4 Factors That Can Destroy Your Online Business
The online business industry has created a lot of wealthy people today, and it has also caused a lot of heartbreak. There are a lot of factors tied to both aspects; it’s left for people to choose which one they want to align themselves with for the long term.
Making it online does not happen overnight like most have been led to believe; the illusion of “Instant wealth” has continued to mislead a lot of people.
One thing I would have you know is this – making the money is one thing, keeping it is another. There are certain factors that destroy people’s online businesses, even if they have succeeded already.
Here they are:
#1. Lack Of Planning
Before any business is set up, there has to be a plan (strategy) in place; without it, that business will not progress as it should.
The problem with this is that most people feel the online business industry is a walk in the park, so they treat it as a past time. Some start with tactics, which is often the reason why they get poor results.
This is a REAL business, and unless you’re “comfortable” where you are, then I’d say carry on. But if you know you’re in for the long term, then there’s need for a plan.
#2. Mismanagement
Anything that’s not properly managed will come crashing down. The economy of any given country is sustained by the revenue it generates, e.g. Tax.
Part of the reason the economy of major countries is plummeting down to oblivion is because of this subject. As an online Entrepreneur, if you’re not managing your resources properly, you will lose them and end up being frustrated.
[bctt tweet=”A lot of people have quit their #business because of mismanagement”]
Management (in my opinion) comprises of three key categories:
- Time (or Actions) management
- People Management
- Financial Management
Be sure to align your goals accordingly, in order to get the best out of these 3 categories.
#3. Greed
Now this factor is not only predominant in the upper levels of business, but it’s also found in pretty much every level.
What causes it?
The insatiable desire to acquire more, to the detriment of others. Greed can cause anyone to forget every other person (friend or foe), and it can also send him/her to a place of dissatisfaction.
This limits a person’s progress, because he/she will lose credibility, and people will start avoiding doing business with him/her.
Running an online business does not limit the importance of operating from the point of integrity. The fact that most of your transactions are done online, does not mean the other party is not a human being.
#4. Lack Of Discipline
This factor spans far and wide, and it cuts across every sector – government, business, education, etc.
Without discipline, nothing tangible can ever be achieved in any given business. The reason this happens is because people lack the ability to control themselves, especially when it comes to money.
We all go through this phase one way or the other, but when we make a firm decision to control the urge to do certain things that can mar our success, then we’ll be more productive.
In Conclusion…
I believe there are more factors to add to this, but I decided to pick out this four, because they really stand out (from my perspective).
Sustaining your success online takes a lot of commitment. The last point is very important, and if we don’t adhere to some of these principles, we might find ourselves back at the very spot we’d begun.
Your turn…
What other factors (not mentioned here) do you think can destroy one’s online business? Share on the comment section below and also remember to use the social media buttons to share this post to your network
Thanks for reading!
To your unwavering success,
Otoabasi Umonting
Cover image credit: Lichtmeister/Shutterstock
