Let's talk limiting beliefs. We tend to have preconceived notions about what we are and aren’t capable of doing in life and our commercial real estate careers.
Some of us are supremely confident in our capabilities and potential; however, most have at least a little doubt hidden away that we may not be aware of or want to acknowledge.
And sometimes, the beliefs holding us back we don’t recognize as limiting because they’re so prevalent in society.
Let’s talk about how to recognize the assumptions we make that limit our growth and how to challenge them.
Some limiting beliefs we develop early in life (those we adopt from our family and community), and some as we get an education and work through the challenges of building our careers and businesses. Often, the beliefs we subconsciously accept as fact are those we form in our socialization as children and young adults.
Many of us who have found success got there despite friends and loved ones tactfully warning us of the risks and perceived futility of the paths we’ve pursued. Yet, for one reason or another, we see the light at the end of the tunnel and keep going.
So, we’ve made it, right?
Are we satisfied with what we’ve accomplished?
Perhaps.
“Financial and professional growth isn’t everything.”
That’s a common rationale we employ to become content with the status quo. But reflect for a moment: Is there a goal you’ve dismissed as unnecessary for your ‘happiness’ or ‘fulfillment?’
Indeed, your determination may be valid and justifiable. However, think about an instance when you realized that a goal you wanted to achieve was attainable.
How excited were you, and how quickly did you want to start?
You probably couldn’t wait to take action and had a clear vision of that success.
Did you go through with it? Maybe you did, and that’s how you got to where you are.
If you didn’t, doubt likely began to pervade in the following days as you started to mull over all the reasons it couldn’t work out. It may have been the correct decision and the wise move, but reflect on the experience and consider if the goal wasn’t feasible.
Have your subsequent experiences proven that your belief was incorrect?
If so, carry that insight into your decision-making process regarding opportunities you’re evaluating that hold the potential to grow your career, portfolio, and enterprise.
There are many limiting beliefs in commercial real estate, and for the sake of illustration, here are a few of the common ones:
The thread you’re probably starting to see here is that all of these have apparent solutions. But when we’re in the moment or just starting our careers and businesses, these feel insurmountable, and we find reasons to justify these as valid limitations.
Once you’ve uncovered a limiting belief, go to work shifting your mindset and building a support system that will make it possible to overcome.
Test the assumptions and rationales behind the belief. There may be actions and team members you hadn’t considered that could vaporize constraints.
Let’s look at some of the familiar limiting beliefs noted previously and see how we can conquer them:
Lack of education/experience
Inability to raise capital
Feeling too young or old
Not having connections
Lacking the support of family/community
Long timeframe
Perceived difficulty and time demands
Economic/market fears
Of course, this isn’t a comprehensive list, but whatever the challenge, put all your concerns and what-ifs on paper (or screen). Think through all the possible rebuttals to your beliefs and also explore why you may be right. You owe it to yourself to conduct due diligence in choosing a course of action.
Faith is important but trust your gut. If, after reasoning through everything and consulting with mentors and experts, you don’t feel it’s the right path, move on to other opportunities with the same objectivity — and don’t give up!