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Why You Should Apply Pressure on Yourself to Succeed

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Opinions expressed by Entrepreneur contributors are their own.

When we think about feeling “pressured,” the immediate connotation is usually a negative one. Understandably so — if given a choice, many would opt not to feel pressure in any situation; it’s not an exceptionally comfortable emotion. Nonetheless, it can be helpful in all facets of life, especially regarding your career journey.

Historian Thomas Carlyle famously said, “no pressure, no diamonds,” indicating that coal cannot achieve its true potential of becoming a diamond without it. Similarly, the correct dose of pressure will help you achieve your goals when you know how to wield it and handle it in a healthy way that doesn’t detract from your overall well-being.

Related: 5 Habits Every CEO Should Avoid to Be a Truly Remarkable Leader

1. Character over comfort

To an extent, it is a choice. You can go through life prioritizing short-term comfort and avoiding situations that bring a high level of pressure. Still, it probably won’t be a very fulfilling experience. It’s natural to prefer easy and comfortable situations — it’s only human. Unfortunately, you’ll have to endure and welcome the more challenging experiences to spur character development and growth.

Without the moments that push us, we stay stagnant, and forcing yourself to work through the discomfort does your future self an excellent service. Think back on an outstanding achievement — a widely-known, historical example or something personal that has happened in your own life. To the best of your knowledge, would that goal have been attained or that milestone reached without a level of discomfort and pressure?

When I think about the moments in my life where I’ve felt most proud of myself or come to the most rewarding outcome, not one of them was able to happen without hard work leading up to it. I’ve never regretted putting myself in a position under pressure, and I will continue to do so whenever the opportunity arises.

Related: 5 Ways to Become a Top Performer at Any Company

2. Training the muscle

As with so many things, working through pressure gets easier with practice. It’s like a muscle or a skill — you have to train it to strengthen it. No one is walking into the weight room for the first time and squatting with 400 pounds, nor would it be recommended. Without training, you’re only going to hurt yourself.

There’s a reason Lionel Messi is consistently chosen to take penalty kicks; he’s taken so many before and has found a way to be comfortable and successful through what’s arguably the most pressure-inducing moment of the game. He’s been put in the situation before and risen to the challenge repeatedly in a way other players haven’t mastered yet.

If you can find a way to embrace the moments when it feels like the pressure is closing in, it will get easier the more often it happens. Continually putting yourself in an uncomfortable position will only serve you in the long run, particularly because as you progress and grow, so will the frequency of those moments. It’s a cliché, but a true one: with great reward comes great responsibility, and as you achieve more or attain success, you’ll need that strengthened muscle to deal with times of heightened pressure.

Related: A 4-Step Guide to Facing Failure and Getting Back Up

3. Managing pressure

If you are someone who experiences a high level of pressure regularly, chances are that you’re also consistently trying to do better in most facets of life — the two tend to go hand-in-hand. Even when you lean into the positive side of it, you’ll still need to find a way of managing that pressure.

Different people have different strategies, but something I’ve found crucial is recognizing the adrenaline that comes with the feeling of pressure. On a physical level, the fear you might feel during those moments is not all that different from the feeling you get when you’re excited, like climbing the highest point of a rollercoaster. The trick is channeling that adrenaline towards the latter and using it to fuel excitement rather than fear. Think about what could go right rather than what could go wrong, or if that proves too difficult, let yourself think about what could go wrong and walk yourself through it anyway to feel more prepared.

One strategy could be tapping into a friend with complementary strengths. I could be asked to jump out of a plane tomorrow and not think twice about it, but if you asked me to strap on an oxygen tank and go scuba diving, the “yes” isn’t going to come to me as quickly. Having a friend who might be terrified of heights but feels at home in the water would be the perfect match because we can push each other and relieve some of the pressure the other might be feeling.

Inevitably, the best way to manage pressure is to become comfortable with the physical feelings it invokes, but these strategies can be of tremendous help before you get there.

If you’re having trouble reaching a true feeling of comfort, viewing pressure through the lens of privilege can be incredibly helpful. Billie Jean King wrote an entire book on the subject where she said, “Pressure is a privilege—it only comes to those who earn it.” The privilege and opportunity of feeling the pressure to compete and perform is not one that everybody experiences. That fact alone can, at times, make it easier to handle. When advancing feels difficult, know that it’s supposed to feel that way, but it doesn’t have to stop you from using every tool in your arsenal. If you can take command of the situations that cause that good pressure rather than shy away from it, you will ultimately find success in a way that feels even more rewarding.

