Nearly all online marketing business opportunities compare the favourable lifestyle being enjoyed by successful internet entrepreneurs with the supposedly more stressful and society-dictated lifestyle being endured in the corporate world as a means to entice new entrepreneurs to start an online business.
The question does remain whether generally, an internet marketing business is better at satisfying the needs of individuals than a 9-5 job. If we look at Abraham Maslow’s motivation theory to understand what motivates employees, he developed a five stage model needed to be satisfied in order, beginning with the lower order needs. The five needs are:
1. Physiological needs – need for food, air and water
2. Security – need for safe living environment, job security
3. Social Needs – belonging, family, love, work groups
4. Self esteem – the need for achievement, status and recognition
5. Self actualisation – achieving one’s true potential
According to Maslow, Physiological needs must be satisfied, before security needs. Security needs must be satisfied before social needs and so on.
Maslow’s theory cannot be confined to an individual’s place of work alone. His theory was focused on how employers can motivate their employees in the workplace by identifying their motivational needs that need to be satisfied. However, these needs cannot always be satisfied in the corporate world.
For example, it would be very difficult for a manager to motivate an individual to improve on his sales figures (Esteem needs) if he is worrying about his marriage collapsing (Social needs). Although the manager can demonstrate some understanding up to a point and give the employee time off, this cannot continue indefinitely. Perhaps, the nature of the job demands the employee work unsociable hours and this could be the main reason for the marital problems. Moving to another job is not easy and may not solve the problem.
However, an online marketing entrepreneur has control of his time and could adjust accordingly to meet the demands of his family. Perhaps their problems are exacerbated by the husband not having enough time to spend with the kids. As a work from home dad, he would have the time to take his kids to school and attend school functions as often as required.
Realistically, most of the needs of people are satisfied outside the work environment. However, the work environment does impose constraints on people in terms of time and money. In the case of internet marketing, although monetary success is not guaranteed, the internet entrepreneur does have the time to do as he pleases, which makes it a better bet than the corporate world. Having said that, money, although not a motivator per se, is just as important as time as a means to an end. An individual who is the sole breadwinner may need job security (Security needs) for obvious reasons. No amount of promise of high achievement (Esteem) will entice him to pack up his job for an online marketing business. Not at that point in time anyway. The security needs will need to be addressed before he starts thinking about achievement.
As a compromise, he may decide to start the internet business part time. The main motivation here will not be Esteem but Security still as the extra income from the part-time online business opportunity will help his household financially.
However, if looked at from the context of a successful internet business and a successful corporate job, there can only be one winner. In terms of time and money, a successful internet business gives the entrepreneur a good standard of living and a lot of free time to do as he pleases and live a high quality of life. A successful corporate job could be a brilliant standard of living but a lot of time constraints which could affect the quality of life.
Individuals increasingly satisfy their needs outside their work environment. Therefore, the more time they spend at work, the less they are working towards satisfying their needs. Although the road to success in an online marketing business may be a slow and painful one the rewards in terms of quality of life and satisfying needs seem to be higher than a successful corporate job.
Showing posts with label online business success. Show all posts
Showing posts with label online business success. Show all posts
Monday, July 20, 2009
Monday, July 13, 2009
WHY MONEY IS NOT AN IMPORTANT MOTIVATOR IN INTERNET MARKETING
So why do we try so hard to be successful in our online marketing business? What energises us so much that we do whatever it takes to succeed? Why don’t we just pack up and return to the corporate 9-5 world when the going gets tough? What motivates us to keep on going? Money is certainly not the reason.
Earning lots of money, sometimes in the six-figure income category is not the motivation behind our desire to succeed. After all, there are lots of examples of people from the corporate world earning that sort of money, packing it in, in favour of starting an internet marketing business, which has less certainty and security. If money is not the reason, there must certainly be a reason or few why we are motivated.
