Thursday, June 4, 2009

Entrepreneur Quiz

Today let’s have a little fun and take an Entrepreneur Quiz to see where you’re threshold as an entrepreneur lies. Now before you get anxious and tell me you didn’t know we had a quiz, just relax, this is only for fun. Some of these questions are based on real life experiences and others are made up scenarios. Here we go!

1. You have a distribution business and you’ve got two interested buyers for your product. Here’s the catch: it’s 6:00 p.m. and your UPS driver has already come and gone for the day. One of the accounts is 5 hours north and the other is 3 hours south. They both need product by 10:00 a.m. the next day and it’s getting later and later as you try and decide what to do. The account up north will net you $20k and the buyer south will net you $18k. Please keep in mind you’re moving A LOT of product so a simple overnight envelope won’t cut it. You do however own a company box truck. What do you do?

If you answered BOTH consider yourself an entrepreneur. Hop in the box truck and start driving. Schedule a pick-up with both of the buyers and get the accounts! Congrats that’s two new accounts.

2. You’re just getting started in Real Estate Investing. You have very little capital to work with and your number one priority is to stack some chips to be able to sit at the Big Boy table. Your marketing is producing some okay results but you REALLY need to make some cash. Your marketing is so specific that you don’t contact ANYONE who doesn’t HAVE to sell a property. Knowing you have prospects but are getting poor results with your Marketing, what do you do?

If you answered get in your car and start knocking on doors, you just might make it as an entrepreneur. One more and this Entrepreneur Quiz is over.

3. You’re three hours from a closing where you’re going to pocket $10k. Your closing agent calls you to inform you your Seller isn’t going to show up because their payoff to the Bank doesn’t allow for enough profit to pay the Seller what they were expecting. At this moment you have no deal. What do you do?

I know most of you are going to say sue for Non-performance, but c’mon let’s be serious are you really gonna spend $5k-$10k to sue a Seller for $10k. No, you get on the phone with the Seller and TALK with them about their concerns and if need be offer to pay the Seller out of your own profit at closing. $8k is still a good days pay.

All of these scenarios are true stories and each of them made money. Keep in mind as an individual business owner you call the shots. Sometimes (most times) the deals don’t happen as planned. The days of looking for someone else to decide are over. It’s up to you to make the decision. Entrepreneurs work harder than most, that’s why they are also paid more than most. I hope this Entrepreneur Quiz helped shed some light about what you’re getting into.

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