If you have been around any entrepreneurs who have had longevity in the field, one thing is most certainly prevalent- failure is inevitable. Whether it’s your first venture or twenty-first venture, there are always hiccups or even flat out failure along the way. Through this week’s post I’m going to highlight what I’ve found to be true amongst those (internet) entrepreneurs who continue to persevere in this field, despite the trials.
Although this may seem obvious, but taking action is the most important. It’s extremely easy to over analyze decisions, or continue to make excuses as to why something can’t fully be completed. The truth however, is that all companies are built by one small decision and one small action at a time, so don’t let procrastination ruin your venture from the beginning. All great entrepreneurs promptly urge their followers to jump in and never scare yourself out of great opportunities. With all this considered, it’s a wonderful idea to find a coach or mentor. Every great entrepreneur has had many teachers and mentors along the way, and finding someone who can be an immediate resource is vital in all stages of a venture. Even online forums or blogs can be an excellent place to receive feedback, gain ideas, and emulate other successful business models.
When it comes to approaching any business model, there are many strategies and techniques that have proven to be successful. What I’ve found to be true from studying the success in other companies and online businesses, is that they all focus on one or a few techniques that they really push and cling to. These can range from building a killer blog, to focusing in on top sources of web traffic. Whatever it is, find something that proves results and stick to it. Many new ventures fail because they set out with too many strategies on their agenda and end up only giving each a half-hearted attempt, which brings poor results. Find your edge, and laser-focus in on it!
Starting out with an online business can cost next to nothing to create, and can be up and running over a weekend. Although the initial start-up may seem not seem financially debilitating, keeping track of every cent is completely necessary. Learning money management from the very beginning of your venture is a must if you desire your company to grow and sustain itself. It’s important to separate your personal finances from your business finances and only invest what you can afford. Although the initial expenses may seem relatively cheap, over time all expenses begin to add up and it’s very easy to lose track of where your money is actually going. If you don’t know basic accounting already then it’s time you study up or hire an accountant/bookkeeper.
Lastly, for any successful business to continue (and as I’ve written in previous blogs), every great online business needs some sort of blog or content to create hype around their brand. If your business isn’t able to attract attention, then sales will never rise, and growth will never take off. Every online business has some sort of mechanism for driving traffic to their website and creating awareness throughout the market. I believe that a blog or forum is an excellent way for you as the company to share input and valuable information that attracts people to your page. Don’t waste your time setting up an online store if you’re not prepared to attempt marketing your business, and giving yourself some content to drive traffic to your site. A community must be build around your brand, and a valuable customer to business relationship must be built for the longevity of your business- find what angle suits your company image and execute it!