 One of my Co-Contributors, after a lot of thought decided to depart from his full time job and do what he always wanted to do - be an independent entrepreneur. This was not an easy decision and I was involved with him every step of the way and here is how I got lucky in the process. After graduating from University, his career started with a firm that was not in his field of study. But he was so talented that literally within a couple of months, he was the star at his office. He was really good at what he was doing. He gave it all in to his work. He was doing his best at whatever he was assigned to. His dedication and commitment to his work made him involved in almost every aspect of the business. He was doing above and beyond his official responsibilities. His involvement and engagement with different aspects of business opened new horizons to him. Wearing multiple hats at his work place, ended up with opportunities coming his way that he never expected. Being exposed to newer opportunities made him learn the ropes of the business in a much deeper way. With a vast knowledge of business, not only in every aspect of that particular business, but specifically focusing on a very niche area of his field, made him an expert overnight. He was fully committed to get to the bottom of the matter and went as deep as one could in that area of expertise. The business was running on his professionalism, hard work, and dedication. Basically, he had a sense of ownership of the business, but nowhere near the benefit of the owner. So, as a result, finally, he decided to open his own shop and be an independent entrepreneur. As we all know, taking the first step to open our own business is not easy and we need our Co-Contributor to be there for us to give us confidence, courage, and connection. On one hand, I was emotionally connected to what he was doing as I always admired his personality and wanted him to succeed in whatever endeavor he decided to take. I had a genuine interest in what he wanted to do. I wanted to offer whatever I could to make sure he succeeded in his business. On the other hand, the line of business that he decided to start, ended up being in what I was keenly following for my own business purposes. His area of focus was my area of concern for my business. Even though, I was trying to elevate my knowledge in that particular field, nothing could come close to his first hand experience. So, as a result of our Co-Contributing relationship, I was able to advice objectively on his business by being an unbiased contributor. My opinion was not necessarily as an expert in the field, but rather as an observer who is emotionally connected to his work. My emotional connection to his work led to my deep interest in what he was doing which resulted in my best possible contribution, to his work, within my capacity. Conversely, our Co-Contributor relationship reciprocated for me and I received back way more than I contributed. He elevated my knowledge in his area of expertise which I needed badly for my business. Furthermore, he wanted to test his new ideas with one of my projects. He did an amazing job and in the process not only did it shorten my learning curve, but more importantly it uplifted my project. If we are emotionally connected with our Co-Contributor's work, it will create an environment where we will be genuinely involved with each others' project. As a result, we both benefit from each others feedback and contribution. When we are emotionally connected to our Co-Contributor's work, it will subconsciously attract us to think about our Co-Contributor's struggles and challenges.
Once we are emotionally connected with our Co-Contributor's work, it will reciprocate back to us and they will also be emotionally involved with our work which will greatly benefit both sides. But nothing can happen unless one of us takes the first step. This emotional connection, to others work, has to be initiated by someone. Why don't we be the initiator? This might be the best way to find a new Co-Contributor and add them to our list of existing Co-Contributors. Of course, there could be people who we emotionally connect with their work and they don't reciprocate back to us. That is fine. We did not contribute to their work because we expected anything back in the first place. More so, we will learn something in the process of being involved with their work. Not to mention that it will give us a great feeling of joy when we emotionally and sincerely contribute to someone else's work. All we have to remember is that we focus our energy on the work of people who we are emotionally connected with. Our contributions have to have meaning for us and we have to be meaningfully involved with our Co-Contributor's work.
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On January 25th, 2015, I took the train from Toronto's Union Station to New York's Penn Station to attend INMAN's Real Estate Connect New York City 2015, Jan. 27-30. The twelve hour journey went by so fast as my mind was quite busy thinking about business related issues. Those days, my plate was full and there was a lot for me to think about. I was juggling with multiple issues all at once. I took too many projects at the same time and they were all bleeding cash. I was stressed as I was reaching at the end of my rope. My funding resources were drying up and to top it up, problem after problem was coming up. My job was to put out the fire. My situation would have rhythmed with the saying: "when it rains, it pours." After twelve hours, we arrived at Penn Station. It was a bit awkward to notice that there were not many people around at the New York Subway Station. We came to know that due to a major snow storm, the subway had shut down. I went up to the street level and noticed that, except emergency vehicles, there were no taxis, cars, or anything moving around. The city was completely shut down. With a heavy bag and perhaps a heavy heart, I walked all the way from the subway station to my hotel. I was hungry and while checking in at my hotel, I picked an apple from the bowl on the reception desk. That night I went to bed with an empty stomach. On my credit card, I only had enough to pay for my hotel and train ticket. I only had access to $100 USD at that moment. I did not want to spend that money as I was trying to be prepared for just in case I had to take someone out for a lunch, to explore business opportunities. The first day of the conference, on January 27th, I got ready and came to the hotel's lobby and as soon as the receptionist got busy with the hotel guests checking out, I picked an apple from the bowl and ate while walking to the conference. Thanks to INMAN's coffee breaks for fuelling my stomach. We had two breaks, one before lunch and one after lunch. My lunch was a couple of cookies (sorry INMAN, I took more than my fair share), and my dinner was the same. This is how I spent my four days in New York At INMAN conference in 2015.  Despite all these challenges, I was fully focused on my mission to learn the most I could. I attended all the main sessions and most breakout meetings related to my business. My mission was to learn something new and bring it as a gift so that I can take my business to the next level. Luckily, I did implement things I learned at that conference and it did work out for me and I have never looked back since...
