Dot.Com, or Internet businesses, became mainstream in the early 1990s. Between 1995 and 2000, internet stocks were selling at multiples their book values. Dot.Com companies were often without tangible assets to support their Mount Everest-high valuations. The market began to correct itself quickly. By October 4, 2002, the NASDAQ index was down 76.81% from its peak of 5,084.62 on March 10, 2000.
The Dot.Com bubble had taught us valuable lessons and separated the men and the women. The boys returned home to their families to grieve, while the men began to search for the keys to online success. It turned out that there was no single key to online success as the internet was still a new frontier. It was a matter of trial and error to discover what works.
Rich Schefren’s highly acclaimed Internet Business Manifesto was published in 2012. It advised Dot.Com entrepreneurs that they approach all aspects of online business from product development to list building, strategically, rather than tactically. He emphasized that technology is an enabler and that the focus should be on building structures and relationships and not trying to outsmart algorithms.
Many online entrepreneurs have learned what works and what doesn’t. The internet is making millionaires in record numbers across a variety of niches and sub-niches since the Dot.Com collapse. Russell Brunson is one of these millionaires. He’s the author of three bestsellers: Dot.Com Secrets Secrets, Expert Secrets, and Traffic Secrets. These books provide a definitive guide to online success. It is worth noting that Russell Brunson’s net worth, which he has built up over the past 15 years, was $41 million in 2020.
Scott Cunningham, of Social Lite, recently pointed out that online entrepreneurs go through three phases. The crawl phase is when you make less than $100,000 per year, the walk phase when your earnings range from $100,000 to $1m, and the run phase when your earnings exceed $1m. The crawl phase is where you will need to learn the most.
It’s important for those who are still in the crawl phase to remember that online business is just like any other area of life. These principles are what make online success possible. Failures can also be attributed to these principles. Russell Brunson and other experts in internet business would advise you to do what works. Do not try to invent the wheel.
These are seven signs that you are not ready to launch an online business. They are not in any particular order.
- You don’t want to be curious. In fact, you may be skeptical of people like you who are creating successful online businesses and making money.
- You are not paranoid. In fact, you think online business is a passing trend and will soon disappear. Andy Grove, Intel’s co-founder, once stated, “Only those who are paranoid survive.” The internet will not disappear soon.
- Social Media is a distraction. If you use SM, it’s for the “social” part. If you can use social media such as Facebook, Instagram, and YouTube effectively, they can be used for business purposes.
- You lack a production mindset. Instead of consuming, you prefer to consume. If you don’t produce, then you are inconsistent. You must be a prolific producer to succeed online, especially if your goal is to sell digital products.
- You are an expert and you always ask, “What can anyone teach me?” Steve Jobs stated in his 2005 Stanford Commencement Address, “Stay hungry.” Stay Foolish
- You tend to focus on the negatives, such as fraud, complexity, technicalities, etc., and convince yourself that it’s not right for you. There are dark sides to the internet. There is also a bright side to the internet. Accept the bright side.
- Living a happy life is a sign that you are already successful, so why bother? This is the mindset of high-earning corporate employees. Invest now to learn how you can earn high, and you will eventually retire.
If you have three or more of these signs, you likely lack curiosity.
These signs are a sign that you’re not ready to be an online business success. Online success is someone who can make at least $10,000 per month online, scales, and invests massively to get from the crawling stage to the walking stage. I have one simple suggestion for you: Get up off the couch and get running. Start looking for online business leaders to help you succeed online.