In 2005, Adam Adams bought a small piece of land for $100 to start a part-time investing business. That turned into a passion for creative real estate and entrepreneurial ventures worth $100 million in 2020. Adam discusses the many challenges he faced over the years and how he remained relentless to make his dreams come true.
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Bobbi’s Takeaways from the Interview
1. If you were thinking about business or real estate as a new path, going either full time or part time can work for you. You just have to figure out what makes the most sense for you based on where you are.
2. When a mistake happens, you have to take full responsibility for it, even if it hurts, even if it costs you money, otherwise it can destroy your reputation and reputation is key.
3. When you’re doing a business or a project, you have to keep learning from others. Your partners, your vendors, your service providers – what do they expect from you? When conditions change, their expectations and demands may change, and that could surprise you. So keep asking questions, keep learning from them so that you can always be preparing and managing for risks and surprises.
4. When you accept a job or a task, finish it, always.
5. Persistence and determination give you endless potential.
6. This is the Calvin Coolidge quote that neither one of us could completely place in the moment. But here it is
Nothing in this world can take the place of persistence. Talent will not. Nothing is more common than unsuccessful men with talent. Genius will not. Unrewarded genius is almost a proverb. Education will not. The world is full of educated derelicts. Persistence and determination alone are omnipotent.
7. I heard a mindset theme and it was this: if someone else can do it, then why can’t I. Think about how incredibly powerful that mindset is. When I think of something like this, the person that comes to mind for me is Roger Banister.
Roger Bannister was the first man to run a four minute mile. And when he did that, it was considered impossible. More than that at the time, it was speculated that if someone actually ran a four minute mile, it would probably be fatal. So for years and years, decades, and decades and decades, that’s what people pursued the four minute mile. Then he did it.
And when he did it, of course, that was a new world record. So how long do you think that world record lasted? Now, keep in mind. This had been something that people had been pursuing for decades. His world record lasted for 46 days, 46 days until someone else broke it. And now of course, it’s considered the gold standard and running and, and it’s been broken many, many times, and I think it was broken because it was no longer impossible. Someone had proved that it was possible.
8. You only need one person to say yes. Think of how many folks Adam called to see if he could manage their property and how many of them said no, but it only took one to say yes to give him the opportunity to pursue his dream.
9. Business is hard. Don’t quit too early. Don’t expect to succeed without challenge. Think of challenges as your friend. What can you learn from it? But the big thing is don’t quit because you might be just shy of the success you were seeking.