Entering the business world as an entrepreneur can be frightening, but developing a strategy, as Jay Bloom did, can open up many opportunities in one’s industry. Through observing the events around him, Jay was able to see what people viewed as disasters and turn them into opportunities for himself, much like the 2008 housing market crash created the opportunity for First 100. Today, the COVID-19 crisis is creating lease opportunities and the potential for commercial real estate.
A large part of entrepreneurship is taking the bigger problems and deconstructing them into smaller ones. Instead of immediately having knee-jerk reactions, the entrepreneurial approach described by Jay Bloom is to remain calm. Most people starting out try to tackle big problems with the most direct approach and find themselves overwhelmed. Instead of doing this, choosing a more methodical solution is often the best answer. Break the problem up into smaller tasks, tackle them one at a time, triaging the most time sensitive first, and you will find that by the time you solve the last small problem, the big problem has been fixed.
It’s essential for one to always listen to those around them more than they speak to them. That doesn’t mean one needs to ignore others completely, but listen to what they have to say and how they approach their businesses. One can learn what other people in the industry miss by listening to the shortcomings they encounter and improving one’s own business model.
Trust (But Verify)
One of Jay’s first lessons early in his entrepreneurial career was about being too trusting with others. There is a lot of unreliability and dishonesty out there, but one can’t be completely distrusting of others. Jay found that one can trust others as long as they do the due diligence to verify that their actions are sincere.
Success is a State of Mind
When one is an entrepreneur, mindset is everything. One can’t look at missteps as failures. They have to string them together and persevere, learning from the experience. Often, newcomers in an industry will let their vision become obscured by the trials and tribulations that come with being an entrepreneur. Still, Jay wants them to understand that in order to be successful, they have to keep pursuing the vision despite the adversity.
Even though Jay Bloom has made many accomplishments within his business model, he started as an entrepreneur, just like many others. Now, he carries titles such as Investor, Board Member, and CEO. His entrepreneurship has spanned multiple industries; he has handled business dealings within real estate, finance, renewable energy, entertainment, retail, aviation, and many others.
For Jay, he believes that “out of adversity comes opportunity.” This slogan is something that can be seen through his mission statement. He identifies situations in adverse conditions and creates opportune investments from them.