What I love about the real estate business is that each new property presents unique challenges to learn and grow. This is especially true in New York, where every building has its own way to inspire.
Sometimes it’s just marveling at a beautiful piece of architecture. Other times, it's digging up the history and understanding how the builders overcame the special challenges within the building. Often it's pragmatic -- figuring out how to creatively modernize a new condominium. No matter what the situation, there’s always an opportunity to learn.
Self-education is the habit you need to cultivate, because it drives your productivity, pushes you to new heights and lights a fire underneath your feet as you carve your own path. That commitment to continuous learning leads you to everything else.
Here are five tangible ways self-education gives you the golden ticket to success as an entrepreneur:
1. It saves you time and money.
Twenty-four hours is never enough for an entrepreneur. A commitment to self-education could potentially save you weeks of time -- and your bank account.
Case in point: Alibaba founder Jack Ma rode his bike 45 minutes everyday to an American hotel just to improve his fluency in English by talking to English-speaking foreigners. Ma did this for nine years starting at the ripe old age of 12. He ended up speaking English so well, he became an English teacher at his local school in China. His eagerness for self-education is no doubt the reason Ma is now worth approximately $35.7 billion.
For the entrepreneur building the next billion-dollar app, this means gaining a basic knowledge of coding and user interface design before starting a project. While it may take a little time and investment up front, it will ultimately save hours and thousands of dollars because you have a basic understanding of these worlds.
The smart entrepreneur understands that his or her investment in education will reward them with both short-term and long-term benefits.
2. It builds confidence.
Being an entrepreneur is one of the most challenging jobs, especially if you want to stand out in New York. There are constant hurdles, and you’re never short of opportunities to throw in the towel. On top of that, it’s easy to fall victim to your own doubts.
Learning a new skill and using it to push through a challenge can give entrepreneurs a massive boost in confidence. It’s been shown that there is a strong link between education and confidence. It gives you the motivation you need to push through the humps that come with being an entrepreneur.
3. It opens new opportunities.
One of the projects that challenged, but inspired, me the most was installing solar panels on the Atelier Condos. It forced me to learn everything I could about solar and renewable energy. On top of that, I got involved on the design side as we went through revisions trying to perfect and refine the use of the panels to add an efficient, yet modern element to the building.
By undertaking that project and learning about the future of solar, it opened so many new doors for me personally and professionally. And though the idea-to-implementation period was longer than I would’ve liked, it is by far one of the most rewarding projects I’ve tackled. In fact, I’m planning to install solar panels in other River 2 River properties.
I’m now able to talk fluently about solar technology and renewables, which has afforded me the opportunity to speak and write about sustainability and the non-profit space.
As an entrepreneur, you simply cannot predict what new business and personal opportunities you could unleash by learning something outside your comfort zone. Through it all, Atelier stands as a beautiful step forward for integrating alternative energy and modern aesthetics in New York City.
4. You’ll be sharper and happier.
I love real estate, particularly New York real estate, because it changes so fast. I have to stay abreast of current events, market shifts, etc., because the environment, neighborhoods and tastes of my clients evolve constantly. If I stop learning or if I stop reading, my business will suffer because there are people out there waiting to "eat my lunch." I'm telling you, NYC real estate is not for the faint of heart.
Investing in your self-education keeps your skills, your brain and your outlook sharp so you have the ability to adapt. And the bonus is that constant learning also makes you a happier human being. Even amoebas get bored and unhappy when they keep getting hit with the same stimuli over and over again.
Not to mention, keeping your skills sharp will ward off things like Alzheimer's. In other words, an active brain makes for a happier brain.
5. Your gray matter makes you better at business.
There is something to the old saying that “variety is the spice of life.” Entrepreneurship can be a grind. It’s easy to lose yourself in the constant responsibility and busywork. That’s when you start to get complacent. You develop blind spots and become vulnerable to your competition.
That’s why self-education is so important. Discovering new ideas that are unrelated to your business can release your creativity and give you perspective on your business that you would otherwise miss. Trust me, this can be the difference between life and death for your passion project.
Daniel Neiditch is an experienced leader in New York’s dynamic real estate market. As the president of River 2 River Realty, Inc., a business that offers diverse real estate services for customers in New York and beyond, Neiditich use...