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The 5 Biggest Mistakes That Online Entrepreneurs Make

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This article will discuss some of the critical mistakes I see online entrepreneurs making all the time, especially new online entrepreneurs. The thing is, I know that these critical mistakes are holding them back, stopping them from creating awesome businesses  and creating great products that will  make passive life-changing income. Today I want you to discover what these big mistakes are, so that you don’t  make them.

#1 Not Taking Action

One of the  biggest, most frustrating mistakes I see  people make is that they have a business  plan of action in front of them, but  they’re too afraid to go out there and  do it because they never feel ready. 

Common excuses I hear people say: “Oh, I don’t know enough or it seems too easy – I must be missing something or I don’t have any experience”.  Here’s a question for you: How are you going to  get experience if you never try it? It is a cliche but the truth is, the only way to guarantee your failure is to  never ever trying. Think of it this way, if  you try you have a chance of succeeding, maybe it won’t go as planned and  maybe it won’t be as successful as you  hoped, but by trying you at least have a  chance to succeed and it could even  change your life. If you instead sit  at home and think about how you’d like  to have a business but never actually  try and make one, then you will never  ever have a chance of succeeding and you  were guaranteeing yourself failure by  never doing anything about it.

You really shouldn’t feel bad if you make  mistakes or things don’t go perfectly, because the truth is that you have to  make some mistakes – no one is perfect and  the great thing about mistakes  experience is that you can learn from it  and you can come back even stronger than  before. The lessons that you learn from making mistakes and taking chances are greater than any lessons that you will  learn from any book, so embrace them. Remember, if you never try then you have  zero chance of succeeding.

#2 Opening Businesses That Require The Presence At All Times

This isn’t necessarily a mistake if you don’t care  about growing your personal wealth. If  you just want to open up a store for  selling your  favourite hobby items or something like  that, then you can absolutely just  go and ignore this point. If you want to grow your wealth, however, and get lots of free time to spend as you want, then you need  to pay attention to this point.

Don’t open a business that requires you to be present  at all times to run it. For example, let’s  say that you opened a business where you  sew clothes that you made. Well, this may  be your dream come true, we need to be  honest with the fact that without you  there is no business. If you’re not there  and not making any clothes, then there is  no business which means there is no  money.

Instead open businesses that give you the opportunity to create passive  income (shopify stores) or nearly passive income by not  requiring you to be there at all times. That way, once you have successfully  created and opened a business that can  be run passively and earn you money  without you being there, you can go and  create another business just like that, while the other one runs by itself.

You can keep doing it and you can grow  your wealth and income –  that is why I  love ecommerce businesses, you can have a  store on Amazon and have that acting is  a virtual storefront for you, so that you  don’t need to personally be there to  meet and greet customers.

If you  choose to open an e-commerce business  and use drop shipping to fulfill your orders,

in time you would be able to hire someone to contour the  dropshippers (shopify dropshipping) for you and fulfill the  orders for you meaning the business  basically would run on autopilot, by  itself. And of course, Amazon FBA is another great option for creating an  Amazon ecommerce business that can run  on autopilot, because using  their “fulfilled by Amazon” service, you  can let them fulfill the sales for you  for a very small fee.

Thinking That Your Degree Will Ensure Your Success

Newsflash everyone – unless you’re selling services that require certification, like owning a  doctor’s practice – customers don’t care  about your fancy degree, they don’t care  what school you went to, they don’t care  how expensive it was. All they care about is that you are providing a good product  or service.

You went to Harvard Business School? – Great, no one cares!  Again, what the customer cares about is whether or not you’re providing a good service or products and if it is at a competitive price.

The only people that care about your degree are employers and as we all know, having a job is hardly secure, which is probably why you are  attracted to entrepreneurship in the  first place.

No matter what though, I’m  sure your degree taught you a lot of  very viable life skills and knowledge, but it didn’t teach you the nitty gritty  on how to make a product, how to put it  in front the customer, how to market it  to the customer and then fulfill the  order for the customer.

I’ve had this  realization about six months before my  degree was over – I realized that my  degree was not teaching me how to create  a product, how to market a product, how to  put it in front the customer and then  how to fulfill the product order for  them. Actually the six months lived on my degree I left University and I didn’t finish it, instead I went away to teach myself how to open and run my own  business.

Now, I’m 25 years old and I earn over six figures worth of income every year and this puts me in the top 5% of UK earners and I’m degree-less. A big piece of advice that I can give to you is to seek out mentors and people who’ve walked the walk and can teach you the nitty-gritty of starting  and running your own successful business. Clearly, you sort of know this already, because you’re reading this article, which must mean that you are already seeking out your own educational opportunities.

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