You might ask, how did I stay focused with an empty stomach? How did I not feel lonely and depressed? How did I manage to attend all related and relevant sessions while I was so distracted with so many things happening at the same time? How could I be focused if my my mind was so occupied? I have one answer for you, because someone else in my life was aware of what I was going through. The simple fact that someone in this world was fully aware of exactly what is happening to me, was good enough to keep me going. This might sound naive, but at that particular moment it was the most powerful force for me. It kept me alive. It kept me going. It helped me not to give up. It empowers us when we know someone else knows what we are going through. This concept is unbelievable, but it is true. Our source of power is our heart to heart connection between us and someone else who understands us and understands our situation. We become much stronger when we share our challenges with someone who appreciates our struggle. This type of connection is only possible when two human beings are transparent and open about their feelings. There is no connection if we play games and shield our true feelings. Of course, we could claim that we have friendships and close relationships, but what really makes it or breaks it, in situations like mine, is heart to heart relationships. A true definition of a Co-Contributor is a heart to heart relationship between two entrepreneurs. They are genuinely looking out for each other. They understand the struggles of each other. Most importantly, they value and appreciate the presence of each other in their lives. A Co-Contributor is someone that we are so close that we share our darkest moments and most difficult issues. By us knowing that our Co-Contributor is aware of our situation, it will help us to come out of our darkness. It enlightens us with the power of companionship and connection. With this type of a relationship, the chances of success goes much higher for an entrepreneur. An entrepreneur with a solid Co-Contributor relationship does not easily give up when challenges arise. Rather, by sharing with a fellow Co-Contributor, an entrepreneur gets empowered. It is that simple. Just knowing that a fellow Co-Contributor is aware of the situation is good enough to help us keep on moving forward. It is an invisible fuel for an entrepreneur to keep on moving the engine. No power in the world can replace this invisible energy from heart to heart. No technology can replace the power of two human beings connected wholeheartedly. The advancements in AI technology might replace the repeated tasks performed by a human being, but it can never replace the flow of energy between two human hearts. AI technology's so called Co-Pilots might try to assist entrepreneurs in their tasks, but it will never ever be able to replace the heart to heart connections of two human beings. It is just that a human's heart gives a different type of energy that is not man-made. So, Co-Pilots might replace our colleagues, it can never replace our Co-Contributors. As soon as I got my real estate license in 2003, I was more into investing than selling properties. So, I read books, attended seminars, and became members of real estate investment groups. They were all pointing me to focus on "Cash Flow" when investing in real estate. Cash flow was the name of the game. Everyone I knew in the industry, focused on it. The slogan "Cash flow is king" could be heard from everyone I listened to. In 2006, I bought my first investment property, a triplex, with the concept of cash flow in mind. A few months later, I bought another one with the same idea. Within a couple of years, I had multiple properties in multiple cities, cash flow being the main driver. I was expecting to receive a good monthly lump sum from all my properties. I planned to rely on the proceeds of my properties to pay for my living expenses. I was not that far into my cash flow dreams when I was awaken by the reality of investing in real estate. Due to lack of experience, I was wrongly under the illusion that all my properties would be cash flowing. Not knowing that the reality is that there are always unforeseen situations which could change that equation. My properties were cash flowing on paper, but was draining cash in reality. It was naive of me to consider the best case scenario. After much loss and disappointments, finally I came to my senses and realized that most of my properties do not cash flow. I learned, in a hard way, that in some rare cases where a property might cash flow, one has to consider the worst case scenario or at the very least a realistic scenario, and for sure not best case scenario. Something always happens to a property that we have not thought of and it tilts the cashflow balance negatively. I got a clear indication that cash flow was not my cup of tea. It was not realistic for me. It was good on paper, but not in reality. I had to change my real estate investment direction. After much research and observation of others, I concluded to buy a property with exit strategy in mind.  My strategy was that I will buy a property, add value, and wait for the right buyer to appreciate what I have done with the property. For this strategy, I was not dependent on cash flow, and in fact I needed a lot more funds to add value to the property. I made my financial arrangements accordingly and more importantly I arranged my expectations accordingly.