The answer lies in the theory of a man known as Abraham Maslow who in 1943 published ‘A Theory of Human Motivation’. Although Maslow’s theory focused on employers’ responsibility to their employees in terms of understanding their motivation needs with a view of helping them achieve their potential, the same principles apply for the internet entrepreneur who is effectively both employer and employee of himself.
Maslow identified five motivation needs and placed them in a hierarchical order. According to the theory, the needs must be satisfied in turn starting with the lower order needs. It is only when one need is satisfied that we can focus on the other. The five stage model developed by Maslow is, starting with the lowest order need:
• Biological and Physiological Needs – these are basic need for survival and include things like the need for food, shelter, air and sleep
• Safety needs – the need for security, law and order, stability
• Love and Social – the need for family, relationships, marriage, work groups, social clubs
• Esteem needs – these are needs associated with recognition, status, reputation and achievement
• Self Actualisation – the need for personal growth, fulfilling potential
At a basic level what Maslow is trying to say is that if an employee has been evicted from her home and is looking for somewhere to stay (Safety needs), it would be difficult for her manager to motivate her to join a work group (Love and social needs) or to improve her sales targets (Esteem needs).
For the internet marketer, especially the one who leaves the six-figure income corporate job, he may have achieved the biological, safety, love and esteem needs but feels like he is not fulfilling his own unique potential. He may not feel he is contributing to society or achieving his life goals. Therefore, his need to self actualise will be his chief motivator. He is willing to achieve this even to the expense of losing his six-figure income.
We all have our motivation. Some people work very long hours which impacts on the amount of time they spend with their families. Their love and social needs will force them to turn their backs on reputation (self esteem) and money and opt for internet marketing business where they could address the social needs first and still be in a position to satisfy the self esteem and self actualisation needs after the lower order need has been satisfied.
Conversely, the reason why some people decide against starting an online business is not always because they do not have the money to do so or because they do not believe in the opportunity. One reason could be that their security needs have not been met. They need a stable job in the meantime to pay off that nagging debt or to support their household as they are the only breadwinners. The promise of earning a fortune in a relatively short space of time may be tempting but their safety needs will act as a stronger motivator than the lure of money.
Money is a means to an end. It is not required for the sake of it but to satisfy a need. In a war torn country for example, the need for security may appear the most important. However, if for example, a family has been holed up in a safe haven for a week without food, the dad may risk his life by coming out of hiding to scour for food (physiological need) even in the heat of battle. If he had money hidden with him, it may help him get food quicker especially if he knows where to look.
As internet marketers, it is important we understand what our motivational needs are at any given point in time and tailor our goals and plans accordingly. As our needs change we must review our goals. It is much easier to achieve our goals if we are motivated to do so.
Earning lots of money, sometimes in the six-figure income category is not the motivation behind our desire to succeed. After all, there are lots of examples of people from the corporate world earning that sort of money, packing it in, in favour of starting an internet marketing business, which has less certainty and security. If money is not the reason, there must certainly be a reason or few why we are motivated.
The answer lies in the theory of a man known as Abraham Maslow who in 1943 published ‘A Theory of Human Motivation’. Although Maslow’s theory focused on employers’ responsibility to their employees in terms of understanding their motivation needs with a view of helping them achieve their potential, the same principles apply for the internet entrepreneur who is effectively both employer and employee of himself.
Maslow identified five motivation needs and placed them in a hierarchical order. According to the theory, the needs must be satisfied in turn starting with the lower order needs. It is only when one need is satisfied that we can focus on the other. The five stage model developed by Maslow is, starting with the lowest order need:
• Biological and Physiological Needs – these are basic need for survival and include things like the need for food, shelter, air and sleep
• Safety needs – the need for security, law and order, stability
• Love and Social – the need for family, relationships, marriage, work groups, social clubs
• Esteem needs – these are needs associated with recognition, status, reputation and achievement
• Self Actualisation – the need for personal growth, fulfilling potential
At a basic level what Maslow is trying to say is that if an employee has been evicted from her home and is looking for somewhere to stay (Safety needs), it would be difficult for her manager to motivate her to join a work group (Love and social needs) or to improve her sales targets (Esteem needs).
