Traits of Successful Entrepreneurs
I’m Ted Thomas, and today I’m answering your question, “Which of the following traits will help entrepreneurs succeed?”
I’ve been an entrepreneur for more than 30 years. It’s been a topsy-turvy existence riding the waves just like Waikiki in Honolulu.
Entrepreneurs need to be flexible and accept the fact that business is a lot of work, and anyone who says otherwise is probably dreaming a lot and has never been in business.
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The Top 2 Entrepreneurial Traits
Which of the following traits will help entrepreneurs succeed? I’d say trait #1 is flexibility because the markets are continuously changing and that means your audience, the customers, are constantly adapting.
Trait #2 is to think about sacrifices, and in that same thought process, think about your challenges because there will be many challenges, especially if you are a startup entrepreneur.
A Key Quality of Success for an Entrepreneur Is Having a Long-term Outlook
Solo entrepreneurs work very hard. They start early and work late. You’re probably noticing I am not sugarcoating this thing.
A long-term outlook is really helpful because there are going to be some unpleasant days and a lot of challenges that you didn’t hear about, read about on the internet or see when watching YouTube videos.
A long-term perspective and knowing where you would like to be in the future will help you maintain your stability.
2 Reasons Why Business Entrepreneurs Fail
We’ve talked about which of the following traits will help entrepreneurs succeed, but what causes failure?
I’ve watched dozens, maybe hundreds of startup businesses and many of them never reach the finish line, so I’ll take a few more minutes and give you some possibilities to work out before you start your business.
For example, the Small Business Administration reveals that failure is common. The mistakes most entrepreneurs make are pretty simple, so simple it is difficult to comprehend how anyone can fall into what appears to be a sand trap on a golf course.
The two biggest failures turn out to be:
- The inability to sustain sales
- Poor money management
Obviously no money coming in the door means no revenue, which means you’re really in trouble, and if you’re bringing money through the front door and not keeping a watchful eye on how it’s being spent, that could be just as big of a problem.
A Good Entrepreneur Knows Where to Seek Good Advice
Entrepreneurs are mostly confident people. However, although you have confidence, you don’t know what you don’t know.
It’s necessary to have advisors, and my suggestion is advisors must have business experience. Forget about professors with lifetime tenure contracts with the university. That’s not the answer.
Accountants, bankers and lawyers are certainly necessary, but they’re not the best at giving business advice. What’s the solution?
You need to seek out people with business experience. Listen to them and adapt to what they’ve adapted to. My personal experience with people benefited my business during the growth period. The same will happen to you.
To Be a Successful Entrepreneur Requires a Willingness to Take Risks
Which of the following traits will help entrepreneurs succeed? Here’s an important one. Entrepreneurs are willing to take risks. Measuring risk to reward ratio is important. Evaluating risk against potential reward is very easy – they say – but it’s not easy in reality.
As an entrepreneur, you must be evaluating and focusing on profit before investing money. Risk to reward ratio is very important.
There is no sure process or route to success. It takes pigheaded determination! You never know which day or which product will give you the big breakthrough that you’ve been searching for.
However, big breaks are rare. More commonly, hard working entrepreneurs have a series of smaller successes.
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An Example of What Makes a Successful Business
Today I’m discussing which of the following traits will help entrepreneurs succeed. We’ve just discussed risk/reward and the focus on profit opportunities.
30-years ago, I discovered a little-known but highly profitable business, and the risk/reward looked very good. I was surprised that more people were not taking advantage of it.
The more I researched the business, the better I liked what I was seeing and learning. This business had long-term potential, and it also came with a long history which was easy to research.
The business was administered by the local county government with directions coming from the state legislature which governs the state. All counties were involved.
No secrets. The business was a subset of the traditional real estate business which most people already know is houses, small apartments, small farms, and a number of vacant residential buildable lots.
This subset is tax defaulted real estate. These are the same properties that I discussed in the previous paragraph, except the owners have failed to pay property taxes.
If the property tax is unpaid, the treasure is authorized to confiscate the property, and then required to sell the property at a public auction to the highest bidder.
Entrepreneurs Frequently Earn Significant Profits Investing in Alternative Real Estate
Anyone may attend the auction, and the starting bid is usually very close to back taxes. The county treasurer will discount the property 60%, 70%, or 80% or more below the tax assessed value.
Tax defaulted properties are being sold at very low prices. 10 cents, 20 cents, or 30 cents on the dollar is not unusual, and the low price certainly changes the risk/reward ratio for the auction bidder.
Entrepreneurs can buy for pennies on the dollar and resell for large profits. An entrepreneur purchasing these properties determines their own exit price and should do so prior to bidding if they’re a savvy bidder.
Imagine for a moment purchasing a $120,000 home for only 30 cents on the dollar, about $35,000, then selling it for $85,000. That would be a $50,000 profit, which should make the entrepreneur very happy.
We hope you enjoyed Ted’s lesson, “Which of the Following Traits Will Help Entrepreneurs Succeed?”
Flexibility, anticipating challenges, a long-term perspective and a willingness to take risks are traits of successful entrepreneurs. Additionally, new entrepreneurs should seek advice from experienced entrepreneurs who practice what they preach.
Ted Thomas has been investing in tax delinquent property for over 30 years and teaching hundreds of others to successfully do the same for over 25 years.
If you’d like to know more about alternative real estate 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!