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Thread: The laws of Internet Entrepreneurship Stage 2

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    The laws of Internet Entrepreneurship Stage 2

    Stage 2

    Law 1

    Do proper planning and research, before you move one millimetre.

    In this game it is not recommended to blindly follow others and copy what they have done. You simply need to know how to plan and research your online business and align it according to your own expertise and interests.

    Law 2

    This law applies to the use of the correct technology for your own needs.

    If you do not apply the correct technology you will waste a lot of valuable time recreating your business from scratch every time you multiply your income streams. The technology that you use must make it possible to spent less time on your business, increase success and can be duplicated easily, the wrong technology can waste years of your life and still you have no success.

    Law 3

    Your online application MUST have a proper business support system and must implement automation.

    Proper business systems are rules that are applicable to business in general. If you do not apply these, your business will fail in the long run. These are simple rules like working on your business not IN it. Proper cash flow management, outsourcing systems etc. But it also include the fact that every system possible that you apply within your business must contain automation in order to ensure that it can run without your constant attention. This is important as you WILL have to duplicate your system in order to earn a good and stable income.

    Law 4

    Low overheads, in other words low risk

    This plays a very important role when it comes to the return on Investment, If you input to much money you will not necessarily make more money. The use of FREE marketing methods and there are 8 of them are recommended and using them in conjunction with each other will punch right through your goals, reaching success you never expected. Be patient, do not act stupid and start dumping money in advertising because a good sales person promises you mountains of traffic. Always keep your financial risks low!

    Law 5

    Must be designed to create passive income on a constant and continual basis – On autopilot

    Yes it is true you can make good money once-off, but using the Internet to earn passive income in conjunction with the once-off’s are so much better. This is a POWER quality that makes the web so strong for any entrepreneur. You have low costs but high returns!

    Law 6

    Your online business must be able to apply multiplication of money streams.
    What I mean with this is that even though you have several websites running, you only have one business. Multiple websites mean multiple sources of income and the spread of risks in terms of traffic fluctuations such as a update from Google.

    This happened to me in 2003 when the Florida update rocked my boat. I only had 2 sites live at that stage earning me about $800 a month. For the next 4-6 months I didn’t earn any income from them and it resulted into me taking a fulltime job until such time as my sites reached a level where I could absorb problems like that. This was the best move ever and I learned a valuable lesson from this.

    Law 7

    It must contribute to the well being of others

    This is a personal law that I apply. You must have heard the saying, what comes around goes around. I am one of those people that believe firmly in doing positive things in life that will contribute to society. If you feel good about what you do, regardless of your religious beliefs, you will feel more motivated and excited about what you do, this will automatically increase your productivity, lateral thinking and creativity,…. These are required for a successful Internet business

    Law 8

    Focussed attention

    Focussed attention is very important. Always plan your first website in such a way that you never deviate from your plan until the current project is finished before you move on to the next one. People tend to do things half heartedly and in a hurry because they want to quickly become rich. I can tell you now. Becoming rich on the Internet is an exaggerated selling tool that other entrepreneurs use to sell you their stuff. Never fall for it. Rather aim for getting stability first then work towards getting rich. By the way, getting rich from the Internet is in my opinion a consequence of getting stability in the first place.
    Last edited by Chatmaster; 22-Feb-10 at 08:03 PM. Reason: building link consistency

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