Why Do People Become Entrepreneurs in Business?
I’m Ted Thomas, and I’ve been involved as an entrepreneur working from a home office for 30 years. Today I’m answering your question, “Why do people become entrepreneurs?”
The first answer is very easy. Many people want to be rich, or they want to be famous. They assume if they become an entrepreneur, they will, and I agree. However, there are a lot more failures than there are successes.
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The Most Common Reasons for Entrepreneurship
Many people want to escape the rat race. They’d like to head into early retirement or a leisurely job doing what they want to do, not what the boss wants them to do.
Why do people become entrepreneurs? There are a lot of reasons:
- Freedom to enjoy work and life and know the balance
- Time to have children without working 24/7365
- The opportunity to make big money and work with no boss
- The opportunity to feel good at the end of every day with no evaluations.
The entrepreneurial life can be designed how you want it and may be the escape that you need to live the life you want on your own terms with no wage restrictions, timekeepers, and no social restraints like dress codes and wearing a tie.
Entrepreneurs Are People Who Identify Opportunities
Your ability to identify opportunities and take action decisively is a skill that entrepreneurs must develop to be successful and live the lifestyle they want.
Few will admit it but not everyone is alert to the possibility that you must engage, search and be focused on earning more money continuously.
The reality is that business will not come to your door. You must develop new opportunities, and this requires experience.
A Trait of an Entrepreneur Is Determination
Chet Holmes, a best-selling author, wrote an interesting book called The Ultimate Sales Machine. The book is a great guide for entrepreneurs that form teams. It’s an easy book to read about business and reveals a sophisticated follow-up system and process that develops continuous sales.
How does that happen? According to Holmes it requires determination and the entrepreneur must be driven by, to use his words, pigheaded stubborn determination.
Success does not come like a bolt of lightning. Rarely is it a big break, usually it’s just small breaks step by step. Not everyone shares the success because they don’t understand the critical make-up of how to make money and how to sell products or services.
All Business Planning Starts With A Marketing Campaign
No part of the business is as critical to success as the ability to market and sell your problem-solving product or service. This applies to all entrepreneurs. Even a business with a superb product will not profit or grow unless the entrepreneur figures out how to generate new clients.
To succeed you must be a specialist in your craft. Entrepreneurs choose their specialty, then success comes from engaging with clients and customers. That requires targeting your promotions to the niche where your buyers are located.
Not understanding marketing is the biggest small business blunder. If you can’t create sales and generate revenue you can’t have a successful business.
The successful entrepreneur identifies the market for a product and a service and then researches and develops the step-by-step process to generate revenue.
A Business Idea for Real Estate Entrepreneurs
More than 30-years ago, I discovered a business that was right under my nose and that I’d overlooked for decades.
It was a subset of traditional real estate, except that it involved tax-defaulted property. The property owners had failed to pay property tax.
What if you could purchase property from the government for 10 cents, 20 cents, or 30 cents on the dollar of the tax assessed value? When I finally realized I could buy for pennies on the dollar and sell for whatever price I wanted, I kicked myself for not noticing earlier.
In a moment, I’ll reveal how you can take advantage of this system and earn $25,000 or even $50,000 in one transaction.
I have a free gift for you, a special Master Class that will show you how to profit with tax lien certificates and reveal the secrets of tax deed investing. Get your FREE gift today.
Entrepreneur Investors Buying Tax Defaulted Real Estate
Tax defaulted real estate is available in all 50 states and properties are auctioned to the highest bidder in more than 3,000 counties. The bidding starts at very close to just the back taxes.
Traditionally, the Treasurer will start at 60%, 70%, or even 80% below the tax assessed value, and these properties are sold without a mortgage or deed of trust loan.
For example, the county auction list may reveal a property with a tax assessment of $200,000, and the tax collector starts the bidding at 10 cents on the dollar. Let’s assume you’re the highest bidder at $50,000, so you paid 25 cents on the dollar for this property. How would you sell it?
A Successful Strategy Used by Entrepreneur Investors
Using Craigslist is almost free, eBay costs pennies, and for the Multiple Listing Service, you just pay the broker a small fee.
I teach people to buy low and sell low quickly, and that’s rare. Most real estate people want to buy, fix up, and re-sell, but I suggest you resell to those fixer people.
Buy low and sell low. What does that mean? That is what I call a Walmart Strategy. Target follows that strategy and so does Costco – they buy at a low price and sell at a low price.
Let’s investigate buying low and selling low. When you advertise on Craigslist, eBay, and all the electronic sites like Zillow, and Trulia, the tax assessed value is still $200,000. You paid $50,000 and now you’re offering to sell it for $99,000. What’s left over? It’s your profit.
We hope you enjoyed Ted’s lesson, “Why Do People Become Entrepreneurs?”
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!