Entrepreneurship; The True Cornerstone to Small Business. The Investment Real Estate Story

Show Notes: Knock, Knock, Who’s There? Entrepreneurship. Entrepreneurship Who? The True Cornerstone to Small Business. The Real Estate Story – When I first started investing in investment real estate I never thought for one moment that with each investment real estate property we purchased we were creating a small business. It was not until I started producing a monthly financial statement did I realize had all the elements of a small business. Each property had revenue; expenses and net income. 5 Years and Out Most small businesses don’t last five years, and they disappear from the business landscape. The reasons are numerous, and over the days, months and years ahead I intend to review why some businesses survive and others just fade away. These small businesses fade away because they have a revenue issue, an expense issue or a net income issue; owning investment real estate is no different. When anyone talks about operating a small business they often introduce themselves as an entrepreneur first and a small business owner second. According to Wikipedia; entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs. According to Wikipedia; small businesses are normally privately-owned corporations, partnerships, or sole proprietorships. This year marks the 10th Anniversary of our company’s incorporation, and I am very proud of that fact. Late last year, I started to retool and enhance our business model. It is often said to be successful in small business pick your lane or niche. I am not moving away from our roots regarding investment real estate. Today I have over 35 blog posts; I have been blogging twice a week, Tuesdays and Thursday since November 21, 2017. It is a landmark number for me and hopefully for my readership. The intention is to provide valuable content to help those interested in adding investment real estate to their financial portfolio. At the beginning of starting our small business we were focused on one niche, investment real estate and ten years later we have stayed true to our roots. We have enjoyed some very prosperous years, but we have also had years with challenges. The path to the front door of investment real estate is never straight. In most countries, investment real estate is considered a business, and you are subject to tax rules regarding small business. Over the months and years ahead I will write about small business operations and talk to small business and entrepreneurial experts. In the book, “Rich Dad, Poor Dad’ by Robert Kiyosaki; which is a must read; Robert talks about small business ventures you undertake. I would also recommend some of the Rich Dad Advisors books. (only compensation I have received is the learning value from these books) Just diving in and purchasing investment real estate is not a business plan. Business Plan; the Last Thought; many business plans are divided into four parts; an idea, the planning, the strategy, and success. When I looked to start retooling my investment real estate business, I knew I would have to spend more time developing a business plan. What was the idea behind developing a business plan, from start to finish; first move into the planning stage, then create the strategies to reinforce the business plan and at the end of the plan what was going to identify success? Remember Success is not always the outcome of a business plan; if most

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Entrepreneurship; The True Cornerstone to Small Business. The Investment Real Estate Story is an episode from Vault to Investment Real Estate Success Podcast by W. Rick Harris.

This episode is 17:07 long.

This episode was published on May 9, 2018.

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