How an Internet Entrepreneur Invests in Failure

Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.

Being an Internet Entrepreneur is not just about marketing something online. You actually own a business. Your business. So, it’s not just about marketing, it’s about all aspects of business including finances, and taking risks.

When you have revenue coming into your business, you can’t just go out and spend it. You need to put money aside for taxes, you need to pay yourself something, and you need to reinvest money into your business.

Here are some ideas that might seem crazy, but they’re not. They actually help you grow as an Internet Entrepreneur.

Invest in the Internet Entrepreneur

When your money rolls in, you need to determine what to do with it, whether it’s weekly or monthly.

Your number one action is to pay yourself first. Take 10% of your earnings and sock it away. Put it into investments, mutual funds, retirement plans, rainy day funds, whatever. Just put it away so you don’t spend it.

This concept has been described in lots of places including David Chilton’s, The Wealthy Barber, or David Bach’s, The Automatic Millionaire.

Educate the Internet Entrepreneur

The next 10% of your revenue should be put towards your continuing education. Your personal development will be the key to your success.

Learn things that you don’t know about. The more you learn, whether through books, online or live events, the more you can share with your teams, your community, your family and friends.

It’s also your best source for content for your marketing. A really good Internet Entrepreneur learns something and then blogs about it, or writes an article.

Successful Internet Entrepreneurs Take Risks

So, now you’ve put 20% away from your income – 10 for saving, and 10 for education. The next and equally important is taking 20% and reinvesting it back into your business, specifically your marketing programs.

Out of that 20%, take out some of the money and try something new. Try something that might fail.

Why would I want to fail, you ask?

Well, you just mind find out that something works, and that you are doing something different than everybody else. An Internet Entrepreneur needs to keep trying new things.

I mean, you don’t know what you don’t know.

It’s a bit of a risk and a gamble, but often in this business you don’t know it unless you try it. There are no tried and true formulas.

So give it a shot.

Go on…

Set yourself up for failure, and learn from it.

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When you’re ready to become a top producing internet entrepreneur, listen to my friend Jeff to find out how.