I’m continually exploring why loan officers who adopt an entrepreneurial mindset tend to excel (here’s a recent piece I wrote about How LOs Can Market Like Entrepreneurs). There are a thousand reasons why an entrepreneurial perspective is crucial for long-term growth in the industry, and today I wanted to take a deeper look at what that really means. How does one think like an entrepreneur? How we think guides all of our actions, and it’s those actions that drive our success. So, if the goal is to take charge of a successful career, we need to start with the way we think. Here are some of the reasons why entrepreneurial thinking is so important and why we need to adopt it whenever and wherever possible:
They Innovate
Innovation is at the heart of what being an entrepreneur is all about. Entrepreneurs know that their ability to think creatively and come up with fresh ideas is the foundation for their success. When they see a problem, they see the potential for learning, growth, and experimentation. They aren’t interested in conforming to the status quo — they’re innovators. And as innovators, they separate themselves from the competition and forge their own paths. Innovation is rarely easy; It requires an open mind and a willingness to take risks. Whether it’s in the way you interact with prospects and clients or your marketing strategy, taking an innovative approach will help you grow your business in ways that wouldn’t be possible otherwise.
They’re Accountable
It’s common for entrepreneurs to have a strong sense of responsibility for their own success, and maybe more importantly, their failures. They’re truly, wholeheartedly invested in what they do. They take full ownership when it comes to their decisions, their brand, and their business. This mindset of accountability is possible to cultivate at every level — if you own your own business or if you’re an employee at a giant corporation, it makes no difference. Owning every piece of the process is vital for the entrepreneurial-minded loan officer.
They’re Inspired
Entrepreneurs aren’t doing it for only the paycheck, though that can be motivational. They’re connected to a deeper purpose in their work — they’re passionate about what they do. Whether they’re brushing up on industry trends or designing new ways to elevate their customer service, entrepreneurs are genuinely interested in — and excited by — their work, and they make a point to continue to find that inspiration. That act of perpetually finding inspiration provides even more motivation to continue building and expanding their business. Financing people's homes can absolutely change lives and stimulate our economy, be passionate about the people’s lives you are touching every day in our industry.
Grit
Finally, there is a somewhat elusive quality known as grit (I dedicated an entire article to grit here). It’s a blend of drive, perseverance, and resilience, and every trailblazing entrepreneur is in possession of it. Being an entrepreneur is full of challenges; You’re not following a pre-plotted course; You’re taking risks and developing new ideas; You’re pursuing ambitious goals. It’s guaranteed that there will be some bumps along the way. If you want to get to where you want to go, you have to be able to withstand every twist and turn. Grit keeps you committed to your mission, it helps you get past the challenging times, and it helps you power right through situations in which another loan officer might just give up.
The best loan officers are entrepreneurs, whether they recognize it or not. They’re innovative in their work, they hold themselves accountable for their success and failure, they’re inspired by what they do, and they have barrels full of grit.
If you’d like to talk more about any of these ideas, or if there’s another issue I can be of assistance with, don’t hesitate to get in touch. I’m always happy to set aside some time to connect.
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