If you don’t want to read it, you can watch this video.
I thought about why most online businesses fail. The number 1 reason is fear. It’s the biggest reason, hands down. It’s bigger than having no money. It’s bigger than having no talent.
I spend a great deal of time studying people who are starting businesses. I just kind of peek into their mind. Some of these people become wealthy because of circumstances. It’s not that they didn’t work hard too. You can’t duplicate what Microsoft did because of the timing factor. It came around when we were moving into a new revolution of computing.
I have a friend who listened to me. She was a writer. She wanted to write X, Y, and Z. I told her if she wanted to make money, write this; and for your artistic pursuit, write what you want to write. But, write these books to make money. She did it and the money started coming in.
She wrote it. She did not like the subject matter. She uploaded it to Kindle. That book now makes her about $1800 a month. The book that she hates is the one making money.
The book that she loves sells one to two copies every three months. She won’t make $1800 on that book in a few years. It might take ten to twelve years for her to make that much money.
Then she wrote some more books she wasn’t particularly happy with and she lives off that income now. We talked about it. My point is that if you build a business where people already are then you are going to be more successful than in a business where you are expecting them to come. That’s one of the reasons I changed the message of the channel.
The way I see it, due to circumstances and the changing world, more and more of you are going to have to start an online business. There are many of you who are curious about wanting to start an online business. I hear people say that they want an online business, but the people with the burning desire are going to win over the people who are merely curious or forced into it.
Many of you will be forced into it because you won’t be able to find a job. You won’t be able to make the money you want to make where you are living. You’ve got to do something and you are reading all these stories about online success.
I think we are in the infancy of online business creation. The last number was 12% of all business was done online (as of this video made in 2014). That’s going to increase by a lot. You’re going to see new businesses. You’re going to see new niches.
I want you to Google this guy. His name is Andrew McAfee. Check out what he and his partner studied. It will blow your mind, and it may scare you.
The next thing that causes online businesses to fail is lack of effort. Many people have this false thought process that they will come online and make it big very quickly. They think if it doesn’t happen quickly, then it’s a scam. The real question should be, are you hustling hard enough.
I’ve talked to scores of people and the general consensus is that people are unhappy and they want to do something different. They want to build something, but they aren’t willing to put in the necessary effort. You see many people fall by the wayside due to a lack of effort.
I planned to do this video this morning. Then I got in my email and there were a lot of things I had to handle. A lot of people would have blown off doing this video. But, it’s on the schedule, so I’ve got to do it. It doesn’t matter if I feel like doing it. Action points and effort is what gets you over the hump, not talent or luck.
People think I don’t have to work that hard because rich people just got lucky. If that’s the thought that pops into your head, you have a loser mentality before you have even begun. This mindset makes it easy to justify a lack of effort.
Another reason most online businesses fail is because there is no plan. In terms of equipment, you can start your YouTube video with your iPhone. You can make great videos with your iPhone. Part of the effort is to have a plan to upgrade your equipment.
The next reason people fail is because they do not really understand business. People compare their startup to Amazon or Uber where millions were invested. Those companies did not have to make money right away because of the investors’ money. Based on these examples, some business owners say they don’t have to make money right away because Uber and Amazon did not make money immediately. That’s very dangerous thinking. You are going to need a plan and some goals for the future.
Not understanding business is a big, big problem for many people coming online. They’re going to provide a product or service that no one wants. A lot of the ideas you come up with aren’t going to work because nobody will give a shit about them. That’s reality.
Another reason people are failing is they have no regard for the fundamentals of business. You’ve got to have someone who will buy your product or service. You’ve got to have something that someone wants.
YouTube has intoxicated people because there are a lot of YouTubers making six figures. Some AdSense checks are $10K, $20K or even $100K a month. You hear about them. These people are unicorns and rainbows. What I am saying is that kind of thing is out of reach for the average person. These people can inspire you to raise your game.
You have a better chance of starting a YouTube channel, a website, a blog, an Instagram account, a Facebook page and having a product or service to sell immediately. This is a more likely way to make a living within 6 to 12 months, then depending on ad revenue.
Whenever I go to someone’s channel, the first thing I do is go to their “About” page and look at when they got started. Then I go to their videos and look at their old videos. This is how I do research.
Back in 2006, there was no Facebook. There was Myspace and YouTube. Some of the kids would put up a video and get literally 1000 subscribers in one day. They would take it to their high school and then it would spread from one high school to another. But now there is crazy competition. That’s part of the reason people fail. They have unrealistic expectations.
Another reason people fail online is they don’t understand the internet. An example of this is how payments online work. When you buy something, it seems so simple. When you go behind the curtain, it is very complex. There are serious security concerns. You can be held liable if you store credit card numbers for your customers and the system is hacked.
Another reason online businesses fail is because people are hoping to “luck into money.”
Different makes you money. Being the same, that is pedestrian. If you are the same, then it becomes about price.
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