Thinking of Starting an Internet Business? Self and Business Assessments to Consider to Avoid Failure
It is estimated that about 60% of businesses fail within the first 2 years after business startup. This statistic is even more gruesome with internet businesses, this is because of the real and sometimes hyped up stories on the internet of how people make thousands of dollars online within a short period of time, the freedom they enjoy, and the extra time they get to spend with their family, unfortunately, a lot of people after digesting such stories just take a blind plunge into different kinds of internet businesses without due diligence. In the end they lose money, waste time and energy and in the end throw their hands up feeling very disgruntled about making money on the Internet. But yet there are people who make a fortune on the internet and make a living online and so the question is: Why do some people succeed and others fail in their internet business? What due diligence am I referring to that someone should employ before starting up an internet business? This article will attempt to answer the question.
Now there are some essentials you should consider before thinking of even starting up an Internet Business.
- A personal computer connected to the Internet: Unless you have your own computer connected to the Internet you shouldn’t consider having an internet business.
- Be computer literate: Spend some time to acquire knowledge about how to use the computer and the internet even though you have an expert at it who works for you.
Now before you venture into ANYTHING at all a healthy dose of honest Self Assessment is needed, as well as a healthy dose of Business Assessment. Here I will divide assessment into 2 parts:
- Personal assessment
- Business assessment
Personal Assessment:
- Do I have the entrepreneurial drive? Not everybody is cut out to be their own boss, some would rather work for someone else and get paid at the end of the week or month rather than struggle to start a business. You need to figure out which applies to you and with that, focus your energy and time.
- Persistence: If you read the classic Think and Grow Rich by Napoleon Hill, you would find out that the whole essence or secret that the book was trying to convey on how to get rich is just one word, PERSISTENCE. Unless you have a burning desire to succeed against all odds you will never succeed in your Internet Business. Nothing good comes easy.
- Procrastination: Do not wait to get every nitty- gritty detail ready before you start. Starting your Internet Business is very much like learning how to ride a bicycle, unless you push the pedal wobble and get a few bumps and bruises you would never became an adept. Like the Nike slogan: “Just Do It” and you would learn along the way.
Business Assessments and things to consider to Avoid Internet Business Failure
- Get a mentor: This is very important so you beat the learning curve and avoid failure quickly. The mentor should be a guru in your chosen online business. It should be someone that you have researched upon very well and who makes money online. One of the yardsticks to know is that you would hear or read about a particular mentor from several sources like newsletters, blogs, forums etc. Review all his or her websites and join his or her newsletter, before you consider signing up for his or her membership site or getting the mentor’s materials.
- Do you have an existing business and want to take it online? Research on your competition or other people in your area of business. See what they are doing online and what makes them successful and try to mimic their success.
- Do you have a particular passion? If you do, then do some research on people who are in this business and see how you can transform your passion into an online business? One of the ways you can do a research is by going to Google.com type in your passion and browse through the websites in your chosen field.
- What are your strengths? You can use your strengths or unique skill or knowledge as your unique selling point to set yourself apart from your competition
- Money: Set aside enough money to get your internet business up and running.
- Time: Invest at least 2 hours every day in starting up your Internet business till it is up and running
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