Dot.Com or Internet businesses started going main-stream in the early 1990's and between 1995 and 2000 internet stocks were selling at multiples of their book values. Most of the Dot.Com companies had nothing tangible to justify their Mount Everest-high prices. It didn't take long before the market started correcting itself and by October 4, 2002 the NASDAQ index had crashed by 76.81%, to 1,139.90, from a peak of 5,084.62 recorded on March 10, 2000.
Since the burst, the Dot.Com business had separated the men from the boys with valuable lesson learnt. Many of the boys went home to their parents to lick their wounds while the men started searching for the keys to online business success. As a matter of fact, no one key to online business success was found as internet business was a brand new territory. So it became a matter of trial and error to find out what worked.
In 2012 Rich Schefren released his much-acclaimed Internet Business Manifesto in which he advised Dot.Com entrepreneurs to approach every aspect of online business, from list building to product development and sales, strategically rather than tactically. He particularly noted that technology is an enabler and the whole focus should be on developing structures and building relationships rather than looking for tactical advantages like trying to outsmart the algorithms.
Since the Dot.Com crash, many online entrepreneurs have figured out what works and what doesn't and the internet is producing millionaires in record numbers in assorted niches and sub-niches. One of such millionaires is Russell Brunson, the author of three best-selling books: Dot.Com Secrets, Expert Secrets, and Traffic Secrets. These books are definitive guides on what works online. If only to note in passing, as at the 2020, Russell Brunson's net-worth was estimated at $41m; a figure he built over 15 years.
Scott Cunningham of Social Lite not long ago pointed out that online entrepreneurs go through three phases: the crawl phase, when you're making less than $100,000 per annum, the walk phase when you're making between $100,000 to $1m, and the run phase when you're making over $1m. It is at the crawl phase you need the most learning.
For those of us in the crawl phase, it's important to note that, just like anything in life, online business has its own guiding principles. Those who succeed in a big way online follow these principles. The opposite is also true for those who fail. As Russell Brunson and other internet business experts would readily advice, do what works. Don't try to reinvent the wheel.
Here are seven signs you're not ready for online business success. Not in any particular order, they include:
1. You're not curious, indeed more often than not you're sceptical that people like you are building successful online businesses and making money.
2. You're not paranoid, indeed you believe online business is a passing fad and will soon go away. Andy Grove, Intel's co-founder, once said, "Only the Paranoid Survive". The internet is not likely to go away soon.
3. You believe Social Media is a distraction; if you use SM at all, you use it for the "social" aspect. Social media like Facebook, Instagram, and YouTube are business tools if you know how to use them.
4. You lack production mindset, you rather consume, and if you produce at all, you're inconsistent. To succeed online, especially if you're selling digital products, you must be a prolific producer
5. You wear the toga of expert, always asking, "What can anybody teach me?" As Steve Jobs said in his Stanford's 2005 Commencement address, "Stay Hungry. Stay Foolish."
6. You focus on the negatives: fraud, complexity, and the technicalities etc., thus convincing yourself "it's not for me". The internet has its dark side. It also has its bright side. Embrace the bright side.
7. You live a "satisfied life" believing you're already successful so "why bother?" This is the attitude of high corporate earners. Why not invest and learn now you're earning high; sooner or later, you'll retire.
If you exhibit three or more of the signs I have enumerated above: you lack curiosity, you're not paranoid about the internet, you hate social media or only use it for play, you rather consume than produce, you consider yourself an expert who knows it all, you only see the dark side of the internet, and you're too satisfied to bother, the simple interpretation is that you lack online business success mindset.
The signs simply say you're not ready for online business success. I define online success as someone who makes a minimum of $10,000 monthly online and scaling and investing massively to move from the crawl to the walk stage. My simple advice to you is this: get off your couch, put on your running shoes and start looking for online business influencers to learn how you too can succeed online.
Paul is the CEO of Vision & Talent Training Group and the creator of Internet Business Mastery Course where he teaches how to build businesses online the right way. He is the author of seven books, including Bridges to the Customer's Heart, dubbed The Customer Service Bible, with endorsements from Pascal Dozie (MTN Chairman), Tony Elumelu (UBA Chairman), and Ben Ofungwu (ISN Chairman). Late Richmond Dayo Johnson, referred to Paul as "One of Nigeria's most authentic experiential writers." Paul's clients include Nigerian Breweries (Heineken), Dangote, First Bank, and Nestoil Group (whose clients include ExxonMobil, Chevron, Shell, and NNPC, amongst others). A McKinsey Executive Panel Member, Paul has written for Process Excellence Network, comprising 240,000 process practitioners from all over the world. Phone: +234-8033075133, Email: firstname.lastname@example.org, https://www.pauluduk.com/page, https://visionandtalent.com, Twitter: @paul.uduk
By Paul Uduk