Entrepreneurship is often compared to a thrilling race, with twists, turns, and challenges at every corner. When I reflect on my journey of building a business, I find an unexpected source of inspiration: rally racing. Specifically, the principle of “looking where you want to go” when behind the wheel has surprising parallels with the world of entrepreneurship. Here’s how this principle has shaped my approach to business:
1. Vision Is Key
In rallying and other forms of motorsport, drivers must keep their eyes on the track ahead, not on obstacles or distractions. One of the most important principles is to “look where you want to go.” The idea is that in order to effectively navigate and maintain control, you must focus your eyes on the direction you want to be going. If you’re looking at the trees, you’ll soon find yourself driving into them. The same concept applies here to real estate. By focusing on your desired destination, you’re more likely to make decisions and adjustments that stay true to that vision. Focusing on the obstacles and distractions will put them in center focus instead of the direction you want to be heading.
Define your long-term and short-term goals, and keep your focus on them. Your vision will guide your actions and help you navigate the ups and downs.
2. Have A Strategy
Rally car drivers don’t just speed ahead without a plan. In fact, they have an intense period of due diligence called Recce prior to racing. During Recce, they drive the roads at normal speeds to make notes, detailing every aspect of the road, which are read back to them by a co-driver during the actual race. There is a strategy for each corner, road condition, and weather condition.
In business, having a well-thought-out strategy is equally crucial. A business plan should outline your approach, including marketing, financials, and growth strategies. Coupled with looking where you want to go, you can now follow the road map laid out for you as you grow your business.
3. Build A Support Network
Rally drivers don’t race alone. They have a support network, including their co-driver in the car with them, mechanics, engineers, and fellow racers. In business, your network is invaluable. Build relationships with professionals in your industry, as they can provide resources, referrals, and opportunities.
4. Adapt To Conditions
In rallying, you can encounter many changes in road conditions and weather changes which will all affect your car setup and driving style. In business, markets can be dynamic, and being flexible is essential. Changes in the markets might dictate your investing strategy, or growth strategy in your business. Stay informed about market trends, economic shifts, and changing customer demands. Adapt your strategies to align with these changes.
A great book on the topic of investing in all market cycles is Recession-Proof Real Estate Investing, by J Scott.
5. Continuous Learning
Rally car drivers continuously improve their skills through practice, trying new car setups, and learning from their experiences. In business, ongoing learning is just as vital. Keep a steady flow of great books on hand. Attend workshops, courses, and seminars to stay updated on best practices, industry regulations, and market developments. Join masterminds in your local area, or even online, and stay vigilant in the pursuit of knowledge.
6. What We Measure, We Improve
Rally drivers constantly evaluate their performance using data. During testing, it’s important to note the feel of the car, and as you make changes to the setup, how it affects your times. In business, it’s crucial to track your progress. Define key performance indicators (KPIs) and regularly assess how you’re doing in relation to your goals. If you’re not taking measurements along the way, it’s very difficult to know how to make the improvements needed to grow.
7. Persistence And Positive Attitude
Rallying is a war of attrition. It’s not always as important to be the fastest, or the biggest risk taker behind the wheel. Finishing the race is the biggest measurement of success given the amount of adversity faced in the sport.
Both rally racing and entrepreneurship come with challenges. A positive mindset and persistence are critical. Don’t let setbacks discourage you. Keep your eyes on your long-term vision and remain determined to achieve success.
The principle of “looking where you want to go” isn’t limited to the racetrack. It’s a guiding philosophy that can shape your journey as an entrepreneur. Stay focused on your vision, have a clear strategy, adapt to change, and build a strong network.
Remember, just as a rally driver conquers challenging terrains, you too can overcome obstacles and turn them into opportunities as you navigate the twists and turns of entrepreneurship on your path to building a thriving real estate business.
If you’re interested in learning how to drive a rally car, look no further than Rally Ready Driving School in Austin, Texas. Sign up for a class, let me know, and I will personally sign on as one of your instructors and add some extra perks to your experience like a ride-a-long in the official Wholster rally car!