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Why aren't there more "serious businesses" built by Warriors?

by creaver1
11 replies
Have been lurking on this forum for many years and watched how it has evolved. Most recently, and with the economy the way it is, I have noticed how many people are just spinning their wheels or just making minmal money without building a serious business ($10MM - $50MM is considered small business.)
There is a big difference between making money and building a business. Trying to make money in one of the most competitive market niches in the world is probably not a great way to try and earn money.
On the other hand, building a business in a growth industry such as online marketing and communications is a good way to go, but it is tough doing so by yourself. Personally, I think that is one of the main reason warriors don't build serious businesses, in addition to having a "make money" mindset.
This is just off-the-cuff post to get some conversation going about this.
BTW, just saw that Mike Filsaime did a WSO. Mike has build a serious business, but his company is still only doing $10MM or so.
JimMN

Ask me about Power Partnering.
#built #serious businesses #warriors
  • Profile picture of the author Russel Mogul
    Because doing that requires a hell of a lot of work and most warriors like most regular people just want to earn enough. There are those on the path to 8 figure businesses but the way I see it is, you have to get either get into corporate copywriting, digital media buying, start your own affiliate network or become one of those shady forced continuity merchants. There is still a lot of room for growth in this industry, I just hope the bubble doesn't burst before I make 10 mill
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  • Profile picture of the author Michael Newman
    As both of you hinted at. It takes a different kind of approach. There are different types of warriors, some are not really interested in that kind of money. Most people are not cut out for that kind of goal. It takes a lot of work. It takes a change in one's mind-set.

    Rich Schefren's Internet Business Manifesto sheds light on your highly intriguing question.

    All the best.
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  • Profile picture of the author Illuminart
    Taking internet marketing "seriously" at an early age sounds pathetic to me. One must still dwell on a permanent source of income aside from internet marketing. As we all know, internet marketing is not for everyone. You can have it full-time once you already or cemented your business big time.
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  • Profile picture of the author theory expert
    Banned
    I've wondered about this question to and I have a few theories, but, I will give the one that won't get me banned as an answer to your question.
    Most people are in certain points in their lives where freedom is more important than money. I often think about my days of working 3 days in a row without sleeping and I say I dont want to do that no more. Until......I see a new rolls royce and then I start to drool, feel light headed, and, I get tingly inside.
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  • Profile picture of the author creaver1
    OK, well I think the answers so far really lay out the dilemmas with Internet marketing and, actually, business start-ups in general. However, I do believe that "pound for pound" the Internet offers the best opportunities to build serious businesses at the least cost.
    Let's say there are three kinds of Warriors: (1) Have jobs, looking to make some extra money, (2) Unemployed, looking to make a decent living, and (3) Opportunists, looking to build a business to have the "good life."
    What percentage of warriors fit in category 1, 2 and 3, and then you can still ask, what is going on? I think it is more than just a matter of working hard. Like Mike Newman, I think in part, categories 2 and 3. aren't approaching things in the right way.

    JimMN

    Ask Me About Power Partnering
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  • Profile picture of the author copynight
    Isn't it a common perception that the vast majority of IMer's leap from one push button scheme to another always giving up at the first sign of adversity?

    Maybe that perception is largely true.
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    • Profile picture of the author creaver1
      Originally Posted by copynight View Post

      Isn't it a common perception that the vast majority of IMer's leap from one push button scheme to another always giving up at the first sign of adversity? Maybe that perception is largely true.
      There is some truth to what you are saying, in that people quit too soon, say in focusing on one workable method and some supporting techniques. Like it was said above, it take a lot of work and many people don't get that when they start out.
      Then there are others who work at for quite a while and barely get any return.
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      • Profile picture of the author Tina Golden
        Perhaps your idea of a serious business doesn't define the term for the rest of us?
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  • Profile picture of the author DanEitreim
    I tend to think that most IMers are loners and don't want the hassle of employees, etc.
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  • Profile picture of the author TopKat22
    Well, I guess it depends on what you consider "serious business". I've done quite well offline creating small businesses and I considered it serious. I also take my online business serious now.

    Small businesses in the US represent the following:

    Small firms:
    • Represent 99.7 percent of all employer firms.
    • Employ half of all private sector employees.
    • Pay 44 percent of total U.S. private payroll.
    • Generated 65 percent of net new jobs over the past 17 years.
    • Create more than half of the nonfarm private GDP.
    • Hire 43 percent of high tech workers ( scientists, engineers, computer programmers, and others).
    • Are 52 percent home-based and 2 percent franchises.
    • Made up 97.5 percent of all identified exporters and produced 31 percent of export value in FY 2008.
    • Produce 13 times more patents per employee than large patenting firms.

    Per Frequently Asked Questions
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  • Profile picture of the author creaver1
    TopKat and Tina,

    Defining "serious business" is in some ways part of the question. It is not just how I define it, but also how everybody else defines it.
    E.g. If it is not a hobby, it is serious (?). So you can be doing online marketing and making $20/mo. and have a serious business, but nobody else would take it seriously, lol.
    What I usually tell people is that if you are in business for yourself and are not pocketing at least $50K, you don't really have a business, and $50K is absolutely minimal, given all the headaches, etc.
    There is also longevity. There are some online guys who have done really well for a while and then things don't work anymore. They go from $100K to $10K and get a job.
    For me a serious business should do $5MM/yr. because then you (and one partner, perhaps) get to a pretty good comfort level and likely can sustain the company for some time.

    JimMN
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