Three Skills That Entrepreneurs Can Learn from Real Estate Developers
As the executive vice president of Elite Building Corp, Michael Snedeker guides the firm through various project acquisitions, business planning, and financing for new commercial construction contracts in Waltham and Boston, Massachusetts. Michael Snedeker has leveraged his extensive leadership experience and business acumen to help transform Elite Building Corp into a profitable and sustainable company.
Aspiring entrepreneurs often must learn how to navigate the complexities of starting a business through experience, or from those who have already succeeded. Here are three essential skills that entrepreneurs can learn from real estate developers:
1. Conducting proper research and planning — Instead of jumping straight into product development, entrepreneurs must first research the market in the same way that real estate developers conduct feasibility studies to analyze economic factors, competition, and associated risks. Once market research is completed, entrepreneurs must create detailed plans for how to meet timelines and allocate resources.
2. Developing and communicating a clear financial strategy — Just like in real estate, starting a business requires a sufficient amount of capital to fund product development, purchase materials and equipment, and hire resources. To attract investors, entrepreneurs must devise a clear financing strategy that also explains how the business plans to earn profits.
3. Building a positive reputation — Successful real estate developers build their reputations by completing projects and maintaining networks of people who can attest to their skills. Similarly, entrepreneurs who want their businesses to succeed must consistently provide high-quality products and services to their customers to inspire trust and loyalty.