Lessons from the Book ‘Great By Choice’ by Jim Collins and Morten Hansen
Jim Collins, is a best-selling Business Author and Business Consultant who wrote the best-selling business classics:
- Build to Last
- Good to Great
- Great by Choice
His first two books ‘Built to Last’ and ‘Good to Great’ went on to become global business classics. In his most recent book ‘Great By Choice” he gives advice to individuals who want to excel in Business. As in all his books, the lessons are based on rigorous analysis of extensive research. Mr. Collins, after all, is a Business Professor.
The lessons in his book can be applied by Real Estate Professionals who aspire to become great in their chosen profession.
We have tried to summarize the lessons and apply them to the Real Estate Professional. Hope is inspiring.
Lesson 1. Success in Real Estate is a 20 Mile March not a sprint. Mr. Collins research shows that success in business is more the application of sound business principles practiced consistently over the long haul. It is not a get rich quick tactic. An aspiring Real Estate Professional must put down his bucket in Real Estate and be committed to the long term. There will be years of struggle and years of outstanding success but it’s the commitment to the marathon that builds a successful profession.
Lesson 2. Start Small then Grow. In his book, Mr. Collins stresses business success is not achieved through making large risky bets, but by taking small risks, making careful observations and investing gradually in efforts that show initial success. It is the same in the Real Estate business. Ratchet up your risks gradually always making sure you can afford the downside if necessary. Invest in practices that show success even on a small scale.
Lesson 3. Be Productive and Vigilant. His research shows that business success is as a result of being focused on being productive, not on slight of hand. Work towards your budgets and pay attention to your numbers. Ensure positive cash flow. Be vigilant over your costs.
Lesson 3. Observe what works then focus on it. Try many new ideas, but approach them on a small scale. See which ones work and then focus on those. Be an idea factory, always innovating, and thinking outside the box, but do not take great risks on new ideas. Only invest in those that show initial success. Drop those that don’t.
Lesson 4. Accept Responsibility. Be the first to take responsibility. Do not get in the practice of blaming others. You are in control of your practice, feel good about your successes but do not look for scapegoats when things go wrong. Accept responsibility, analyze what went wrong, adapt your process or strategy based on your analysis and press on smartly.
Lesson 5. Aim for Leadership in the Real Estate Industry through Core Behaviours (Discipline, Productivity, Creativity, Ambition).
- DISCIPLINE – Consistency of action, FOCUS. Define a few BIG GOALS consistent with your PURPOSE and your VALUES.
- PRODUCTIVITY – Do not waste time.
- CREATIVITY – Be innovative, try new things.
- AMBITION – Be ambitious for success, always try and grow to the next level.
I’ll Meet you at the Top.