Today’s success tip comes from Amy Lyden.

Amy is the Managing Director of Bow Wow Meow, which today is a leading producer of fun and functional pet tags. Its products are distributed through more than 1,500 pet shops sold throughout the world via the internet.

What advice would you give to an aspiring entrepreneur who wants to get started in a business of their own?

First things first, put together a great support team of other people in business that you meet with regularly and help each other out. Surround yourself with people whom you admire or can learn from. Create your own personal cheerleading squad - people who only want the best for you and who are prepared to help you shine and be the best you can be.

Next, consider what you are going to do. Try to think of things that makes people’s lives easier. Life is getting more and more complicated, how can you make it easier? Also, as a consumer, what are some of the products and services that you want that others might too? This is how I got the idea for my business.

Then, start researching. One of the key areas that I find people need to do extra research in is understanding the financials. This is absolutely essential. Often, new business owners underestimate or don’t understand cash flow. I highly recommend a course called ‘Beyond Survival’. It’s a two-day course put on by the Westpac bank. It is a highly practical, hands-on course designed to help business owners understand a profit and loss statement, balance sheet and the key ratios that determine the health of a business. Numbers do not lie, and if one doesn’t understand what they mean it can be a serious disadvantage.

Many people block themselves in this area by saying, ‘Numbers aren’t my thing’ or ‘I was never good at maths’. This is very damaging talk. It is critical to understand the financial aspects of your business - this is one area that should not be abdicated to the bookkeeper or accountant.

The bottom line is that no one knows your business better than you, even a CPA. I’m not suggesting that you micro-manage the financials, but you should at least understand the financial statements and cash flow of your business.

Until next time,

Allan Poole

Today’s success tip comes from Adam Davis.

At the age of 20, Adam has grown his consultancy into one of the most recognised traffic generation consulting services in the world, with over 500 clients in four countries. He has spoken in front of crowds of over 1,500 people in Singapore, Australia, the UK, Indonesia and Malaysia on how to effectively send traffic to any website and make a profit.

What is the most important thing you have learnt about succeeding on the internet?

As funny as it may sound, the internet itself has very little to do with whether or not you become a successful internet entrepreneur! Instead, it is about who you are and the mind-set with which you approach the concept of the internet. In order to succeed you need to stay focused and committed to both the immediate task and the long-term vision.

But perhaps the most important thing I have learnt is that the internet is nothing more than a medium; one that can distract a potential entrepreneur to the point of destroying their business. Let me explain:

The very nature of an internet-based business means that you will often spend long periods of time in front of a computer screen (unless you have employees to do this for you). There’s little interaction with people and it can become distracting if you do not have good motivation and concentration.

It is not uncommon to have wandering thoughts about random topics far removed from your business. Your unfocused mind tempts you to Google irrelevant topics and then you start following links. Before you know it, you’ve wasted many hours that could have been spent furthering your online business and increasing your profits. You then fail to approach your tasks with as much enthusiasm and vigour as you previously did, thus starting a downward spiral that can spell the end of a potentially successful internet entrepreneur.

My work has allowed me to witness people succeed and fail with their internet businesses. Based on my experience, I have learnt that the most important ingredients for success are:

* determination

* motivation

* focus

* clarity.

To succeed as an internet entrepreneur you need to be completely committed to your business and determined to succeed regardless of the obstacles that befall you.

Tune back next week for more success tips.

Take care.

Allan Poole