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Entrepreneurship

8 Practical Tips to Maximize Efficiency in Real Estate Investing

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The real estate world is highly competitive, so those who pursue real estate investing must work hard to stay on top of their game. News events, market shifts, financial technology, and a host of outside factors can change the investment terrain seemingly overnight.

Real estate investing also offers investors tax benefits. Investors can take advantage of depreciation deductions and capital gains exemptions, which can provide a significant tax advantage. Additionally, investors can use a 1031 exchange to defer capital gains taxes on the sale of a property by investing the proceeds in a new property.

Done right, real estate investing can be (and often is) an incredibly lucrative endeavor. However, making a career in real estate sustainable and consistently profitable is also a complex and time-consuming process. Maximizing your efficiency is essential to ensure you get the most out of your investments, especially if you are working as a team of one.

Listed below are eight practical tips to help you do just that. These tips will help you get the most out of your real estate investments, from creating a well-defined investment strategy to taking advantage of automation tools.

Whether your preferred niche is in the residential market, wholesale real estate, property management, or elsewhere, adhering to these guidelines will help you save time and make more informed decisions to maximize your returns.

1. Develop a well-defined investment strategy

Investment strategies are the blueprints for your real estate ventures and are crucial for maximizing efficiency. Before investing in any property, you must have a well-defined investment strategy.

In what kind of properties do you want to invest? What is your target return on investment (ROI)? What are the acquisition costs? How much cash flow do you expect from each property? Answering these questions will help you better define your investment strategy and make better decisions in the long term.

If you’re just getting started with real estate investing, start by building a property finder. In the property finder, list all the types of properties you want to invest in and the reasons why. By doing this upfront, you’ll save time when looking for deals later on since you’ll know exactly what you’re hoping to find.

2. Utilize automation tools

Automation is one of the best ways to save time while investing in real estate. Whether researching properties, managing your finances, or scheduling meetings, automation tools can make your life much easier.

One of the best ways to save time while investing in real estate is to automate your financial processes. If you’re managing all of your own finances, you’ll want to find ways to automate as many tasks as possible. Targets for automation include routines like paying bills, tracking your spending, and setting up automatic transfers to your savings account. These tasks can be extremely time-consuming, especially if you manage more than one investment property.

If you’re managing more than one property, you’ll want to automate as many financial processes as possible to save time. For example, you can set up automatic bill pay to pay all your expenses, such as property taxes and maintenance fees, consistently.

3. Leverage market research data

When it comes to real estate investing, the amount of data you have at your disposal can make a huge difference. You need access to the correct data to make the best decisions when investing in real estate.

You can tap many different sources when it comes to market research data. One of the best market data sources is the National Association of Realtors’ Market Data section. Here, you’ll find a wide variety of data, such as average home prices, inventory data, and historical market trends.

For data on a specific city or neighborhood, sites like Trulia and Zillow can help you find what you’re seeking. These sites offer tons of data, such as average home prices and rental rates, and can make it much easier to make informed decisions.

4. Network with other real estate investors

While it may seem like you’re competing against other real estate investors, it’s also essential to network with them. By networking with other real estate investors, you can gain access to deals that may otherwise be off-limits to you.

In addition, you’ll likely find other real estate investors who are also trying to discover great deals. Working together with other real estate investors is a great way to pool resources, share information, and get access to deals you may have yet to see on your own.

Real estate investors can also partner with other investors or developers to invest in larger projects. Partnerships are a great way to gain access to larger investments with lower levels of risk. Investors can also invest in real estate investment trusts (REITs), which allow them to invest in large-scale properties without having to manage them directly.

While there are plenty of online groups for real estate investors, nothing beats the value of networking in-person. If you’re interested in meeting other real estate investors, join your local REIA chapter, attend meetups, and find different ways to connect with like-minded individuals.

Networking has its pitfalls, though. The real estate market has a reputation for volatility, and any alliances you form could cause regret later on. Assuming you’ve clearly defined your goals, it will become much easier to identify partnerships that make sense for your long-term objectives. Similarly, you’ll develop a keen sense of when to walk away.

5. Focus on finding great deals

Real estate investing is an incredibly competitive industry, and finding a “great deal” is one of the most critical aspects of the process. You’ll want to take advantage of different resources, such as the MLS, to find these great deals.

When looking for deals, it’s essential to be as efficient as possible. Instead of browsing through every property listed in the MLS, use different filters and search criteria to narrow down your options.

For example, you can search properties with low equity or cash-flow properties to find deals that are likely to close quickly. While searching for deals, it’s important to remember that not all of these opportunities are created equal.

