Simon Houghton

7. 04.

All businesses have two things in common. They are BUSINESSES and they must be run like businesses! The people who are in charge of a business need to understand the accepted practices of business.

They need to understand simple and basic ideas like acceptable over-head expenses in relation to projected income. Internet entrepreneurs need to understand profit and loss and what constitutes each.

A college degree in business in not essential for an internet business entrepreneur go be successful but it sure wouldn’t hurt. Just some basic business knowledge is absolutely vital.

f you have a hard time balancing your personal check book, you probably should keep your day job and forget about starting an internet business.

It is true that you can hire accounting firms that will tell you WHEN you must make tax deposits, for example, but these firms will not be able to tell you IF you need to make them.

Accounting firms can tell you whether or not you made a profit but not how to make it. If you have no business background you need to, at the very minimum, get some good business advice before you even consider opening an online business.

The fact is that all successful businesses operate on sound business principles. Successful businesses aren’t accidents. The proof is in the numbers….only 10% of new internet businesses are successful or are even still in existence after the first 120 days of operation.

It is not even reasonable to expect to make a profit from a new business enterprise for many, many months.

You must have sufficient resources available to not only launch your business but provide for your own personal needs for an extended period of time. It’s called ‘capital’ and there is no way around the need for enough of it.

Tags: Success Mindset Series, Business Background

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Tags: Business Background, Success Mindset Series

This entry was posted on Monday, April 7th, 2008 at 9:15 am and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.