In this seven-part summarily list post, I am going to discuss 90 reasons why online businesses fail.
No time to read the summarily list? Click here to read List of 90 Reasons Why 90% of Online Businesses Fail
Lack of personal qualities
Some personal qualities are essential for success in business.
Here are the 19 of them:
• Lack of Education or Training
Reason #1: Not getting educated or trained in chosen niche
The more educated and trained you are the more career opportunities are opened to you.
Government studies, census data, and statistics declare that high school diploma holders obtain better paid jobs and earn much MORE than those without. And people with career training outdistance those with high school diplomas. However a university degree can bring an individual far more income.
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Reason #2: Not engaging in lifelong learning in career area
The best education you can have is the education you give yourself.
Life stories of successful people show that they are often involved in “lifelong learning.”
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• Lack of Association
Reason #3: The founders don’t associate with peers to network
Entrepreneurs who succeed online network (form Joint Partnerships) with other entrepreneurs and small business owners to help them solve some problems and, especially, to keep them motivated.
Reason #4: You need honest mentors, teachers or coachers
People who succeed online often have mentors, teachers or coachers who help them get not only educated or trained in their chosen niche but also engaged in lifelong learning in their career area.
• Lack of Confidence
Reason #5: Lack of high self-esteem
People who have started a business online had gone through torments to do so. This lack of self-esteem continues even when the business is founded.
Successful people don’t live with this trauma but find the inner strength to face it squarely and carry on their journey with success.
• Lack of the Right Mindset
Reason #6: Lack of patience / discipline / persistence / willpower
Like an offline business, an eCommerce business needs time to mature. But too often new internet business owners (especially those imbued with the ‘I can get rich quick!’ idea or drunk with ‘get-rich-quick’ schemes) imagine that they will earn profits in a short time.
People who succeed online commit for the long term. They work longer, harder and faster than the other guys.
Reason #7: Laxity
New web entrepreneurs fail because they think it’s easy to succeed online instead of putting in demanding hard work.
Being a successful internet marketer requires self-discipline. Expect to work hard to achieve your goals.
• Self-destruction through poor decisions
Reason #8: Manager Dysfunction
Online entrepreneurs fail for the same reasons that destroyed remarkable public figures: self-sabotage through continually taking extremely poor decisions and exhibiting weak leadership skills which are bound to lead to one’s own failure or downfall.
In contrast, successful entrepreneurs are those who strive to acquire the skills necessary to overcome the lack of, or strengthen the, ability to effectively relate with people.
• Too much Information (Information overload)
Reason #9: So much to learn, where do you begin?
Overloaded with Information, many new online marketers suffer an attack of paralysis which prevents them from achieving anything.
Successful people know that the only way to eat a cow is piece by piece.
• Lack of Time and Resources
Reason #10: No time to dedicate to a task
Time is needed to learn and build your online business. But often new online entrepreneurs jump over tasks in their bid to go quicker.
Reason #11: No resources to commit to building their business
A business can be run with free stuffs (free e-books, free software, free advertising, free tools, etc.),
Yet we all know that there is generally a big difference between what the free offers and the benefits you would get from the paid-for item.
• Lack of duplication
Reason #12: Cooperation is the key
Successful people cooperate with each other, even on a global scale, so as to minimize risk of failure.
• Lack of knowledge
Reason #13: Going into business for the wrong reasons
You’re in business to make money for yourself but it’s only when you satisfy the customer’s needs (and not yours), that they will patronise your business and make you money.
Reason #14: Being in the wrong place at the wrong time
If we accept that luck can count in business success, on the contrary not carefully choosing a program and at the right moment can lead to failure.
• Outside interference
Reason #15: Family pressure on time
One of the difficulties of the online home worker is that friends, neighbours and family members do not view what you are doing as work, much like any other.
But those who succeed at work from home jobs let their entourage know their working hours during which no intrusions will be tolerated.
Reason #16: Family pressure on money commitments
Your business also becomes a ‘dependant’ competing with your family members for money for certain needs.
Those who want to succeed online know that they have to make the necessary sacrifice and commit some money to their business and not let family pressure distract them from investing in it.
Reason #17: Advice from family and friends
Since working online may not bring immediate results like a salary from a regular job, you would find family and friends advising you to abandon your ‘wild goose chase’ and commit to something concrete.
• Optimistic, pessimistic or realistic?
Reason #18: Half-full, half-empty or both?
People who fail online viewed their online home business as maybe promising or not promising at all.
But the realists knew that every beginning is difficult and that with time and resources, their business would grow to something to be proud of.
• Counting too much on technology
Reason #19: Technology is a means not an end
Much as you need technology in your online business, know that it can never deal with all your concerns. Technology is not the brain behind your company but just a tool to help you run it more efficiently.
Many successful online entrepreneurs however did not forget the fact that all said and done, business is business and therefore requires to be run efficiently.
In part II therefore I will turn to some key basic business knowledge necessary for the survival of your online gem.
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Want to read the extended piece? Click here to read 90 Reasons Why 90% of Online Businesses Fail – Part I
Click here to go to Summary list of 90 Reasons Why 90 Percent of Online Businesses Fail – Part II