6. Outsource tasks that don’t require your expertise

Depending on your investment strategy, you may come across tasks that don’t require your expertise. For example, you may need to hire a property management company to manage your rental properties, or you may need to hire an attorney to help you close on a property.

While these tasks are necessary for real estate investing, they can be competently accomplished without your expertise. As such, you should outsource these tasks to specialists who are more qualified than you.

For example, property management companies have access to plenty of data that helps them make better decisions, such as average rental and tenant turnover rates. By outsourcing these tasks, you’ll save time and get access to data and expertise that you don’t have.

7. Take advantage of real estate software

Real estate investors are a data-driven bunch, so it’s no surprise that many rely on real estate software. Real estate software allows you to manage all aspects of your business, including tracking your finances, managing your team, and finding new deals. Plenty of different real estate software solutions are available, so it’s crucial to find one that best fits your needs.

When selecting real estate software, ensure it’s compatible with your devices, such as your phone or computer. It’s also a good idea to choose a real estate software solution that integrates with other tools you use, such as Google Sheets or accounting software, such as QuickBooks. Selecting a real estate software solution that integrates with other devices can save time by automating some of your processes.

8. Set clear goals and objectives

As with any other business venture, it’s vital to set clear goals and objectives with real estate. If you don’t know where you’re going, it’s almost impossible to get there. By setting goals and objectives, you’ll be able to make better decisions, reduce risk, and increase ROI.

When you start investing in real estate, you’ll have all sorts of ideas about what you want to achieve. With so many goals to achieve, it can be challenging to stay focused and make progress. By creating a checklist, you can easily keep track of all your goals and see how close you are to achieving them. Checklists are also a great way to stay focused and help you keep track of all the things you need to do by a specific date.

As you embark on your real estate adventure, keep a recurring reminder in your calendar software to chart progress and revisit your initial work. The real estate market is in a constant state of flux. Interest rates, market upswings (or downturns), new technological advancements, and a veritable legion of other factors outside your control ebb and flow. Even just six months ago, what seemed like a great idea may no longer be appealing to you or unprofitable.

Overall, real estate investment offers a variety of opportunities for investors. From buying and selling property to financing businesses and generating passive income, real estate investing can provide a steady income for those willing to commit to a strategic plan. With the right resources and a sound investment strategy, real estate investing can be a great way to generate wealth.

Featured Image Credit: Pixabay; Pexels; Thank you!

The post 8 Practical Tips to Maximize Efficiency in Real Estate Investing appeared first on Calendar.

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3 Ways to Boost Confidence

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“As a business owner, you’re going to face all sorts of challenges,” says business development consultant and Entrepreneur magazine writer Terry Rice. “But a lack of confidence will tank your chances of success faster than any real obstacle.”

So how do you shake off imposter syndrome when you’re attempting something new? Here are three ways to boost your confidence.

1. Realize confidence comes from past experiences, not pep talks. You don’t need motivational posters to remind yourself about what you can do. Jot down ten challenges that you’ve already won. Keep this list handy to remind yourself of what you’ve already accomplished and why you can take on new challenges.

2. Stop worrying about other people’s opinions. Most people are either rooting for you or ignoring you, so just focus on getting 1% better every day.

3. Learn to see failure as data. Think of every project, pitch, or sales call as an experiment. You’re testing something out, and if it works, great. If not, you’ve learned something and can improve your approach going forward.

Related: 60-Second Tip on Getting More Productive

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Layoffs Abound, But These Major Companies Are Still Hiring

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This year started off with massive layoffs — from Big Tech to real estate and beyond.

But it’s not all bad news.

Though many industries continue to brace for more job cuts, some of the most well-known companies are still hiring, per Insider.

Related: These Are the 2 Reasons Apple Has Avoided Mass Layoffs So Far

Economists remain optimistic about the 2023 job market, CNBC reported, noting that blue-collar workers may have more job security than white-collar employees. ZipRecruiter chief economist Julia Pollak told CNBC that despite headlines about mass layoffs, many companies “are starved for talent and leaving money on the table because they can’t run at full capacity.”

Related: Layoffs Affecting 1,600 Tech Workers a Day on Average in 2023

See Insider’s full list of hiring companies and the number of jobs they’re looking to fill below.

Chipotle: 15,000 jobs

Boeing: 10,000 jobs

United Airlines: 2,500 jobs

Airbus: 13,000 jobs

Alaska Airlines: 3,500 jobs

Bloomberg: 1,000 jobs

Moderna: 2,000 jobs

Palantir Technologies: A few hundred jobs

Binance: 15%-30% workforce increase

Hudson Tunnel Project: 72,000 jobs

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