Over the course of the last 10 months, I’ve been working for a company that provides coaching and training for online entrepreneurs. The two primary business models students choose are affiliate marketing and Amazon FBA. I’ve seen a wide variety of success and failure. Some people have achieved massive success and have turned their side business into a full time venture. Others have given up after just a month of trying. But most, I would say, are generating a stable amount of side income while working their normal job, allowing them to go on more vacations, pay off their debt faster, and be happier with their life.
Now, throughout my time consulting with new online business owners, I’ve learned a ton. Not only have I learned a variety of ways to generate income online, but I’ve had a front row seat in the lives of hundreds of people starting their businesses. This opportunity to teach, coach, and help has been foundational to my success as an entrepreneur.
Many students have become successful and many have failed. That is the reality of entrepreneurship and starting a business.
I’d like to talk about 3 things I have noticed in the way the successful entrepreneurs have pursued their business.
At the outset of sharing my thoughts and experiences on success, I want to make sure I say that there are many factors that lead to having a successful online business. I strongly believe it’s important to have a mentor, sufficient capital, and a partner or group of people to be accountable to. I think it’s also important to consider health, relationships, market conditions, and age. And there are probably thousands of other things that factor into the equation of what makes one online entrepreneur more successful than another.
With that being said, I’d simply like to share 3 ideas that I’ve seen as common denominators of success. Develop these and you’ll be on your way to success and happiness as an entrepreneur.
Success online entrepreneurs:
- Believe they can make money online.
- Are constantly learning and growing
- Work patiently to achieve their goals.
Successful Online Entrepreneurs Believe.
From my experience, belief is the biggest difference between success and failure. Successful online entrepreneurs believe deep within their hearts and minds that they can make money online. They view others who have succeeded and think, “Cool! I think I can do the same thing.”
They let their belief create blinders that block their vision from unbelievers and critics. Successful entrepreneurs aren’t phased when a spouse or friend tells them they’re going to fail. Successful entrepreneurs don’t even let their own failures disappoint them – they realize they messed up, learn from it, and move on.
Successful entrepreneurs believe. They believe in their abilities, they believe in their business, and they believe they’re going to succeed.
Many entrepreneurs start their journey with a strong belief that they can succeed, and then they fail – what’s going on with that? From my perspective and experience, it’s likely that their belief was based on an incorrect or inappropriate motivation; belief based on entitlement, riches, fame, glory, or pride simply can’t stand the test of time.
Being an entrepreneur and running a business is not an easy lifestyle. The challenges of entrepreneurship will simply overpower and weaken those who are not grounded with intentions deeper than money or fame.
Not only do successful entrepreneurs believe, but the reason they believe is a cause worthy of a lifelong pursuit. Focusing on freedom, legacy, flexibility, serving others, being happy – these are worthwhile ideas and principles to base a belief on.
Just look at entrepreneurs with successful businesses that you know. If they have built a company with happy employees, clients, and owners, there is a high likelihood that their focus is deeper than money or fame.
And that is what successful entrepreneurs should aspire to.
Successful Online Entrepreneurs Learn.
Successful entrepreneurs are in learn mode 24/7. They take every chance they get to learn from a mentor, book, seminar, YouTube video, or their own mistake. Successful entrepreneurs are either learning how to succeed, working to succeed, or sharing how they succeeded with others.
Many successful entrepreneurs become mentors and teachers because they have a passion for learning, and a natural tendency of learners is to teach others. Successful entrepreneurs can’t hold themselves back from writing books, creating podcasts, starting YouTube channels, or designing online courses. They simply love teaching and sharing their knowledge with other aspiring entrepreneurs.
With the online entrepreneurs that I’ve had the chance to consult with, the ones who have succeeded with no prior experience were willing to learn. They were teachable and willing to take feedback. Those who thought they knew everything or simply didn’t want to put in the time to learn didn’t get very far – in fact, those unwilling to learn typically give up within a month of trying.
A successful entrepreneur learns. All day. Every day. It’s as simple as that.
From a practicality standpoint, I would recommend spending 30% of your time learning, 60% of your time doing/working on what you learned, then 10% evaluating/seeking feedback/correcting mistakes. Learning can eliminate major failures and mistakes, especially if that learning is coming from entrepreneurs who have walked a similar path as you.
Learn, learn, and learn some more. You’ll thank yourself.
Successful Entrepreneurs Are Patient.
Patience is a virtue that many entrepreneurs do not have.
Successful entrepreneurs, on the other hand, have patience in abundance. Even on their worst days, weeks, and months, successful entrepreneurs realize that compared with their long-term aspirations, a bad day or week or month is a small moment in time. Successful entrepreneurs are skilled at putting everything in perspective and staying calm when the seas of their business life get stormy.
Successful entrepreneurs also have a big vision and a big desire to work tirelessly every day to achieve their vision. In that process, they let their passion for their vision fuel them. Successful entrepreneurs don’t cry over spilled milk. They don’t sweat the small stuff. They keep their eyes, mind, and heart on the big picture – then do what it takes to get their.
If you talk to a successful entrepreneur, you’ll realize that their failures were never a reason to give up. They’ll probably give failure the credit for helping them get where they are! Failures for a successful entrepreneur are learning opportunities – building blocks, not roadblocks.
The only way successful entrepreneurs make it through the dark times is by having absurd amounts of patience and willingness to keep working, even if everything is going wrong.
The entrepreneurs I’ve consulted with who have succeeded were patient. They not only based their belief on a correct motivation and learned what they needed to, but they understood that success wasn’t going to come overnight.
I can’t tell you how many people have failed with their online business simply because they weren’t patient. Building a profitable, sustainable, enjoyable online business takes hours, days, weeks, months, and years. The most successful people I’ve worked with – those who have achieved 6 figures + – were patient beyond belief. For some, it took 7-9 months before they became profitable online. That’s just the reality of starting an online business. Rome wasn’t built in one day, and the same goes for your online business.
So, be patient. As you’re learning and doing, day after day, your business will grow. Just give it time.
So, what do you think? How big of role do belief, knowledge, and patience play in your life and entrepreneurial journey?
I plan on continuing my pursuit of belief, knowledge and patience as I strive to become a successful entrepreneur. The road ahead is not entirely certain, but I strongly believe that by staying firmly rooted in my desire to be happy, I can navigate the uncertainty and reach the destination I seek.
I believe the same is true for you.