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How to Become a Successful Online Entrepreneur

How to Become a Successful Online Entrepreneur Posted on Leave a comment

How to Become a Successful Online Entrepreneur

Photo by Jessica Lewis on Unsplash

I am sure you have read and heard success stories about different people becoming successful online entrepreneurs overnight.

You might have also thought about becoming one yourself, but often wondered if you possessed the skills or ideas to become a successful online entrepreneur.

This is a valid doubt and when you begin to discuss the doubts, you will find your hidden skills and talents, which have not seen the light of day in all these years. Learning how to become a successful online entrepreneur will lead you to the road of success.

In this present age of ever-changing technology, the best way to help you become a successful online entrepreneur is to take full advantage of the internet which has broken all geographical boundaries. Especially, when you are a budding entrepreneur, the internet is an enticing market place where you can create a global customer base with little or no overhead cost involved by successfully penetrating the world market.

In online selling, your success largely depends on your ability and tactics in marketing to an audience, to whom you will not meet face to face as you would in a brick and mortar store. There are many successful online entrepreneurs, who in the first stages were skeptical about the growth of their business, now they feel inspired with their success and happy about the returns on their investments.

There are so many ways to make money online and be a successful online entrepreneur such as making money through affiliate programs. Many online entrepreneurs’ experience success with online marketing using affiliate programs and you can too!

Affiliate Programs Lead To The Road of Success

be a successful entrepreneur
Photo by Diego Jimenez on Unsplash

Affiliate programs are arrangements in which an online merchant pays people who join their programs web site, a commission to send the merchant traffic.

These affiliate web sites post links to the merchant’s site and the affiliates are paid according to a particular agreement, established by the merchant. You do not have to have your own website.

You can use eBay, Amazon, Etsy, ITunes or ClickBank, to become a successful online entrepreneur. But you must make sure that the product or the services you offer online is unique with a competitive advantage, when compared with other products sold in the marketplace.

You can always test your ability to market through a third-party site, gain experience for some time, and then use multiple third-party sites to increase your sales on your own products or start your own website. Yes, it is this simple and it can all be done for modest or no money at all. I want to be honest with you here.

You do not have to spend money to make money with the affiliate programs. However, there are certain advantages you get when you spend some money toward the affiliate programs you market. Let’s also be clear if you do not pay money to start your online business, there is an investment of time that is required to be successful online.

 

The Lessons I Learned On The Road To Success

How to Become a Successful Online Entrepreneur
Photo by Mark Duffel on Unsplash

1. Focus On A Single Online Business.

One mistake I made in the past is working on multiple businesses at the same time. You can’t achieve success when you’re trying to be everything to everyone. The better solution is to find that one thing that works and stick to it. You should not put all your eggs in one basket. But for now you should stick with just ONE online business idea that works for at least 6 month or until you have developed a sustainable online business before moving on to the next opportunity.

It’s a far better approach than to diversify your online income. Find something that works and replicate this process over and over. Rinse and repeat.

So my advice is to focus on whatever works best for you and ditch everything else. For now!

2. Embrace Your Core Genius.

A great quote from the book The Success Principles by Jack Canfield: be a successful online entrepreneur

“I believe you have inside you a core genius… some one thing that you love to do, and do
so well, that you hardly feel like doing anything else. It’s effortless for you and a whole lot of fun. And if you could make money doing it, you’d make it your lifetime’s work.

In most cases, your Core Genius is directly tied to your passions and life-purpose.

Successful people believe this, too. That’s why they put their core genius first. They focus on it—and delegate everything else to other people on their team.”

This is an excellent point! There are a few things that you can do best for your online business.
There are activities that can’t be outsourced or eliminated that you must do yourself. These are significant factors that will help you achieve success.

So focus your time on these core genius activities. Finding that one thing you do well that will help you turn your business activities into a lucrative passion.

3. Take Small Actions At A Time.

As human beings, we procrastinate. We all do it, to some fegree or another so there’s no need for the guilt. I have to admit that I’m even the best procrastinator in the world. And If I can admit too, I really struggle with the guilt of this truth.

