Two Major Reasons Why So Many New Internet Entrepreneurs Fail

By Article Specialist

The success (or failure) of your Internet Entrepreneurship really is up to you now. If you succeed, the credit will all belong to you and if you fail, you will own that as well. Your success or failure is in your own hands.

Success and failure are two sides of the same coin. The coin in question is your own Internet Entrepreneurship and you don’t want to flip that coin into the air and leave it to chance as to whether it lands on success or failure.

You want complete control over the fate of your Internet business and you do have that control.

Every decision will be yours to make. If you make wise choices then you will claim victory and success will be yours.

If you make unwise choices then your internet business will crash and burn and your own hopes and dreams will go up in flames along with it.

You do realize, of course, that the odds for success are not in your favor. Every day thousands and thousands of internet business enterprises are launched. Of those internet businesses that will be launched today, 90% (ninety percent) will not be around in 120 days.

That is right! You have no better than a 10% chance of actually making a success out of your internet business unless you can change them that are not very good odds. If it were a horse race, winning would be considered a long shot.

That is the downside, but anytime there is a downside there is always an upside.

The upside in this case is that even though you have only a 10% chance at succeeding, you can greatly better your odds by simply following the guidelines that have already been offered.

You can increase your odds from 10% to 90% by simply applying a few very simple principles to the problem.

Here are two major reasons why so many new Internet entrepreneurs fail within the first 120 days.

1. They Do Not Have The Right Mindset

Unfortunately, so many people think that they can quit their jobs, open an internet business and just relax and enjoy life. They expect instant success and instant wealth without having to invest anything (even time and effort) to affect that success.

They really believe that they can sleep until noon, work when and if they want to and just rack up sales and profit. This attitude probably accounts for at least half of all of the failures of new internet businesses.

Making an internet business successful takes a lot of time and even more work. That old real world job demanded that you be on the job for probably 40 hours each week.

Your internet business will need about twice that many hours each week if it is to become successful. Very, very, very few people are willing to invest that much time and effort, thus the 90% failure rate.

Of the few that are willing to put in enough time and effort most expect instant success.

They don’t even consider the fact that they will need to continue to meet their own personal expenses for many months before they see the first penny of profit from a new internet business, even though those facts are readily available.

These are the ones who go out there looking for get-rich-quick schemes and end up becoming victims of internet scam artists.

The right mindset is this: You must expect to work hard. You must expect to work long and tedious hours. You will not be an overnight success. People are not going to line up to give you their money. You are going to have to earn it.

2. They Do Not Lay A Solid Foundation

Sometimes people will start an internet business with no business background at all. This is another reason for the high failure rate of new internet entrepreneurships.

If you do not have an education in business, then you would be very wise indeed to speak with those who are well versed in business.

An internet business of any kind is a BUSINESS. It must be run like a business and it must be build upon sound business practices. The only ‘dumb’ questions are those that are never asked.

You need information and the best way there is to get the information that you need is to simply ask questions of those who have the answers.

There are courses available both out in the brick and mortar world as well as on the internet about how to set up and run a successful business.

You can’t abide by the rules if you don’t know what the rules are. Do your homework before you launch your business.

You need to lay a rock solid foundation so that your new business doesn’t become one of the casualties that are caused by poor planning or even no planning. You need a business plan.

You need a business model and it needs to be one that you can understand and follow. Jumping in and hoping for the best isn’t a plan. That will only insure that your new internet business will not still be in existence four months from now.