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6 Common Myths for Successful Online Entrepreneurs

I have worked for myself mostly online for over 20-years now and often hear lots of BS when it comes to successful online entrepreneurs.

I am the first to admit that I know a tiny fraction of what there is to know, even still there are common myths that continually pop-up in conversation with my non-entrepreneurial friends.

I want to dispel some common myths when it comes to successful online entrepreneurs. All these points I experienced at one time or another and no doubt will do again.

Here are my 6 myths for successful online entrepreneurs

#1 Entrepreneurs know what works and what doesn’t work online

Definitely not.

There are many ways to make money online and doing a quick search online will show you these. In most cases, profitable campaigns and businesses are generated through a process of trial and error.

Very rarely do you hit on a business that’s immediately profitable, testing, and in many cases, pivoting is required to make it sustainable.

#2 Entrepreneurs only need to work a few hours a day

You can certainly get to this point by leveraging the use of virtual assistants or even staff, but most entrepreneurs aren’t working 4-hour weeks.

When first starting out, and in most cases the first few years, you need to put the work in to create and scale your business. This is especially true if you’re looking for a longer-term online business.

Depending on the business model, and your expertise, you can invest time and money (or both) in creating passive income that can provide significant income with fewer hours.

#3 Entrepreneurs are Financially savvy and know how to invest our money

Earning money in one way doesn’t mean you’re an expert investing in the market or any other assets.

My attempts to leverage profits from my online businesses into various investments in the past always (and I mean ALWAYS) resulted in my losing money.

From the latest “no-risk share” strategy to FX trading investments, I rarely made any money on the markets.

So, in the end, I focused on paying off my mortgage and investing in a personal pension. Now I do invest in the market and other assets.

#4 Most Entrepreneurs Are single young guys

No way. I have a family with 2-kids and I know many online entrepreneurs who do too.

Of course, having a family can put some constraints on your time, but the wonderful thing about being your own boss is the ability to be flexible when you work.

Check out my interview with Tom De Spiegelaere a very successful affiliate who is also a family man.

#5 Entrepreneurs Get Rich Quick

This is the biggest myth, and, in some cases, digital marketers are guilty of spreading this themselves (come on guys you know who you are!).

When new to this industry there is a huge learning curve and countless hours are needed to learn the skills needed in this industry. Whilst learning new skills you have to navigate the many gurus offering shortcuts to get the “secret” too many millions online.

There are tried and tested methods for setting up a successful online business, I go through one example with my guide to setting up a supplement brand.

#6 Entrepreneurs Have the Secret Sauce

The reason why many online “get rich schemes” are so successful is they are marketed as giving the student a “secret” that can jump-start their online business and get riches pouring in.

The fact is there is rarely a “secret” trick to riches, but will require lots of work, money, or both, to get to the level where the money flows in. I don’t mean to sound negative, look there are many digital works generating what may seem like a ridiculous amount of money online, but there are many more earning next to nothing.

Successful entrepreneurs tend to learn through a series of failures what doesn’t work and focus on what does work. The unsuccessful entrepreneurs are the ones that give up after one or maybe two failures.

It’s a wild ride working for yourself but I wouldn’t change it at all. There are ups and certainly downs, but the freedom and lifestyle options that open up for you are certainly worth it.

Do you have a story to tell?

If so, comment or contact me and let’s have a chat!

Adam Author

About the LifeHacker Guy

Hi, I'm Adam the founder of the LifeHacker Guy.

I have a First Class Honours degree in Sports Science from Brighton University, specialising in exercise physiology and nutrition. In my youth I was a competitive Triathlete and long-distance runner placing top 10 in most triathlon races I completed.

Since suffering from Chronic Fatigue Syndrome, I moved into web development, after a couple of years I then moved onto developing a number of online businesses. I've recently taken a sabbatical and I'm now looking to make big changes in my life, hopefully this may resonate with you - join me in my journey!

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