And I’m still fighting with it everyday. My solution is simple. Just do the first step. And you will gain the strength to do more.

4. Master The 80/20 Rule. how to be a successful entrepreneur

The 80/20 rule, originally stated by Vilfredo Pareto, says you can get 80% of your results from 20% of your efforts. Simply put, you can achieve success when you laser-focus on the techniques that literally work.

Applying this to an online business will bring you absolute success. Following the 80/20 rule means you focus on what’s working for your online business and avoid all the other small stuff that don’t work.

5. Be Productive.

As online entrepreneurs, we don’t have a boss telling us what to do on a daily basis. No one forces us to be productive.

Many people are attracted to Online Entrepreneurship because they believe in the “4 Hour Work Week” by Tim Ferris which is the mindset that you can work just a few hours a week and the rest of the time you sit around sipping on margaritas.

This can definitely happen one day but not at the beginning of your online business journey. You have to work hard in order to achieve success in online business.

You can also learn how to be productive and be laser-focused to get more business activities done in less time. So you can spend the rest of the time with your families, traveling or anything else you want to spend your time on.

6. Start A Blog.

A blog is one of the most powerful weapons for online entrepreneurs. Here are a few things a blog can do for us :

  • Help you target potential clients. That means more leads and sales.
  • Establish you as an industry expert. You will be the go-to person in which people seek for advice in your niche.
  • Create a community that will support your online business.
  • Give you a valuable person-to-person connection.

If you want to start a blog and don’t know where to start, I highly recommend taking the course through Wealthy Affiliate University. I am actually a member of this course and it’s amazing!

7. Build An Email List.

There is this quote that says: “The money is in the list.”

Derek Halpern wrote an outstanding article about Why You MUST Build Your Email List—And How To Get Started so I don’t have to explain again. Just check out this article!

8. Find a Coach/Mentor.

Everyone needs a teacher. Having a mentor or a coach will definitely help you achieve more success while saving you a lot of time and money.

Successful people are always willing to help other people to become successful. One of the good ways is to enroll in their premium memberships or training programs (most online entrepreneurs have one) and do everything you can to get the most of it.

9. Create or Join a Mastermind Group. be a successful entrepreneur

I’ve read about the term “mastermind group” on “Think and Grow Rich” by Napoleon Hill. I’ve also read this post
on Smart Passive Income: How to Find a Mastermind Group that inspired me to join a mastermind group. The Wealthy
Affiliate community serves as my mastermind group. There are people willing to connect with you to create a master group.

10. Keep Track Of Your Financials And Learn Financial Literacy.

You’re doing business. So keeping track of your business financials is a very important task.

First thing you need to do is separate your personal and business financials. Open a new bank and PayPal account for your business only. If you aren’t in a position to do this right away, for now use what you have. It’s important that you keep track of the money coming in and out of your personal and business accounts.

Learn basic accounting for yourself or hire an accountant or a bookkeeper. My online business is still small so I do it myself. You can use basic and free solutions like Excel and Outright.

Knowing where your money goes and comes from really helps you control the cash flow of your online business.

11. Be Open To Change Or Die.

One of the drawbacks to the Online Entrepreneurship lifestyle is things always change. What worked 2 years ago, often doesn’t work now. Remember to keep yourself updated and adaptive to the latest trends.

Photo by Brooke Lark on Unsplash

Conclusion 

The most experienced successful online entrepreneurs says that “it’s easy to market new products to a range of customers without incurring much launching expenses.” Through the mechanism of the internet and online selling, you will be in an advantageous position to communicate with your customer’s instantly about shipping, product info and know their opinion while initiating corrective steps that may be required to satisfy customers. This helps you when creating a personal touch with your online customers.

Successful online entrepreneurs listen, communicate, engage, adapt and collaborate with their target audience by producing unique relevant and quality content that is important to their target market. Although becoming successful as an online entrepreneur has its challenges, you have to look at the great and limitless opportunities that are associated with online entrepreneurship. Becoming a successful online entrepreneur is easier than you can ever imagine and you can launch yourself as an online entrepreneur anytime and anyplace around the world.

So, Remember Be Inspired & Inspire someone!

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