Income For Life – How to Make Money Online For the Long Run
Making a residual income for life is the goal of many struggling Internet entrepreneurs who often fall short short of their dreams. The internet is a wash with "Get Rich Quick Schemes," endless "new" tactics, tools and "secrets" that purport to resolve all of our money making problems.
Today we will explore the concept of Income for Life and the Success Triangle essential to your business. When it comes to making money online it looks that you can easily divide Internet users into two separate camps. One group is the believers who are hopelessly addicted to the next "big thing"; or "new secret" and are spending their last dime looking for the magic bullet to catapult them to fame and fortune. The other group is the non-believers who view the whole concept of making money online as an unrealistic scam to be avoided like the plague.
Ironically the truth lies somewhere between the extremes of these two beliefs. The fate of the non-believers is to retire from their day job wiping they could have done something else. The fate of the believers is to struggle with frustration and poverty through a multi-year learning curve that takes a small percentage to success while leaving the rest to ruin and failure.
The question remains, "Is there a realistic way to learn how to create Income For Life on the Internet that can be accomplished in a reasonable amount of time?"
I believe the answer to that question lies in the triangular interaction between three accepted principals to small business success. It should be no surprise that these principals are no different in Internet business than they are in offline, or so called brick and mortar businesses. Some people seem to view the Internet as a magical new place where all the rules are different, it's not. The rules of business are boringly the same here as offline. While running a business online can be very cost effective, the fundamentals of the business process remain the unchanged.
The Success Triangle can be thought an interaction triangle with the three corners being anchored by three principals. The lines between the principals at the corners of the triangle represent the two way interaction between the principals. The three corners of the Success Triangle are:
1) The mindset of the entrepreneur
2) The resources available.
3) The skills available.
Many attempts at making money online lack one or more of these essential ingredients. The most common mistake made by people starting a new Internet business is to come into the venture with an abundance of skill often obtained by being an employee for someone else. They soon find that their lack of entrepreneurial mindset and resources is their undoing. I speak with some authority on this issue since I entered the online world in this fashion. After several years of struggle, I have come to understand the vast importance of the entrepreneurial mindset in small business. Lack of resources and skills can be tolerated in varying amounts when you have the right mindset. However, resources and skills alone rarely produce the Income For Life we ??are looking for.
The correct mindset contributions most to sustainability and long term success. Resources, such as capital funding, contribute most to the speed of attaining the goals. Skills contribute most to the quality of the product or offering. Clearly these all interaction and success is impossible without all three. If you want to achieve your Income For Life dream, you must be prepared to abandon the idea that some new tactic or tool will be the one to vault you to success. Stop focusing so much on tools and tactics to do things. Instead focus on what you should be doing for long term success and growth. Remember, employees use tools. Managers develop strategies. Tactics and tools will come and go in your business. Resources can be acquired and skills can be out sourced. Your strategy, however, must be consistent and aligned with your goals.
The secret to developing Income For Life is finding the optimal balance for the three principals of the Success Triangle in your business. If you would like to find out more about the secret of Income For Life visit our Income For Life page.