Often either a lack of funding or exponential growth and poor planning is cited for business failure.
However, since a home based internet business can be started on a shoestring budget and fast growth can easily be accommodated (usually) and welcomed there is more to why online businesses generally fail.
The idea of being your own boss, working from home, not having to answer to anyone and working the hours you want are some of the benefits that generally attract people to starting their own home online businesses.
However, whilst many home internet businesses generate significant incomes, on the whole most of them never get off the ground.
You may ask why would someone go the trouble of setting up an online business and give up on it when it is common knowledge that these types of businesses can provide financial freedom and a significantly better than average lifestyle.
Well, whilst there are many factors for instance website, product, target market, inter alia, that all effect the success of an online business, if one of the following 3 criteria is not in existence the online business is sure to fail.
1. Desire and Action
Sure everyone has the desire to make money, but what happens to that desire when things don’t happen as you envisioned and after a while no income has been realized.
Generally the desire will begin to wane and it is only those who have the ability to make things happen, as opposed to those who wait for them to happen, that will succeed.
Successful people have the drive and motivation to persevere and make things happen when things are not going as expected.
Entrepreneurs who do not have this key personality trait or who do not realize the importance of it will not succeed with their internet businesses.
Appropriate action will fuel your desire to succeed.
2. Do the Right Things
Entrepreneurs who spend time doing less important things extremely well are less likely to succeed than those who identify and categorize specific activities that are key to the business and ensure that they are carried out thoroughly and effectively.
It is very important for the entrepreneur to spend his or her time efficiently and on things that will make a difference to the business – beware of analysis paralysis.
Often entrepreneurs and business people justify their jobs and positions by always appearing busy and active, when in actual fact they are not performing specific activities that contribute towards the overall success of the business.
The reality is that many entrepreneurs confuse activity with productivity with the result that they are too busy to concentrate on doing the right things that will generate the correct output.
3. The Ability to make Changes
Your website looks great and has been lurking on the internet for a while but its sales has been abysmal.
So what are you to do? Wait another a week, a month maybe for traffic to start coming in?
Well one thing’s for sure and that is if you want the status quo to remain, do nothing!
However, if you want you want things to change you are going to have to make changes and do things differently.
There are many things to analyze in terms of performance for instance website traffic, website functionality & professionalism, products & services, target market etc.
Once the above analyses have indicted what changes need to be made you will need to employ the resources or expertise required to effect the changes.
Sounds simple enough, but many online entrepreneurs are reluctant or averse to change or do not have the wherewithal to effect the changes and consequently end up with a stagnant online business.
Your online business’ vision and overall strategy should always be borne in mind whilst experiencing periods of inactivity or difficulty to ensure longevity and success.
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