I started investing in properties that had the potential of a growth trajectory. The negative cash flow was not bothering me as much as it used to as I had a long term vision in mind. Although this strategy had its own risks, but overall my risk was minimal as I was buying a property with a buyer in mind. I would not consider a property if it did not have a potential to add value and a clear exit strategy. Luckily this strategy worked for me. I took on some significant projects and the outcomes were better than I anticipated. Of course, this strategy has its own challenges, perhaps much more than the previous ones. Not to mention, continuously injecting funds into the project is not fun. My stress level was high as the stakes were high, but at the end it was all worth it. With the confidence of my strategy working for me, I started preaching others to do the same. I suggested to my friends and people who sought my advice, to invest in real estate based on adding value. I was very confident in my way of doing business, until one of my Co-Contributors made me realize otherwise. He told me that: "this way might work for you because of your access to funds, but it is not workable for everyone." He continued saying: "most people need cash flow to run their lives, but more so they don't have additional money to inject into the property." "Not to mention," he said: "most people can not wait for years to receive the money." Most people want immediate results or at the very least not paying to the property out of their pocket. Once again, my Co-Contributor made me realize that I was in love with my idea. I should have known better that if it worked for me, it doesn't mean it will work for everyone. Our way of doing things are mostly influenced from our experiences and because each one of us have our own unique life situations, our way of doing things may not work for everyone. We can easily fall in love with our ideas. We forget that others have their own priorities and situations. Our Co-Contributor is the best source to awaken us to the reality and give us a dose of a different perspective. If we understand that our way is one of the ways of doing things, we might be more considered of other people's situations. At the very least, we will first try to understand people's circumstances and then give our suggestions accordingly. We can easily fall in the trap of seeing the world from our perspective only. Our ideas are influenced by our circumstances. Our life experiences impact our outlook. As an entrepreneur, we all have our own limitations and we need someone to remind us of others' perspectives. Our Co-Contributor is our best reminder to show us another way of looking at things. If we fall in love with our ideas and if there is no one to make us realize, we might realize it when it is too late. A Co-Contributor always looks out for the best interest of a fellow Co-Contributor and the best way to do that is to make us realize that our way is not the only way. Our Co-Contributor balances our outlook by showing us another perspective, as the saying goes: "our friend is our mirror." In the year 2012, I acquired an office building in a prime area located in the heart of the city. At that time, the idea of shared office space was in trend. I wanted to ride with the wave and turn one of the floors of my office building into a shared working space. We wanted to introduce our space to our city's business community in an unforgettable way. So, we decided to launch, our so called shared co-working space, with a "big" event. Our ideas about this special event was ranging from a simple gathering to a glamorous night out. After much brainstorming and consulting, we decided to have a networking expo event at our facility just before the holiday season. We wanted to bring the happiness of holidays into the launch of our business centre. In order to entice people to attend our event, we wanted to invite dignitaries. One of our dignitaries was a very prominent person who would attract others to attend our event. We were not sure if he would show up. We were hesitant whether we should invite this special guest or not. We were concerned that at the last minute he may cancel. We were worried if he didn't show up it will reflect on our reputation. In that case, the drawbacks of having the event might be more than the benefit. With a hesitant mind, I went out with one of my Co-Contributors to discuss this issue. I comfortably opened up to him, with all my vulnerabilities about this event. I told him: "I badly need this guy, but I am afraid that he may not show up." After going much back and forth, he finally told me that: "if you do a good job, he will definitely show up." This one sentence, from my Co-Contributor, made a world of difference for me. It boosted my confidence. His words convinced me that our special guest's attendance is dependent on our level of workmanship. So, we put all our efforts together to do the best we could. We did our best and prepared for the event to the best of our abilities and our special guest observed our efforts and he did show up. Our event was so successful that to this day people talk about it. It became the talk of the town for quite some time. All this would have not been possible without that one sentence from my Co-Contributor. First of all I am not sure if I would have invited our special guest and secondly even if I did, I would have been hesitant in my approach which could be easily noticed. As a result, the event might have not been as successful as it was.
We need at the very least one person, in our business, who we can open up and tell our true feelings. In business, we may act strong, but in our hearts of heart we may have fear. Sometimes, we launch our idea showing full confidence, but we are not sure if it will work. We need someone who can tell us: "go for it" and convince us with confidence. At the time of hesitation, which happens quite often in business, we need our Co-Contributor to help us decide firmly and profoundly. We may go back and forth between ourselves, but once we make a decision, we should be fully on board. This could only happen if we are fully open and transparent with our Co-Contributor. Of course, we can only be open and transparent if we see our Co-Contributor as our Confidant. It is hard to be ourselves in most of our life circumstances. I understand that it is hard to open up to others. It is hard to open up in front of our partners, colleagues, co-workers, employees, etc. Sometimes, it is a conflict of interest and at other times we may be concerned that if we open up, it may jeopardize our position. There are times, in our life journey, that we have been compromised when we opened up to others. As a result, we are very hesitant to open up and be ourselves with others. However, as an entrepreneur we need a person whom we can be ourselves with. No one can help us properly unless we are transparent with them. We need to put all our issues on the table so that it could be diagnosed candidly. So as an entrepreneur, the question is not whether we need a confidant or not, but rather how can we find one. I would suggest that the best way is to position ourselves in a way so that we can play the role of a confidant into someone else's life. If we become a confidant for an entrepreneur, they will eventually become our confidant as well. It all starts with us becoming a Co-Contributor in someone else's life. The role of a Co-Contributor as our confidant is quite crucial. We disclose our real issues with them. We feel protected around them. We feel that they will not judge us. We can be open in front of them and they will not disclose our weaknesses to others. More importantly, the best solution comes up when we are open with each other. If we have someone like that in our business, the chances of our success goes much higher. In my early twenties I started my first job at a computer and technology company. We were internet service providers and computer sellers. I was hired to assemble computers. The late 90s was a busy time for computer sellers as the issue of Y2K bug was a concern for most people. Everyone wanted to change their computers to a new one before the year 2000. There was a world-wide belief that the old computers might crash at the turn of the millennium. A couple of months into my employment, one day, our salesperson, Jackal Poon, asked me out to lunch. We had never been out together before. During our lunch he told me: "you make the computers and I sell them, why do we need this guy?" He was referring to our boss. He told me that we can open our own computer store and do this by ourselves. "We don't need him." This was a shock to me; a new employee in a new land. I had been in the country just for a few months. I did not know what to tell him. He could clearly see the fear in my eyes. He knew that I was hesitant to say yes. He just bluntly told me: "don't worry about anything, I will take care of everything. All you have to do is say yes." I was still hesitant as I had no idea about opening a new business. How to do the paperwork, leasing a space or registering a business for that matter. I was just blank in my head about business. I had to put all my strength together to say yes to this business proposal on the spot. We put the very little money we had together and rented a small retail store and started our business... and, I never looked back since!  In life, we need someone to push us into the ocean. We need someone to tell us to go ahead and jump, everything else will be taken care of. We need someone to help us take action. My buddy, Jackal Poon, was a true Co-Contributor for me. He "forced" me to take action and he did the right thing.
