Everyday fifty-thousand random individuals from all quarters of the world key-in the search phrase “make money online” on Google. Unfortunately, a vast majority of these individuals will innocently fall into the wiles of unscrupulous internet marketers who make absurd promises of instant riches, and easy wealth. These deceptive marketers lure the unsuspecting by twisting the reality of what it really takes to make $1,000 online, never mind an online empire, and display it as the effortless route to financial freedom.
Dreams of fancy homes, bottomless bank balances, and luxurious cars encapsulate the minds of the victims, and without considering the risks many of these individuals buy into these false claims.
The contrasting truth is that it takes hard-work, perseverance, and determination to succeed and thrive in a new internet business. But with the right tools one can craft a sustainable and profitable online business. The ability to escape the 9-to-5 rat race is certainly a possibility if you begin building your business on a solid foundation. The first think you need to realize is that it is not easy, and if anyone tells you that it is, they are usually trying to part you from your money.
There are 5 keys that determine the success of a new internet business; without these keys the business is destined for failure, but the presence of these elements will brew a business that tastes the sweet savour of success. These essential elements are:
1. Is Business in Your Blood?
There are two types of personalities: the one type prefers the security of the 9-to-5 job, and the other is designed such that business flows freely within their blood. The former is satisfied with a salary and avoids the risk posed by the unknown, and the latter draws satisfaction from writing his/her own check and taking the risk that this implies.
Before starting an internet business you need to evaluate yourself, and categorize what personality type you are. Online businesses are not any easier than brick and mortar businesses. What is different is the environment, other than that internet ventures will require the same will power. Unless you have the entrepreneurial bug in your veins the first obstacle will stop you dead on your tracks. Venturing into the online world is not suitable to all, and knowledge of who you are is the first key to succeeding in any business.
2. Knowledge is Power
Prolific online business leaders, such as top bloggers and top internet marketers have studied for years and acquired the knowledge that has essentially earned them the status they occupy. Although it is not necessary to obtain a masters degree in business to succeed in a new internet business, knowledge certainly prepares you for the road ahead. Acquiring knowledge of the online industry is the second key that is vital to your success.
The appeal of the internet is the convenience it offers in terms of access to information. Gaining the knowledge required is literally a click away. Online courses, forums, and blogs are accessible to all, and these platforms offer the mandatory knowledge essential to your business success.
3. What Happens When the Blind Lead the Blind?
They all fall down! Experience in the online industry is an invaluable resource. The experienced understand the pitfalls synonymous to the industry, and this weapon alone positions them with the ammunition of foresight—the ability to forecast and recognize what will occur in the future. This is extremely important in the fast-moving online industry. Selecting a mentor to guide, coach, and direct you in your internet business is the third key that is pivotal to your success.
The mentor you choose should possess the rugged experience that is gained from the school of hard knocks. Receiving advice from an inexperienced individual is what most internet marketers do and it is a case of “the blind leading the blind”.
4. Focus and Application
As a champion you will receive the prize of victory after intensive training, precise application, and resolute focus on your end goal.
Firstly, it must be emphasized that all the knowledge in the world is worthless if it is not applied in a systematic fashion. Applying the knowledge you gain will separate you from the “dreamers” and position you to succeed. Secondly, a new online business demands absolute focus for it to survive. It is solely your responsibility as a business owner to prioritize the needs and not spread yourself too thin. Online empires were built one “passive income” website at a time.
5. Passion Drives Success
The final key that is necessary for a new internet business to succeed is that of passion. Being passionate about what your online vision injects the motivation, ignites the desire, and fuels your will to succeed. Passion is derived from performing something you enjoy, something that interests you, and something that continuously stimulates your mind.
In your internet business, following a niche that is of no interest to you will lead to apathy, and this apathy will stem your creative ability and sap your energy levels, which will ultimately affect the business negatively. If you love your internet business you will not count the hours you put in it. You will be surprised that successful online entrepreneurs who could live the “4-Hour-A-Week”, still choose to work 10 hours a day or more.
These 5 keys combined will unlock the door to business success, and pave the way for a healthy online business that will thrive under the cushion of a solid foundation.
This was a guest post written by Alex Papa. Over the last 10 years, Alex Papa and his wife have built a small empire of online and offline businesses. Alex often speaks at seminars around the world teaching people how they can find new business ideas to pay for their desired lifestyle.