The success (or failure) of your Internet Entrepreneurship really is up to you now. If you succeed, the credit will all belong to you and if you fail, you will own that as well. Your success or failure is in your own hands.
Success and failure are two sides of the same coin. The coin in question is your own Internet Entrepreneurship and you don’t want to flip that coin into the air and leave it to chance as to whether it lands on success or failure.
You want complete control over the fate of your Internet business and you do have that control.
Every decision will be yours to make.
If you make wise choices then you will claim victory and success will be yours.
If you make unwise choices then your internet business will crash and burn and your own hopes and dreams will go up in flames along with it.
Beating the Odds
You do realize, of course, that the odds for success are not in your favor. Every day thousands and thousands of internet business enterprises are launched. Of those internet businesses that will be launched today, 90% (ninety percent) will not be around in 120 days.
That is right! You have no better than a 10% chance of actually making a success out of your internet business unless you can change them those are not very good odds. If it were a horse race, winning would be considered a long shot.
That is the down side but anytime there is a down side there is always an up side.
The upside in this case is that even though you have only a 10% chance at succeeding, you can greatly better your odds by simply following the guidelines that have already been offered.
You can increase your odds from 10% to 90% by simply applying a few very simple principles to the problem.
The reasons that so many new Internet entrepreneurs fail within the first 120 days can be narrowed down to four.
They do not have the right mindset.
They do not lay a solid foundation.
They do not have the key to unlock growth and expansion.
They do not plan for success
The Right Mindset for Success
Unfortunately, so many people think that they can quit their jobs, open an internet business and just relax and enjoy life. They expect instant success and instant wealth without having to invest anything (even time and effort) to affect that success.
They really believe that they can sleep until noon, work when and if they want to and just rack up sales and profit. This attitude probably accounts for at least half of all of the failures of new internet businesses.
Making an internet business successful takes a lot of time and even more work. That old real world job demanded that you be on the job for probably 40 hours each week.
Your net internet business will need about twice that many hours each week if it is to become successful. Very, very, very few people are willing to invest that much time and effort thus the 90% failure rate.
Of the few that are willing to put in enough time and effort most expect instant success.
They don’t even consider the fact that they will need to continue to meet their own personal expenses for many months before they see the first penny of profit from a new internet business even though those facts are readily available.
These are the ones who go out there looking for get-rich-quick schemes and end up becoming victims of internet scam artists.
The right mindset is this: You must expect to work hard. You must expect to work long and tedious hours. You will not be an over-night success. People are not going to line up to give you their money. You are going to have to earn it.
Laying a Sound Foundation
Sometimes people will start an internet business that has no business background at all. This is another reason for the high failure rate of new internet entrepreneurships.
If you do not have an education in business, then you would be very wise indeed to speak with those who are well versed in business.
An internet business of any kind is a BUSINESS. It must be run like a business and it must be build upon sound business practices. The only ‘dumb’ questions are those that are never asked.
You need information and the best way there is to get the information that you need is to simply ask questions of those who have the answers.
There are courses available both out in the brick and mortar world as well as on the internet about how to set up and run a successful business.
You can’t abide by the rules if you don’t know what the rules are. Do your homework before you launch you business.
You need to lay a rock solid foundation so that your new business doesn’t become one of the casualties that are caused by poor planning or even no planning. You need a business plan.
You need a business model and it needs to be one that you can understand and follow. Jumping in and hoping for the best isn’t a plan. That will only insure that your new internet business will not still be in existence four months from now.
Unlocking Growth and Expansion
Nothing in this world ever stays the same. The only absolute certainty is change. Internet business is not an exception to this rule. As a matter of fact, business on the internet changes faster than just about anything you can imagine.
Another reason that so many new internet businesses don’t survive for very long is that a new e-entrepreneur will start a business based upon one single idea and never grow or expand beyond that single idea.
These people have what I sometimes call ‘tunnel vision’. They don’t look around at the internet business landscape and make the necessary changes that keep them visible and a player in the market place.
Internet businesses themselves will naturally grow and expand if the owner or manager of the business grows and expands his knowledge and is willing to adapt to the inevitable changes that take place on a daily basis in Internet business.
It is simply good business to invest a minimum of 5% of your time and your income back into yourself. You ARE your business.
I’ve heard the term ‘continuing education’ tossed about like it was a choice to be made.
Continuing education is not a choice if a business is to be successful. The 10% of new internet businesses that will still be around after the next 120 days will be owned or managed by people who are constantly learning new things and applying those new things to the internet businesses that they operate.
They attend real world seminars. They attend teleseminars and webinars. They read multiple newsletters every single day.
They learn…they grow….they adapt….they succeed. That is very easy to say but it is much harder to accomplish. However, those who do accomplish it will still be in business when most others are not.
There is an old saying that I quote very often. “Those who fail to plan, plan to fail!” I say it often because it is the single most important fact of success in a nutshell.
A plan for an internet business is just exactly like a road map that would be used for making a road trip.
It is a detailed plan of how to get from point A (starting an internet business) to point B (having a successful internet business) in the shortest possible time and without taking the scenic route.
Most of the time those who begin new internet businesses have been working at jobs for which they were paid a salary. They are in the ‘work equals money’ mindset and they bring that mindset into their internet businesses.
They will even spend their time searching for more ‘work’ to do rather than searching for ways in which to make money.
Unless the ‘work = money’ mindset can be quickly changed to ‘sales = money’ mindset, the business will certainly fail and fail very quickly.
One of the most important items that can be listed in a business plan is to ‘find a mentor’. You can have all of the details written down of exactly how you plan to succeed but if you can find a mentor that process can be cut in half.
Of course, it is very unlikely that you will find a mentor within the first 120 days of starting your new internet business but that item needs to always be in your mind as you make contacts and build business relationships.
Building and internet business is a very exciting undertaking but it is one that is fraught with obstacles. You can overcome the obstacles and succeed but don’t expect it to be easy or quick. It will be neither.