In the world of entrepreneurship, personal growth, and achieving success, there’s always something new to learn. Recently, I came across a fascinating podcast featuring Erica Brown, a real estate investor, homeschool mom, and serial entrepreneur. Here are some key takeaways from the conversation that can inspire and guide aspiring entrepreneurs.

Embracing Change and Creating Urgency

Erica starts the conversation by emphasizing the importance of creating a sense of urgency for change. She refers to Kotter’s eight stages of change, a framework that outlines the steps needed to bring about change. The first step is creating a sense of urgency. For Erica, her sense of urgency came from her dissatisfaction with her current reality. She encourages others to create their own sense of urgency, especially if they’re comfortable in their current situation.

Working with a Spouse in Business

Erica and her spouse manage short-term rentals together. They have different roles and strengths, with Erica being the numbers person and her spouse being the visionary. They’ve learned to communicate effectively, trust each other’s abilities, and respect each other’s roles in the business. They emphasize the importance of clear communication and understanding each other’s roles and responsibilities.

Common Mistakes for New Real Estate Investors

Erica highlights some common mistakes that new real estate investors make. One of the biggest mistakes is letting your mindset hold you back. Having too many options or too much knowledge can lead to inaction, while fear often indicates a need for more knowledge. She emphasizes that experience is crucial to feel comfortable moving forward.

Another common mistake is dealing with contractors. Erica advises against paying contractors money upfront. Instead, she suggests paying for the materials directly to the vendor and paying the contractor once the work is done.

Overcoming Fears in Real Estate Investing

The conversation also touches on overcoming fears related to real estate investing, such as not being able to pay the mortgage or finding a roommate. The guest shares that her desire for comfort and growth was more important than any fear she had, and she was more afraid of not taking action.

The Importance of a Support Team

In the world of entrepreneurship, having a support team is crucial. This team is not just about mentorship roles, but also includes friends who provide emotional support and cheer you on, even if they don’t understand the intricacies of what you’re doing. Erica outlines the key roles in a support team: a cheerleader who encourages and affirms you, a truth teller who provides honest feedback and calls you out when necessary, an advice giver who helps solve problems, and an advocate who promotes your interests and speaks your name in rooms you aren’t even in.

This podcast provides valuable insights into the challenges and strategies of entrepreneurship, particularly for those new to the field. It emphasizes the importance of creating a sense of urgency for change, effective communication in partnerships, learning from common mistakes, overcoming fears, and having a strong support team. These insights can serve as a guide for aspiring entrepreneurs on their journey to success.

‍