We all need a Jackal Poon in our lives because taking action is not easy. We are hesitant to take action. We find excuses to delay taking action. We need a push. We need a friend who can give us the confidence to do what we always wanted to do. Some of us might say that we have to learn before we take action. This claim might have some merits in it, but only by taking action we can truly learn. We can not learn by reading books, attending seminars or listening to videos and audios. For entrepreneurs, learning is not by listening, but rather by doing the actual work. Our Co-Contributor plays a crucial role in helping us to take action. We exchange ideas on what could be the best course of action. Our Co-Contributor builds our confidence to make a decision and move forward. Just by ourselves, we might not have the courage to make a decision let alone taking action. We might have the fear of being wrong. We might be afraid of the consequences of our actions. This is where our Co-Contributor can help us move forward confidently. We double check our idea with our Co-Contributor before taking action and this act alone by itself is good enough for most of us to move forward. Sometimes all we need is a little push from someone who cares about us. Or even if we know that someone else is aware of what we are doing is good enough to motivate us to take action. Co-Contributors have a close enough relationship that they dare to push their fellow Co-Contributor into taking action. Both sides are open to pushing each others "buttons." They both know that one is looking out for the other. They understand that suggestions are for the best interest of the fellow Co-Contributor. We have to keep in mind that taking action is not just a one time thing. It could be a step towards reaching our goal. We might have to go through multiple steps to do what we want to do. Our Co-Contributor is supporting us at every step along the way. We go back and forth. We openly criticize each other. We might make mistakes and start all over again. Our Co-Contributor makes sure to consistently be beside us to move our agenda forward. As Co-Contributors, we consistently practice to improve each other. We work on each other to prepare ourselves to take action. We do not just exchange ideas, but rather we build each others' confidence and courage. Of course, it goes without saying that our Co-Contributor doesn't take action on our behalf, but rather our Co-Contributor stands with us while we take action. Our Co-Contributor is backing us before, during and after we take action. They are just our supporter and cheer leader. Consistently helping us in taking action is what our Co-Contributor contributes to reaching our goal. Consistency is the key. It is not a one-off thing. It is not just a launch. It is consistent work. Every time we discuss and feel confident and take action, it moves us forward. It is a progressive process. So, Co-Contributors are consistent Action-Takers. Our business is not separate from our life. Our business is part of our life. If we consider our business to be separate, from our life, it will have a wide range of negative implications. One of the consequences could be that we might live a "double role" life. As a result, we might have a confused state of mind which could lead to anxiety. When we treat our business as part of our life, we will integrate our personality into our business. We will see our business as our "creation" and as a result we will try to leave behind our business as our "legacy." It is a matter of our perspective about our business. It is a mindset shift. This shift in our mindset will have an impact in every aspect of our business including transitioning our business to a new person or entity. For instance, we will not do anything less because we are thinking of selling our business. For that matter, this holistic approach applies even if we had an exit strategy from day one. This fresh perspective about our business will make our business more attractive. The potential buyers can smell the freshness of our "sense of ownership" from far away. More importantly, we will attract the right "Buyer" which will give us higher multiples both in numbers and in feelings.  This sense of ownership extends to all aspects of doing business which even includes selling and transitioning our business. As a result, we will subconsciously and naturally follow a system which could be summarized in an acronym named PUBLIC, as per following:
P - Possibilities:We have to look at our market and assess all the options that could be available for our potential buyer. This could be within or outside our industry. Basically, if a buyer wanted to buy our type of business, what are the options available. We might have to go as far as finding out what options buyers have if they wanted to buy any business, for that matter, in today's market. U - Uniqueness:Once we have determined the possibilities, for our potential buyer, we have to find out what is unique about our business? What do we have that others don't have? What is the value that we bring to the table? What will people be missing if we did not exist? B - Buyer:Now that we know our core value, we have to find out who is looking for this kind of value? Who gains the most from this value? We are looking for personal and corporate alignments of our potential buyers with our business. Basically, who values our value? L - Look Around:Knowing who wants what we are selling is crucial before we go out and look for potential buyers. Most businesses and their representatives, just put the business for sale in the market, without knowing exactly who wants that business. If we know, who might be interested in buying our business, we will get our Buyer much faster and much easier. We might even find our Buyer within our circle of influence because we can easily filter our target. I - Involve:Buying a business is a difficult decision. We have to find ways to make this decision easier for our potential Buyer. One of the ways that we can give them comfort is by involving them in our business. For example, we can invite them to observe our day to day operation. Since we have nothing to hide, why not build our Buyer's confidence. C - Co-Contribute:After they made the decision to buy the business, we can assure them that they have made the best possible decision. We will not burn our bridges but rather we will create a mutually beneficial relationship that may last way after the business transaction. This relationship might lead to opportunities for both sides, outside the sale of the current business. I call this type of relationship a Co-Contributing relationship where both sides are feeding from each others' expertise and experiences. To build a Co-Contributing relationship, it takes some effort which could be broken down into the following acronym, appropriately named LEGACY:
