and terrain that can tip the scales in favour of the wolves or its prey. Once a prey has been picked out the wolves become totally focused on it until they can bring it down.

The investor must also be patient, they must search out the right type of property, put in their best offer and wait and see if it will become accepted. At first, their offer may be rejected, but the investor must stay focused and keep watching and waiting and if they see no movement the investor will remind them of their offer. Once the vendor comes back with a counteroffer that they are prepared to accept then the investor will begin to negotiate and find a weakness until an agreement is reached. The investor must remain totally focused until the deal is done and contracts have been exchanged.

Conclusion

As can be seen, there are similarities between wolves and investors. Investors can learn from wolves because wolves are sociable animals that understand their territory and are fully focused as this is the only way that they can succeed in nature. The investor needs to be a sociable person that understands their investment area has the same focus and commitment if they are to succeed with their property investment journey.