Which of the Following Is True of Entrepreneurs?
I’m Ted Thomas, and I’ve been an entrepreneur working from a home office for 30 years.
Today we’ll discuss what it means to be an entrepreneur. We’ll talk about entrepreneurial traits and which of the following is true of entrepreneurs.
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What Is an Entrepreneur?
Which of the following is the correct definition of entrepreneur? There’s no simple correct answer. It seems that there are dozens of definitions of what an entrepreneur is and debates on which of the following is true of entrepreneurs.
Many define entrepreneurs as people who regularly start new businesses, sell them and start another. Others define entrepreneurs as developing and ultimately launching and growing businesses, holding onto them for many years for a highly profitable enterprise.
Are You an Entrepreneur?
Entrepreneurship is something to consider. Are you doing it for lifestyle, trying to get rich? Do you want to become famous?
Are you prepared for some roadblocks and some financial challenges? What do you know about funding? Have you thought about planning or what that business is going to be? What about your exit strategy?
Are you an entrepreneur at heart? To be an entrepreneur requires determination, an almost stubbornness to develop and grow a venture. There is a certain person who is so determined and has such a clear vision, they make it a reality.
The truth is entrepreneurs see the need for improvements and they don’t mind being problem-solvers. They see the problems of life, problems of businesses, and they become problem-solvers.
What Is at the Core of Most Business Failures?
The world loves the Elon Musk and Stephen Jobs types. Those are the successful entrepreneurs.
However, the truth is that most entrepreneurs fail. Why? Because they don’t have the money, and they can’t carry on in tough times. This is at the core of most business failures.
Most of all, they thought they were going to get wealthy with one new idea. Once they started, they found out it was a wild new ballgame, and they never dreamed about developing revenue, successful marketing and distribution of products.
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Take Note Before You Begin Your Entrepreneurial Venture
Lesson #1 – Don’t quit your job. You don’t know what you don’t know. In good economic conditions, you may grow like a weed. In difficult times, you could be facing bankruptcy.
Lesson #2 – Go back and read lesson #1 – don’t quit your job unless you know you have big reserves.
If you made up your mind and set aside money that is going to sustain you and your family, and you have considerable skills, the work ethic and attitude to work 20 hours a day, maybe you should be an entrepreneur.
What Is an Example of an Entrepreneur?
Which of the following is true of entrepreneurs? You’ll notice I am not sugar coating this, entrepreneurship is the American dream, and entrepreneurs are creative types who dream of creating products. However, I’m going to give you an example, and you think of one that is better.
Thousands of people before you attended college, rented a room in someone’s home and paid a monthly fee. So the homeowner was in the rental business. Many students lived this way for 4-5 years – however long it took them to get through school.
The homeowner was in a simple business, the rental business, and enjoyed the revenue and had very little work.
Then along comes the entrepreneur who takes a completely different approach, which you now call Airbnb.
The entrepreneur recognizes that complete houses are available, why not rent those to tourists? Now that’s a win-win situation. What about the entrepreneur who put it all together? They control the deal and the fees, and they don’t have any real estate.
A Little-Known Business Venture
It is interesting how we don’t know what we don’t know.
A perfect example is that for decades the local governments have been one of the oldest businesses. Most entrepreneurs like myself just walk right by it and don’t see it, yet it is perfect for the deal maker, has great margins, and it’s been available for 200 years.
I’ve found solutions to make revenue relatively quickly and keep the risks at a minimum. Most new entrepreneurs have no clue about revenue and about sales and marketing. This is where you should be paying close attention.
This solution allows the entrepreneur to follow the steps to earn $25,000 – $50,000 on one deal, and there is an abundance of deals in the marketplace.
How to Become a Real Estate Entrepreneur
30 years ago, I discovered a government-mandated program that was little known, however, it produced generous amounts of cash flow for the people that understood it.
I am talking about a subset to the traditional real estate business, little-known but highly lucrative. It is called tax liens and tax deeds.
When property owners fail to pay property tax, the government in every state will confiscate these defaulted properties and resell them at public auctions for pennies on the dollar with starting bids of only the back delinquent taxes.
That means the treasurer is auctioning real estate in all 3,000+ counties with discounts of 60%, 70%, and 80% or more below the tax assessed value. Additionally, properties are sold with no mortgage or deed of trust loan.
All counties in the USA will auction properties at least once a year, and the highest bidder wins the property.
We hope you enjoyed Ted’s lesson, “Which of the Following Is True of Entrepreneurs?”
Ask yourself, if you could purchase mortgage-free property for an 80% discount, could you sell and make money?
Which of the following is true of entrepreneurs? Entrepreneurs recognize and seize opportunities.
Savvy auction purchasers buy properties for 10 cents, 20 cents, and 30 cents on the dollar and resell them for whatever they can in the market. This is a cash flow revenue generating business.
For 30 years Ted has been involved with this business, and they never run out of tax-defaulted property.
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.
You can learn how to reap the huge rewards from tax lien and tax defaulted property 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!