Top 10 mistakes I have made building my Internet business

Since the basis of this blog is about mistakes and how we can learn from them to become more successful, I am going to share with you some of the biggest mistakes I have made developing my Internet business.

I started building my own internet income just over 4 years ago when I began the transition from Web designer and developer to online entrepreneur.

I was getting fed up working for clients just to pay the bills. If I didn’t work, I didn’t make any money. Ironically it was just at that time when I came across the book, “Rich Dad, Poor Dad”.

After a big dose of inspiration from that book and a better understanding of what I had to do, I got to work on building my online ‘passive’ income stream.

Here are the 10 biggest mistakes I made starting my business:

1. Trying to make money anyway possible instead of trying to offer a valuable service in exchange for money.
2. Trying to run 5 different websites at once while still doing freelance work (5 different businesses!) instead of focusing all energy, though and financial resources on just 1 Website.
3. Keeping profits from my Websites instead of reinvesting them in labor to grow the business faster.
4. Not measuring and testing the results of my work and projects developed.
5. Starting projects with no clear viable and realistic plan to monetize and generate revenue from them.
6. Doing very little significant market research on competitors and related services before launching ideas.
7. Getting involved on some projects where I am not passionate about the service being offered or niche.
8. Not planning and projecting clear intermediate timely goals to work towards.
9. Holding the belief for too long that I could create a high income lifestyle business in a short period of time without significant work and dedication and a commitment to be the best at what I do.
10. Hiring virtual workers before testing them with small projects first.