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The number of people starting an internet business these days is pretty astronomical. It's hard to blame themthe internet is booming, you can be your own boss, you can work from wherever you want and it doesnt cost much to get started. Put it all together and starting an internet business is anything but an original idea which means there are more options and offers looking for your money and dreams than you could possibly imagine.
The resulting flood of business opportunities you could start means you have the difficult task of figuring out which will actually give you a reasonable chance of making any real moneynot easy for anyone without a lot of experience in the industry. To make it even tougher, most of them are not worth your time, money and emotional energy. However, there are a couple good ones, and you can use these 3 guidelines as a start to know what to avoid.
Here are the 3 biggest mistakes people make when starting an internet business:
1. They think its all about the Benjamins. I am fully aware that you cannot operate a business very long that doesnt turn a profit, and believe me, I am all for you making in a month what it used to take you a year to pull in. However, life and business are about a lot more than just money. The sad fact many people learn after they are highly invested in a particular venture is that you can make a lot of money and be totally MISERABLE. The point is to begin with the end in mind. Take the time to investigate what really goes into the business you are looking to build and then seriously consider whether you can find satisfaction doing those activities. Doing this before you start a business can help you avoid a lot of pain, frustration and wasted time in the future.
2. They put too much emphasis on the product. This is probably the biggest rookie mistake I see people make. It makes sense on the surface " all we need to do is find the next big thing (ie fountain of youth, iphone, Wii etc), it will sell itself, and we can ride the gravy train to our own version of MTV cribs. Not so much. The reality is, I could drop the cure for cancer in most peoples front yard and they would have no clue how to market or promote it. Thats why its FAR more important to evaluate the marketing system you would use and its ability to train someone who has little experience. Aside from your personal ambition, this is the biggest factor determining whether you succeed in starting an internet business.
3. They think that a ground floor opportunity is an automatic ticket to success. Our emotional side really wants this one to be true, and it seems make sense at first. Quite often, people think of business start ups like an initial public offering (IPO) of a stock: they almost always go up (at least at first) and the only way normal people get a piece of the action is to know the right person. So when the opportunity comes along for an average Joe to get in on one, it seems like a no-brainer. Unfortunately, the vast majority of businesses fail, and the percentage is usually worse for internet businesses. However, its important to understand what people are really looking for when they are attracted to startupsa company that is on the verge of explosive growth that they can get a piece of. Its not hard to tell if a company is seriously struggling or ready to explode if you know what to look for. This is part of what I cover in my complete home business success checklist (link below).
Starting an internet business can seem like a pretty daunting task, but there are great opportunities for people with little to no experience. However, keep these 3 pitfalls in mind because they are the most common mistakes I see smart people make over and over again.
People often ask me what else they need to know when starting an internet business. Since a lot of the concepts are counter-intuitive to what you think before studying this industry in depth, I put together a checklist of components you will want to make sure you have. Feel free to check them out belowignore them at your own business peril.
The resulting flood of business opportunities you could start means you have the difficult task of figuring out which will actually give you a reasonable chance of making any real moneynot easy for anyone without a lot of experience in the industry. To make it even tougher, most of them are not worth your time, money and emotional energy. However, there are a couple good ones, and you can use these 3 guidelines as a start to know what to avoid.
Here are the 3 biggest mistakes people make when starting an internet business:
1. They think its all about the Benjamins. I am fully aware that you cannot operate a business very long that doesnt turn a profit, and believe me, I am all for you making in a month what it used to take you a year to pull in. However, life and business are about a lot more than just money. The sad fact many people learn after they are highly invested in a particular venture is that you can make a lot of money and be totally MISERABLE. The point is to begin with the end in mind. Take the time to investigate what really goes into the business you are looking to build and then seriously consider whether you can find satisfaction doing those activities. Doing this before you start a business can help you avoid a lot of pain, frustration and wasted time in the future.
2. They put too much emphasis on the product. This is probably the biggest rookie mistake I see people make. It makes sense on the surface " all we need to do is find the next big thing (ie fountain of youth, iphone, Wii etc), it will sell itself, and we can ride the gravy train to our own version of MTV cribs. Not so much. The reality is, I could drop the cure for cancer in most peoples front yard and they would have no clue how to market or promote it. Thats why its FAR more important to evaluate the marketing system you would use and its ability to train someone who has little experience. Aside from your personal ambition, this is the biggest factor determining whether you succeed in starting an internet business.
3. They think that a ground floor opportunity is an automatic ticket to success. Our emotional side really wants this one to be true, and it seems make sense at first. Quite often, people think of business start ups like an initial public offering (IPO) of a stock: they almost always go up (at least at first) and the only way normal people get a piece of the action is to know the right person. So when the opportunity comes along for an average Joe to get in on one, it seems like a no-brainer. Unfortunately, the vast majority of businesses fail, and the percentage is usually worse for internet businesses. However, its important to understand what people are really looking for when they are attracted to startupsa company that is on the verge of explosive growth that they can get a piece of. Its not hard to tell if a company is seriously struggling or ready to explode if you know what to look for. This is part of what I cover in my complete home business success checklist (link below).
Starting an internet business can seem like a pretty daunting task, but there are great opportunities for people with little to no experience. However, keep these 3 pitfalls in mind because they are the most common mistakes I see smart people make over and over again.
People often ask me what else they need to know when starting an internet business. Since a lot of the concepts are counter-intuitive to what you think before studying this industry in depth, I put together a checklist of components you will want to make sure you have. Feel free to check them out belowignore them at your own business peril.
About the Author:
Mike Ledeboer is an internet network marketing consultant and co-founder of the Home Business Profit Blueprint which was specifically designed to take people with little-to-no experience and give them the tools and training necessary to be successful when starting an internet business. He is currently offering a FREE checklist of components you will want to make sure your business has if you want to succeed.
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