Selling a business gives us an opportunity to leave our LEGACY behind. If we look at selling our business from this perspective, we will make sure our buyers are successful. We see their success as our legacy's success. So, our approach to selling and transitioning, our business, will be different. We will look at it as our PUBLIC LEGACY. Looking at transitioning our business as our PUBLIC LEGACY, will make us leave our world in a better place than we found it. This is made possible just by simply shifting our mindset from selling our business as a transaction to transitioning our business as our "legacy." This way of doing business will add another Co-Contributor to our business and life. We all know by now that our Co-Contributor makes it or breaks it for both our life and business. Our Co-Contributor is our friend for life and the more we have, the better we live. We must have all heard about the exponential power of leverage where one plus one equals eleven (not two or even three). For some of us, this might be just a motivational statement and we may not take the time to digest the concept. This exponential phenomenon could be ours if we truly leverage the power of our unity. Real life examples of exponential power might encourage us to believe and implement the concept in our life and business. So, lets dive in and look for practical applications of one plus one equals eleven. One of the industries where the concept of one plus one equals eleven is the construction industry. We have experienced exponential outcomes when relevant stakeholders have come together to contribute in the execution and completion of a construction project. In fact, participation by well-connected contractors had multiplied the value of the project as a whole and for each stakeholder. At the very least the outcome for each stakeholder has been higher than if they were doing it all by themselves.  For a project to have multiple returns for all involved, the following POINTs have to be observed.
P - PromiseMake a promise and believe in what you promise. Perhaps more importantly, make sure to deliver what you promise. Generally speaking, construction projects usually are not delivered within the specified timelines and/or allocated budget. The bigger question is what can we do about this issue as it is costing the reputation of our business in particular, and our industry as a whole. We may not be able to solve this problem for everyone in every project at all times, but definitely we can do something about it. We can try to improve our situation. One of the main reasons that we can not deliver what we promise is that we try to handle multiple projects at the same time. I understand that the nature of our industry is such that we want to secure our future by lining up more contracts in our pipeline. I appreciate that we want consistent job for our workers. We want a stable business. But maybe we can find other ways to bring stability to our business instead of juggling with multiple projects at the same time. If we give our full attention to the project on hand and deliver what we promise, we will have consistent business in the long run. Our clients will happily refer us to others. We will earn a name for ourselves in an industry where people are hesitant to refer. We just have to be patient to reap the reward of delivering what we promised on time and within the budget. Another temptation for a contractor could be to undertake multiple aspects of the same project. It is never a good idea in any business to be everything to everyone and particularly this is definitely not a good approach in the construction business. People who try to work on different aspects of a project usually jeopardize the quality of the project as a whole. As a result, this type of contractor always chases new business and the vicious cycle continues. Instead of being involved in multiple aspects of a project, it is much better to specialize in one thing. Each project will improve the contractor's skills and knowledge in that particular area. The contractor will deliver with higher quality of workmanship and be more efficient with each undertaking. As a result, this type of contractor will do more business and eventually will be known for a very defined specialization in the industry. A specialized contractor is in the best position to offer end to end solution because every detail is known to a specialist. They dive deep into a particular area which makes them considerate of all possibilities. When one contractor does one thing and does it very well, the chance of projects being delivered efficiently, within the specified time and perhaps within the allocated budget goes higher. O - OwnershipAll the parties involved in a project should take a sense of ownership for the project as a whole and for their specific section in particular. What does it mean to take a "sense of ownership?" All it means is that the person in charge treats the project as if it is their own initiative. As a result of "sense of ownership" mindset, stakeholders are not driven by tasks, but rather by results. They do what they are required to do and at the same time, they look out for the outcome of the project as a whole. So, they don't say: "I have done my job" but rather they ask themselves: "Did my task move the project forward?" Task-oriented people look for excuses to justify their action whereas result-oriented people look for opportunities to move things forward. People with a sense of ownership have the image of the bigger picture of a completed project in mind, not just their own task or responsibility. In construction, we can do our job and call it a day or we can take a sense of ownership and go above and beyond. When we go above and beyond, we earn a reputation for ourselves. It builds our image and as a result builds our business in the long run. Not to mention that this type of approach to business will earn us many friends who count on us and rely on our commitments. When people rely on us and count on our commitments it is a blessing. This is a gift that many don't have and we are able to earn it by simply going above and beyond. We do more than just what is required of us or expected of us. At the very least, we point out a better way when we see others in a challenging situation. Basically, going above and beyond is neither our duty nor our obligation, but rather it defines who we are. It is our personality trait. People recognize us because of our generous gestures. As a result, we become a moral support for many, and empowering many others, especially the newbies joining the industry. They realize that we truly see our success in their success. I - ImproveThe nature of the construction business is such that we always have room for improvement. We will always learn from our mistakes. So, we have to be flexible enough to learn from others. We have to be open to suggestions and criticisms. When our colleagues criticize our work, we should not take it personal. It is about the work, not us. By listening and learning, we improve our skills. So, constructive criticisms are good for us. It is an essential part of being in the construction business. It is in our best interest when our co-workers show us a better way of doing things. With that in mind, we can also return the favour and do the same. We can share our experiences and expertise. We can save our colleague's time and effort by sharing ways that might take them some time to find out. Why not share the path that we have already travelled? We have to be mindful and considerate when we make suggestions to others. We can not afford to offend them or demonize them. Lets put ourselves in their shoes. We are builders, not destroyers. And builders build with their craft, not destroy with their impatience. We want to enrich ourselves by enriching others. We want to bridge the