Building For a Bigger Purpose
Building For a Bigger Purpose
What are the key factors that drive personal motivation and purpose in life?
There are two parts to my motivation. The first is quite common: my family is my 'why'—the reason I pursue my goals and envision my end game. The second part stems from a traumatic experience in my youth, which led me into a deep depression. I avoided people and large groups, withdrawing from social interactions. It wasn't until later in life that I embraced my faith, accepting Jesus and discovering my true purpose as God intended. This realization lifted a veil from my eyes, and for the first time, I felt a clear sense of purpose. My calling to help others became apparent quickly. A particular instance where I was able to assist someone confirmed this path for me. It was profoundly fulfilling to realize that I was meant to serve others, which redefined my sense of self-worth and motivation.
How can business owners effectively engage and track market success?
Some tangible steps I took included researching my market and shifting my focus from foreclosures directly to sellers. I learned how to effectively market to these sellers, which involved physically engaging in marketing activities. An essential part of this process was tracking the outcomes, particularly through Key Performance Indicators (KPIs). These indicators helped me monitor the types of phone calls I was receiving, which is crucial because a lack of calls indicates ineffective marketing. I started by recording all this data on a simple Excel spreadsheet and gradually advanced to more sophisticated tracking methods. This tracking helped me understand what was working and what wasn't, allowing for necessary adjustments in my strategies. These were some of the initial steps I took that proved successful.
How can thorough due diligence prevent costly business mistakes?
Warren Buffet often says that the number one rule in investing is not to lose money. Despite this advice, I lost a significant amount of money on a foreclosure shortly after I started investing. It was both my personal money and a loan, which felt like a severe blow. The loss occurred because I made a hasty decision at a courthouse auction, only performing due diligence minutes before the auction. I thought I had everything covered and purchased the property, only to discover later that I had bought the second lien on the house, not realizing a first lien held priority and ultimately wiped out my investment.
This mistake was costly, but it taught me a valuable lesson about the importance of thorough due diligence and having a systematic approach to business. After that, I spent three days recovering from the shock and then reevaluated my strategy. I researched successful investors, learning about the systems and processes they had in place. This learning led me to develop a more structured approach to my business, implementing robust systems and investing in education, coaching, and mastermind groups. This shift significantly improved my business outcomes. By the fourth year, we were surpassing our initial targets, turning what seemed like a disaster into a pivotal moment of growth and learning. It was, in retrospect, a blessing in disguise.
Why should business owners join mastermind groups to unlock their potential?
It feels incredible to be around like-minded individuals. Once you reach a certain level, it’s easy to feel like you've hit a cap. Personally, when I was flipping properties, I often felt lonely. But being around others in the same space is a great experience—you can bounce ideas off each other, network, and grow personally. I highly recommend that anyone listening to this join a mastermind or group with like-minded people. It’s only then that you’ll tap into more of your potential. Everyone hits a certain point where it feels like you can’t push further, but being around others who are achieving more makes you realize you can do more too. It motivates and pushes you beyond your limits.
*This interview has been edited and condensed for clarity.*