For the internet marketer, especially the one who leaves the six-figure income corporate job, he may have achieved the biological, safety, love and esteem needs but feels like he is not fulfilling his own unique potential. He may not feel he is contributing to society or achieving his life goals. Therefore, his need to self actualise will be his chief motivator. He is willing to achieve this even to the expense of losing his six-figure income.
We all have our motivation. Some people work very long hours which impacts on the amount of time they spend with their families. Their love and social needs will force them to turn their backs on reputation (self esteem) and money and opt for internet marketing business where they could address the social needs first and still be in a position to satisfy the self esteem and self actualisation needs after the lower order need has been satisfied.
Conversely, the reason why some people decide against starting an online business is not always because they do not have the money to do so or because they do not believe in the opportunity. One reason could be that their security needs have not been met. They need a stable job in the meantime to pay off that nagging debt or to support their household as they are the only breadwinners. The promise of earning a fortune in a relatively short space of time may be tempting but their safety needs will act as a stronger motivator than the lure of money.
Money is a means to an end. It is not required for the sake of it but to satisfy a need. In a war torn country for example, the need for security may appear the most important. However, if for example, a family has been holed up in a safe haven for a week without food, the dad may risk his life by coming out of hiding to scour for food (physiological need) even in the heat of battle. If he had money hidden with him, it may help him get food quicker especially if he knows where to look.
As internet marketers, it is important we understand what our motivational needs are at any given point in time and tailor our goals and plans accordingly. As our needs change we must review our goals. It is much easier to achieve our goals if we are motivated to do so.
Tuesday, July 7, 2009
SPOTLIGHT ON A MILLIONAIRE – DONALD TRUMP
This is the third article of the ‘Spotlight on a millionaire’ series aimed at showcasing the secrets to a millionaire’s success in different spheres around the world to prove my theory that anybody could be a successful entrepreneur with the right attributes and mindset.
This piece concentrates on one quality of Donald Trump the flamboyant billionaire business mogul – resilience or what I will call ‘bouncebackability’.
Donald John Trump was born on June 14, 1946 and is the son of wealthy real estate developer Fred Trump. From an early age, young Donald followed his dad’s footsteps by making a name for himself in real estate. His first big gig was renovating the Commodore Hotel in Grand Hyatt, quickly followed by the Trump Tower in Fifth Avenue, New York City in 1982. He diversified into other industries like the entertainment industry owing casinos and the airline industry purchasing the Eastern shuttle routes.
He was as popular for his extravagant lifestyle as he was for his business successes. Flamboyant and outspoken, he had an eye for the ladies and enjoyed the celebrity lifestyle.
Trump’s fortune took a turn for the worse at the start of the 1990s, struggling under a mountain of debt and on the verge of bankruptcy with debts in excess of $900m. His love life also became a media circus with the public divorce with his wife Czech Ivana Zelnicek in 1992, after 15 years of marriage. He then married and divorced Marla Maples between 1993 – 1999.
The stress of both his business and personal lives may have been too much for most people but not for ‘The Donald’ as he is affectionately called by the media, a nickname coined after his ex-wife Ivana, referred to him as such in an interview. He did whatever it took to recover, brokering deals to protect his interests, restructuring his debt and even working for free. Failure was not an option to him. He regarded his losses not as threats to his livelihood but as challenges to be overcome and opportunities to grow more successfully.
By 2000, his recovery was astonishing and complete and worth over a billion dollars. In 2001, the 72 storey building, Trump’s World Tower was completed close to UN headquarters. Trump’s recovery was so remarkable that he was named the 278th richest man in the world by Forbes magazine. His businesses continue to grow from strength to strength.
The father of four is now married to the Slovenian model Melania Knauss. He is back in the media spotlight for the right reasons and is famous for his catchphrase “You’re fired” in the hit TV reality show, The Apprentice.
