How To Be A Successful Entrepreneur - Fake It Until You Make It

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Summary

Don’t Fake It Until You Make It

Thanks for tuning in again. Today am in Holguin, Cuba and if you are tuning in, I want to talk about the phrase “you need to fake it until you make it.” Earlier today I got an email from someone in Toronto, Canada who is a brand-new investor and he went for expensive training worth thousands of dollars. Unfortunately, the advice he got there was that he needs to fake it until he makes it.

However, as an investor who has been investing for long, I have a different opinion on that based on the experience I have amazed over the years. Imagine if you visit a surgeon for a critical operation which a matter of life and death and your surgeon had never done anything like that before, he is just faking it until he makes it, I know you won’t be happy with that. Hence, when you are dealing with other people’s money, you should treat it better than you manage your own money. And you need to make sure that you established an excellent reputation first because if you blow your reputation from inception, that means your real estate career is finished before it even started. My advice is that do not fake it until you make it; as a matter of fact, be transparent and do the opposite. There are a couple of ways you can safely work with another people’s money.

First and foremost, be humble enough to find somebody in the business who can be your mentor and lead you to the right path. For instance, when I first started, I had some money of my own that I borrowed from the bank, so automatically the money was not my money. And I got lucky with the first deal but using my profit after that, I almost lost everything I realized from my first deal on the second and third deals that I did on my own. In fact, I started to run low on fund. So, I teamed up with an experienced investor, and that made all the difference. In other words, I got people who had done similar deals and teamed up with them. So, go to experienced investors and say that you have money and that you are ready to split the profit with them if they do a deal with you, am sure that they will all say yes. If they don’t, offer to give them more and take less for yourself.

On your first few deals, worry more about building your reputation in the business and not about the money. Gain some confidence and get out there to build some momentum, but you will be in big trouble if you worry only about making money. Consequently, just like the surgeon, I say don’t fake it until you make it. Because if a surgeon went to university and got training in a classroom, that is not the same with the practical aspect of it and the fact that you spend exorbitantly to learn something does not make you an expert. Do it with your own money first if you can and if not find somebody who has gotten the money but be honest with them that you are new in the business and that you are going to team up with somebody who is your mentor. Explain to them the reason why you think is going to work out and let them make a decision based on honesty as opposed to making stuff up.

I hope that you find this helpful and share this with the people that need to watch this video. Please like this video and subscribe to my YouTube channel to get my latest and greatest recordings as I make them. Again, I strongly recommend that you tune in to have access to an online masterclass on creating passive income streams, so that you can make money when you are traveling, sleeping and when you are doing things that you love. Many of us focus on the money at the expense of our health or relationships, but I will teach you on how to make money and also have time for necessities. I’m Mike Wolf, and I look forward to seeing you soon.