At COMPASS Real Estate, we've established 8 principles of entrepreneurship to guide us REALTORS in achieving missions and exceeding goals and visions for the better future.
Robert Reffkin started with his incredible team these principles, and our broker Richard Tuckers brings them up almost weekly to us in our business meetings and strategy sessions.
These principles were created to guide us with a sense of purpose and direction toward each of our unique business goals.
Being an entrepreneur with many choices to hang our Real Estate license—proud to be with some the best and like minded agents out there with COMPASS.
Have you seen these principles before?
From the outside, agents may think that in order to be a COMPASS agent, they first must have mastered these principles and practice them in their daily lives before joining the team. Going through each principle in relation to our own experiences it becomes clear that partnering with COMPASS doesn’t mean you must have already succeeded and mastered them in life, but that you are moving towards the excellence.
Robert says it best from the masterclass article.
What Is an Entrepreneurial Mindset?
If entrepreneurship is the practice of creating, developing, and running your own business, then an entrepreneurial mindset is the mode of thinking that helps you achieve those goals. Successful entrepreneurs embrace challenges, mistakes, and failure as opportunities to develop new skill sets to help them succeed in the future.
When it comes to running a successful business, the right mindset can be just as important as hitting sales objectives or producing sustainable business models. It’s okay if you don’t feel up to the task. Having doubts makes you human. Knowing how to nip them in the bud can make you a great entrepreneur.
Robert Reffkin’s 8 Principles of Entrepreneurship noted from master class as he says it best for us all:
1. Dream big. The only limit to your potential is ambition; don’t build a low ceiling for yourself. Dreams give your life and work meaning and generate the energy and creativity to actually achieve them.
2. Move fast. Time, as the old adage goes, is of the essence. Entrepreneurs can’t afford to operate lethargically (without energy or in a way that shows a lack of enthusiasm). Deals fall apart, opportunities slip away. Above all else, though, you need to be a fast learner. It’s about growing as you go.
3. Learn from reality. Study what’s worked before, observe what’s working now, and get a beat on the future by listening to customers. Ask what they want, then test new ideas to get honest feedback. Innovate selectively without making every aspect of your entrepreneurial endeavor an unnecessary struggle.
4. Be solutions-driven. Treat every challenge as an opportunity. Be thoughtful and clear-eyed, but use your imagination to envision how something will succeed rather than reflexively finding reasons why something won’t work. Surround yourself with people whose instinct is to look for solutions.
5. Collaborate without ego. No one succeeds alone. High-functioning teams deliver the best results, which means you need to be a quality collaborator, not a ruthless tyrant. Regardless of your accomplishments, be humble, reliable, responsive, and curious. Recognize others. Seek blunt feedback and listen attentively when you get it.
6. Obsess about opportunity. It’s hard to earn a customer’s trust and easy to lose it. It takes continuous effort to understand people and satisfy them. Anytime you see something that might matter to your customer, it should be incredibly important to you. Caring is a competitive advantage. If you’re not preoccupied with the possibilities, you’re not doing your job.
7. Maximize your strengths. You aren’t great at everything. Focus on what you do well and become even better at it. Hedge your shortcomings by surrounding yourself with people whose strengths complement your own (and actually delegate to them). When everyone is set up to succeed, they’re less likely to feel discouraged. The entire team will accomplish more.
8. Bounce back with passion. Character is revealed in tough times. Resilience and grit aren’t changeable qualities. If one dream falls apart, the solution is to come up with another, then use everything you’ve learned from defeat and failure to make it come true.
We are truly always seeking to grow with the best entrepreneurs that want to be wholeheartedly part of a bigger team and GROW too.
These 8 principles are intact to attract the agents that want to be the best—best, agents must be willing to become better people, for an even better COMPASS.
Thanks for reading. What principle is your favorite to think about? Is there one you can work on the most? Excited to chat.
We love Minnesota COMPASS Real Estate and hope you do too!