The keen golfer’s resurgence has not been coincidental. He has a knack of looking for solutions, rather than worrying about problems. This is a very important quality consistently demonstrated by successful entrepreneurs. His turnaround has been remarkable but also well planned and the success has been due to hard work, flair and his charisma. Trump would undoubtedly hate to return to the position he was in 1990, especially if it happened beyond his control. However, as a great entrepreneur, he would have learnt from his mistakes. Even in the unlikely event that the worst does happen, he has the attributes to bounce back once again.
Trump has seen both success and failure as an entrepreneur and he is one of the best of all time. It is important, therefore for entrepreneurs to realise that they should not rest on their laurels. More importantly, they must develop a mindset which ensures they never give up even when the going gets tough.
Friday, July 3, 2009
THE HABITS AND MINDSET OF A MILLIONAIRE ENTREPRENEUR
A typical millionaire Internet marketer has certain habits and mindset that ensures their consistent success. For these entrepreneurs, success is not coincidental. These habits or mindset may be gained innately or by developing them through training and self development.
Below are just three of these habits or mindset.
Time is extremely precious to the millionaire online marketer
The millionaire online marketer is always guarded with the use of his time. In almost every single activity that he is engaged in, he will analyse either deliberately or mentally how effectively he is using his time. Many millionaires will have an estimate of how much they are worth per hour and set goals around increasing their value per hour. This is the reason why successful Internet marketing trainers, for example, charge high prices to deliver training. As they get more successful and people make more demands on their time, they charge even higher prices.
They also split up their days into revenue and non-revenue producing times. Non-revenue producing times are usually late at night, where they afford themselves the treat of actually watching television for example. Revenue producing time is when they are hard at work, either growing their business or helping others do the same. Even their personal development is undertaken in their non-revenue producing time. This implies a high level of planning and organising on their part. They are very consistent and persistent and in control of their actions and words. If you ask an online marketing entrepreneur for help or have a chat with him, he is likely to bring time into your conversation. Do not be surprised if he asked you something like, “what can I do for you in the next minute?” He is probably in his revenue producing period and you are infringing on his time.
Making Money is not enough
The common mistake of new Internet marketers is to be seduced by the amount of earnings they could potentially make with an online marketing business. This is simply not good enough for the millionaires in the industry. They are more interested in profits. For them managing the money they make is what really counts. They are always looking at ways of improving their returns for every $1 spent.
Helping others make money is very important to them as well. This is the reason they are likely to spend the bulk of their time with only relatively few members of their teams. These are the members who they have identified as demonstrating the habits and mindset required to be successful. In online marketing, the success of these team members means residual income for the millionaire, so that is all the justification they require.
They are psychologically unemployable
This is a very important mindset in online marketing. The majority of the success stories in online marketing will tell you they fired their boss before striking it rich and spent the next couple of weeks or months questioning their own sanity. However, they have the mindset that failure is not an option in their business and will do whatever it takes to succeed. They use the fear of going back to work for somebody else as motivation to succeed. In their minds, quitting and returning to work is one of the worst things that could happen to them. The strength in potential adversity drives them on.
The millionaire habits and mindset can be developed but it requires a lot of focus and discipline. Good planning and organising skills are also required as well as total respect for time and money. They develop a loathing for working for someone else that drives their success.
Below are just three of these habits or mindset.
Time is extremely precious to the millionaire online marketer
The millionaire online marketer is always guarded with the use of his time. In almost every single activity that he is engaged in, he will analyse either deliberately or mentally how effectively he is using his time. Many millionaires will have an estimate of how much they are worth per hour and set goals around increasing their value per hour. This is the reason why successful Internet marketing trainers, for example, charge high prices to deliver training. As they get more successful and people make more demands on their time, they charge even higher prices.
