Interview with Susannah Cole | Learning First – The importance of understand your own leaning style as an entrepreneur

Welcome to the SlowMoneyClub. The show that gives you realistic ways of attaining financial freedom. We share Get Rich Slow strategies to help you go from employee to entrepreneur and turn your dreams into income streams.

In this episode, I’m joined by Susannah Cole founder of The Good Property Company.

  • 10 years ago Susannah was a single mum with very little, as she put it herself. We spoke with Susannah about her humble beginnings.
  • Since then she’s gone on to achieve some amazing success in property, sourcing over £45m worth of real estate along the way.
  • Her journey from employee to entrepreneur started out with various jobs she used as a way of learning about running a successful business.
  • Armed with this knowledge, experience, and a £1.8m property portfolio she’d started building in the background, she quit her day job and became a full-time property entrepreneur.
  • Susannah shared the story of her first entrepreneurial venture. Aged only 22 she was selling fair trade items at festivals around the country; driven by a desire to make a difference.
  • She also discussed the impact that support she received from the Princes Trust had on her career.  She has since gone on to sourcing over £45m worth of property BMV working with investors.

Susannah’s Key discussion points include:

  • ([10:00]) Susannah shared her belief about how important it is to understand your personal earning style.
  • She took a learning first approach to her property career and spent a year researching and wrote a business plan before buying her first property.
  • This meant she knew exactly what strategy she would implement from day one and had an idea of what to do if things went wrong.
  • She also explained the importance of having clear criteria for who you work with and the impact that will have on your success.

Key Talking Points:

  1. [11:00] On the transition from Employee to entrepreneur – “Working full time doesn’t have to mean you only do your day job. You can try and find flexible ways in how you use things like holidays. I was spending 30h on a property as a side hustle while working full time.”
  2. [14:20] Paying into a pension – before I quit my job and paying into a pension so you have security and also as preparation for it the initial entrepreneurial hardship” – genius move it moving away from pain towards pleasure.
  3. [30:00] Benefits of having a mentor – “Being advised by high-level people I recognised that I had some gaps. As an entrepreneur you are bootstrapping…and some of the stuff you learn in the corporate world is really useful later on as an entrepreneur.”

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