How does an entrepreneur think, and why should you care? For loan officers seeking to improve their performance, successful entrepreneurs make for great sources of inspiration. Though many loan officers work for a company and have a manager, there is still a great amount of overlap between these two professionals, and adopting an entrepreneurial mindset can help LOs boost success. One of the top qualities I associate with entrepreneurs is ownership.
What does this sense of ownership mean for entrepreneurs and for you in your mortgage business? It’s the difference between feeling like another cog in the machine and being the one operating the machine. It’s the difference between doing things because you’ve been told to and doing them because you’re striving for success. It’s easy to spot an employee who takes ownership by the level of work they do — whether they’re doing just enough or going above and beyond.
Taking ownership powers your business growth.
Having a mindset of ownership not only makes you appear more professional, confident, and qualified, but it’s also instrumental in growing your business. Even for loan originators working for a company and under a manager, finding and maintaining a sense of autonomy and ownership can directly contribute to their professional growth.
It’s a motivator
Taking responsibility for your own success is motivating. When you realize your achievements and success are in your hands, your dedication and focus increase. This mindset not only helps you feel more empowered to improve, but it also makes you feel like a more connected part of the entire branch.
It invokes passion and investment
When I take ownership of my work, and when I see other LOs do the same, I see a greater sense of investment. There is a sense of pride and confidence in the work you put in and the positive results you achieve. Seeing that you’re responsible for that success can keep you in touch with your passion for the work.
Encourages confidence and innovation
Confidence, creativity, experimentation, and innovation — these are key elements of the entrepreneurial spirit. A mindset of ownership encourages you to take creative risks. It’s the foundation for the confidence to experiment with innovative ideas that could lead to greater success.
Ways to start taking ownership:
It’s great when ownership starts from the top with managers who encourage autonomy. But even if you haven’t been given free reign, you can still take initiative to power your own success. Start making the moves you need to each day to grow your business. Prospect and market more consistently. Try out new ideas, even if you’re not sure of the results. Get off on the right foot with a new client, and invest the time and care needed to ensure your success with them. When you focus on how much you can control, it becomes easier to feel that sense of ownership.
“Owning” your work means coming up with goals to drive your success and staying accountable to them. When you’re in control of your success, you’re setting your own limits. If you want more and realize it’s in your power to get there, you’ll be able to take full responsibility for your progress.
Own your mistakes
Taking ownership means taking responsibility. Just as your success is in your hands, so are your mistakes. The more comfortable you become with failure and mistakes and the more aware you are of your own weaknesses, the better you’ll be able to handle these things as they come. If you’re going to push forward towards greater success, chances are you’re going to try some new ideas, and some of those ideas may fail. That’s a healthy part of any professional’s growth. When you focus on learning from these things instead of letting them crush your confidence, you take control. The lessons you learn from those mistakes can power your renewed drive to continue striving.
Taking on a greater sense of ownership in your mortgage business can truly help to boost your overall success. This entrepreneurial mindset helps to channel your engagement and passion, and it also helps you to focus on what matters most — your clients. They can easily tell the between a loan originator who is going through the motions and one who is invested in and dedicated to their work.