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The Top 7 Mistakes Newbies Make While Building Their Online Empires
The Internet began in the 1980s and became mainstream in the 1990s when companies like Yahoo!, Amazon, eBay, and Google launched their empires. By the mid-2000s, when YouTube, Facebook and Twitter opened their doors to the masses, the world had become a vast flattened global village. Today we are the citizens of the world. George Orwell’s Nineteen Eighty-Four, first written in 1949, is here, but unlike the dire prediction of 1984, the Internet has democratized communication and commerce, and nothing can stop its progress.
While many global brands have taken hundreds of years to attain MNC (Multinational Corporation) status, the Internet is producing companies and billionaires spanning the globe at a rate and speed never seen or heard of in history. While before the Internet boom there was only one paper worker who later became a billionaire, in the person of the late Roberto Goizueta, former chairman and CEO of one of the world’s brands, such as Steve Ballmer, Tim Cook and Meg Whitman to mention three, became billionaires while serving as directors and employees of Microsoft, Apple, and eBay, respectively.
Needless to say, the founders of global e-commerce giants like Jeff Bezos, Larry Page, Sergey Brin, Jack Ma, Mark Zuckerberg, Jack Dorsey, to mention the highest echelons, are billionaires many times over. By 2018, Jeff Bezos had become not only the richest person in the world, but also the richest in all of modern history, with a net worth of over $104 billion, just 23 years after Amazon was founded.
From publicly available information, the top 5% to 10% of employees at most global internet giants such as Amazon, Google, Facebook, Ali Baba are multi-millionaires. The Internet, of course, has also helped other global giants like Berkshire Hathaway, Apple, Microsoft, HP, and GE explode even more by making a greater percentage of their employees millionaires than ever before.
While you needed millions in capital and thousands of employees before the internet to scale your business operations to make it to the big leagues, today you can become a millionaire with just your laptop and an internet connection. Indeed, today the extent and how quickly you can rise to millionaire status is limited only by your imagination.
To show how imagination triumphs online, let’s take CD Baby founder Derek Sivers as the ultimate example. An introvert looking for a cure, he joins a circus and becomes a clown; improve your guitar playing skills; started producing songs; and became a musician and artist. In short, he created a music CD that the stores in his neighborhood wouldn’t have. To solve his problem, he created a website, CD Baby, in 1998 and began selling his music there, also inviting other musicians to join. Just ten years later, he sold CD Baby for $22 million in 2008.
Predictably, Americans, people from Western Europe, Australia, New Zealand and Israel dominate the Internet, but anyone from any part of the globe can get involved. As someone who has studied the phenomenon of the Internet for a while, these are the seven main mistakes that beginners make on the Internet from my own opinion. Read on and learn how to zigzag your way to internet success.
1. Communicate only with Internet “gurus”: Beware of gurus. They are in a class of their own. Although the majority of them have made additional fortunes online, the majority of the more familiar names made theirs before the Internet. Why follow gurus when you are not in the same league as them? It’s like learning to run the 100 meters and heading to the Olympics to compete with the likes of Usain Bolt, Florence Griffith-Joyner and Magic “Bullet” Johnson and the like. You will only be disappointed. The solution, look for someone who is three to five steps ahead of you and learn from her.
2. Trying to do too many things at once: Doing this will be your fastest route to failure because you will be a jack of all trades and a master of none. Do you want to create an e-commerce, marketplace, membership website or want to learn HTML, how to code, software development or want to learn search engine optimization, develop electronic products or applications? Decide and focus single-mindedly until you excel in one area before moving on to another.
3. You’re not trying hard enough: It’s easy to be misled into thinking that making millions is a walk in the park and anyone can do it. Thanks to motivational speakers, you are made to believe that you can achieve anything you can visualize and believe in. Mind you, if it was that easy, we’d all be millionaires. It’s true that it’s easier to succeed online than offline because of the ease with which you can scale, but you still have to burn the proverbial midnight oil, put in the hours, toil and sweat, put in enough capital investment, and learn , before you start seeing the needle move in your favor.
4. Lack of Skills or Relying on Shallow Skills: When people read books and watch YouTube videos with titles like “How I Made My First $1 Million Online,” “How I Sold 1 Million eBooks Online and Set Everything Up and Go, Have Fun and see’ Millions Roll In, they take what they hear hook, nail, and sinker.” Again, if it were that easy, everyone would be a millionaire. As Tony Robbins consistently says, “It’s not what you know, it’s that , which you constantly do” . Although thousands are making it online, the technology to become a blockbuster is pretty awesome and beyond the comprehension of the majority of people. So be ready to learn new skills like making videos, writing copy, writing scripts, podcasting, webcasting, doing webinars, etc. Although you can outsource things that aren’t for you, you still need to know who you can outsource to and even what to outsource.
5. Not developing online assets early enough: Online assets like websites, blogs, YouTube channels, vlogs, electronic products to name a few allow you to scale quickly and monetize early. The mistake most beginners make is waiting until they are perfect. You don’t need to be perfect to get your first website up and running. Sometimes beginners think that the website is for beauty. It’s not. It’s about functionality. Although aesthetics have their place, the most important thing is functionality. Can people easily interact with you and your website or blog? Without online assets, it’s hard for people to get to know you, meet you, and engage in dialogue with you. So get someone to build a website for you tomorrow. If you don’t have anything to put there, just put your picture and say hello, my name is Internet Newbie. You might say I’m on Facebook; just know that they serve different purposes.
6. You don’t find a coach early enough: Derek Bock, the former president of Harvard, has this quote attributed to him: “If you think education is expensive, try ignorance.” The biggest mistake you’ll make while trying to carve out a piece of the Internet pie for yourself is to do it yourself. You can, but be careful, you may spend years trying to figure out what to do until what you already know or was in vogue is now out of date. Sure, you can learn literally anything through Google and YouTube, smart beginners get coaches and mentors to show them the way on the web. Some beginners think they can’t afford a coach or coaches because they mistakenly believe that coaches are for elite tennis players like Serena Williams, elite boxers like Floyd Mayweather, and elite golfers like Tiger Woods. Nothing could be further from the truth. Anyone can afford a coach. It all depends on where you’re looking. Go out and get a coach and you’d have overcome all the other mistakes in one fell swoop.
7. Lack of Mental Toughness: This is the stamina flaw you need to overcome. Recruits who lack mental toughness get discouraged easily and give up too early. If you haven’t read the book, Acres of Diamond, borrow a copy from your local library and devour it. Mental toughness means believing in your vision, mission and purpose. It’s worth noting that Amazon lost money for 58 quarters (about 14 years) before becoming incredibly profitable. If you lack all the other ingredients but develop the mental toughness, you will prevail.
I’ve put these bugs in order, with the ones that are easy to stop or throw out at the top and the harder ones at the bottom. Attitude cuts through all other faults. Take care of your thinking and your thinking will take care of other mistakes. Don’t just believe in your vision, start making, start executing, start executing, start getting your hands dirty! You don’t need any more knowledge. What you need is total self-belief, faith in what you already know, and an effective coach to show you the twists, turns and twists of the internet, and before long you’ll have carved out a piece of the internet pie for yourself you are also for your loved ones.
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