Tuesday, October 27, 2009

Top Five Reasons People Fail to Make Money Online

We all hear the stories every day. Suddenly, someone you never heard of has just become an overnight millionaire by having a great idea about doing something online. But for every person we hear about, there are literally hundreds and thousands of people trying to make money online and failing badly! What does that one person know that the others don’t? Now you too can find out. These are the top five reasons why people fail.

1. No Passion. You have an idea to start a business because you have spotted a gap in a niche market. The trouble is, even though you have had the idea and spotted the gap, you are just not interested in it. It has no appeal for you. This sort of approach is bound to fail. Even if someone can manage to stay interested for a month or two, after that, it will be a chore just to sit down and do something about it. Find something that excites you so much you can’t wait to leap out of bed every morning.

2. No Focus. Some people have one great idea, then another and then another. And they try to do something about all of them at once. Then they forget about the first idea and start on the fifteenth idea – which is actually the first idea again, but they have forgotten! This is not the way to make any money online. It is best to stay focused on one good project and see it through to fruition. If there are other ideas in the pipeline, write them down and come to them later.

3. No Knowledge. It is very good to have your one big project, but you need to know everything about it in the greatest detail. This involves knowing how it will work, how much money it will take to get started, predicted profits, etc etc. Not just this, but also what is already out there. Is there already a similar product business or service? Without knowledge, there is no power, and more importantly no money.

4. No Application. Even if you know everything there is to know about your product and running a business, if you don’t apply what you know, it will get you nowhere. Take action. Use what you know about getting your business off the ground and you will be successful.

5. No Effort. ‘Working from home’ is a rather ironic term because it has the word ‘home’ in it. Home means cushions and sofas and coffee and TV – none of which are great ways to earn money with your own business. If you want to make money, you will have to put the effort in. Many entrepreneurs put in more hours than those people with jobs who work for someone else. Time is money so it is very important to put in the hours.

Ignoring these five basic ideas means that many people start off full of good ideas and good intentions and then fall by the wayside. Don’t let that be you!

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