In today’s blog post, we’re going to look at why 95% of all online entrepreneurs fail…and more importantly, how you can avoid their pitfalls.
What’s at the root of the problem?
Sadly, the root of the problem can be traced back to that person who is attempting to make money online. This person has 4 challenges.
1. They are stuck in a money paradigm
A paradigm is a commonly held belief or way of thinking that may or may not be true. In the 1800’s the common paradigm was that the world was flat. Science proved the paradigm to be false. Today, the common paradigm is that money is in finite supply. The internet and the information age is proving this to be another fallacy.
80% of the people in industrialized nations have a job. They trade their time, 8 hours a day, for a bit of someone else’s money. Their outlook on money is defined by their pay check. If they make $3,000 a month, they try to squeeze their lifestyle into a $3,000 a month box. Their viewpoint on money is that it is finite, there is a limited quantity available.
In the industrial age, this was somewhat true. People could get a second job to supplement their first job, but they rarely got further ahead because they were still limited by the amount of time they could work. Then after taxes, it generally ended up not being worth while to work 2 jobs.
But we’re no longer in the industrial age. At the turn of the century we entered a new millennium, a millennium of information. We are now in the information age. The industrial age has been left behind. Information doubles at a rate of every 7 years. By the year 2023, we’ll have twice as much knowledge and information as we have right now, in 2016.
The information age brings information overload, but it also brings something new and exciting. Today, you can sit in front of your computer for an hour or two and make tens, sometimes hundreds of times more than you could make in the industrial age. You can leverage yourself on the internet in a way that was never possible before. Today you are sitting on the precipice of the most financially rewarding time of your life.
The amount of money that’s available to you is no longer limited to the number of hours you can work. It’s only limited by your imagination. Getting the know how is easy, the information is all around you. First you have to make a paradigm shift. Money is infinite and you can achieve the lifestyle you dream of.
2. They have unrealistic expectations
Because there are so many publicized success stories online and even more hyped up stories, people become overenthusiastic and become unrealistic in their expectations of what a business online will achieve.
The truth is, there are no limitations on the amount of money a person can achieve online, but if they are going to do business online, they have to treat it as a business. It’s not a gamble or a hobby. A business takes some thought, education, planning, and action. Without these 4 ingredients, failure is inevitable.
It is possible to make overwhelming amounts of money in a short period of time on the internet, but not in your first month. Like any business, your online business takes time to gestate, take form and mature. Buying the next hot $97 product that shows you how to become an overnight success, only leaves you $97 poorer if it doesn’t fit into your plan. Planning may sound boring, but without a plan you don’t know where you’re going or how you’re going to get there, so every new path seems to be the short cut to the pot of gold.
With a little thought and a general idea of where you want to go and how you want to get there, your expectations become more rooted in reality. Your business has a fighting chance of becoming a success.
3. They have no plan
As mentioned previously, without a plan you have no idea where you’re going or how to get there. Even if you don’t want to write down a formal plan, a couple of notes on what you want out of your business and how you plan on getting there, will save you countless sleepless hours wondering where all your money has gone.
Your plan can be as simple as this:
Objective:
In 1 year, I want to be earning an extra $2,000 a month.
Strategy:
I will earn this extra money by learning how to generate an income from the internet
Tactic:
I will become an affiliate of someone else’s business so I can learn the ropes. Once I have a marketing system that I am comfortable with, I will design my own product, offer an affiliate program and leverage my time to increase my income.
4. They suffer from information overload
Information overload has become a part of everyday life. Every single day, the average person is exposed to almost 3,000 marketing messages. That’s in addition to the regular information that has to be processed to complete your work.
The only way to cut through the noise is to focus. Today’s hot product is replaced by tomorrow’s hot product. In order to focus, you need to choose a path and follow it. Ignore everything else, focus in on your path. When you’re done, take the next step. Put your education to action and continue on to choose a new course of action to enhance your knowledge.
While you’re learning, continue taking action and making an income for yourself.
The more you learn…the more you earn 🙂
Blessings & Abundance,
Anne Theriault
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With the economy in constant turmoil, many folks are turning to the Internet to make extra money simply to make ends meet and put food on the table.
Happy New Year!