Today I want to share what I believe are the ten worst online business mistakes new entrepreneurs make. This is literally what is making your success impossible and keeping you poor in the long-run.
If all you do is avoid these mistakes, you will succeed.
I’m not kidding here.
I literally believe that if you just stop doing these ten things, success will inevitably follow. So pay attention and take some notes.
1) Focussing 99% on ideas and 1% on execution.
You have to flip the script if you want to become successful. Focus 99% on execution and only 1% on ideas. Ideas mean very little in the real world, so start focussing on taking massive action today.
2) The endless search for the missing piece.
Everyone is constantly looking for the missing piece of the puzzle or for a loophole that will allow them to become successful.
Realize that there is no missing piece. No matter how many articles you read, how many videos you watch, how many books you buy, how many courses you consume, you won’t find that “final” piece of information that will somehow catapult you to success over night.
The missing piece of the puzzle is you working your ass off.
And now get to work.
3) Spending time and money on advertising too early.
Most people want to skip ahead and take the easy route. It’s everyone’s dream to spend one dollar on advertising and make two dollars as a return. However, it takes a lot of skill to do that.
Most newbies fall into this trap and waste a ton of money on ads.
If you can’t sell your service or product organically, then you probably won’t be able to do it through advertising. So learn to sell your stuff without advertising first and only then scale up with advertising.
The only exception I can think of is drop shipping or selling low-ticket physical items. But don’t try selling high-ticket offers, services, coaching and so forth through advertising. You’ll likely just lose a whole lot of money if you skip ahead too early in the process.
4) Not producing daily content on at least one platform.
Content marketing is the easiest and fastest way to build up a following and start selling stuff organically. Start a blog or a YouTube channel or get active on social media, but do it every single day.
Posting every once in a while won’t do anything good.
The key is to overwhelm these networks with so much content that you raise above the noise. Grab people’s attention by the balls and show up consistently for your followers without missing a single day.
5) Lack of productivity and time management skills.
Before you can fix your business or your finances, you have to fix your productivity skills. If you can’t focus for more than an hour and you aren’t able to work 10-12 hours a day, then this is a problem.
One of the first skills you need to master as an entrepreneur is productivity. It is the gateway to all financial and personal success.
6) Wanting to quit your job too early.
If you don’t have a second or third income stream right now, then your job is your only asset. Why would you want to give up your only asset? The only thing that’s producing money for you ?
Only quit your job once you make the same amount (or better double) that you make in your 9-to-5 job for at least one year straight.
Don’t be stupid, your job is the only asset you have.
7) Your speed of implementation is too slow.
If it takes you forever to go from idea to execution, then there’s no way you’re ever going to become successful. A lot of success comes down to trying different things and finding out what doesn’t work.
That being said, the faster you fail, the faster you succeed.
Speed of implementation is super important in business.
8) No patience and persistence.
Most people give up too early when things get rough. You have to realize that build a business is hard and takes a lot of focus, patience and persistence. Your “inner game” and resilience matters.
If you give up at the first sight of adversity, hardship and failure, then you are simply not an entrepreneur. Never, ever give up your dream.
9) Lack of self awareness.
A lot of people thing they’re entrepreneurs when they really aren’t. Having a “CEO” title on your Facebook profile or on LinkedIn doesn’t make you an entrepreneur. Stop bullshitting yourself right now.
John Reese once said there’s two types of people:
A) People who start a business to look cool
B) People who start a business to pay their bills
Which type of “entrepreneur” are you?
10) Wanting an exact roadmap.
There is no exact roadmap to succeed as an entrepreneur. Needing detailed instructions and a guide is a factory worker mentality.
You have to find what works for you and discover your own path.
Entrepreneurship is not an exact science. You have to go out in the jungle and fight to make money. You’ll make a thousand mistakes and at the end of the day you’re alone in this, follow your own compass.
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