5 Types of Entrepreneurs. Some Succeed, Some Fail.
I get asked this all the time. What is the "success rate" of affiliate marketing? This is not exactly a "one size fits all" answer, because there are way too many personal characteristics and traits that will impact your success. Also, if you view entrepreneurship as an opportunity versus a business, the answer will be completely different for you.
There are a lot of moving pieces when you are talking about "personal" success and the dependencies between your work ethic, your knowledge, and your access to the resources you need to achieve success.
So how would one go about determining their potential success rate?
To get the answer of affiliate marketing success rates, it is best to look at the rates in which people succeed in business. On average, a decent percentage of all people fail in business. It is said that 80% of people fail at business within the first 5 years being in business. I believe that statistic is probably quite accurate, but you certainly don't have to be another "failure" statistic.
The cool part is YOU get to decide whether you are part of the 20% of people that are thriving and succeeding in your affiliate marketing business after 5 years, or if you are part of those that fit into the category of failing within your first 5 years.
And this brings me to...
The 5 Different Types of Aspiring Entrepreneur.
I have spent the last 15 years working with well over a million aspiring entrepreneurs directly. I have seen it all, but importantly I have seen characteristics and traits that tend to lead people to success, and I also see people that are failing and this is almost always a result of their habits.
I have classified entrepreneurs into 5 different categories, with some of them leading to you being in the 80% that end up in sometimes guaranteed failure, while others are in the top 20% and even in the top 1%. Let's have a look here.
(1) The Nothing Doers.
Bottom 10%, FAIL
As with any business, there is going to be a percentage of people that are "nothing doers", or in other words, they don't do squat. If you find yourself starting buying into an idea, but never following through with anything this is you. You stand a VERY good chance of failing if you fall into this category, actually it is imminent.
If you are not willing to do anything, you can't expect results. In my mind, doing something and failing at it is 100x better than not doing anything at all. The nothing doers are certainly not the category you want to fall in, but I can tell you that there are a high percentage of people out there that do fall neatly into it.
Be a "doer". You will only benefit from that.
(2) The Shiny Object Buyers.
Bottom 50%, FAIL
There is a large crowd of people that are trying to buy their way to success. The tend to be drawn to pictures of fancy cars, lavish vacations, outrageous claims of income, and luxurious mansions. They buy something, they get excited about it for a week, then they fizzle when their normal day to day overrides their ambitions to succeed.
Do they stop there?
No, they may take a break for a few weeks or a few months. This is followed by them falling back into purchasing products out of sheer personal guilt over and over again. They tend to indicate they have "bought lots" of courses to validate that they are doing something with themselves, but ultimately lack in the success department. Being a part of many programs over the years is not a claim and overspending your way to try to achieve success is not actual success.
Shiny object buyers can succeed at times. It is rare, but it does happen. This group takes up a large portion of those that fail.
If you suffer from this, please stop. Buying MORE products does not correlate to MORE success. Quite the contrary.
3. The Work Until Something Bad Happens.
Outcome: Bottom 80%, FAIL
OK, many of you may be in this boat. Lots of people out there are willing to try something new and learn something new. However, as they move along in their journey, there is almost certainly going to be a wall they hit (a business hurdle). This happens any time you are learning something new and is part of the learning process.
However, as we get older we tend to become more and more deflated by the simplest of failures. Remember those days when we were kids where we would fall off our bike, hurt ourselves, yet keep going. Well, we tend to become adverse to failure as we get older as we are taught in school it is not good to get something wrong (ie, getting an F), and the conditioning of this mentality continues as we move on with our careers.
There is a large percentage of people that are willing to start a business but when times get tough, they resort to the easiest path which is unfortunately quitting...which subsequently leads to failure.
4. The Willing to Work Their Tail Off.
Outcome: Top 20%, SUCCESS
This is a crowd that works hard, and is willing to turn over the rocks and do so with consistency. This group are those that will succeed and create long term businesses. They have the tendency to outwork their competition and when they hit roadblocks they work harder.
With a mixture of ongoing education and advancement of one's skill set, alongside the ability to work hard with consistency and persistence, you can and will be part of the top 20% in business that thrives for years.
The Willing to Fail, to Prevail.
Outcome: Top 1%, SUCCESS
You can work hard all you want, but that will only get you to a certain point in business. Those that are willing to take chances and try things that almost certainly could end in failure, are those that have a competitive advantage of their fellow successful business owners.
Embracing the idea of failure, being creative with your business, and always looking ahead regardless of what is in your way will lead you to the top 1%. There are very few people that ever make it to this category, and it is because there are simply very few people that are willing to work hard with persistence, be creative, embrace the idea of failure as a learning experience, and that won't let anything get in the way of their success.
You can absolutely be in the top 1%, now that you understand the attributes of those that are in it!
These are FIVE different types of entreprenuers, with different work ethic and characteristics that achieve a wide array of results/outcomes in business. The good news is that if you fit into a category and don't like the "outcome", you can change the course in which you are heading and very quickly and become a higher achieving entrepreneur.
So if you fall into the first 3 "failing" categories, recognize that you are within one of those. Make the changes you need to become a better work-ethic, greater skilled, and more creative entrepreneur and their results will follow.
Which type of entrepreneur class do you fit into and which type are you capable of being? I would love to hear your thoughts, feedback, and comments on affiliate marketing success rates!