How to win the online business game

Developing your own mindset is the single most important factor to success as an internet entrepreneur or any entrepreneur for that matter. Mindset is important because everything we do begins as a momentary flash of thoughts in our heads.

Everything you see around you, from the lights shining from the light bulbs to the floor underneath your feet, started as a thought in someone’s mind. Technological knowledge is not so important because you can always go out and find thousands of web designers or developers. Engineers are a plenty out there, but visionaries are a rare breed.

The mindset is without a doubt the most important and even though at the time when I first started I didn’t know this, looking back I realise that it was my mindset that really made the difference to my success.

At this stage I’m going to say outright that becoming a successful internet entrepreneur is no different to becoming successful in any given enterprise. You have to have the right mentality to do it. I can’t tell you a series of steps and actions to take so that you’ll become rich. It just doesn’t work like that and anyone out there telling you that they can teach you a system to get rich online, run from them as quick as you can.

The mindset is your thoughts and how they control the actions you take, whether those actions are taken consciously or unconsciously. These can amount to attitudes towards ideas, behaviour patterns and methods or strategies used to implement plans.

Every thought you have about your business will inevitably play into the grand equation of your success. This is why it is so important to work on your mindset before you even begin developing your business system.

The first most important question that you need to consider is what is your vision of your new business and how it will impact the world? This is often called your vision statement and this is the big picture outcome you have in your mind of how the world will be a better place with your idea in it.

Anything that was ever a success was because lots of people wanted it, and therefore it changed the path which humanity took. There were millions of people who wanted to get books cheaper and delivered to their homes, and came along to fulfil that need, changing the book industry forever. You can’t even talk about books without mentioning Amazon in the same sentence!

The next biggest question I’m going to ask you is what are the reasons why you are embarking on this journey to start your own business? This is your purpose, the reasons why you want to achieve the vision.

It’s often difficult to answer this question of why we do the things we do because a vast majority of times we actually do things we don’t intend to do on a conscious level, but we do them as a reaction to deep unconscious fears within us.

I don’t know what your reasons are, but the one thing I do know is that you should make them positive, forward thinking with a lot of momentum, and you should constantly remind yourself why you are pursuing this path in life.

This purpose will be your biggest driving force that will bring your online business to success. The last important question to answer is your mission. This is the ‘how’ question of how you are going to achieve the goals in order to serve your purpose and deliver the vision.

The mission often takes care of the strategy and operational requirements in order to do what you need to do, however if you haven’t first defined what your vision and purpose is, there is absolutely no use implementing a mission because ultimately you haven’t defined why you are passionate about your business in the first place.

In my book Speedlights & Elephants I discuss in a lot more depth all the components which I’ve found made a different to my mindset over the last 10 years and how I’ve defined why it is important to dream and keep focused on your vision first.

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Since graduating from Leeds University in 1997, Eddie Yu has been involved in various Entrepreneurial activities throughout his career, and eventually having built up a part time business between 2001-2003, he went full time in 2004 with Lady Luck Media. Before then, he has worked for British Aerospace, FNX and Derivatech, where he consulted for top tier banks such as Bank of America, ABM Amro and Bank of China. Eddie firmly believes that with social entrepreneurship and technological advancements we can create a world without offices and impact climate change for the betterment of our planet.

  • Roger Hamilton

    Learning the depths of Social Entrepreneurship has
    made me realize many things in my own life. I have been
    taking the wrong approach towards life which took me towards
    the path I never wanted to take in the first place. Beginning
    with the crystal clear clarity about my goals and taking every
    one I know into consideration is the next step I intend to take
    very seriously.