Over the last two years, I have been working hard towards financial freedom. However, I have made some major mistakes along the way that has prevented my success from happening sooner. This is the article I wished I had two years ago when I was just starting out.
Shiny Object Syndrome
Have you ever been researching, and you come across a success story about a different business model and get excited thinking “this sounds easier than what I am doing” or “this is way more profitable.” This is a very common tragedy to plague the online nomad community.
We often call this the “shiny object syndrome”. You see the main problem is when you jump from idea to idea you can become proficient in many topics but are lacking the deep understanding that is required to make major money. You can be a jack of all trades and make maybe 5 figures if you are lucky or a master at one and make 7 figures. I am guilty of this but as of recently I am buckling down and committing to the USA supplier drop ship method.
Taking Failures Personally/Fear of Failure
I am beginning to realize that failure and success are directly linked. The more and faster you fail the faster you will be successful. Before I had this negative mindset about failure. I thought that you either fail or succeed and you can’t have both. Now after the Nomad Summit, I am beginning to realize that everyone more successful than me just fails way more. Check out my review on the Nomad Summit for more information.
Forcing a Niche to Work/Not Following The Success of Others
I chose a niche that wasn’t exactly along the guidelines of the course I took. I chose a niche that had expensive products, but many of the products were under $200. This was a mistake because I was doing more work for less money. I also got distracted with Aliexpress drop shipping and started adding their products to my site. These cheaper products still make me money to this day, but I spent so much time uploading them and banking on them being my ticket to freedom. I should have stuck to my course and only focused on USA suppliers with expensive products.
Bottom line follow the advice of your mentor and if a niche still isn’t working then choose a new one and keep pressing forward. Do not get held up with your failure because then you might start questioning whether this lifestyle/business model is possible.
Anik Singal wrote an amazing book depicting his story called eSCAPE The 4 Stages of Becoming a Successful Entrepreneur. His story is absolutely inspiring because he went from millionaire to 1.7 million dollars in debt to millionaire in 16 months. The main reason he fell into so much debt was because he thought he was better than the system he was following originally to become a millionaire selling digital products. He thought that if he spent more money and tried new things it would work because he was “successful” and “knew what he was doing”.
Stick to your roots and follow the success of others. I was so wrapped up into making my niche work through any means necessary that I wasted too much time and money.
Throwing Money at a Problem & Hoping that Will Fix It
This leads me into my 4th biggest mistake. I got desperate for results and started buying a slew of new courses that I thought would help my current niche to become successful.
In Daymond John’s book The Power of Broke he describes how being broke is a huge advantage to an entrepreneur. Lack of money requires that we become more creative and put in the work instead of throwing money at a problem and hoping it goes away. His story about hustling his way up in Queens New York and supporting his mom as a teenager is incredibly inspiring and I recommend checking it out whether you are broke or not.
Over Researching or Paralysis by Analysis
Last but the most insidious, Paralysis by Analysis. The worst part about this mistake is that I feel like I am making progress towards my goals when in fact I would be learning much more and quicker if I was acting instead of researching. Don’t get me wrong you need to have plenty of research done before you commit to a niche or business model however there comes a point when it is more harmful than helpful.
Tim Ferris talks about in his book The Four-Hour Workweek how you must be on an information diet to be the most productive. That includes only researching information you absolutely need right as you need it and no more. This can be difficult as new information is enticing for people like us who love to learn. So, take this lesson with a grain of salt.
Overall, I am happy and grateful for my mistakes as I have learned a great deal from them. It is not easy being open about all my failures on a public platform but if it prevents even one person from all my lost time, money and freedom then it’ll be worth it.
Let me know in the comments if you have ever struggled with anything on your journey or if this has helped you.
Until next time freedom fighters,