For example, while other industries may be able to eliminate intermediaries, in real estate eliminating brokerage firms is hardly easy. The panel also addressed the complicated question of valuing e-business ventures. Their view was that valuation of private companies always involves a negotiation and is fundamentally more an art than a science. The panelists said that while technology certainly will play a role in the future of real estate, it will not change the major players in the industry. As such, entrepreneurs should expect technology to bring about an evolution, rather than a revolution, in real estate.
Demographics are crucial because they point to emerging opportunities.
For example, developers of senior housing are preparing to serve the needs of millions of aging baby boomers. But opportunities abound in several areas, ranging from resorts to affordable nursing homes, the panelists said. Such businesses offer great opportunities in the long run. Steps such as offering equity positions in projects or stock options to employees can help nurture an entrepreneurial mindset. Offering an ownership stake certainly helps to sharpen your focus.