Dump a loser project. Know when to walk away, and never get emotionally involved. This is by far the best advice I can give to Internet business entrepreneurs.
You might have expected me to give some other insightful piece of advice, maybe something in line with “never give up,” “don’t settle,” or “do what you love.” By nature, if you’re starting your own business, you already have this entrepreneurial spirit and will be very determined, and will work to do what you’re passionate about in life. However, I don’t think this is the most important advice to give entrepreneurs – especially Internet entrepreneurs. Let me explain.
If you read my articles on starting an Internet business and how I believe information products are the best internet business, you know that it’s very inexpensive and easy to start an online venture. As a result, the normal reaction is to create an offering that revolves around one or more of your passions without giving your new project much thought. Why would you? It’s an Internet business: it’s not going to cost you much to start, successful businessmen always preach to do what you love, and you’ll finally be doing something you really enjoy.
The problem here is that you can get too emotionally involved and neglect to realize that what you’re doing isn’t worth it (i.e. profitable). Maybe your timing is off; maybe your industry is ultra competitive and you don’t have any differentiating factors; maybe your passion just isn’t something many other people are into; or, to be brutally honest, maybe you’re just not the right fit.
Now this may go against what other experts say in magazine or television interviews, such as “ignore what everyone else thinks; do what makes you happy; and keep at it.” Well, what if you do, but the path you’ve taken is an extremely small market or niche that won’t be profitable?
Now, I agree that you should follow your passions. In fact, the tagline of my personal blog (which I rarely post to these days) is “From Passion To Profession.”
But when you do this, you need to be smart. Savvy entrepreneurs never put all their eggs in one basket and understand if a business is worth it. They let the numbers – not their heart, intuition, or partner(s) – tell them how to proceed.
This is honestly the best piece of advice I can give to people running their own businesses. It’s not the only piece of advice, but if I could share only one insight, it would be what I just wrote about: Know when to walk away, and never get emotionally involved.
I’ve been there several times and made the mistake of holding on for too long, resulting in wasted time and money. I don’t want you to have to go through the same experience. . . I hope this helps.