Online millions are available to practically everyone. A laptop, an Internet connection and a couple of hundred dollars per month disposable income and you’re in business. So why aren’t there more Internet Marketing Millionaires? What does it take?
I’ve had the opportunity to know many online millionaires. They’re all quite likable—both the millionaires and the clearly soon-to-be-millionaires. They’re just fun to be around because of who they are, not because they’re online millionaires. Perhaps that is because they are all open to other people’s ideas. Even beyond that, they all seem to love sharing ideas, techniques, successes and even failures with each other.
That gives us some insight into what it takes to be an Internet Marketing Millionaire. I have spent a lot of time up close and personal. I’ve learned that their level of education varies greatly from self-educated to doctorate-but they all study hard. They vary from shy introvert to boisterous extrovert-but they are approachable, sympathetic people who like to help others. They work very hard-but work on the right things. They are self-confident-but will not hesitate to ask for advice. They’re highly socialized-but see society from an outsider’s point-of-view.
I would summarize all of these traits by saying that they have the imagination to see the opportunities that others miss. They have the talent-mainly in the form of social intelligence-to exploit the opportunity. And they have the focus to stay on task as long as it takes to succeed.
While all of these traits are essential, focus seems to be the big differentiator. I suppose it goes without saying that focus needs to be on the right tasks. Those who are best able to identify tasks that can be eliminated, delegated, or outsourced are the ones who have the time to focus on the most important tasks. No surprise that this group also owns the most successful and fastest growing businesses.
The biggest obstacle to focus seems to be the inability to trust. I know this seems like a bizarre statement, but bear with me. You’ve heard their excuses from those who can’t turn loose: “If you want a job done right, do it yourself.” “I don’t want to be responsible for other people.” “It takes too much time to train someone else.…” The real issue is that they are afraid to let someone else do the work or, especially, make decisions.
They’re often right. In most cases the entrepreneur is best qualified to do the work; they are the most talented and have the best vision of where they want to take their enterprise. Time spent training, supervising and evaluating, is-in the short term-non-productive time.
Since they can’t trust, they can’t delegate. If they can’t delegate, they have to do many routine jobs. And that means that they do not have the time to focus on the most important functions in their businesses.
This brought us back to the issue of focus. You know that you need a professional, useful fan page but you cannot afford a few days to do the graphics, learn the nuances of Facebook then enter all of the data. We could say the same thing about YouTube, Google Analytics, WordPress and all the other technical details that go into an online business. If you have to do it all, you’ll spend less than a quarter of your time doing the things that you are uniquely qualified to do. That means that you aren’t focusing on the right tasks; you’re doing mundane, routine work that others could do.
There’s a good chance that you spend less than 10% of your working time on revenue producing items that only you can do. The other 90% of the time you’re doing stuff that you could give to a virtual assistant (VA) or some other member of a virtual support team. Let’s suppose that you’re able to spend even 25% of your workday focusing on the high value tasks. That’s 75% of the time wasted. Pretty bad!
I know what is frustrating to you-you can do it faster than the VA. To make things worse, you may have to train your VA and, what’s more; you have to spend time specifying the task in detail.
We’re all impatient. – That seems to be in entrepreneurs’ DNA. But here is where deferred gratification is essential. Once you’ve taken the time to train a VA to pre-screen your email, if you’re like me, you’ve just saved an hour a day. Then when you find a reliable Pilipino, Romanian, or Indian webmaster, you’ve saved perhaps two or three hours a day.
Soon you have someone doing your voice-over for you, someone writing power point slides for you, a third online professional is integrating the slides with the voice-over to produce a high quality video for YouTube. A skilled SEO-knowledgeable author is researching and writing articles for you… The list goes on and on.
Before you know it, you’re spending time focusing on the right things and not the mundane. You take 20 minutes to decide that you need a 600 word article on leveraged buyouts in the Balkans rather than spending a day researching, writing, editing, and posting an article.
I’ll not try to kid you. You still need to review other people’s work and perform other tasks. You can’t delegate it all. But you can certainly increase your productivity dramatically and with it, you profits.
Find people you can trust so you can have more fun and make more money!