Guide discussions on Chapter 2 of the Book “What it takes: Lessons in the pursuit of Excellence” by Stephen Schwarzman
In this blog, the book club panelists dissect the ideas of successful business icon Stephen Schwarzman in highlighting the importance of community and teamwork in the real estate business. Real estate investing is possible to be done on your own; however, successful businessmen commonly share the value of working together. Here is the importance of teamwork in real estate investing:
Teamwork strengthens your professional network
A network of people is important in business as it helps you in establishing necessary connections and relationships. Whether you are selling a product or offering your services, you need to communicate with people to boost your sales.
Schwarzman emphasizes the importance of a network of people in business. If you have a strong professional network, you may find opportunities even by simple conversations.
When you need help, you can tap your connections and ask for their assistance. No matter how successful you are, you can always end up in a tough place. Doing everything on your own will consume much of your time and energy, but with the help of a professional community supporting you, people can assist you in dealing with your challenges.
Teamwork is a way to learn together
Teamwork plays an important part in real estate investing as it gives a way for investors to learn together. Your colleague may know how to solve a problem that you do not know. Through teamwork, you can share your knowledge with each other.
Teamwork also helps you stay updated with the latest real estate trends. The course in business is not absolutely constant and it varies depending on several factors
such as supply, demand and market conditions. It may be time-consuming to learn all of these updates by yourself. In contrast, staying up-to-date is easier when you work with a team. As you engage yourself with others in the real estate community, everyone can learn from each and other’s experiences and interests.
A supportive community for everyone
Working with a team will help you explore beyond your comfort zone. You can get feedback from people and learn about different real estate strategies. The experiences of experts in the field can give you inspiration to strive harder and to become better in what you do.
About the author: Stephen Schwarzman is the CEO and co-founder of Blackstone. He is a philanthropist who founded the Schwarzman Scholars.
Panelists: Providing us with the reading insights are experienced investors Brent Mott, Michael Gefteas, Jon Yu and Joseph Dela Cruz.