Are you an Entrepreneur? Real Estate Investing Requires an Entrepreneurial Mindset. Do You Have It?

Real Estate Investing requires the same mindset as any entrepreneurial venture. The AIA is looking to help individuals that want to get started in the real estate investing world. Take this quick quiz and find out if its your cup of tea.
 
OREM, Utah - Feb. 26, 2014 - PRLog -- ARE YOU AN ENTREPRENEUR?

Entrepreneurial Type Test

The first question you should ask when you are thinking of going into business is “Am I the type?” You will be your most important employee. It is very important that you rate yourself objectively. Appraise your strengths and weaknesses. As the prospective operator of your own business, acknowledge that you are weak in certain areas and cover the deficiency by either retraining yourself or hiring someone with the necessary skill. The questions in this test indicate to what extent you have the personal traits important to a business proprietor.

1.  Are you a self-starter?
A.  If someone gets me started, I keep going all right.
B.  I do things my own way. Nobody needs to tell me to get going.
C. Easy does it. I don’t put myself out until I have to.

2.  How do you feel about other people?
A.  Most people bug me.
B.  I like people. I can get along with just about anybody.
C.  I have enough friends and I don’t need anybody else.

3.  Can you lead others?
A.  I can get people to do things if I drive them
B.  I can get most people to go along with me without much difficulty
C.  I usually let someone else get things moving.

4.  Can you take responsibility?
A.  I’ll take over if I have to, but I’d rather let someone else be responsible.
B.  There’s always some eager beaver around waiting to show off. I say, let him.
C.  I like to take charge of and see things through.

5.  How good an organizer are you?
A.  I like to have a plan before I start. I’m usually the one who lines things up.
B.  I do all right unless things get too complicated. They I may cop out.
C. I just take things as they come.

6.  How good a worker are you?
A.  I can’t see that hard work gets you anywhere.
B.  I’ll work hard for a time, but when I’ve had enough, that’s it.
C.  I can keep going as long as necessary. I don’t mind working hard.

7.  Can you make decisions?
A.  I can if I have plenty of time. If I have to make up my mind fast, I usually regret it.
B.  I can make up my mind in a hurry if necessary, and my decision is usually OK.
C. I don’t like to be the one who decides things. I’d probably blow it.

8.  Can people trust what you say?
A.  I try to be on the level, but sometimes I just say what’s easiest.
B.  They sure can. I don’t say things I don’t mean.
C.  What’s the sweat if the other fellow doesn’t know the difference?

9.  Can you stick with it?
A.  If I make up my mind to do something, I don’t let anything stop me.
B.  If a job doesn’t go right, I turn off. Why beat your brains out?
C.  I usually finish what I start.

10.  Can you keep records?
A.  Records are not important. I know what needs to be known without keeping records.
B. I can, but it’s more important to get the work out than shuffle numbers.
C. Since they are needed, I’ll keep records even though I don’t want to.

Answers:

Q1. B

Q2. B

Q3. B

Q4. C

Q5. A

Q6. C

Q7. B

Q8.B

Q9.A

Q10. C

Grading:


Give yourself 10 points for each correct answer.

Score 100
Excellent. A perfect score. You are a born entrepreneur. If you are not presently running your own business you should definitely start one – the sooner the better.

Score 91-99
Very good. You definitely have what it takes to succeed in a business of your own. Don’t hesitate.

Score 72-90
Good. You have the qualities of a successful entrepreneur with some weak spots. Read the interpretation below to identify your deficiency.

Score 40-71
So-so. The prospect of your success in a business of your own is questionable.
You have some deficiencies that might overshadow some good traits you have.
You are going to face some tough adversity along the way.

Score 40 and below
Unsatisfactory. The blunt truth is that being an entrepreneur is probably not for you.

Interpretation:

What traits and Characteristics Make a Successful Entrepreneur?


First, consider those characteristics that seem to distinguish the person who opens a business from the person who works for someone else. These studies investigated successful and unsuccessful owners, some of whom went bankrupt several times. Some were successful only after the second or third try. The characteristics they share might almost be said to predispose a person into trying to start a business. Of course, not all of these characteristics appear in every small business owner-manager, but the following seem to be most predominant. People who start their own business may be members of different political parties, feel differently about religion, economics and other issues. They are like everyone else. The difference is they usually feel and express themselves more strongly. This is consistent. If you are going to risk your money and time in your own business you must have a strong feeling that you will be successful. These strong feelings may also cause problems. If you want to start your own business you probably have mixed feelings about authority. You know the manager must have authority to get things done, but you’re not comfortable working under someone. This may also have been your attitude in a scholastic, family or other authority structure.

Studies have shown that very often the small business owner doesn’t differ from anyone else in risk avoidance or aversion when measured on tests. At first thought, this seems unreasonable since logic tells us that it is risky to open your own business. A management expert once explained this apparent contradiction very simply. “When a person starts and manages his own business he doesn’t see risks; he sees only factors that he can control to his advantage.” If you possess these traits to some degree or other it doesn’t mean you will be successful, only that you will very likely start your own business. Some of these characteristics in excess may actually hamper you if you are not careful. The characteristics that appear most frequently among successful small business mangers include drive, thinking ability, competence in human relations, communication skills and technical knowledge.

Drive, as defined in the study, is composed of responsibility, vigor, initiative, persistence and health.

Thinking ability consists of original, creative, critical and analytical thinking. 7

Competency in human relations means emotional stability, sociability, good personal relations, consideration, cheerfulness, cooperation and tactfulness.

Communications skills include verbal comprehension and oral and written communications.

Technical knowledge is the manager’s comprehension of the physical process of producing goods or services and the ability to use the information purposefully.

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Contact
Mikel Smith
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855-997-7330
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