gap, not divide. Seeing others is the best trait that we can learn to earn. Understanding where others come from and why they do what they do will help us put ourselves in their shoes. We may not necessarily agree the way they do things, but we can try to understand them. As a result, our approach will be more considerate and with kindness. N - NotifyAs a construction contractor, we are so dedicated to our project that we put our head down and focus on the job to be done. We give much importance to the actual work. As a result, we may not have the time or patience to find moments to take ourselves out of the job and try to be "on the" business instead of "in the" business. Sometimes, by being too involved, we might miss the point. We might lose the track. We might forget to connect the dots. So, it is very crucial to take the time to engage with our colleagues and all stakeholders involved. Sometimes, a few moments of brainstorming can save us from upcoming challenges. It is crucial for all stakeholders to allocate a time to meet on regular basis. The frequency of meetings depend on the nature of the project and the number of stakeholders involved. At the very minimum weekly meetings are a must. Lack of communication could lead to misunderstandings which could delay the project and jeopardize our relationships with other co-workers. Regular meetings will minimize miscommunications. It is always better to know and act rather than to assume and act. Being aware of what is going on will help everyone involved. T - TransparencyTrust is the key in every business and more so in the construction business. Contractors rely on each other to finish the job. Of course, doing the job on time with quality of workmanship is a practical proof to build the reputation of a contractor. But transparency takes the relationship to the next level. Trust based on transparency is solid like rock. Transparency not only solidifies the relationships, but more importantly expedites the project. The project moves faster when all stakeholders in a project are transparent with each other. No one is thinking of protecting their best interest as everyone feels at peace with each other. Instead of wasting the energy on managing expectations, the full energy is allocated to the project. When there is a lack of transparency and lack of trust, all stakeholders try to protect themselves from others and as a result most of the energy is wasted on protective measures instead of working on the project. Transparency makes everyone enjoy the journey while giving their full attention to the completion of the project. So, transparency is the best policy for everyone involved. Again, when we take the ownership of the project, we will treat it as if it is our own project. So, maintaining a transparent relationship with our co-workers is part of who we are and we see it as our duty and responsibility. s - serviceWe are so focused on the completion of our project that we may forget the service after the project is completed. Sometimes, we might be relieved with the completion of the project not worrying about the after-completion scenario and as result, we might abandon the project. Our reputation is not only in the completion of the project, but also making sure that the project carries on smoothly with no issues for our client. We have to integrate the after service as part of the project. We have to adapt a system that takes care of the client after the completion of the project. Our image could be tarnished despite delivering the project as promised if we mess up the after completion service. The last impression is the lasting impression. It is better that we pay attention to this aspect and make sure that the clients are taken care of. Creativity in construction is a topic that may not be discussed in public domains, but people working in the construction industry are one of the most creative people. In the world of construction, there are many times where a challenge comes up that is unique and unknown. There is no previous instruction or manual as each challenge could be different and distinctive. Outside the box thinking and creative ideas are implemented to solve the problem. Construction people are lucky enough to have a support system in solving the problems. They brainstorm and pick on the minds of their colleagues and co-workers to come up with the best possible solution within a limited time frame. Their mind works much better when they problem-solve with each other. Their creativity arises when they "co-solve." This is yet another industry which practically proves that our Co-Contributor is our sounding board and the most invaluable gift. A Co-Contributor is a blessing for any entrepreneur and more so for those of us that are involved in the construction industry. There are moments of soul searching in our business, where our Co-Contributor can play a crucial role. Sometimes solving a construction problem needs creativity and who else could be a better contributor than our own Co-Contributor? Brainstorming with our Co-Contributor always lead to rewarding outcomes. When we exchange ideas freely and openly, valuable propositions come to mind. Opportunities arise when we are around our Co-Contributor, if nothing else just observing them might be a new opening to solving our existing issues. Our creativity flows when we brainstorm and observe our Co-Contributor. A creative solution is a lot more valuable than just an idea. Ideas are dime a dozen, but a creative solution is a rare commodity - a solution that can solve the problem in an inspiring and innovative way. A creative solution handles the problem in a manner where all the people involved in solving the problem enjoys the journey. As a result, solving the problem is no longer a work to do, but rather a journey to enjoy. That is why a creative solution might make the implementation and execution more actionable. People will enroll to do the job because they enjoy it and this is a great achievement in solving any problem in any business, especially in construction. As mentioned earlier, each construction project is a unique undertaking. There are no two projects alike. Each one has its own opportunities and challenges. This distinctive aspect of construction makes it attractive for creative people. They wake up in the morning looking for a new challenge to overcome and a new opportunity to explore. Each day requires its own creativity. This is where the contributions of a Co-Contributor becomes quite crucial. A Co-Contributor can play a meaningful role in helping us to come up with creative solutions in handling our issues. In the long run creative ideas solve the problem with less cost and time. More importantly, creative solutions lead to creative design which makes the problem-solving journey much smoother for everyone involved. Envisioning our journey with design thinking in mind is more important than the superficial and aesthetic design.  For instance, one of the challenges that we face today is the issue of housing supply and affordability. I have a firm belief that if our people in the construction industry get together and brainstorm, they will come up with actionable and creative solution(s). They may not be able to solve all the problems related to housing issues, but they can definitely contribute to moving the issue forward for a better outcome.
