Why do Most Online Businesses Fail?
Welcome to Lecture 1 of this e-training course. As mentioned in the introductory Lecture, online business can be a very lucrative venture and there are many people here in Nigeria who are actually making a hell of money doing it. But despite this fact, it is also true that more than 95% of those who venture into the business in Nigeria (and indeed the world over) end up failing.
For this reason, it is of key importance that before we go into the nitty gritty of starting online business proper, we must first take a look at the reasons why most online businesses fail and what you can do to prevent yourself from also failing too.
Three Main Reasons
Most people don’t make money from online business in Nigeria due to three main reasons:
- Ignorance and wrong information
- Unseriousness and laziness
- Lack of patience and perseverance
Let us take a look at each one of these reasons in greater detail.
1. Ignorance and wrong information:
Making money online is not an easy task. To succeed you need to have specific knowledge coupled with insider details and information from those who have done it and actually made money not just once but repeatedly. You need to understand how the internet works; how online advertising and marketing in general works. You need to be aware of the hidden methods and secrets of growing an audience or a list of prospects. You also need to understand how search engines work and how they can affect your revenues.
Unfortunately, most people who venture into this business do not have the complete knowledge about how these things work and what they should or should not do. Many of these people come across partial information from sources like websites and badly written ebooks etc but because the information is not complete or partially correct, they end up failing in their venture.
Many of such websites and e-books are created by people who tried the business but failed so they want to make money by hoodwinking unsuspecting people into thinking that they are gurus. Meanwhile all they offer is the same incomplete, irrelevant and sometimes totally wrong information that they themselves could not make money with.
For you to succeed, you need to learn from people who have actually done this thing and succeeded. Learn from their experience and valuable insights. The only challenge you might face is how to know who is fake and who is real. But not to worry, at the end of this mini-course you will be in a much better position to distinguish between scammers and genuine gurus.
2. Unseriousness and Laziness
This mainly has to do with people who learnt about this business for free or who were deceived into thinking that they can make millions overnight by doing little or nothing. When things are not moving as fast as they imagined or were told, they easily give up.
They got the info for free, got a website for free, tried it for a couple of weeks expecting instant results, saw no results, got discouraged and gradually lost their commitment because they had nothing to lose by giving up. But as I always like to say: if setting it up had cost them 1 Million naira, these people would have taken the business much more seriously and shown far more commitment.
In fact this is the exact reason why we decided to start charging for our Masters in Online Business package of e-books and not give them out for free like the other ones, even though we claim to be trying to help the youths of Nigeria to empower themselves. Charging a small token for the package is done to ensure that anybody who buys them must take the business very seriously and show the needed level of commitment.
I used to do the M.O.B for free but noticed that people were not taking it seriously enough so I started charging for the course and behold, I suddenly started getting a lot of testimonies.
Online business is full of challenges and I have since realised that people will only show the needed level of seriousness when they have to pay for the e-books because then they will feel that they have something to lose if they do not put in their best. I only have time to teach serious people so please don’t ask me to help you by giving you the materials for free because that will not help you.
Seriousness, commitment and dedication are the major ingredients that got us to where we are today despite the many failures we experienced so it is critical that anyone who is attempting this online business must view it with the utmost seriousness for him/her to succeed. If someone knows that he has put in money to obtain this information then he will always consider the cost of failure and be motivated to put in his/her very best. Only when you are damn serious about it can you succeed in this business of ours.
3. Lack of Perseverance and Patience
Making money online is not easy at all. Please don’t let anybody deceive you into thinking otherwise just because they want you to buy their e-book or software. Most times the gains of online business do not come immediately and you may sometimes need to keep working and learning (and even failing) for up to one year, maybe more before you will start seeing profits.
The good side of it is that once you gather enough experience and start making money, it will get to the point where it keeps on increasing and increasing every month while your work load will keep decreasing and decreasing until you won’t need to do anything much for the money to continue coming.
Truly it is a beautiful thing and there is no other business like it in existence today. People are not willing to wait for money to start flowing in like a waterfall. They start today and expect to see big profits overnight. The problem is that many of the fake “gurus” give people the impression that they can make money overnight without having to do much at all. Unfortunately it doesn’t work that way. Only in extremely rare cases can this be true but most of the time, it’s false.
In online business, results can be very volatile and unpredictable especially when you do not already have a proven strategy that works. In our case, it took us about 10 years of failures, anxiety, setbacks, trial and error before we were able to evolve our present methods. Luckily for you, you will not have to go through the same stress because all you need to do now is to learn from our experience and follow our lead. But this does not mean that you won’t fail at least once, twice, thrice or even more.
The trick is not to give up when you fail but to try and try again every time you fall. Even the gurus still have failures. Some projects will work and some won’t. So you have to keep trying until you find something that works. If a project of yours fails, ditch it and try something new. But never ever give up trying.
Although there is a certain kind of business that can actually get you profits within a few weeks, the majority of online businesses typically take between 9 and 12 months before you can expect to start seeing any tangible yields and results. Until then, it’s virtually all sweat with little returns.
The only way you can speed the process up is to spend money on paid advertising. But if you want to follow the free, no-expense, no-capital method, then you need to prepare yourself to wait for 9 to 12 months or more before you can expect anything above N40,000 or N50,000 regularly. That’s aside from the time it will take you to learn the techniques (which is generally 3 to 6 months).
