How to be successful in online business
Anyone who wishes to be successful in online business (just like other form of businesses) must exhibit some characters. These include:
1. Do Self Appraisal: you have to appraise yourself to be able venture into the right business. Who you are?
What are your habit?
What’s your education and literacy level?
Whats your level of endurance?
What’s you stay period on the business? (short, medium or long term)
What’s the level of resources available to you?
These and other questions will allow you to pick the best online business that’s best to you. Beware that it is not advisable for someone to choose for you.
2. Be Educated in the Chosen Field: Being computer and internet literate are key knowledge to being success in this area. This is in addition to acquiring real knowledge in your area of choice. For example, you want to be specialist in MLM (Multi-level Marketing), you need to have general knowledge of MLM as well as specific knowledge of the program you intended doing. I can mention here that I once attended an MLM program for three months but finally did not join them. Why? I am not satisfied with them. I am more pleased than joining them spending money and time and get frustrated out.
3. Write a Feasibility Study and Budget: after your choice of your type of business, prepare your feasibility as well as your budget. This will be the map to guide you. Most people are not systematic about online job or business, so most often they take it less important.
4. Be Dedicated and Focus: You must first and foremost believe and be convinced that you can be successful in the field of business you have chosen. Then be dedicated and focus because nothing good comes easy. You may not be able to choose more than three to four online businesses at a time.
5. Be Self Discipline: being self discipline is one of the most important aspect of online business. I had once profited $1000 from Forex trading but could not withdraw a Penny because of what I considered to be indiscipline. The caution of self discipline should be more pronounced. You don’t just buy or sell, but must know how, where and when to buy or sell.
6. Never Walk Lonely: In any online transaction, never walk lonely. You need to have companions, group, fora to have up to date experience. Walking lonely keep you in darkness and the end result may not be desirable.
7. Re-assess Your Movement: just like in every business, it is incumbent to reassess your business and re-plan if needed. Reassessment is needed whatever situation you found yourself in the business. Even if you are making money, may be you should have made more. So always reassess.
8. Find an honest partner: one of the major reasons why most people loss more money online than gaining is because most principal partners (your referrals, your up-liners, your mentor etc) do over-exaggerate. They make people belief you can make millions within very short time and even while working just two hours. This belief often make people fail in online business.
Most principals go to the extent of showing their income through bank account statement. Such move always induce people rushing into such business with eagerness. The principals do fail to show the expenses that match such income. In fact, the principal may be making loss from such business. So be careful when next you want to sign under someone.
9. Be current and dynamic: one of the factors to consider before going into online business is the ‘expiring date’ of such online business. Online business may be more unattractive due to passage of time and other reasons. There was a time when MLM first timers (GLND, Tianshi, HHI etc) were making waves.
Another reason why online business go out of town is due to rapid development in the ICT world. While some businesses are fading out, others are springing up.
While FOREX trading is becoming old time business, Bitcoin trading is making waves. While bulk SMS is gradually becoming less attractive because of dominance of social sites, automated online sales of airtime and data bundle is making the way.
In a nutshell, be careful when chosen an online business.
Let’s be guided by the above as as may be added by members.
As we move together, we are Online Success Entrepreneurs.
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