I have to admit that I have been a fence sitter as far as utilizing the opportunities available for generating online income is concerned. I have investigated, actively considered and otherwise procrastinated about various probable opportunities. Somehow that final push needed to plunge in has been lacking. This has gone on for more than a year. One reason has been a reluctance to take on an unknown entity without proper guidance and education.

I do believe however that I have by now understood the various steps necessary to launch and succeed in any online venture. I am summarizing them here and would love to get feedback from newbie wannabes as well as successful entrepreneurs to my take on this topic.

In the absence of a personal mentor who will take me by the hand and, guide me every step of the way this is what my distilled wisdom advices me.

1. Have Targets and Be Prepared to Work Hard

It is imperative to view any online business with due seriousness. It needs to be nurtured and developed just as any other business. You are on your own and need to set your goals realistically. Devote the necessary time, work hard at making the business a success and then, only then, think of a vacation.

2. Have A Purpose And Be Disciplined

Well directed focus and Discipline. Passion and Purpose. It applies to everything. What needs to be done has to done. Once we have understood what has to be done and in what sequence, one must get down to doing every one of those activities, without procrastinating!! Successful people are successful because they are willing to do the things that need to be done.

3. Have a Proper Plan of Action and a Definite Budget

An ounce of planning equals a ton of unplanned action. Plan out a process before you take the first step, and you'll reach your goals that much sooner. A budget helps to allot scarce resources and forces one to sift the necessary from the wasteful. Spending wisely should be the mantra. Lack of funds for critical tasks including marketing, will make for a sorry business scenario. Budget carefully and spend cautiously.

4. Learn From Those Successful People Out There

This does not mean that one has to buy every book out there. There are in fact zero cost options like subscribing to ezines, newsletters etc. and participating in forums. Successful People, as a rule, are willing to pass on their wisdom to others and it is for the uninitiated to learn how to tap this wisdom for personal benefit.

5. Do Not Spend Money You Do Not Have This should be obvious. Cash flow is critical to run a successful business. You need funds to constantly promote your business. Lack of adequate cash flow is one of the biggest reasons for businesses getting stuck in a rut. The bottom line is, if you earn a dollar spend ninety cents and not a hundred and ten cents.

6. Buy Only What You Can Use

This follows from the above. Critically analyse whether a book, a software, a membership is really benefiting for the business. Do not be taken in by all the hype surrounding a product.

7. Learn Copywriting Skills

The internet and online arena is an impersonal one. Your only way of establishing a relationship with your visitors and potential customers is through your website copy and other correspondence. It is imperative that you develop clear, friendly and compact writing skills. It would be a good idea to invest in this area for its long term benefit potential.

8. Speed, Speed, Speed

Here the trends appear and disappear at supersonic speeds. What was in vogue yesterday is obsolete today and the same will be the fate of today's `with it' products. One needs to move fast and change faster. Here, Speed is Money. Adapt to change, roll with the punches and you will survive.

9. Dive Into New Technology

As with trends so with technology. Welcome technology with open arms and ride the crest. For instance, written word seems to be on its way to being passe', today it is audio and video that needs to be adopted to attract eyeballs. Incorporate as much as is possible into your campaigns.

I believe I am now ready to take my chances in this exciting world .

Paramesh