Some people are not ready to wait for a year. They forget that if they don’t take action and start something today, they may still be looking for a job or for a better life one year from now. One year is really a short time and the sooner you start doing something, the better.
Even if you are a worker, student or otherwise currently engaged in some occupation or activity that takes up your time, you can still do it part time. Online business has the long term potential to give you revenues many times higher than what you will ever receive as a salary earner. Therefore the earlier you start out on the journey, the better because, sincerely, time no dey again (there is no time to lose).
Develop the Right Mentality
For you to succeed in online business, you need to cast away all doubts and believe that you can and will succeed. You should not expect too much too soon and don’t set your expectations too high so that you will not get disappointed or discouraged when they are not met on time.
In my whitepaper titled “The Psychology of Online Success”, I posited that success in any online business is hinged on three key pillars which I call 3M: Mindset, Method and Motivator.
You must believe that you will succeed and expect to succeed. You must set goals for yourself and strive to reach them. Do not expect too much too soon. Always seek to learn more and improve on your skills.
One of the very first people that registered for our MOB course actually took the pains to go to a computer school to improve on her computer skills before embarking on her online business. In just six months she was already making an average N35,000 monthly. I spoke with her recently and she informed me that she has bought a land and is now planning to get a car. All from doing online business using the techniques in our ebooks.
Friend, this could also be your story. Imagine having the money to do anything you want to do. You can take care of your family and loved ones, your children, your parents, build your own house, buy cars, start other businesses, pursue your dreams or settle down and get married (if you are still single). Therefore you must continually tell yourself that you will succeed in your online business and that you are prepared to do whatever it takes no matter how long it takes you. Develop this mentality and pretty soon, you will become rich beyond your wildest imagination.
You must use the right methods that have been proven to work and you must continue to experiment, refine and seek out information and better methods that will generate the most gains from the least effort. For example, the methods explained in our e-book package “The Masters in Online Business (M.O.B.)” are methods which we have developed and refined over the course of many years.
Although what we suggest in the MOB course is not the only way to do online business, the important thing is that the techniques described in it are what we are using and they are working for us and for hundreds other of our students who are also using it. This makes us certain that if you follow those same methods and with God on your side then they will also work for you. Later on in this course I shall talk more about the M.O.B package and how you can get it if you are interested but for now let’s talk about the third pillar.
This third pillar has proved to be controversial for some of my critics because it recommends religion or a strong belief in a higher being or a higher cause as being a success factor for online business. But I always tell these critics that I speak from my own experience.
I have come to understand that a vital aspect of man’s success and prosperity lies greatly in how much he/she believes in and is motivated by a noble cause or a higher intelligence. Having a motivating force is vital for online business success.
I attribute the entirety of my success to the Christian God, The Almighty Yahweh the Merciful and Supreme God. He is my motivator and I look up to Him for guidance, inspiration and support. Every single piece of knowledge in my brain was brought my way by Him and He also gave my partners and I the intelligence to understand the information and put it to profitable use.
I was born a Catholic Christian and went to Church regularly until 2007 when I stopped. This was at the height of my frustration and I felt there was no need to acknowledge God and view His matter with any seriousness. This period was also the height of an immoral life for me. Despite the fact that I was finding life very difficult, near-frustration forced me to start drinking, smoking and going after girls trying to sleep with them.
But, by the Grace of God, on the 1st of March 2009, God led me to a Church service for the first time in 3 years and it was life changing. I’ve been going to Church ever since and I’ve experienced great changes and renewed inspiration and motivation through my closer contacts with God and belief in His supreme authority and in His Son Jesus Christ the King. And this has been the greatest factor in my online business success.
The Importance of Faith and Belief
I do not mean to say that you must be a Christian to succeed in Online Business. What I mean is that you should believe in a higher power other than yourself. This power you must look up to for help, motivation and inspiration.
Psychologists have confirmed that a strong belief in something, usually a higher power or higher cause, to whom one looks up to for help or inspiration, can bring about changes in our situation and trigger the processes that cause our strongest desires to happen. No matter what religion you belong to, you must go the extra mile to do the things required of you by your religion to ensure the success of your activities. You must also learn to be good to others, tolerant of other people’s views and give to others in cash and kind according to your beliefs.
For a Christian, confessing, believing and accepting the Lord Jesus Christ as your Saviour is paramount. Tithing, offering, praise, worship, repentance from sins, thanksgiving and testimony are also very important. All these things I try to do and I can testify that this is the REAL secret of my success online. If you are not a Christian, find out the things that your religion or belief system requires you to do to succeed in your activities and then do them.
Find Your Mentor
A mentor is someone whom you can continually look up to for advice and guidance. This must be someone who has actually made (and is still making) money from online business. There are many of these possible mentor types online both in foreign lands and here in Nigeria.
Although most of the very successful guys are actually the foreigners like Brian Clark, Darren Rowse, Pat Flynn etc, there are also a few Nigerians who have figured it out too and are sharing their methods with others. People like Akin Alabi, Dr. Ojeagbase (of Success Digest Extra) and my very humble self (Aweriale Eromosele) are just a few of these.
All of these people are accessible through their websites, just search for their name and as you go along, you will definitely come across more of them. You don’t have to stick with one mentor. In my case, I learn from all of them to better myself and I suggest that you do the same too.
That brings us to the end of today’s lecture. In the next Lecture we shall look at the things that you need in order to start online business in Nigeria so keep a date with me. Have a good night’s rest.
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