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…
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Hey there! Screening tenants can be a tricky business, and this critical step can be the difference between profits and disaster. To help you with your real estate investing journey, feel free to download BiggerPockets’ complimentary Tenant Screening Guide and get the information you need to find great tenants.
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.
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?
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!