“I’m working on multiple deals…” Let’s see. Is it noise? Or is there something to it? Too often, people will tell me about all of the wonderful opportunities they’re working on – which is great – but they often lack substance.
Sometimes, we get caught up and seduced, by our own excitement. We let big chat, big ideas, and noise, throw us off track. It’s an easy trap to fall into. Better to focus, and work to get shit done, than be a busy fool, achieving nothing…
BEING SEDUCED BY NOISE AND EXCITEMENT
Hello folks. How are you doing? Billy Farrell here. I want to share something with you that happens to many folk, that happens to pretty much every person I know in business, every person I’ve been in business with, every person I’ve helped and supported to get involved in business, property and otherwise, and that is the idea of being seduced by your own excitement, being seduced by the noise that’s going on in your world, and I see everyone go through this. People get so excited, so seduced, so caught up in the idea of what they’re working on, but they don’t take a look at the cold hard facts and see the situation for what it is, and I hope this is going to make sense to you because this is a big one, right.
So, this came from a client that I was having a conversation with her and she’s no longer a client. She was a client on our Property Protege mentorship, and I was giving her some tough love and I said to her “Look, what are you actually doing? Where’s the money? How are you getting on? Talk to me”. And she says, “Billy – defensive – I’m involved in several flips, I’m involved in the portfolio that someone’s trying to sell. I’m involved in this hotel acquisition. I’ve got all these different things on the go. I’ve made some great contacts.” Cool, let’s break it down. Now guys, before we actually go into it, if you’re fat, if you’re overweight, and you look in the mirror and you’re butt ass naked, and you look in the mirror, there is no denying, this shit needs to go. “I am flabby, I am fat, I’m overweight, I need to change that shit”, right? But most folk when they look in the financial mirror, or in business, what they do is they take a look but they still have their clothes on, and they look and they think, “Hey, it’s okay, it’s not so bad, things are going okay”. We put our head in the sand and then we’re surprised when the shit hits the fan and when things go wrong. Think about that.
So, I’m talking to this client about all the stuff she’s involved in, and I said to her, “Okay, let’s break it down.” I was going to say let’s get naked but, you know, let’s forget that metaphor for a second and focus. Let’s focus on the bare truth of the matter, “Tell me about this purchase of the portfolio that you’re looking at, the property portfolio. You said you’re involved in this portfolio being sold. What is your role in that?”, and she said, “Well, it’s still early days”, and I said, “Ah, okay, talk to me, keep talking, I’ll be quiet, you talk”; “It’s still early days”. I said “What actually happened?”, she said, “Well, someone reached out to me and they’re looking to sell their property portfolio and I am claiming this. I’m taking this. This is happening”, and I said, “Cool, what actually happened?”, she said, “Well, someone messaged me on LinkedIn”, and she was reluctant, I’m giving you the quick version here. She was reluctant to give me the details, “Someone messaged me on LinkedIn and says, I am selling a property portfolio. Here are some of the details, would you like to buy it?” and she responded, “Sure, let’s catch up for a coffee, let’s chat” and they said, “Great, when do you want to do it?” and then he’s not responded after the conversation got to that point. I mean, that’s not being involved in the purchase of a property portfolio. That’s amateur shit. That’s when you start your first business and you think you’ve got a business because you have a laptop and a fucking business card. What to do? What, do you want a blue Peter badge to go with it? Do you want a pat on the back, a high-five, a cuddle? It’s not how it works. It’s that “early days of being in business” mentality, when you think all these things are a win, when you don’t yet realise that people are playing you, that people are taking the piss out of you, that people want a seat at the table, that other folk are fact finding and trying to find out details about what you’re working on, that some folk will try and screw you and go around you and cut you out the deal, your own deal. A lot of folk don’t realise that this is how the game works and that a lot of people out there are less than ethical in their approach.
