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Property Invest Myth: You Can’t Be Afraid of Failing
By eric | November 21, 2007
Show me an entrepreneur who says he or she isn’t afraid of failing and I’ll show you a liar! A bold statement, absolutely, but a true one. Everyone is afraid of failing. The difference is that some of us let that fear of failure hold us back. Sometimes fear stops us from beginning altogether and that’s unfortunate. If that’s the case, make the decision now to just begin putting one foot in front of the other, making one phone call at a time, visiting one property, and then another. It’s not hard, but it can seem so if we focus on the end result instead of the tiny—and very doable—steps in between.
Sometimes fear of failure occurs when it comes time to “pull the trigger” on a property. I call it analysis paralysis and people fall into it all the time. They overanalyze an opportunity and are never quite able to sign on the dotted line. This article will prove especially helpful to people with this sort of fear because it will show you exactly what you need to know to analyze an investment property. When the numbers add up, no further analysis is necessary. Frozen in fear will be a thing of the past.
Another way fear of failure presents itself is through regret. In other words, we’ve pulled the trigger, but then when difficulties occur—and they will occur, they always do—we regret the decision and waste energy by asking “Why did we do this?” instead of “What can we do to get past the hurdle?” This form of fear can turn an otherwise great opportunity into a bad investment. In my life, I don’t regret decisions. I just consider the place where I’m at as the starting line and go for the gold every day.
I admit when I was just starting out I had an acute fear of failing. The difference is I knew that if I did nothing and remained frozen in fear, I would fail. I felt I had a better chance of success by just going forward one step at a time to make some opportunities pay off. That’s the thing about fear of failure, if you don’t use it to your advantage as a motivator, it becomes a self-fulfilling prophecy.
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Property Invest Myth: You Can’t Be Afraid of Failing
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Topics: Form, Investment, Property |
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