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Tung Tran was a young man who had lots of plans. Back in 2010 he saw a huge amount of opportunity in the online market and for two and half years he worked hard to try to start an online company that would be the next big thing. He failed. This is not an uncommon story in the slightest, but rather the norm. In looking back on his experiences he realized that his failure was not entirely for naught. He had learned some valuable lessons along the way. He listed 11 different lessons that he was able to glean from his time as an unsuccessful entrepreneur. In this blog we will look at some of the most helpful lessons that he learned.

  1. Taking action is the most important thing you can do. Tung explains that starting an online business is difficult and there are quite a few technical things you must learn to do. He talks about how taking small steps is the best way to overcome the obstacle of being overwhelmed.
  2. Find a mentor. People have already succeeded at starting online businesses and these people have many of the tips and tricks you need. Having someone who can help coach you through the process is extremely helpful.
  3. Master the 80/20 rule. A common rule that is widely believed by entrepreneurs and many business people, is that 80% of your success is the result of only 20% of your effort. What this means, is that in order to be successful, you must be able to pinpoint what things you are doing that work well and focus in even more on those attributes.
  4. Be productive. For many people, one of the benefits of being an entrepreneur is that there is no boss to answer to. This is great for some people, but incredibly detrimental to others. If you aren’t a self motivated person than you should be very cautious about going into entrepreneurship, and especially internet entrepreneurship. As everyone knows, it’s very easy to waste time online, and if you aren’t goal focused, it’s difficult to pursue your goals.

To learn more tips from Tung Tran, here is the article. https://www.cloudliving.com/unsuccessful-internet-entrepreneur/