Of course, we need a multifaceted approach in solving our housing problem. There are many aspects to this challenge ranging from finance to zoning. Many of these issues may not be relevant to the construction industry. However, definitely, one of the most important aspect of this issue, if not the most important, is directly related to the construction industry. Our construction people are at the forefront of the housing supply. They have a better understanding of the issue than most of us. Imagine a scenario where these folks put all their experiences and expertise on the table to be explored. There is not even a shadow of doubt in my mind that they will create a progressive momentum. We have to understand that when construction people feel comfortable and open up, a lot of creative solutions come on the table. For a creative solution to come up, we have to have an open mind and willing to put all our cards on the table with no hesitation. In order to make this a reality, we have to facilitate an environment where people feel comfortable enough to trust each other. Additionally, we need an ecosystem where we listen and understand with peace of mind and patience. Bottom line is that in the world of construction, creative solutions go a long way. In order to come up with creative solutions, we need our Co-Contributor(s) to back us up in facilitating the environment. Creative solutions come up in conditions where Co-Contributors contribute with no hesitation and fear of judgement. Everyone involved is at peace. In my teenage years, one of the proverbs that occupied my mind was: "Out of the hottest fire, comes the strongest steel." I was wondering what that means? As a teenager, I thought that fire melt things. How can it make it stronger? The end of my teenage years was the beginning of my entrepreneurship journey. At the outset, I was naïve and highly delicate to business circumstances and challenges. I thought if I do everything according to what I thought, nothing should go wrong. As a result, at the beginning, I never expected a major challenge to come up. So, I was never prepared for it. As I travelled through the journey of entrepreneurship, I faced one challenge after the other. The initial challenges were felt like mountains as I was not prepared for them. As I experienced facing problems, I got used to it to the extent that I was expecting issues to keep on coming up. Finally, I got it that challenges are part of doing business. Further, I realized that the more challenges I faced, the more I was prepared for the upcoming challenges. Problems can not go away. What we do with them and how we manage them are what sets us apart as entrepreneurs. The more hardships we face, the stronger we get. The more scars we have, the more prepared we are. Of course, this doesn't mean that we should invite problems. But if problems come to us, we should embrace them and understand that in the long run it serves us very well. We just have to be patient and wait for the outcome. When we triumph, by going through our challenges, we always turn out to be better than before. Construction Tradespeople are the type of professionals who embody the resiliency of going through and coming out of challenges. In their business journey, they go through quite a wide spectrum of challenges, but they do not give up. They are stronger as a result of those hardships and more importantly, they are who they are because of those challenges. Overcoming hardships made them successful individuals with well-established businesses. Going through what they went through made them the best at what they do.  Generally speaking, before a problem comes up we have fear of it, during the challenge we go through hardships, but once we are over it, we feel content. We feel a sense of accomplishment that we have conquered our challenge and now we are moving on. It is a sense of containment. This feeling stays with us and prepares us for the upcoming challenges. That is why challenges make us stronger as long as we don't give up.