They also split up their days into revenue and non-revenue producing times. Non-revenue producing times are usually late at night, where they afford themselves the treat of actually watching television for example. Revenue producing time is when they are hard at work, either growing their business or helping others do the same. Even their personal development is undertaken in their non-revenue producing time. This implies a high level of planning and organising on their part. They are very consistent and persistent and in control of their actions and words. If you ask an online marketing entrepreneur for help or have a chat with him, he is likely to bring time into your conversation. Do not be surprised if he asked you something like, “what can I do for you in the next minute?” He is probably in his revenue producing period and you are infringing on his time.
Making Money is not enough
The common mistake of new Internet marketers is to be seduced by the amount of earnings they could potentially make with an online marketing business. This is simply not good enough for the millionaires in the industry. They are more interested in profits. For them managing the money they make is what really counts. They are always looking at ways of improving their returns for every $1 spent.
Helping others make money is very important to them as well. This is the reason they are likely to spend the bulk of their time with only relatively few members of their teams. These are the members who they have identified as demonstrating the habits and mindset required to be successful. In online marketing, the success of these team members means residual income for the millionaire, so that is all the justification they require.
They are psychologically unemployable
This is a very important mindset in online marketing. The majority of the success stories in online marketing will tell you they fired their boss before striking it rich and spent the next couple of weeks or months questioning their own sanity. However, they have the mindset that failure is not an option in their business and will do whatever it takes to succeed. They use the fear of going back to work for somebody else as motivation to succeed. In their minds, quitting and returning to work is one of the worst things that could happen to them. The strength in potential adversity drives them on.
The millionaire habits and mindset can be developed but it requires a lot of focus and discipline. Good planning and organising skills are also required as well as total respect for time and money. They develop a loathing for working for someone else that drives their success.
Wednesday, June 17, 2009
WHO SUCCEEDS IN NETWORKING MARKETING
Apparently, there are two types of people in this world. Those who take life too seriously and those who are happy go lucky. It is reassuring to note that both types of people can be successful in the network marketing industry and both are as liable to fail, although they would beg to differ.
For the serious types - let's call them Pragmatists, life has got to be planned and organized day in, day out. They are terrified of taking undue risks and derive great pleasure from knowing everything is in order. They are generally regarded as seeing the glass half empty. This ability to plan and organizing is vital in growing a network marketing business.
The happy-go-lucky types or Sunshiners as they are sometimes called see life as an adventure and get a buzz of trying new things even if making mistakes could be costly. They are considered as the positive types, seeing the glass half full. They are happiest trying new things and having the adrenalin rush of uncertainty. This is very important, especially in times when the business results are frustrating. The Sunshiners would relish the challenge of turning her fortunes around.
The one set despises the choices and lifestyle of the other. However, each group has serious but totally misguided misconceptions about the other. For the Sunshiners, they see the Pragmatists as boring and unhappy control freaks. The Pragmatists regard Sunshiners as reckless and irresponsible.
Although these observations might seem true to the lazy mind, on deep reflection, they are absolutely ridiculous, if looked at in isolation. This is because every human being can be happy, a control freak, reckless and irresponsible. It is the situation or context that brings forth these behaviors.
For instance, a Sunshiner can be boring especially in areas where they have no interest. They would demonstrate drive and energy when they are engaged in an activity. They would be so engrossed in what interests them that they would sometimes ignore the needs of others. That kind of sounds like being boring to me. It can also mean bad leadership when put in the context of the network marketing industry. Leadership in the industry is about addressing the needs of your downline in terms of coaching, mentoring and support. They could be control freaks too. They always want to be in an environment that is fun, vibrant and challenging....and they would do anything it takes to ensure that happens. They guard their independence zealously in the way a control freak does.
