Entrepreneurial Lessons Learned While Pioneering a New Business
Jeff Pintar, founder of Pintar Investment Company
Since founding Pintar Investment Company--a vertically integrated real estate services company and advisor to both institutional and individual investors, the company has experienced a tremendous amount of trying times. As its owner, I have gained insight from these experiences that may be beneficial for other entrepreneurs.
The best advice I can give to those looking to start a business, is be prepared to “fail your way to success” and build a team with a resilient mindset that will keep going despite the odds or setbacks.
Here are four other key lessons I’ve learned along the way:
1. Don’t be afraid to go against the grain
During a market downturn, businesses may get more cautious with the risks they take. This could provide a window for new startups to carve out a niche in a particular industry impacted by the downturn. Rather than holding on to strategies and business practices that have become commonplace for those in similar positions, consider going against the grain and being open to seeing new opportunities that may arise.
2. Know the business inside and out
Being a first mover in any industry requires one to create systems, policies and procedures that may not have existed before. Research from the ground up to fully understand how all aspects of the business work in unison. There will likely be many challenges and financial risks in the initial growth phase. Throughout the process, be ready to put in a lot of the “grunt work” and put your own capital at risk for what you believe in. In explosive growth industries, the pioneers always pay a bit of “dumb tax.” But if you are able to quickly course-correct and adjust your strategy, you improve chances of seeing a positive return on investment in the long-term.
3. Be flexible
One size does not fit all. To ensure that your company provides the best products and services available, remain flexible to your individual clients’ needs and continually look for new solutions the company can offer for their benefit. One suggestion may be to increase convenience in a fast-paced business environment. Consider a vertically aligned approach where, depending on each client’s unique needs, one can choose to utilize a particular type of service or tap into a full range of services from start to finish. Enabling this scalability from the inception of your business could provide a real competitive advantage.
4. Invest in your future – provide others opportunities to share and learn
A business should keep an eye out for new talent on an ongoing basis. One option that tends to be mutually beneficial is to create an active internship program, giving students an opportunity to gain insight and experience in your industry. A main goal should be to instill the core values of your business into the next generation while providing a rewarding and challenging experience for those involved.
As aspiring entrepreneurs look to expand reach and grow their businesses, they should look at challenges as lessons and new opportunities to bring much-needed solutions to a dynamic, ever-changing industry.
About the Author
Jeff Pintar is the founder of Pintar Investment Company—a residential real estate operator and advisor blending industry expertise with ongoing data collection to boost clients’ efficiency, productivity and return on investment—whose direction and vision for the organization, along with more than 22 years of experience have enabled him to successfully grow the firm into the industry leader it is today. With its advisory management approach and industry leading model, Pintar Investment Company is a category leader with national operations throughout California, Las Vegas, Georgia and Florida. For more information, visit www.pintarinvestmentcompany.com.