When we face hardships in life and come through it, we are more prepared to take on life. The reality of business is that we will face challenges. There is no exception. The more we are exposed to challenges, the better it prepares us to solve bigger and harder problems. Therefore, we ought to accept challenges as part of doing business or even better to embrace challenges as practicing to be a stronger entrepreneur. As an entrepreneur, we might be scared of issues coming up in front of us. We might be bothered by problems. Once we experience a challenge or two, we realize that yes it was not easy, but it was not a big deal. Or at least it was not as big of a deal as we thought. So, challenges make us less worried about the problems that may come up. After going through a few challenges, we realize that they are not as big as it seems. The ambitious plan that we have laid out for ourselves, we might have a long way to go and we ought to get ready for this tumultuous journey. It is better to get over earlier challenges so that coming challenges do not scare us. If we don't go through hardships and all of a sudden we face a major issue, I am afraid that we might give up. I would rather want us to practice overcoming challenges so that we can be prepared for any upcoming issue. There is no doubt that challenges make us stronger, but we need to go through it to be stronger. If we are stuck in it, then we might give up or worse become hopeless. In that case, not only challenges have not made us stronger, but failed us miserably. One of the best resources to help us get through our challenges is to rely on our Co-Contributor(s) during our hardship moments. Challenges are hard to digest and it is even harder if we are handling it all by ourselves. The main role of our Co-Contributor is to stand with us through thick and thin. A Co-Contributor may not necessarily solve the problem, but they may be there to listen to us, help us and more importantly understand us as to what we are going through. Our Co-Contributor is our sounding board. Whenever we are in doubt, we try to reflect with our sounding board. This practice alone will help to avoid giving up during challenging times. Our Co-Contributor plays a crucial role in helping us to go through the challenge and come out of it. Once we have gone through a challenge, when we look back and reflect, we realize that maybe without a Co-Contributor it would have been a lot more painful. Our Co-Contributors are our source of empowerment to tackle our challenges. Their contribution is always valuable, but they are valued the most during our challenging days. When we are in our dark moments, we want to know that someone knows what we are going through. This in itself is good enough to give us some energy to keep on moving forward. Overcoming challenges breeds achievement. We have to go through and overcome our challenges to have a sense of accomplishment. Without going through it, we might feel the opposite, a sense of failure. Who else could be better than our Co-Contributor to pull us up, during our challenging times, by being there for us? e have the option to look at life situations from two distinct perspectives. We have a choice to think of the best or consider the worst case scenario. Depending on our perception, we handle our circumstances accordingly. Basically, our outlook shapes our perception and then that perception becomes our reality. In business, like any other aspect of life, the same rule applies. We have two choices as to how we look at entrepreneurial undertakings. We can either look at things from a pessimistic perspective or a positive one. We ought to make that decision. We have to appreciate that our choice will define our journey. Should our decision be from a positive perspective, we will enjoy the journey regardless of the outcome. For that matter, we would enjoy what we do regardless of hardship or challenges that we may face. As a result, work becomes fun. It may seem hard work for some, whereas for us, we enjoy it. It all depends on our perspective. For instance, Co-Contributing which is contributing into someone else's business may not make much of a sense for some people. It may be considered to be a waste of time. For people like us, it is the most valuable relationship in our life. In fact for some of us, our Co-Contributors have changed our lives for good. One of those people who understands and appreciates the concept of Co-Contributing is Janice Waugh. She has been blessed with the gift of generosity to share what she knows with other entrepreneurs. She has also been blessed with others contributing into her life and business.  When I asked Janice as to why she is so passionate about contributing to help entrepreneurs succeed, she smiled and replied: "because contributing into entrepreneur's business is fun." She enjoys what she does. Simply being around fellow entrepreneurs and contributing to what they are doing is giving her a sense of fulfilment. She just wants to be involved to have fun. Imagine a world where contributing into other people's business becomes fun for you. I envy her.
What makes Co-Contribution even more beautiful is that it is an open conversation. There is no reservation that may exist in a partnership. People are just trying to contribute into each others business with no obligation or hesitation. This type of a relationship leads to building more trust between the two Co-Contributors. A trusted relationship is an enjoyable relationship. When I asked Janice as to what makes her trustworthy, she said that being transparent makes others trust us. Just by being open we gain trust of others. Transparency is at the heart of being a Co-Contributor. Since in Co-Contributing there is no hidden agenda, it makes it easier to be straight forward and transparent. On that note, Janice also considers her customers as Co-Contributors. She considers them a source of positive and critical input for her business. They are valuable because they contribute into her business by giving their feedback. Indeed, this is another way to look at the concept of Co-Contributionship; our customers as our Co-Contributors. Janice firmly believes that the more we give, the more we receive or in her words: "When you are generous, generosity comes to you." She is contributing into businesses of up and coming entrepreneurs by giving guidance and advice. Janice's perspective of giving is quite admirable. She thinks that even if we all have the same information and idea, we will still implement it differently. So, there is an opportunity for all of us. We can all be generous with each other without losing or harming ourselves. As Janice says: "idea is an idea until you put it in action." This comes from a heart full of abundance. Janice is also on the receiving end of Co-Contributing relationship. She has been blessed with a Co-Contributor who she walks with quite often and receives valuable advice and guidance. Over the past 20 years, her Co-Contributor has been beside her through thick and thin. This is the true meaning of a Co-Contributor and we all need one for sure. Janice gives the credit for her generosity to her family. She was blessed to be surrounded by generous people. They were also a very supportive family. Almost all members of her family are entrepreneurs. So, she understands the intricacies and the challenges of having a business. I will end this writing by quoting Janice: "Entrepreneurship is so much fun that you want to be part of it. You have fun and you get the reward of contributing. It is fun because you make something out of nothing." |
AuthorBelieving education is power and has the ability to generate wealth – Jamshid has made a commitment to sharing his knowledge and expertise in the real estate. Categories
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