Business Management

The 3 Most Important Questions Entrepreneurs Should Ask Themselves

Expertise: Real Estate Investing Basics, Personal Development, Landlording & Rental Properties, Real Estate News & Commentary, Business Management, Flipping Houses, Real Estate Deal Analysis & Advice, Personal Finance, Real Estate Marketing
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G’day, everyone.

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Wow, what an eventful week it has been on my end. It started off with a speaking engagement in Michigan, progressed to firing a contractor and working 72 hours straight with only 4 hours' sleep to complete the job and finished up with making arrangements for our first ever booth at a real estate expo next month. Make sure to come and say "hello" to us at next month's REI Expo in Indiana. Don't worry, though, as we have nothing to sell and are more so there to make a presence, build our brand and offer our experiences in the world of real estate investing.

In today’s blog I am sharing with you 3 very powerful questions that you should ask yourself, not just if you’re a real estate investor, but also if you’re looking at entering into any other business ventures.

So here it goes…

The 3 Most Important Questions Entrepreneurs Should Ask Themselves

Whether in real estate investing, starting a new business, or even simple tasks, life can be broken down to three simple questions. These questions act as an ultimate guide for your path and your reasons for going forward.

Related: 5 Questions Entrepreneurs Should Ask Before Making a Big Business Decision

Question #1: What’s Your End Goal?

What is it that you want and where are you going? This question is simple. What is your end goal? Is it to make $100,000 in passive income annually? Is it to build income and deposit enough into an annuity so you can retire in Fiji? If you don’t know what your end goal is, it is unlikely you will move towards anything. People have a motivation, a reason for moving forward to the goal. But without the goal, the reason fades, and you float along.

Your end goal can be anything and doesn’t have to revolve around monetary goals or even real estate. Real estate investing might be the vehicle, but the end goal might deal with a desire to open up an animal shelter and live out your days assisting and rehabilitating abused animals.

The question is an important one. What is your end goal? You need to know where you are going to you know what you need to do to get there!

Question #2: What Actions Will You Need to Take?

Once you have that end goal and you are determined to reach that pinnacle, you need to ask yourself this question and reflect on it daily. What are you doing to get to where you want to be?

Having the goal in mind is all well and good, but getting to the end goal requires work. No one has ever tripped and fallen into their end goal. It is through hard work and working smart that we can move closer and closer to achieving our goals.

So, what are you doing today to reach your goals? In real estate, it is a numbers game. How many people have you added to your database today? How many phone calls have you made today? How many drive by looks at prospect properties have you done today?

And items don’t need to be based on a daily schedule. How many contracts were written this week? How many deals did you close this month? The real item behind this question is accountability — keeping yourself accountable so that you have the path and the means to reach your goals. Without checking on a regular basis what you are doing and without taking proper strides to get there, you will never reach your end goal.

Question #3: Why Are You Doing All This?

Alright, you have your goal, and you have your knowledge of what it will take to get there. But what is the reasoning? What is your “why?” I’ve covered this in some of my videos, and it is important. What is your reason for being, and what is your reason for pursuing that end goal you found?

Some people are motivated by a sense of financial freedom, and that is great, so long as it works. So long as it is why you get out of bed in the morning motivated and active, as opposed to slow and sluggish, dreading what the day has in store.

Is it your wife and kids? If so, what specifically? Is it to be able to send your kids to college without debt and to pay for your daughter’s (eventual) wedding? Is it that you want to be free from the daily grind and spend your day honestly doing what you want?

Related: 7 Questions Every Entrepreneur Should Ask Daily for a Better Business

This question has a similar revolving theme as the others. If you don’t have a handle on this question with a proper answer, you may find yourself drifting along aimlessly — and getting nowhere fast. Is that what you see for yourself? Is that what drives you? To float along, working a regular grind, possibly living paycheck to paycheck just to get by?

Of course not! But you need to ask the question of why you have that end goal and why you need to follow the right path, doing the right things day in and day out. You will find that you no longer hit snooze. You no longer dread getting up. It becomes natural. For some, what they find is that they get up earlier and quicker. They have more energy. They have more motivation and are generally happy.

So, have you asked the right questions and have you come up with your answers?

Be sure to leave a comment below, and let’s talk!

Engelo Rumora, a.k.a."the Real Estate Dingo," quit school at the age of 14 and played professional soccer at the age of 18. From there, he began to invest in real estate. He now owns real estate al...
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    Mark Lenox Investor from Cleveland, Ohio
    Replied over 5 years ago
    Thanks for another great post, Engelo. I’m happy you’re around and doing these posts, because lately I have felt like giving up on REI. I am a very smart and (previously) successful guy, but I am having zero luck getting deals lately. With my team, I am too slow to act. The last three properties I wanted to make an offer on went Contingent as I was writing the offers. The market drying up a little, what seems like a flood of new investors, and experienced investors snatching up everything in sight is a combination causing a severe lack of opportunity for newbies like me. I know I could and should work even harder and be even more aggressive, but some days I just want to chuck the whole thing. Thank you for the constant works of motivation. -Mark
    Kyle Hipp Investor from Appleton, Wisconsin
    Replied over 5 years ago
    Great post Engelo, Your intro showed that you have asked and answered your 3 questions. When I work crazy hours and have a daily lost of tasks accomplished that most would be happy to accomplish in a month, the folks that don’t understand the 3 points you made do not see how it is possible. There is something about having a goal, the plan to accomplish it and the drive that allows us to do things that most don’t see as possible. Keep up the good work 🙂
    Engelo Rumora Specialist from Toledo, OH
    Replied over 5 years ago
    Thanks Kyle, They are truly vital questions to ask yourself and find answers to. This is what have plastered above my office desk: “What are you doing right NOW to get you a step closer to where you need to be? Where are are you going and WHY are you going there? WHY do you do what you do and for whom? Is it for yourself? Is it for money? Or is it for a bigger and better purpose than just yourself or money?” Thanks and keep the dream alive.
    Andrew Syrios Residential Real Estate Investor from Kansas City, MO
    Replied over 5 years ago
    The third is the most important. My brother mentioned to me the quip that “Entrepreneurship is working 80 hours a week so you don’t have to work 40.” There are huge benefits to entrepreneurship of course, but they take a long time to accrue and there’s no guarantee they will. If it doesn’t inspire you, you should probably do something else.
    Engelo Rumora Specialist from Toledo, OH
    Replied over 5 years ago
    Thanks Andrew and 100% agreed. Elon Musk also said “If the average person works 40hrs per week, you need to work 80hrs in order to become a millionaire” lol Love that guy hehe Thanks and have a great week.