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November 18, 2017

3 Golden Rules to Building a Seven Figure Online Business

Let’s face it, we’d all love to be millionaires. Who doesn’t want the freedom of being able to buy whatever they want, whenever they want? Unfortunately, the chances are that you won’t become a millionaire by sticking to your regular nine-to-five job. No-one gets rich fetching coffee for their boss, but you can earn a significant income by building your own company.

The good news is that creating a successful seven figure online business doesn’t have to be a challenging experience. In fact, there’s no need for any fancy tricks or long-term methods. All you need to do is get the basics right, and you’ll be raking in cash in no time.

How to Achieve Financial Success

In the growing business world, a lot of entrepreneurs begin their company with a quest for freedom and financial security. For many ambitious individuals, financial success can be defined by building a multi-million-dollar business. Of course, while that might be the dream, the path to success isn’t always as obvious as it should be.

We know that to be successful we need to produce an incredible service or product and show plenty of patience as the months pass by, but what we don’t know, is which other secret ingredients we need to keep in mind if we want to grow a genuinely incredible brand.

There are plenty of self-proclaimed experts out there that claim to have all the answers when it comes to making a million-dollar income. However, their guidance often involves purchasing an expensive online course, which is designed to teach you tactics that may work, to begin with, but quickly lose their potency over time.

So, what do you do if you’re tired of all the unproven lessons and tricky sales tactics?

Today, we’ll be looking at the three simple lessons that all entrepreneurs need to learn if they want to start bringing in a seven-figure income. You might be surprised at how much you discover with these easy-to-follow insights.

Rule 1: Always Keep Innovating

One of the most important skills you can have as an emerging entrepreneur is the ability to roll with the punches, show off your creative side, and continuously deliver new experiences to your customers.

Ultimately, when you start your journey as a business owner, you need to be willing to accept the fact that failure is a possibility – and something that many budding entrepreneurs find themselves falling victim to. The deals and projects that you’ve been relying on for months could suddenly fall through, or you could see that your business struggles through a quarter. However, you don’t have to accept these problems as your permanent reality. Instead of letting yourself get bogged down by the things that go wrong, as an entrepreneur you should be thinking about how you can respond to challenges in unique and innovative ways.

Remember, when you’re following this process, try not to pay too much attention to your competition, as this can end up distracting you and increasing the chances that you become a copy-paste company, instead of a differentiated brand.

Rather than looking to your competitors for answers when things go wrong and copying what they’re doing, think about how you can think outside of the box and introduce something entirely new for the marketplace instead. Look at the lessons you’ve learned so far to keep you focused as you evolve.

Rule 2: Know the Value of Conation

“Conation” may not be a word that you heard very often when you were building your first business plan, but it is an important element for entrepreneurs to consider when they’re creating a powerful brand. Basically, “Conation” refers to the source of your mental energy, the part of the mind that deals with your tendency to strive towards specific goals.

As an entrepreneur, your time and energy will likely be your most valuable assets, but many entrepreneurs don’t know how to spend their energy as wisely as possible. Ultimately, if you want to run a successful business, then you need to be able to focus on only doing the things that you do best so that you don’t waste your energy on anything that’s unnecessary. Remember, maximum productivity comes from working hand-in-hand with your conative energy.

Think carefully about how you spend your time as an entrepreneur, and whether you’re really getting the most value out of your efforts. If you discover that you’re wasting too much energy on specific tasks that don’t immediately benefit you, then you could consider outsourcing those problems to someone else with more specific, and focused skills. Delegation doesn’t mean that you’re not putting enough effort into your business. Instead, it means that you’re learning how to use your time more efficiently.

Rule 3: Put the Right Systems and People in Place

Finally, it’s worth remembering that most world-changing companies aren’t built with just a single person. There’s only so much you can do by yourself before you need the assistance of specific tools and people to get you overcomplicated hurdles on the road to success.

Whether you find yourself facing an issue with your health and you need someone else to step in to take over for a little while, or you simply need to delegate your tasks better so that you’re not piling too much onto your plate at once, it’s important to make sure that you’re not actively damaging your chances of success by expecting too much from yourself.

Remember, when you’re starting to put your business together, take the time to hire the perfect team. Look for people who can handle the things that you might not be good at, and make sure that everyone you bring together can work well in a group.

At the end of the day, building a seven-figure business is a painful process, and something that will require a great deal of patience, a lot of focus on excellent products and services, and a strong commitment to achieving incredible things. Fortunately, with these three rules in mind, you should be on the right path to success.

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