I would like to share with you 3 mindset mistakes to avoid when starting an online business. There is nothing more exciting than making the choice to start an online business, however a large % of people crash and burn. Research shows that more than 90% of all Internet business start-ups end in failure within the first 120 days (Patel, 2015).
In order to maximize your chances of success, you need to be aware of the common mistakes that people make that end up killing their online business dreams. Once you master these common misconceptions, you boost your chances of being one of the 10% of people that do succeed. The choice is yours. In the words of Debbie Auger, “Before you can master your business or your life, you must first master your mindset.”
Get Rich Quick
Some people believe that you can get rich quick, or are sold or marketed to believe this is true. Every aspiring entrepreneur is inspired to make money fast so that they can have financial freedom. However, if you want to achieve massive success in your online business you need to put in the hard work. Success doesn’t happen overnight. Being an online entrepreneur can be a difficult road in the beginning stages. A lot of people adopt the belief that if they take short cuts, they will make money faster. This is far from true. Doing so will only cost you down the road.
Sure, a lot of people are able to make decent amounts of money rather quickly, but these businesses don’t last. Soon thereafter these people are onto their next business venture because they didn’t invest the time and energy into building their business over the long-term. They become dabblers. Don’t you want to build a business that stands the test of time? If so, you need to invest in yourself and your success.
The reality is that if you build a business on a faulty foundation, it will fail. In the words of John D. Rockefeller, “If your only goal is to become rich, you will never achieve it.” You need to learn to enjoy the process and not be so attached to the outcome.
If I Build It, They Will Come
Some online entrepreneurs have the belief that if they simply build a website, customers will magically appear and buy their products or services. Guess again. In the current digital age, competition is high. Millions of other businesses are fighting for the top spot in the search engines. According to Google, 97% of consumers use the web to search for local businesses (Holden, 2013).
If people can't find you online, what is the point? Having a strong online presence is a critical component of your marketing strategy. One of the most powerful ways to attract more traffic to your website is through creating valuable content that adds massive value to peoples’ lives. This is what has allowed me to build a 7 figure online business. In the words of Tony Robbins, “If you add the value, you will become the brand. Find a way to add more value than anyone else does.”
Failure is Final
Failure is a reality of life, and a normal part of the learning process when you are starting an online business. Successful entrepreneurs understand that failure is one of the most important educational tools at their disposal. Behind every success story in business, is a challenge or a failure that was overcome. If you want to have an online business, you have to take risks; it allows you to experiment with what works and what doesn’t.
Oftentimes your greatest failures become steppingstones to success. Take it from me. I’ve failed multiple times in my business, but I have conditioned my mind to view those challenges as opportunities to grow, learn, and take my business to the next level. The master is one who has failed more times than the beginner has even tried. If you want to achieve success in your business, you need to fail more.
A 2017 report by Mu Sigma shows that failing fast and often is the best approach and the key to success in many areas of business. The Mu Sigma researchers define this in their analysis as “the power of extreme experimentation”, claiming that science can demonstrate that failure drives forward innovation. This research is proof that failure may be one of your most important assets in your online business.
Take it from Michael Jordan, who said, “I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”
These are 3 mindset mistakes to avoid when starting an online business. If you want to be successful in business and in life, you need to cultivate a mastery mindset. Shift your mindset and watch your business grow exponentially. Mastery is the only path worth taking.
Work hard, believe in yourself, and never stop learning. When you do, you will create a fulfilling, thriving online business that lasts for years to come.
Do you want to learn how to master your online business? CLICK HERE to join my Online Business Mastery Accelerator course!