Today, I’ll be discussing an interesting subject for newcomers and that is, what questions do entrepreneurs ask? The topics I’m going to cover are:
- Do You Have What It Takes to Be an Entrepreneur?
- Getting Answers to Your Business Questions
- Where Do Most Entrepreneurs Get the Idea for Their Business?
- No Business Is a Success Without Revenue
- The Biggest Problem for New Entrepreneurs
- The Risk of Failure for New Entrepreneurs
- How I Became an Entrepreneur
- Alternative Real Estate Investing for Entrepreneurial Investors
People who ask questions and research have a better chance of success. Wannabe entrepreneurs need to ask and learn long before they start. That sounds easy, but it’s really not.
What questions do entrepreneurs ask before starting a business? I’ll give you a few suggestions because the challenge is, you don’t know what you don’t know.
Later I’ll reveal a business already in place for 200 years that I overlooked again and again. When I stopped and looked thoroughly, I got started and never looked back.
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Do You Have What It Takes to Be an Entrepreneur?
What is an entrepreneur? Most entrepreneurs are self-starters, creative, excited, and enthusiastic. They would like to have a full-time business, and many have saved money and built reserves because they anticipate the financial risk.
To be successful you must possess traits like perseverance, tenacity, and creativity.
Today I’m discussing, what questions do entrepreneurs ask? Start by asking, why are you headed down this path? Is it because you want to be rich? Famous? You may become depressed very quickly when you see the workload.
Getting Answers to Your Business Questions
What questions do entrepreneurs ask, and more important, whom should they ask? Successful people ask a lot of questions, and if you will notice, everyone likes to give you answers.
Your family and friends will have a lot of business advice. However, more than likely they have no business experience. You should expect most of that advice to be worthless.
They don’t know a lot about business either or know what it’s like to be a start-up entrepreneur. They want you to stay the same and like you the way you are.
So what is the solution? Ask questions of experienced successful people and then pay attention to the answers you get.
Where Do Most Entrepreneurs Get the Idea for Their Business?
What questions do entrepreneurs ask the most? They inquire about good business ideas. So where do you start?
People will pay you to solve their problems, and businesses survive by solving problems. What problem are you going to solve? What product or service are you going to create that solves problems?
How can you solve a problem better than other people? If you can’t solve problems and do it better, cheaper, and quicker than others, your business will fail.
Have you researched the market? Who is your target customer? If you answered by saying “everybody,” then I know you don’t get it. Specifically, who must have your product? You need multiple reasons why the target customer needs your creation.
No Business Is a Success Without Revenue
Start-up businesses are tough because it’s difficult to generate revenue. For the past 30 years, I have managed a small office from my home, but just because the office is small doesn’t mean the revenue is small!
Marketing is important because revenue generation is your #1 priority. How will you find clients? Why will they buy from you? How much money will you make?
If customers know about you, it doesn’t automatically mean they will buy from you. Why would the prospect purchase your problem-solving product? You need to answer a lot of questions.
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The Biggest Problem for New Entrepreneurs
What questions do entrepreneurs ask? Here are some questions you should be asking yourself about the biggest problem for newcomers.
How much capital will be required? How much money will you need to take care of yourself and your family? Remember, your family may not have bought into your wild idea, and they don’t want to be broke and working two jobs.
The media loves to write about the burn rate. That means money going out the door. Burn rate is serious. That’s your earnings and reserves burning.
So how are you going to survive? Here’s Ted rule #1 – don’t quit your job. Rule #2 – re-read rule #1.
The Risk of Failure for New Entrepreneurs
You probably noticed I’m not sugarcoating this. 30 years as an entrepreneur teaches lessons. Here’s a little taste of a bitter pill.
According to the Small Business Administration (SBA), over 500,000 businesses start in the United States every year. Unfortunately, many of these businesses will fail.
If 1,000 businesses start today, in 5 years 800 or 80% of those businesses will fail. 80% is a big number. That leaves 200 survivors – 20%.
Additionally, according to the SBA, 80% of the survivors will also fail in the next 5 years. Now you can understand why rule #1 is don’t quit your job.
How I Became an Entrepreneur
I want to take a few minutes to give you some insight into how I found solutions to make revenue relatively quickly and keep risks at a minimum.
This solution allows the entrepreneur who follows the steps to earn $25,000-$50,000 on one deal, and there’s an abundance of deals in the marketplace.
30-years ago, I discovered a government-mandated program that was little known, however, it produced generous amounts of cash flow for the people who understood it. I’m talking about a highly lucrative subset to the traditional real estate business called tax liens and tax deeds.
These are properties in default because the owners failed to pay property tax.
Alternative Real Estate Investing for Entrepreneurial Investors
It’s shocking to learn that the local government in every state confiscates these defaulted properties and resells them at public auctions for pennies on the dollar.
Starting bids begin near the back delinquent taxes, and the highest bidder wins the property. That means county treasurers are auctioning real estate in all 3,000+ counties at discounts of 60%, 70%, and 80% below the tax assessed value.
Additionally, properties are sold with no mortgage or deed of trust loan. The legislature has authorized the treasurer to delete the mortgage or deed of trust.
Counties in the USA will auction properties at least once a year. Savvy auction purchasers buy properties for 10 cents, 20 cents, and 30 cents on the dollar and resell them. This is a quick cash flow revenue-generating business.
Ask yourself, if you could purchase mortgage-free real estate for an 80% discount, could you sell and make money?
We hope you enjoyed Ted’s lesson, “What Questions Do Entrepreneurs Ask?”
Some of the biggest questions are about startup capital and business ideas. Ted found a way to solve both with tax delinquent property investing. Since you can purchase real estate for pennies on the dollar at a tax defaulted property auction, it doesn’t require you to be rich to get started, and the returns on investment are lucrative.
If you’d like to know more about tax delinquent property investing, Ted Thomas provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops, web classes, and personal coaching with certified coaches.
Learn how to reap huge rewards from tax lien and tax deed investing! Get started today by taking advantage of Ted’s Free Master Class! Act now, it costs you nothing and will give you a big head start!
Ted Thomas is America’s Leading Authority on Tax Lien Certificates and Tax Deed Auctions, as well as a publisher and author of more than 30 books. His guidebooks on Real Estate have sold in four corners of the world. He has been teaching people just like you for over 30 years how to buy houses in good neighborhoods for pennies on the dollar. He teaches how to create wealth with minimum risk and easy-to-learn methods.