IUPUI Kelley School of Business holds a Discussion panel for young entrepreneurs at the Real Estate and Entrepreneurship week.

IUPUI Moderator: What are some challenges you faced as you started your business?
Adam Stephenson: One of the primary challenges we faced was in recruiting. Allies is a growing company and we made a conscious decision not to bring in brokers who were already entrenched in the industry, potentially carrying with them habits that didn’t align with our company culture. Instead, we focused on mentoring and training young talent, ensuring they embodied our team-oriented, client-centric approach. We consider ourselves innovators in the market, so it was crucial that our team reflected and upheld our core values.

IUPUI Moderator: What were your keys to success and skills that are important for all entrepreneurs to have?
Adam Stephenson: One key to success was dedicating ample time to thoroughly understand the business and the nuances of the transaction process. Each deal presents unique challenges and learning opportunities. For those venturing into the brokerage aspect of commercial real estate, prioritizing learning over immediate financial gains, especially early in one’s career, is essential.

Learning to delegate effectively and establishing scalable processes were instrumental skills. Additionally, embracing the wisdom of those with more experience and being unafraid to seek guidance were crucial for growth and success.

IUPUI Moderator: What are the different jobs/areas of focus in commercial real estate? 
Adam Stephenson: Commercial real estate offers a diverse range of roles, including brokerage, development, commercial lending, business development, and property management. My advice is to choose a focus area and commit to it long-term, striving to become an expert in that niche.

IUPUI Moderator: Is now a good time to get into the real estate business with the economy, interest rates where they are? 
Adam Stephenson: The timing to enter the real estate business depends on market conditions, which are subject to fluctuations. In 2021, the market was buoyant, presenting numerous transaction opportunities. However, with the current slower market, there’s a chance to revisit and reinforce the fundamentals of the business.

IUPUI Moderator: What makes real estate fun?  
Adam Stephenson: The enjoyment derived from real estate largely hinges on personal perspective and approach. Making the job enjoyable involves cultivating a positive attitude, nurturing professional relationships, and continuously learning and growing within the field.

IUPUI Moderator: Why become an entrepreneur vs. an employee?
Adam Stephenson: The decision to become an entrepreneur versus an employee hinges on personal inclination and professional aspirations. While entrepreneurship offers autonomy and potential rewards, it also demands significant sacrifices and multifaceted responsibilities. Success can be achieved in both paths through hard work, integrity, and aligning with one’s values.

IUPUI Moderator: What are some common mistakes entrepreneurs make?  What was your biggest mistake and how did you recover from it? 
Adam Stephenson: A common mistake entrepreneurs make is attempting to handle every aspect of their business independently. Recognizing and leveraging individual strengths while delegating tasks outside one’s expertise is vital.

Personally, my biggest mistake was delaying the delegation of mechanical tasks, which impeded my ability to focus on strategic priorities. Rectifying this involved trusting capable team members and reallocating my focus to higher-level objectives.

IUPUI Moderator: What advice would you give students right now considering entrepreneurship or real estate careers? 
Adam Stephenson: Seek out mentors who can impart valuable skills and guide you along your professional journey. Look for a supportive team and company culture that aligns with your values, fostering a sense of belonging and growth opportunities within the organization.