Posted on : 22-11-2010 | By : stargaterich | In : Internet_Marketing
Over 90% of all Internet Marketing and online business fails within 2 years of start up. This statistic is quite alarming consider the fact that hundreds of commercial websites and business blogs were created daily. The grim statistic do not imply that you can’t make money online.
Most people set themselves up for failure before they even disembark to work on it. A lot of people has the wrong perception that running an online business is as easy as getting a website build and expecting it to generate money on autopilot.
Get Rich Quick Mentality
Home based Internet business is as tough as it can get even though it can be very enriching and rewarding. A lot of aspire to be online business entrepreneurs are mislead into believing that one would only need to work 2 or 3 hours a day to earn huge online income profit. Nothing could be further from the truth. This is not surprising considered the fact that many get rich quick scheme products or services promoted widely. Do not fall for the get rick quick scheme. Such scheme simply do not exists.
Lack Of Business Background
Even though you don’t require a doctorate or a degree to start an Internet business, it is important that for you to have some basic business background. Lack of business background can hamper and limit your success. You need basic understanding of budgeting and accounting. Make sure you have enough resources and capital to tie you over till your online business break even.
Bad or wrong mindset will guarantee failure in whatever things that you do. Some people work only when they feel like doing so. Others think they can get rich quickly and they give up when they are unable to achieve unrealistic goals and expectations.
Lack Of Business Plan
One of the major factor that contributes to your online business failure is that you simply don’t have or you feel you don’t need a business plan. As the saying goes, failure to plan is to planning to fail. You should always remember that Internet business is still a business and you need to have a realistic and achievable plan for success.
I have never seen anyone who become successful in their career or business by chance without any business plan or strategy. You need to think about marketing even before you jump start on a new project. Your Internet business success is much higher is you develop a product or service which you know sells and in high demand as opposed to trying to sell a product or service after you have developed it without doing any market research.
No Boss Breathing Down Your Neck
Last but not least, don’t be too happy just because you don’t have a boss that looks over your shoulder while you are working at home. You are your own boss as far as home based online business is concern and that implies you need to exercise self discipline to make sure project milestone and time line are met.
You alone are accountable for the success or failure of your business. If you treat home based online business as a hobby then expect to achieve only mediocre results and minimal success. It is not hard to make good money online. You just have to make sure you stay focus, committed to the business, take action, work hard and work smart.