New internet entrepreneurs entering the business marketplace find out quickly that the competition is fierce. The considerable number of upstart businesses across a multitude of web-based industries makes it difficult to excel with so many individuals targeting the same market.
Many home-based business “webpreneurs” step forth to fill the shoes of the title “business owner” every day. Many of these same business owners also close their business doors due to their inability to stay alive in the internet battlefield.
While many entrepreneurs possess a natural instinctive desire to succeed, let’s face it; it’s tough out there. In order for any start-up enterprise to be successful, certain key “ingredients” are essential in the business plan.
Here are the five key pitfalls determined start up entrepreneurs should avoid if they want their business ventures to succeed:
1) Lack of Business Intuition and Sound Judgement
Experienced successful entrepreneur blogs got where they are by making intelligent decisions and using sound practicable judgement. Making the right decisions in a business is a skill just like any other. Successful business management requires decision making skills. A well oiled business machine must be organized, have clear goals, and be managed efficiently.
2) Failure to Do Your Homework
Many a teacher has heard the ridiculous excuses made by students who neglect to do their homework. Students who excel in school do their homework, and business owners must do theirs, too, if they want to succeed. There are good and bad business ideas, and smart entrepreneurs do research and feasibility studies to determine how feasible their proposed ideas are. You must compile market data on the industry to evaluate what is already available and then determine how you’ll compete effectively in that market. This evaluation is essential and it will assist you with ideas on what you might do differently than your competition. A feasibility study should give you an indication of what to expect from your business efforts within a specified timeframe. A large majority of start up business fail early on because they neglect to “do their homework.”
3) Failure to Prepare a Written Business Plan
When you travel, you have a set destination in mind and a plan on how to get there. Operating a business should be no different, and in order to succeed you need a business plan. Your plan should include goals, objectives, and the intended business scope. Without a plan, it is difficult to stay focused and work toward arriving at the intended destination.
4) Limited Resources
Many a viable business idea with plenty of money making potential still fails due to limited resources. These resources include working capital, tools and equipment, and human workers. If you don’t have sufficient capital, there is the possibility of seeking out investors (in the case of home start ups family members can act as “investors”). If you do plan to approach friends or family for money, have a good solid business plan in written format for their review. Many successful business owners will tell you they’d much rather invest other people’s money in a new business venture rather than bearing all the risk themselves, regardless of how viable the business idea is. Same applies to any size of business.
5) Lack of Self Motivation
Self made entrepreneurs generally possess some distinctive traits; they are inventive, determined, problem solving, brave, and creative. They have a desire to succeed, and they like being in charge and in the thick of things. These are all excellent qualities to have when operating a business. However, even with all of these outstanding qualities, self motivation is a critical element. You must possess the ability to drive and motivate yourself in order to achieve your business goals, and you must be able to do so for the long haul.
A world of business opportunities awaits the young ambitious entrepreneur. Build your business on a strong foundation that can sustain growth. Develop your business skills and always be willing to learn new things. There are plenty of internet marketing advice out there that you can use.
19 thoughts on “5 Deadly Internet Marketing Mistakes That Kill 95% Of Business Start Ups Early”
Thanks for the tips Alex,
That is some great advise. I think self motivation is a great key to being successful in the business world.
Hi Tanya, Motivation is key! I wouldn’t get up early in the morning and go to bed late at night if I was not motivated in “in love” with my blog businesses. Liking what you do, takes the “work” factor out of the picture!
Lately, I’ve been focusing exclusively on doing my homework when it comes to my business ideas. I have all of the technical knowledge down pat – what I’ve realized is that I never truly sat down to figure out who my market was.
Now that’s the first thing I do. If there isn’t a market than I don’t spend time on a project – and, this helps in the long run because I’m not reading articles that aren’t going to help 🙂
Murray, I think you got it. Many bloggers start equipped only with the technical knowledge. But this is not enough. In fact, the technical knowledge in the success of a blog has little or no importance. It is the marketing knowledge that matters.
Dennis [email protected] Direct Sales Marketing
Self motivation is huge, almost everything when it comes to being your own boss. If you’re the type to need the structure that comes with being told what to do and when to do it, you will never make it.
Hi Dennis, many people want to be told what to do and when to do it. They have the need of security rather than the need to create. Different people have different needs. But it is esssential for an internet entprepreneur to be self-motivated!
Great article Alex. I notice that a lot of clients start out enthusiastically but then lack motivation if results do not come in quickly enough. Even though you may not have a large marketing budget, you can pass many of your competitors by just waiting and sitting it out because many of them will quit along the way.
Thanks Andreas! Without motivation productivity is lost and hence many do not stand competition.
Hi Andreas, Thanks ! Lack of motivation inhibits productivity and that definitely becomes the main reason for failure.
Some great tips. I Agree 110% Lack of due diligence and inefficient or non-existant planning is a harbinger of ultimate failure for many blogs and online businesses in general.
“little” knoledge is dangerous, but a sufficianet amount of knowledge can really steer you on your right path.
Hi Steve, Due diligence is the basic homework that is required for any business venture. Thanks for being here.
I have seen some of my friends who started a business and then closed it down because they lacked the motivation to continue it (mainly because the profits were to low).
And although all the points you mentioned are important I think motivation is critical, because you can search for investors, you can hire someone to do your homework and counsel you but if you lack the determination to start your business and the perseverance to continue it, nothing can help you!
Hi Alex, True! Self-motivation and perseverance are the two sides of the coin called “success”
I reckon that although it’s cheaper to start an online business it is so much harder to get off the ground, unless you buy one that is already there, but even then if you don’t keep working at it it could well fall off the grid.
I’ve found buying an established business in the real world to be somewhat easier, as long as you do your homework and you have some experience in the business you’re getting into.
Business Coaching with John Komatsoulis
#1 says it all – Great insight Alex
I agree with you 100% and in my experience as well the #1 reason people fail is that they have little to no business intuition. It’s safe to say that if they have no business sense, then they obviously have not taken the time to do their homework, let alone prepare a business plan, or develop their resources and then become unmotivated at the first sign of trouble.
Some good sound business advice. I did a business plan and looked at competition before I set up my blog and started my business. I always planned to diversify and that is what I am now doing.
Unlike Murray who is a whizz with techie things, that is the part I find most difficult! Have lots of marketing ideas, but have found I have needed to collaborate with techies to get some of my ideas off the ground.
Patricia Perth Australia
Really useful and informative. Well, I haven’t yet thought of any startup at present but I will make use of these points while I am planning for the same. Thanks a lot for this useful writeup. Have a nice week ahead..
Now a days a single mistake in marketing can ruin your growing business and filling the wounds won’t be as easy as many would think. So being careful and learning all the dos and don’ts is essential, and following the proper procedure will lead you towards productive marketing. Thanks for posting.
Very good post. It isn’t easy out there when trying to start any business, online or off.
Your tips are real eyeopeners for anyone trying to start a business. That’s why I like your last reason, Lack of self motivation.
There will be obstacles and hurdles to overcome that’s when the real test comes if you are going to succeed.
It all boils down to how bad you want it that will keep you going, each time you have downfalls.
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