Thursday, September 17, 2009

I try not to get emotional!

My husband and I began shopping for investment real estate before we were married and before we even owned a house to live in. We lived in Manhattan but wanted to buy a three or four-unit apartment building upstate. Taxes, rent and future flips propelled us. We did great on our first building, making a profit. It's because of Micheal more than me - why? Because he is not emotional when it comes to business.

When we were shopping for buildings, he told me rule number one was: "Don't fall in love with any house." It's only investments and we had to make smart choices and had nothing to do with how a house made us feel. We must buy with our heads.

I would always look as houses from the point of view - "would I live here?" Most of the time the answer was no but, I started to see what Micheal was saying. The place we bought I would never live in but it turned out that we got great rent, we upgraded cheaply and sold at a profit!

Because I create and believe in what I do, I take it very personally. If I get the slightest criticism, I start to doubt myself. If I get praise, I should note the learning experience instead of letting it stroke my ego. I'm trying to learn instead of react.

I also try to not make decisions based on what I want to do but rather, what would make the most sense economically. I would love to go to a million vendor shows, have a booth and talk to everyone that comes by our table. However, some of the shows are very expensive, so instead, I buy a ticket and walk about with business cards and brochures and I pick up other's cards. With the cards I collect, I send them emails to ask them to join my non-profit. It's a lot of work to walk around and approach strangers. It's easier to let them come to me. Yet, it was cheaper and hopefully, will produce the same results.

I would like to hire a web designer and manager but, it's not the best use of business funds right now, so I do all the work. It gets frustrating, tiring and I will hire at some point but, right now I need to do the financially sound thing.

Emotions in business can be a good thing - the whole go with your gut thing...but, your head is a better bet.