Have you ever heard of the 80-20 rule? It is a ratio that is quite common in business, particularly in sales. There are many applications of this ratio:
1) 80% of your business will come from the top 20% of your clients.
2) 80% of a business’s sales will be generated by the top 20% of its sales people.
3) 80% of all business ventures will fail. Only 20% will succeed.
In this article, I will focus on item #3 above, specifically, why do only 20% of the Internet Marketing businesses succeed? It might be easier to ask why 80% of these businesses fail? Most people fail for one or more of the following reasons:
They fail to gain the knowledge of what is needed to operate a profitable business.
Although they are aware of what needs to be done, they fail to do the necessary work.
They get bored with it and stop working completely or only work sporadically.
Because they want immediate results and aren’t seeing them, they quit working just before their efforts begin to pay off.
Of course, there are many more reasons why businesses fail, but we cannot develop a complete list in an article this size. However, these are some of the main reasons. To avoid failure in your business and be among the 20% that succeed, follow a few basic steps for success:
Acquire the knowledge necessary to operate a successful business. That includes reading how to’s, buying ebooks, talking to experienced entrepreneurs, etc. Do whatever is necessary to learn how to operate a successful business and then do it!
Almost all successful businesses require that certain jobs be performed on a daily basis (at least in the beginning). Develop a daily plan of action and commit the time to complete those required tasks.
Very few jobs are fun and even fewer are exciting. Do the necessary work on a daily basis, even if it is dull and boring. Putting up with a little boredom now can pay you big dividends in the future.
Don’t expect instant gratification if you are starting your own business. Any worthwhile business is going to require a good deal of care, a great deal of time, and an incredible amount of work. Give your business plenty of all three and it may provide you with a lifetime of benefits worth ten times your efforts.
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