Becoming an Online Entrepreneur
Not many people dream of becoming an on line entrepreneur. Of those that do, many fail because of their experiences with online dream killers.
The reasons for these dream killers are varied but often greed (?), seems to be a common theme. It may be a bit harsh to call it greed, there are many people who are sick of living a regulated life, and want something better.
A common trait among budding entrepreneurs is they start, with good intentions, and then, because the internet is full of distractions, they see opportunities where there are none. The Holy Grail has arrived, sign up here.
Money & Scams
Probably number one for killing online dreams is money (or lack of it). Looking for way’s to make quick money online, then coming unstuck. Some lose their life savings. A recent scam that caught hundreds of thousands was Binary Options Trading.
This caused hardship to so many people. People once well off, lost a large share of their wealth (or all of it), in this scam, many unable to get whatever money they had in their accounts back, because the website disappeared and their “overseas” offices were only a telephone diverting service.
Too often people who fall for one scam sign up for another. Promises of the key to unlock untold wealth by the end of the week, all designed to trap those searching the internet for El Dorado. They come in different forms, the latest whiz bang product, Pyramid schemes. The Shiny Object Syndrome is exploited very well by scammers.
Scammers move through various trends, and create a product within that trend to capitalize on that market. A professional business like web-page, expert SEO, and a story of unbelievable riches or love, or some other dream. And they are off to the races.
Ad flipping is one that targets anyone looking to make a quick buck. BannerBit is the creator of this one. A look down in the footer of their website shows an address in Cyprus. Interesting !, That is where most of the Binary trading scams were based,
It is also a hot spot for fake dating sites.
BannerBit follows a similar track to Binary options trading. With Binary options you were betting on an option (a call or a put ) increasing or decreasing in value based on the underlying share price of that company.
Unlike option trading on the share or commodity market, which have strike prices going out months or even years. Binary trading was short term, minutes, hours, a day. They had longer term options, but really if you were serious you would use a stock broker.
To see how Binary Options worked take a look at this video. Binary options
The Ad Spiel
Quote “BannerBit is the first platform designed for ad flipping. This means any user is able to purchase, profit and then sell banner ads on the platform in order to generate income. There is even a Affiliate program you can sign up to.
I left it for the unscrupulous. I have no desire to be making overseas calls all hours of the day (or night), coaxing people to part with their money.
Big consumer brands like Adidas, Nike, McDonalds, Mercedes, Toyota and much more can be found on BannerBit’s marketplace. Quote. “….users are able to browse through hundreds of ad placements. Then after buying an ad on the platform, it will run on a network of publisher websites, reaching a huge number of ad impressions and worldwide users.” unquote.
Right! Lets do a butterfly strangle and go long the Nike 680 sq pixel ad, and short the Nike 1200 x 1080 pixel ad?
It Looks respectable. From their website.
To quote. “As the owner of the ad, a user is able to receive instant income with every click the ad generates. Another great feature of the BannerBit platform is the ability to sell an ad after purchase or even short sell an ad that they did not even own.
Each user is able to put the already-purchased ads on the BannerBit marketplace and reach thousands of members that are willing to buy them.
Taking short positions on ads means that each customer is able to anticipate and speculate on a future drop in price. ( where have I heard this before? ). With this unique advanced feature, the user can profit even if the ad price goes down.
A unique and profitable online passive income opportunity in now available through the BannerBit platform. With so many people excited to learn more about what is BannerBit, you must start right away ( minimum $250.00 ), and see how anyone can generate extra income from the comfort of their home without any prior experience, by simply flipping ads.”
Unquote. I have added comments ( in brackets).
What you should be doing
If at this point you are still interested then click on the get started in 3 easy steps where a pop up will ask for your email address. Then shortly after you will receive forms to fill out ( they all look quite legit.)
” In order to be approved for withdrawals, a marketer must upload a valid ID such as their passport or driver’s license, a banking statement or utility bill that shows name, address, the issuers name and logo along with both the front and back of the credit card used to make their deposits” . Hmmm. Usual legal stuff normally required by your stockbroker.
Then “buy” some
options ads you think will rise in price due to increased clicks or decrease in price due to decreased clicks. Now, a warning, this is money you can expect to never see again.! Try, and you will go through a lot of hassle getting it back. Your credit card issuer can only do so much to recover your losses.
What you really should be doing is getting out of there and finding something else to occupy your mind.
I never signed up for this, It had the smell of a rat written all over it. I mean. Who on earth trades in how many clicks an Ad will get? . What are we talking about here? Gann charts, Elliot Wave oscillations or candle stick patterns to trade an ad? Spare me. A web site and take bets on two flies up a wall. Anyone?
Lack of Confidence, Losing Faith
Although the rip offs are shocking, genuine internet opportunities sometimes fail to fully understand what is required for people to succeed using their program. Most do try, but for many it is only a minor part of their core business as I mentioned Here
Slow cash flows, lack of support are two of the most common reasons that discourage the new online entrepreneur. Eventually they give up. The loss of focus, failure to keep to a plan, feeling overwhelmed, hard to prioritise, working alone. searching for the holy grail. The reality is they are just hoping for something to work. As we know Hope is not a Strategy.
There are other issues that I am not including, one being many people sign up for something and shelve it. Do nothing with it, and forget about it. That is too mysterious for me to write about.
Some things to look for if you are contemplating an online business.
Predictability:- Follow A,B,C and you will start to earn money
Support:- Working alone has many drawbacks. If the support also includes a community of like minded people, you have a forum to discuss tactics, ask questions and receive answers on areas where you may be struggling.
Low Fixed Costs:- keeping the overheads to a minimum while you are building up the business.
Ability to build in Resilience:- To keep your site abreast of trends as they evolve.
High profit Potential:- All businesses take time to scale. Because of the fickle nature of the internet, some niches will do better than others and (initially at least), they can be hard to build benchmarks into. However if you follow the above criteria you are giving yourself the best chance.
Low Start up Cost:- This is probably the number one requirement when starting any business. Compared to a brick and mortar business, an internet business can be free to start.
There plenty of options to select a dedicated Affiliate marketing training course. I ‘ve mentioned Click Bank before, See Here and also others.
The one that satisfy’s all the above criteria for me is Wealthy Affiliate. Particularly as it is free to start, you don’t need a website and you have as much time as you need to make a decision as to whether or not it is likely to work for you.
Remember. Always check the footer of any opportunity you are looking at. Here is another online dream killer.
XXXXXX Enterprises Limited is in Liquidation.
Belfast Customers of the company will be contacted in the coming days with further information.
Michael. P.S. Wealthy Affiliate is offering special bonuses for the start of 2019 Why not become involved and make your 2019 a year to remember.
Join for free. Check it out. No obligation, No credit card required, Check out all the bonuses you receive when you go Premium. Take advantage of our more than Ten years in the business. You will love it.
Disclosure. Any commissions I receive will not affect the price of anything you purchase.
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