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.
