EP 299: Challenges Investors are Facing as a Result of Scaling their Business
Aug 30, 2022
Scaling a business comes with growing pains, but there are a lot of ways to mitigate these challenges, especially with the right team and processes in place.
In this minisode, Liz and Andresa list burnout, lack of funds, and team building mistakes as considerations when it comes to scaling. Real estate knowledge is not enough. We have to build a strong foundation for the business by being strategic in hiring and knowing what’s working and what’s not in different areas of the business. They also discuss why firing oneself is a valuable goal for every entrepreneur.
Quotes
• “So many entrepreneurs are in the midst of the entire process. They are everywhere and they try to be everywhere, even when it's physically impossible for them… That's called burnout.” (1:36-1:52)
• “Many are losing opportunities because they're tapped out... There are no partnerships. There's no private money lender involved. There's no syndication.” (2:00-2:19)
• “I see a lot of investors reading and consuming a lot of content regarding real estate, but very little when it comes down to team building and leadership skills.” (2:45-2:57)
• “You're trying to scale the numbers, but you're forgetting to scale the processes and the people. That's not sustainable. It's going to crumble." (3:39-3:50)
• “We need to stop hiring doers. When you are really scaling strategically and building the arms of your business, I encourage you to start hiring thinkers.” (6:43-6:57)
• “You got to trust yourself that you're able to hire the right people.” (8:26-8:31)
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