Re: Question about Mentoring - Posted by Frank Chin
Posted by Frank Chin on May 18, 2006 at 09:10:39:
What many people don’t take into acoount is REI is a business, and no amount of “mentoring” will make you a “businessman”. You have to have to knack for it. No amount of “mentoring” by Tiger Woods is going to make me a great “golf” pro.
There is “book learning”, and “monkey see monkey do” learning following the mentor around. I can follow Tiger Wood around too, but will it do any good?? But most of the list of items we outlined can be learned here, in books, or at the library.
As the old saying goes, there’s a time and a place for everything, and generally, and its not something mentors go into. Are there going to teach you about doing Bank REO’s, and then say “well, but now is not the market in this area for it”.
So, what do you need him for??
Some people need structure, i.e., that you meet with the mentor at a certain schedule where he spoon feeds you certain info, at at certain time. You can try belonging to an REI club, or get a part time job at a Real Estate office for structure.
Now, if this guy was a successful REI, done creative deals, then you might want to figure out his thinking process. And it might be more cost effective if you run into some at your local RE club.
I got myself an MBA, and been in various business ventures. I have to say I learned more picking the brains of successful business associates than book learning in the MBA program. And some of these guys NEVER went to or finished college.
One of the things that interested me the most is how they got into what they’re doing, and how they got about getting started.
Rarely did I hear of a successful REI taking tons of boot camps. And I ran across a business associate making over 100K/year over 20 years ago in a business that he was only in for 3 years, but was NEVER in that business before.
But wouldn’t a SMART NORMAL person spend years and years getting experience in the business and take boot camps to get the book knowledge??
He said NO. So, why exactly are the right ingrediants.
It’s simply “identify a market and need”, and apply good “sales and marketing” techniques to serve that market. IF you need the book knowledge or experience, it can be hired.
He was an insurance salesman, and his take is most UNSUCCESSFUL business people are WEAK in the sales area. Most insurance “trainees” wash out in the first 2 weeks. But once someone can learn to take rejection, not take no for an answer, and sell something as “intangible” as insurance, then the technique can be applied to selling any other goods or service, providing its a “needed” service.
Sounds like what is needed for a successful REI, isn’t it??