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Serious About Wanting To Capitalize On New Trends? Here's How To Build A Profitable Home Based Online Business!STEP 3.2
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In STEP 2.3 we've discussed your success formula:
W = P x T
This formula is the measure of your personal wealth.
At various points throughout this site, I mention vital and valuable ways to capitalize on the many trends in today's new eYouconomy.
Now, it's time to wrap all this together and look at your own personal economic wellness and home based online business.
This STEP 3.2 is about how you can be in control of your own personal wealth (the "W" in the formula).
1. Apply The Four Economic Principles; Go Into Business For Yourself As An Entrepreneur
(1) First, you can increase your "W" by applying the four economic principles we've learned in STEP 2.1. They are the roadmap for the maximization of your wealth and profitable home based online business.
Your personal economic wellness rests on four pillars: free enterprise, free trade, free exchange of information, and free leadership.
In other words, your financial wealth is not simply a result of what you produce and how much you produce, but also of how well you share and distribute what you produce, how well you communicate and inform people about your products and services, and how well you help other people to specialize.
In today's and tomorrow's new creative eYouconomy, one of the best things you can do to increase your own personal wealth is to become a
home based online business entrepreneur (free enterprise).
Add to this that your wealth is rewarded directly in proportion to the number of people with whom you are willing to trade and share (free trade).
Moreover, in order to trade and share your products and services with more people you have to be willing to understand and trust more people (free information).
This principle of the free exchange of information is about your communication skills and the way you reach, inform and educate potential customers.
The more you succeed in what you do, the more you specialize, not only do you grow wealthier, but everyone else in your environment also grows wealthier (free leadership).
So you succeed, your personal wealth grows, by serving. The better you are at giving people something that improves their lives, helps them to specialize themselves, the more successful you are, and the more money you make.
2. Increase Your Personal Technology
(2) Second, the sixth law of economic alchemy, see STEP 2.2, tells you that your personal wealth and immediate economic potential is directly related to your technology gap.
So, it isn’t physical resources that make you wealthy; it is technology that makes you wealthy. And the Internet is your most important technology for turning your existing resources in a profitable home based online business.
As an online business entrepreneur, the technology gap is where you will find your greatest business opportunities.
Because technology is now changing faster than ever before, in every industry, the businessperson who attains the most wealth is the one who manages or has the most technology versus the most physical resources.
3. Go Into New And Emerging Industries
(3) Third, due to today's dizzying rate of technological advance, there are new and emerging industries that are just now getting underway.
One of these new industries is the Internet industry. I am one of these small home-based entrepreneurs who is in the Internet-related business.
On this eYou web site I tell you about all the new internet opportunities, because in today's new eYouconomy and abundant world, the Internet is your key to wealth creation.
A second example of a new and emerging industry is the wellness industry. Noted economist Paul Zane Pilzer (Opens new window) studied the wellness industry and shows how to promote - and profit by - the wellness revolution.
"Look upon each new day as a new
adventure into new territories"
- Robert H. Schuller -
adventure into new territories" - Robert H. Schuller - |
4. Your Opportunity Is In Knowledge (Content) Distribution
(4) Fourth, in our modern, new, high-tech, internet economy your economic success no longer lies in manufacturing or physical distribution.
Your home based online business opportunity and personal wealth are in knowledge or content distribution.
If you are the one who tells people about new technology that can improve their lives, you stand to make a fortune and you can build a profitable home based online business.
It is all about educating consumers.
In the new eYouconomy of the 21st century education will become what it used to be - the most respected of all the professions.
5. Use Direct Selling
(5) Fifth, if you can increase your wealth (the "W" in your success formula) by focusing on educating consumers about new products and services they don't know exist, your lesson is that your attention should go there, and that you should leave R&D, manufacturing and the physical delivery of those products and services to others.
Direct selling is exactly doing that.
With direct selling as your way of distribution, you are completely out of the loop of physical delivery and serve a wholly educational function.
As an online businessperson you don't need a storefront, warehouse, employees or a massive back-office support operation.
An online business only requires one person - YOU - willing to handle the educational component of the distribution process.
6. Accumulate Wealth Through Passive Income
(6) Sixth, your personal wealth is directly related to your ability to create a significant residual, or passive income.
Of course, you can go in real estate or yield cash flow year after year from writing a bestselling book (earn "royalties").
But not everyone can do that. In todays and tomorrow's new eYouconomy this is no problem anymore, because today there exist new ways to earn a passive income.
In the new and emerging industries, like the Internet or the wellness business, new compensation models are developed in which you are compensated for others' efforts as well as your own.
For example, in an internet-related business you can earn a two-tier affiliate income from several companies, and commissions from a network of clients and direct sellers.
7. Leverage Your Relationships
(7) Seventh, your wealth and profitable home based online business are also a function of your relationships; the people you know and whose trust you've earned (see STEP 2.3, your "P").
You can manage the relationships with only a certain number of people. For some, 10 people are enough, others can handle 50 or more.
In traditional business they call it your "span of control", or your "span of attention".
By using modern internet-technology (like e-mail, videoconferencing, autoresponders) you can increase the number of relationships you can manage yourself.
But imagine what happens when you are the leader of a network of online and offline affiliates, who each have their own relationships.
You then further leverage your relationships, increase your "P" and your personal economic wellness.
8. Leverage Your Time
(8) Eighth, it's essential that you invest the work hours you have available every day as productively as possible.
From STEP 2 to STEP 2.5 you've learned that in our internet economy, an economic world of abundance, there is no limit to resources, no limit to technology, no limit to demand and no limit to wealth.
There is only one thing that is limited, and that is your time.
You have only a limited number of working hours and should make the best use of those hours.
In other words, you should leverage your time and you can do that by using the Internet. Your ability to use the Internet to leverage your time is the key to your financial success and profitable home based online business.
Design Your Strategy To Change
From this buffet of trends and oppportunities in our new eYouconomy you should choose your menu of trends to follow and design a strategy to build a profitable home based online business.
That takes time. To get started, take these three steps:
1. Make a commitment. Draw up a written contract with yourself that states your intent to come out of your comfort zone, and seek adventure into new territories.
2. Find resources. Make a list of resources - books, CDs, audiotapes - that will help you structure these new opportunities and trends for a profitable home based online business.
3. Find a role model. Choose your leaders and teachers wisely. A role model will help you designing your strategy to change and building a profitable home based online business.
Please also study John Audette's "Sweet 16" (Opens new window), and the brilliant post "Music Lessons" (Opens new window) from Seth Godin, things you can learn from the music business (as it falls apart). Godin's post is worth reading a couple of times. And not just for people that work in the music industry.
Move Forward...
We live in exciting times, with huge opportunities to build a profitable home based online business and new trends to capitalize on. There are amazing new opportunities waiting for you, to lead you and your family to economic safety.
Go for it!
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eYouniversity is an online business incubator. The goal of eYouniversity is to support the online entrepreneurial process, helping to increase performance and profit levels for innovative small online businesses. You can learn more about eYouniversity (eYou) on the About This Site page... the story behind eYou and successful home businesses on the Web.
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