On LostFocus if prefer to use Trim() instead of LenB() because if use press spacebar textbox seems empty, but don't.
Also, if there are many textbox which we use a 'default' text, then I suggest to use Tag property to store the 'default' text.
Alternately, if the 'default' text is the same for more TextBoxs then we can use a variable.

Code:
Private Sub Form_Load()
     Text1.Tag = "CLICK HERE TO ENTER ANSWER"
    Text1.Text = Text1.Tag
End Sub


Private Sub Text1_GotFocus()
    If Text1.Text = Text1.Tag Then
        Text1.Text = vbNullString
    End If
End Sub


Private Sub Text1_LostFocus()
    If Trim(Text1) = vbNullString Then Text1 = Text1.Tag
End Sub