Marty
Everyday countless would be entrepreneurs search for the latest get rich quick online business opportunity or multi level marketing program in hopes of striking it rich working from home. The vast majority of millionaires are self made and most of them started out with nothing and built successful enterprises. One of the most prevalent ways to make money by working from home is by way of an Internet based business. With the large number of people seeking their fame and fortune online, most people set themselves up to fail. Statistically, only a small fraction of people starting an Internet based business actually making any money. What follows are my top three reasons most people fail when starting a home based business:
The first reason is most people fail starting online home businesses is to think everything should be free. It actually cost money to start an online home business, just like any other “brick and mortar” business.
If you’re serious about succeeding, make sure you’re well financed.
The last thing you want to do is take too many short cuts, especially when you’re trying to make a positive impression with new customers. You can always seek out willing family members and friends for initial funding if cash is scarce. A secondary option is securing a loan, but many times you need to demonstrate a successful track record first.
The second reason most people fail is they don’t take into account the time commitment that is required when working for yourself. This is especially true when you’re just starting out.
Most people think an online business can be launched and running in just a couple of hours of your spare time.
The reality is it takes hard work. This is why you’ll see a lot of people go like gang busters for a few weeks and then just give up when they realize hard work and creativity are involved.
The third reason most people will fail is simply because they are lazy and lack self motivation to take action on a consistent basis.
It’s easy to constantly tell yourself, “I’ll work on that project tomorrow,” or “I’ll make the call later.”
All successful entrepreneurs understand that they must make the decision to take positive action everyday to make success happen. It will not just fall into your lap. Successful entrepreneurs specialize in creating their own reality and making the impossible, possible.
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Nice Site layout for your blog. I am looking forward to reading more from you.
Tom Humes
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Thanks Tom.
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I like your perspective. Great job.
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Thanks Pam. I appreciate the kind words.
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Good info. But we need to admit that why its failed..
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I agree with all you’ve said. I also believe that many people fail because they just give up too soon.
I read recent research that only about 2% of Internet marketers make any money in their first 18 months on line.
I work 60 hour weeks and have an assistant that works 20 hour weeks. I’ve spend loads of money and have monthly overhead for tools and services.
I’ve put in my 18 months and feel that the turn around is near. But sometimes I question my sanity for putting in all my time and most of my money into a business that is not giving me return on my investment. It’s frustrating.
I think that is why most people quit before they ever start making any real money online.
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Hi Linda and thank you for your comment. Perseverance and not giving up too quickly is definitely a big key to success.
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