There’s always something to howl about.

Are You an Innie or an Outie? The Answer May Be an Ancient Chinese Secret

I just finished Malcolm Gladwell’s book, Outliers, The Story of Success.  I found it a facinating read.  If you have not yet read his book, or any of his others, I strongly suggest it.  The premise of Outliers discusses the contributing factors, opportunities and cultural legacies that help shape the outcomes of individuals whom we recognized as highly successful.

One of the most enlightening discussions in the book provides perhaps a new perspective as to why people of Asian decent traditionally outperform people of Western cultures in math.  We often believe that academic achievement is attributed to IQ and intellect, yet Gladwell’s explanation is more basic.  It may very well relate to how Asians count and the character length of the actual numeric characters allowing them to retain more information in a smaller period of time.  Again, I found the author’s insight facinating.

Success is not solely a factor of intellect.  At a certain point, cultural influences/rules and situational circumstances contribute more to why an individual or individuals are successful.  Even more at the core of real success are the long hours of dedicated hard work.

I began thinking about how this all relates to the nature of real estate, both as a professional as well as the profession itself.

No doubt, we are currently experiencing a significant confluence of events both culturally and economically.  The theory that real estate was a fairly sure bet, rarely if ever losing value has been more than proven wrong.  Business models which leverage technology are not offering transformational change in how value is created in the real estate transaction.

Why did Rockerfeller become wealthy?  Gladwell surmizes that he became wealthy due primarily to his time of birth, coupled with America’s dynamic economic transformation.  Along with his hard work, his fate collided with enormous opportunity.  It seems Bill Gates too collided with good timing – he came of age during the era of the birth of the personal computer.

It takes more than just smarts to make it to the top.

I sense we are again at a cross roads of transformational change, both culturally and economically today with even farther reaching global implications.  This poses and interesting question – with all things being equal, who among us will capture the opportunities?

What is the key to ensuring success as we move through these tumultuous times?  Hard work, no doubt.  A lot of really hard work.  Gladwell quotes a Chinese proverb:

No one who can rise before dawn three hundred sixty days a year fails to make his family rich

However, not all who work hard necessarily gain financial success.  Success isn’t just measured in monetary means, but also in terms of achieving a meaningful existence.  Capitalizing on the right opportunities is critical to the mix as well.  Bill Gates has aptly stated that he was lucky.  Smarts, hard work and identifying the right opportunities didn’t hurt either.

Okay, so my question is this, are you an innie or an outie?  You’ve got the brains and the grit, but are you focusing on the right opportunities?  At a basic level, is taking a listing at the wrong price capturing the right opportunity?

I think not.

From a technology perspective, does building a business model which generates revenue from content unrelated to the business in which the technology solution serves make sense?  How can providing real knowledge for free be sustainable?

Shouldn’t new business models in real estate leverage the real red meat and value of the business process?  I believe consumers have been led to believe that the process of buying and selling real estate should be cheap.  What is the value of expertise and knowledge?

Successful technology solutions must tie their revenue to the content – the real knowledge – that relates to the business problem they are trying to solve in order for there to be sustainable, transformational change.

Who will seize the opportunity?