So, what I said to her was, “Look, you’re being seduced by your own excitement. You’re excited about the potential of what’s happening. You’re running back to your family and saying, “Oh my God, somebody wants to sell me a property portfolio, how exciting.” When the reality is, all you’ve had is a couple of back and forward LinkedIn messages which sent you off down on a rabbit hole, googling how to trade with portfolios, googling how to do bigger deals, talking to your power team and speaking to other folk who’ve been through programs and try to figure out what to do with it and all the rest of it, and all that is fine, but don’t mistake it for results. Don’t mistake it for potential, because what you’re going to find, especially when you’re doing a lot bigger deals, bigger contracts, bigger opportunities, bigger developments if you’re involved in property, is that more often that not, bigger deals, bigger projects don’t actually happen. They get to a point and then it dissolves or the idea goes somewhere else or something changes. Whereas the lesser amount of the actual deals, they become very much worth it, but if you’ve never done this before, and you’re seduced and excited by all the noise, you’re kidding yourself on.
One of the biggest things you can develop is a keen eye, a keen sense of what’s going on in the world, to be able to look at what’s actually happening and see it for what it is. For example, that beautiful steak that you just paid 50 quid for, is dead flesh. That vintage, that perfect wine is crushed grapes. Look very stoically at what you see in front of you and weigh it up for what it is, to not get caught up in all of the excitement, the hype, the fuss, and get lost down a rabbit hole of working on one thing, when the reality is, you should first of all be smart enough to know when a deal is a deal and what is a deal and what is not a deal, and be able to weigh up the character of the person in front of you as well. You should be smart enough to do all of that kind of stuff guys, and while you do that, you should be able to say, right, okay, this is an opportunity or it’s not, and while I’m looking at this, I’m going to focus on these other ones as well. I’m going to keep moving, I’m going to keep these conversations open. I’m an entrepreneur. I’m here to do business. I’m here to network. I’m here to listen, learn, question the source, question the details, do my due diligence, figure things out, and when I get the sense that something is not a deal, or that someone just wants a seat at my table or that someone is trying to fact find or someone is trying to waste my time, or that there’s not actually a deal there, whenever those little red flags go off for me, I walk away. I walk away, and I don’t look back. “But Billy, what if you miss out on a deal there?”, so be it. So be it. If there’s too many red flags, I’m out.
So, this girl was very much seduced by her own excitement, she was excited about the potential, the conversations, the flips that she’s involved in. I hate to say it, but again, there was a lot of chat. A lot of maybe’s, a lot of potentials, a lot of things that hadn’t crossed the line yet, a lot of things that didn’t finance yet, a lot of things that hadn’t been signed yet, a lot of agreements that hadn’t been made yet. It was a lot of chat. Now listen, I am not faulting her for this, and I’m not faulting anyone listening either, because these conversations are good, being involved in that kind of chat is exactly where you want to be, but the purpose of this message, the reason I’m sharing this is to help you understand that we need to be able to look at things for what they are. We need to have enough things on the go, that we are constantly working, that we don’t get caught up in the excitement of one potential opportunity, that we’re smart enough to be able to look for red flags, to question the source, to do our due diligence, to know when a deal is a deal and when a deal is not a deal, to be able to say, okay, this may or may not happen but that’s okay, I’m still talking about these other things. I’m still moving, and most importantly of all, is to move past that stage, like I told this girl to do, of talking, being excited, dragging it out forever and actually bringing it home, closing it down and doing business.
Guys, sometimes you can get caught up forever talking about business. Sometimes the conversation around deals and opportunities and contracts and arrangements can go on forever, and we can get excited and think we’re getting somewhere, but you don’t want these conversations to go on forever. Sure, sometimes big things take time, but we don’t want it to take forever. What we want to do is bring it home. We want to work towards that eventual outcome of actually bringing the deal home, and banking the cash, and this girl wasn’t doing that. So the lesson I gave her was stop being so damn excited by nothing. You’ve not banked any money. You don’t have anything concrete. Nothing is actually happening, but keep doing what you’re doing, but start to bring it home, and I looked at some of the deals she was working on. I looked at some of the sources. I helped her understand which one was and what wasn’t an opportunity and then I helped her bring some of those things home and actually make it work.
So, hope this makes sense. I hope this has been more than me rabbling on for a while. Wherever you’re watching or listening to this, drop me some feedback, let me know what you think about what we’re talking here. If you like this kind of chat, go to hardcoreentrepreneurship.com and catch the podcast, go to followbilly.com and connect with me, I’d love to chat to you. On that note, catch you later.
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