Let's talk about money!

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Do you make money or are you hunting coins?

Running a business without or with only tiny conversions is like standing on the BIG money and trying to catch with a magnet some coins. This statement might be provoking, and it is just the mirror of what I see with many websites online.

I agree with the argument that it takes its time to build a brand and to have an audience. This argument is simply a truth! What makes me suspicious is to see that there are websites without generating money at all. Then I see websites that are online since more than a year generating about 50.-- to 100.-- Dollars a month.

As an entrepreneur, I must say that isn't a business that is an extremely time-consuming hobby.

For a hobby, it doesn't matter if there comes money in or if there is going more money out than coming in because it is a hobby.
My concern is that almost all are dreaming about the business to make a living and instead of they are fishing some coins if ever.

And now it's getting interesting. There are people perfectly educated, they have a lot of techniques and have access to exquisite training how to start an online business.

They learn a lot about all technical things what is needed to succeed. And although they have all this knowledge they don't earn money and are hunting coins.

What is wrong?

The good news are, there is absolutely nothing wrong but there is something missing. To give you a picture I tell you the story about one of my clients.

(For reasons of data safety name and profession are changed)

John made an appointment in my practice because he was dangerously struggling with his business. He was running a disco in the city, and he could not understand that it was impossible for him to earn enough money with this Disco. He even had to take during the day a part time work as a painter to survive financially.

He assured me that he knew everything about building a disco and about what is important to know to do a good marketing, to have a perfect decoration in the Disco and what kind of music the DJ has to play.

I was talking one hour about all this, and he convinced me with a lot of knowledge and I asked myself why he can not succeed. I decided to visit him in his Disco club and asked him to prepare the financial records to get an impression of his figures.

I never forget the evening I went there. I was not even inside I had already an idea what is going wrong there. And inside I got the final confirmation that my idea was right.

John had a clear understanding of the music that fits in HIS Disco (but not into the disco of his customers). John knew how to decorate HIS Disco entirely (but neither the Disco that fits his actual customers nor to the customers of the music). John loved to have a Disco, but he did also not understand to apply social engagement. This place was the opposite. It was disengaging.

John had a beautiful dream and in each area he had good skills, but he could not bring them together to one picture. Looking for his financial records, I immediately saw enough mistakes he urgently had to correct.

Summary

John's skills to run a business were technically profound, but he had not learned the entrepreneurial skills to run it successfully. Skills like engagement, finances, corporate identity, authority and so on.

To support people making their business idea come true and if you have dreams to make your dreams come true is one of my reasons why I decided to build, together with Stefan Logar and Stephen Dean, the online certification platform "The Abundance Project" (TAP).

Love, Martin

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Recent Comments

37

Some of us haven't the IM or business training or experience to jump in with both feet and start making a living wage. That's why I like seeing the young people here at WA. They have time to learn the business, build they're sites, start getting the traffic and finally the sales, all by the time their 30. I'm excited about their future. Have a wonderful and productive day.

I totally agree to you. And it is nice to see how some of them increase their levels step by step and some don't. Often there are also discouraged among them and they give up which is a pity... If they only knew what else is needed they maybe would have made it...
This is my concern and I am working on it to create ways for them to learn especially the entrepreneurial skills directly by doing... :-)
Thank you very much for your highly appreciated comment....

Love, Martin

Could you make an webinar in this matter and with any ordinary example that you see everyday and explain the errors you see etc ?, Would appreciate that a lot .

Hi Matthias,
exactly this is what I am going to place in my platform and you are right, there must be a possibility to make something here at WA as well... after launching the platform I will come back to this thought...

Cheers, Martin

Martin, we have to learn the business skills for our career development.

That is very true Alma...

Super Post Martin, food for thought.
Cheers
Darwyn

Thank you, Darwyn... It was important to me to share these thoughts. I reached a good place in life and I want so many people as possible to have the same chance...

Love, Martin

brilliant idea.

Thank you, Jonny... :-)

you have a lot of knowledge and experiences. Many days I wish I could sit across form you at a coffee shop and pick your brain

You have hit the nail on the head, we need to develop the skill set which is what I am doing taken me a bit longer than some is TAP up and running now

TAP will launch in a few days. I will inform you. Promise:-)

Love, Martin

Thank you Martin have a good weekend

Hi Martin,
You certainly have hit on a real key in business. It is never about us or our business. It is always about out customers or potential customers.

That's it! And the entrepreneurial thinking and taking action. I see that so often in my practice when I have people with big dreams in my coaching. To lead them on the path of the entrepreneurial concepts makes them successful.

Again a great blog to think about...

Thank you very much! It is always a pleasure to see that you like my posts... :-)

Absolutely true, I am as guilty, as the next guy. I certainly will check out your site and maybe pick up a hint, or two. I am not in this to make "a lot of money" like so many others but to just add a few Dollars to my pension. So, I am sure your suggestions will make a world of a difference! Thanks

Hi Mike,
thank you for dropping by at my blog. It is great that you have reached already some income with your website. My intention is focused on what are the skills an entrepreneur urgently needs regardless how much money he wants to earn. The skills to earn money are the same. If you wish a few hundred a week or a few thousands a week the skills are the same. Your imagination the product and the performance are the reasons to make a lower or a higher amount.

Thanks for all the info. It is utmost interesting and essential. The prob;em is, I don't know where to start. There are too many useful articles and blogs to make a real choice and read everything! At my age this is extremely confusing! For now I will have to concentrate on the WA lessons and follow them step by step to promote my website!

That is the perfect way because the techniques you need to know really profoundly. It must be in every body cell and then you can take the entrepreneurial steps :-)

Love, Martin

Thanks Martin!

You are very welcome... :-)

Great insight into entrepreneurship. Thank you

Thank you, Kari!

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