QUESTION: It seems that 5% of the people in internet marketing make 95% of the money. Why do so many people fail and what are the big dogs doing that the rest aren’t? ANSWER: First define internet marketing – it's actually not just about marketing online, it actually consists of 3 groups of people i. Consumers – accomplishment is in the purchase ii. Business opportunity seekers (quasi business people) shotgun approach try to do everything. They chase lots of different programs and don't focus on anything iii. Entrepreneurs who are using the internet as one of their marketing vehicles or maybe their main. They're focused on their business. They understand business. People who are not making it are generally in the first two categories - 20 / 80 rule 20% of the people make 80% of the money - the same people that make the money in the internet marketing industry would make money in any industry whether it's real estate, investing, or pottery The reason is they follow 4 simple disciplines - mindset – focus – education – action The way you think defines your reality. It defines what you get out of life. What you believe you can achieve Your thoughts can make you healthy and your thoughts can make you wealthy Henry Ford: There's 2 kinds of people in this world – those that think they can and those that think they can't – they're both right Donald Trump: If you're going to be thinking anyway, think big Look at the way these people think. And look at their achievements. There's a direct correlation there. There's a direct link between the way you think and what you actually get. Without getting into a whole belief system, if you look at your business as a mickey mouse operation, you'll make a mickey mouse income. If you look at it as a multinational corporation, your income will follow. Doesn't matter if you're working in the corner of your bedroom. It's your mindset that makes the difference. The other part of the equation is action. Because you can sit stagnant in a corner all day long thinking I'm going to be successful, but without action to back it up, nothing will happen. Mindset is absolutely critical. The next step is your focus This is where you really need to discipline yourself -proactive instead of reactive – we'll cover the difference in a moment know where your business is going. What do you want out of it short term, what do you want out of it long term. What's your exit strategy. Exit strategy: 1. Work it for the rest of your life 2. work it for 5 years and sell it 3. work it for 5 years and then take it public and sit as a chairman By knowing where your business is going you can set up your objectives, strategies and tactics Objectives are: What are you going to do Strategies are: How are you going to do it Tactics are: What are you going to do on a daily basis to meet your goals Objective: Operate a website that sells resale rights ebooks and software and generates an income of $100,000 a year Strategies: Buy all the resale rights products on the market and develop the most comprehensive, organized, valuable resale rights website on the internet. Market your website using SEO, article writing and teleseminars that you podcast Tactics: Optimize each webpage you design Write 3 articles each week and post them to article directories Conduct 2 teleseminars and podcast them every week Objective is the high level overview Strategies are a focused version of your objectives Tactics are your daily ToDo list Once you've got that under your belt, we can go back and talk about proactive and reactive Proactive is deciding how your business is going to run and then going out looking for products and services that are going to help you leverage your money and your time to maximize the effectiveness of your business. Reactive is when you have no idea of what you want in a business. You turn on your computer and everything looks great. You buy a search engine optimization book, you buy the newest book on blogging, you join a couple network marketing companies, and you order a 57 set DVD home study course on starting your home business. You're all over the board because you have no focus, so you spend tons of money, never follow through on what you buy. Your hard drive is cluttered with stuff, but you never take the time to learn it. The next point Education You have to educate yourself. But you need to focus on getting educated in the areas where you need expertise or at least hire people in the areas that you're going to focus your business on. The challenge people have online is they turn on their computer, hop online and think they should be pulling in hundreds or thousands of dollars tomorrow, without having the first clue about what they're doing. Then they get disgruntled because nothing works and they quit thinking the internet is just a scam It's like me waking up this morning and deciding I'm going to be a brain surgeon. So I rent an office, get some tools, and set a sign outside my door that says Terry Telford Brain surgeon. First of all, I know nothing about what I'm doing, no one shows up to my office and I feel sorry for them if they did. So I get frustrated and think brain surgery is a scam and I close my office and bury my head in the sand. The final discipline is taking action That one is self-explanatory. You put things into motion. Be as effective as you can. And don't be afraid to outsource some of the parts of your business you don’t have to directly do. So I guess that's the long way around the block, but that basically covers the differences between the 20% that make the 80% of the money and the other 80% that never seem to get it. QUESTION Every week there’s a new money making method. How do we know what to follow and what to leave behind? ANSWER That goes back to your focus. When you know where you're going all these get rich quick schemes don't appeal to you. Because you know exactly what you need to be focusing on to achieve your goals. So if your main focus for your business is doing voice overs and interviews and I come to you and say Scott I've got a great new juice that gives you massive energy and we can work this thing together with this network marketing plan that's going to make us rich. With your business focus being on doing interviews and voice overs what are you going to tell me? But if your focus is I've got to find a way to make money online. It doesn't matter what it is I've just got to make money. Then the juice deal looks great. It all comes back to knowing why you're in business and what you're in business to do.

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