Debunking Some Money Making Myths
I recently rediscovered an interesting CNN article which examines what it takes to be rich. The article uses case studies of various CEOs to debunk myths of the qualities needed for great wealth and success.
I’m sure we’ve all heard that taking big risks and having a great hunger for wealth is a prerequisite for making lots of money.
While it appears to be logically sound, these and other so-called prerequisites are circumstantial and prey to the whim of unforeseeable business developments and fickle consumer trends.
Perhaps it’ll be wise to examine some of these myths in order to understand what one can and should observe when seeking to acquire substantial online income.
The five myth headlines are listed below and I’ve included my own observations on each topic. As far as possible, I’ve tried to make it practical and applicable to bloggers, webmasters and other online entrepreneurs.
Myth 1: You’ve Got to Have Incredible Charisma
Charisma is important if your work requires frequent direct contact with business owners, customers and partners. Networking skills, humility and empathy will go a great deal further when it comes to building relationships that will help to support your website or business.
Charisma is also irrelevant if you develop a great brand for your business, website or service. This naturally attracts talented and charismatic individuals who you can employ as marketers or evangelists.
A big personality will certainly help. But being able to size up — and make use of — the personalities around you is much more important.
Myth 2: You Must be Able to See into the Future
Trend prediction allows businesses to anticipate future demand and create products which externalizes consumer needs. But its not at all necessary to make large amounts of money.
You don’t always have to create the niche. Entering into an established niche and creating a product or website which perfectly fulfills niche values and market needs will also allow you to easily gain popularity and wealth.
It’s not necessary to be able to develop the next big thing. Far better to master the details in the here and now.
Myth 3: You Must Stick to your Guns, No Matter What
While criticism of your website can come from a small minority, it provides fodder for improvements which may increase your overall income levels.
Accepting and acting on relevant feedback is important when it comes to earning money online. Sometimes you must be willing to accept structural changes to your business model as well.
Got a great idea? By all means ignore the naysayers and go for it. If criticisms are valid, however, you’d better listen.
Myth 4: You Need to Take Big Risks
Operate and build websites in fields you are familiar with. This minimizes risk and leverages whatever existing expertise or knowledge you have on the industry.
I believe that taking big risks is an essential part of eventually achieving wealth but unless you have a skill set or interest that fits with your million dollar idea, it can be difficult to cope with industry competitors and market challenges.
Make the most of your failures, learning valuable lessons. But if you don’t have deep pockets, risk-management may just be your most valuable tool.
Myth 5: You Need a Burning Desire to Get Rich
This is one of the most well known prerequisites for affluence: the deep desire for wealth and power. While websites and blogs can be created in profitable niches with the sole aim of making money, its also possible to gradually stumble into wealth by following your passions one-pointedly.
Professional athletes are a good analogy here: love of the sport motivated them to develop their skills, which brought them wealth and fame. To make money online doesn’t mean you need to explicitly undertake every venture with that aim in mind. Keeping a balanced perspective when it comes to making money is important too.
Sometimes it’s also far easier to monetize and turn a profit from an established hobbyist website than to make money from an malnourished site in a lucrative niche.
It can’t just be about the money. Following your passion and loving what you do will ultimately lead to a bigger bottom line.
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I especially like your explanation of Myth 5. I don’t think you have to go into a situation with only money on your mind. I think the love of what your doing can be enough and eventually the money will follow.
Nice dosh, do you think you can do it again though? do you think if you started doshdosh from scratch you would be a 6 figure blogger? MYTH 6: They got lucky.
Myth number 5 is a good one. I think anytime you go into a project with the sole intention to make money, most of the time, it will fail (not always of course). You’ve got to love what you’re doing to keep doing it long enough to see the returns. To many people start a site for money, don’t see the returns happen instantly and then quickly lose interest because the niche isn’t something they really have a passion for.
I agree. I haven’t taken any risks but I also don’t take no for an answer thats definitely a big thing CNBC had something on that last night. Never take no for an answer! Go back to them every month or every other month and try again!
Great points. If all you care about is money, you won’t make it far. You’ve got to enjoy the journey.
This is really valuable stuff, Maki. Like everyone else, I’ve heard these myths again and again, but the reality is that while those particular qualities can make you wealthy in some circumstances, in many others they can leave you desperately unhappy and destitute. Once again, persistence and perseverance are the keys…
I’m an echo on this– I like the explanation for Myth 5. While I believe it’s possible for people to become rich because they are they’re /extremely/ determined to get there and do whatever it takes, this won’t apply to everyone. Either way, it helps to have a passion for something.
Richard Branson prove’s myth two. He’s just taken exisiting business ideas and improved on them.
To further support item 5 just look at all of the wealthy people that continue to do things that make them money. Surely it’s not because of the money since they already have enough, but rather some other driving force such as an interest in something or just a desire to contribute in some way.