3 Huge Mistakes Most People Make When Starting an Online Business

Getting tired of seeing so many online entrepreneurs bragging about making hundreds of thousands or even millions of dollars at all these SUPER EASY online money making schemes? Every time you watch a YouTube video another ad pops up painting a picture of another entrepreneur traveling the world and driving a Lambo.

You are starting to wonder whats wrong with you….you ask yourself, “how come I can’t have that dream?”

Man in state of confusion…why are all these youtube stars making all this money while I seem to be spending money and getting nothing in return.

Well I have been there….for years I watched and tried a bunch of different online money making opportunities and nothing seemed to work. I was left scratching my head trying to decipher what the successful entrepreneurs were doing differently.

After numerous fails I had to finally take a deeper look inside my soul. And I must admit, dissecting my failure was a hard pill to swallow but absolutely necessary if I ever wanted to become successful and work from home or where ever I wanted to in the world. I needed to sit down, think and spark a few mental light bulbs

Dissecting business by reflecting on failures and studying those that are successful around you

What I discovered was that my business sense was running on empty. First thing I had to do was fill up the tank of knowledge so I could have my own life and steer clear from being another corporate drone with a yearly ice cream party as a show of appreciation for slaving away toward someone else’s dream. This to me was a life long prison sentence. I know you’ve heard it before….work for the same company for 30-40 years, get your gold watch, retire and die.

I was determined to not live this societal dream of being someone else’s gopher. So, I failed….over and over again. Am I ashamed? Absolutely not – I would be more ashamed laying on my death bed knowing I spent the last 40-50 years working in a J-O-B that I despised. Instead, I can look back and say I took a chance and pushed through. Life is better and more exciting when you take chances.

My point is Failure is a right of passage to success. But what changes should we make to reach success?

Well first accept that fact that you’re probably going to fail at first. It’s ok! You wont be the first future millionaire to fail…don’t be afraid of that. Here are some people you may have heard of that failed miserably before they became successful:

Steven Spielberg, Thomas Edison, Walt Disney, Albert Einstein, Jerry Seinfeld, Oprah Winfrey, Bill Gates, Warren Buffet, Larry Ellison, Michael Bloomberg, Jeff Bezos, Ray Dalio, Daniel Craig (007) and the list goes on and on but you get the point!

The least I can do is help you avoid these mistakes and get you to the level of achieving success much quicker than myself. So I will lay out my 3 greatest Mistakes.

Mistake #1: Not Making Clear Goals

Don’t make blind goals. Know your big WHY

Having clear goals is the absolute most important thing when starting any venture. Whether it’s losing weight, getting an education or building a business. Goals are always important and having clear goals is essential to success. Figure out your WHY and than build your goals around this!

For example, let’s just say you want to have a family and it’s important that you can provide for them and pay for your children’s college someday. Paying for their college may be your why which will then help you better understand your goals.

Mistake #2: Shiny Object Syndrome

Stay focused on your goal and don’t get side tracked with other opportunities or ideas.

This was easily my biggest problem getting started. I would start one thing and as I was getting the hang of it I would see another opportunity and be drawn to the potential of the new opportunity getting me to my goal that much quicker. Before I knew it I had 5 different business going at the same time and none of them were successful. In fact, losing money was the only thing I was good at.

Sticking to one opportunity until you have a system in place and you’re cash flowing before moving on to your second stream of income is extremely important in achieving success.

I heard this before and did not listen to the people that were wiser than me because I’m stubborn. For some reason I thought I would defy the logic. Well that did not happen so please take this advice seriously and don’t make this mistake.

Mistake #3: Lack of Time Management

“Either Run The Day or The Day Runs You.” – Jim Rohn

Jim Rohn is one of the Grandfather’s of Motivational Speaking about life and business and as you can see in the quote above he’s clearly referring to Time Management. I found the easiest way to Run your Day is by making your schedule for the following day the night before. This is essential if you work for yourself however it does apply to all people.

I started doing this by allocating 3 hours every morning (after my workout) to my business. It’s a non-negotiable task meaning it happens every day whether I feel like doing it or not. Since doing this my business has consistently grown and got better. Part of that 3 hours is utilizing great productivity tools to make sure you are developing good business habits along your entrepreneurial journey!

Here is a great productivity tool I came across that may help you with spreadsheets and keeping track of your revenue/expenses in you businesses.

Conclusion

The 3 most costly mistakes in my business journey have been revealed to you for good reason. These mistakes are not reserved for me but for anyone that does not understand them before starting their business.

Make Goals

Stay Focused

Manage Your Time

In closing, my goal is to share with you the best things you can do for yourself to grow as an entrepreneur. I am still growing myself and my purpose is to share my wins and losses in the hopes that it helps on your path to success. Good Luck!

Please feel free to share your questions, comments and ideas below!

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