A Pragmatist can be reckless in their haste to judge Sunshiners. The latter group really makes them uncomfortable when it comes to serious issues. They do like their energy and seemingly boundless enthusiasm sometimes but quickly get tired of it. They are very quick to scoff at the grand plans of Sunshiners, which insinuates recklessness. The perception of this group being more responsible than the Sunshiners can also be questioned. Take a situation whereby they have made their plans and tried to stick to it judiciously. The Sunshiner, who happens to be the Pragmatist's partner, feels stifled by these plans. All things being equal, you can bet your bottom and seriously devalued dollar that if a minor tweak is made to that plan and something goes wrong, the Sunshiner would be blamed for it. If that's not shirking responsibility, I don't know what is. In the network marketing industry, partners usually join forces to run their business. It is highly likely that the Pragmatist would try to take credit for when things go right and blame the Sunshiners when any risky marketing plan goes wrong. Rather than focusing on influencing change, they resort to the blame game which really annoys the Sunshiner.
It all goes to show that in haste to pigeon-hole ourselves as either Sunshiners or Pragmatists, we fail to realize that we, as humans are more complex and less black and white than we realize. I am convinced that every human being demonstrates the same kinds of behavior. The only difference is that we react differently according to the situation.
Therefore, I live you with two bits of advice rolled into one. Live your life! Live and let live!
For the serious types - let's call them Pragmatists, life has got to be planned and organized day in, day out. They are terrified of taking undue risks and derive great pleasure from knowing everything is in order. They are generally regarded as seeing the glass half empty. This ability to plan and organizing is vital in growing a network marketing business.
The happy-go-lucky types or Sunshiners as they are sometimes called see life as an adventure and get a buzz of trying new things even if making mistakes could be costly. They are considered as the positive types, seeing the glass half full. They are happiest trying new things and having the adrenalin rush of uncertainty. This is very important, especially in times when the business results are frustrating. The Sunshiners would relish the challenge of turning her fortunes around.
The one set despises the choices and lifestyle of the other. However, each group has serious but totally misguided misconceptions about the other. For the Sunshiners, they see the Pragmatists as boring and unhappy control freaks. The Pragmatists regard Sunshiners as reckless and irresponsible.
Although these observations might seem true to the lazy mind, on deep reflection, they are absolutely ridiculous, if looked at in isolation. This is because every human being can be happy, a control freak, reckless and irresponsible. It is the situation or context that brings forth these behaviors.
For instance, a Sunshiner can be boring especially in areas where they have no interest. They would demonstrate drive and energy when they are engaged in an activity. They would be so engrossed in what interests them that they would sometimes ignore the needs of others. That kind of sounds like being boring to me. It can also mean bad leadership when put in the context of the network marketing industry. Leadership in the industry is about addressing the needs of your downline in terms of coaching, mentoring and support. They could be control freaks too. They always want to be in an environment that is fun, vibrant and challenging....and they would do anything it takes to ensure that happens. They guard their independence zealously in the way a control freak does.
A Pragmatist can be reckless in their haste to judge Sunshiners. The latter group really makes them uncomfortable when it comes to serious issues. They do like their energy and seemingly boundless enthusiasm sometimes but quickly get tired of it. They are very quick to scoff at the grand plans of Sunshiners, which insinuates recklessness. The perception of this group being more responsible than the Sunshiners can also be questioned. Take a situation whereby they have made their plans and tried to stick to it judiciously. The Sunshiner, who happens to be the Pragmatist's partner, feels stifled by these plans. All things being equal, you can bet your bottom and seriously devalued dollar that if a minor tweak is made to that plan and something goes wrong, the Sunshiner would be blamed for it. If that's not shirking responsibility, I don't know what is. In the network marketing industry, partners usually join forces to run their business. It is highly likely that the Pragmatist would try to take credit for when things go right and blame the Sunshiners when any risky marketing plan goes wrong. Rather than focusing on influencing change, they resort to the blame game which really annoys the Sunshiner.
It all goes to show that in haste to pigeon-hole ourselves as either Sunshiners or Pragmatists, we fail to realize that we, as humans are more complex and less black and white than we realize. I am convinced that every human being demonstrates the same kinds of behavior. The only difference is that we react differently according to the situation.
Therefore, I live you with two bits of advice rolled into one. Live your life! Live and let live!
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