Why most new businesses fail, and how to beat it (13 min)

Posted by David Wood |

Hint: in this video I outline a proven 7 step process for your internet success.

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Part 2

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About David Wood

For 20 years David has helped entrepreneurs around the globe to grow their results, by growing themselves. A former consulting actuary to Fortune 50 companies in New York, David quit corporate life to pursue his inner journey, which now deeply influences his work. A digital nomad, David is currently dancing salsa, paragliding, and coaching his rock star entrepreneur clients from Colombia. His specialty is doubling your productivity and profits, while halving your stress. If you become a highly authentic and inspirational leader in the process, well….that can’t be helped.

49 Comments

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Stanlee Panelle Cox, M.A.
· Reply

Friday, March 27, 2009 at 10:16 PM

Well … once again, David, you have truly given some rich information here, AGAIN FOR FREE! Thank you. that is so much more clear than the 9 month, $5000, course I previously mentioned. And … because of the overwhelming complications experienced in that one… my biggest challenge in the 7 steps is the newsletter! Don’t know why … I can almost see the simplicity ahead… but a bad experience sticks awhile. the most exciting part is the Borrowing someone elses content and creating my own product. I think I just now was inspired to see my niche and my first “free report”!! You are the best, David.
Joy
· Reply

Monday, March 23, 2009 at 2:08 PM

Most Challenging: Borrowing other people’s products and creating a deal with others. I feel that I don’t have enough credibility nor traffic for others to create a deal with me to offer their products. I could really use some help in this area.
I think having a focused niche is part of the challenge. My message still seems too general.

Most Exciting: I’m excited about the whole process, all 7 steps. I have contents and the skills to make a difference and excited in sharing and offering it to others…. looking forward to you showing us the “how” in a way that really works impacting more people.
Thank you!
Russ
· Reply

Friday, March 20, 2009 at 1:10 AM

Most Exciting: Creating my own product

Most Challenging: Getting a hold of people to direct traffic to your site. Whats that conversation look like
David Horowitz
· Reply

Thursday, March 19, 2009 at 5:55 PM

Hi David:
Most exciting: creating my own product – have a lot I’d like to get out there
Most challenging: topic / niche – hard to narrow it all down
Ernie Gonzalez
· Reply

Thursday, March 19, 2009 at 9:23 AM

Most exciting – creating the website and adding my life-coaching service.

Most challenging – borrowing someone else’s idea with consent.
Hilter
· Reply

Wednesday, March 18, 2009 at 5:24 PM

I love your sharing. fantastic presenation with so much information in it. I like the newsletter part because i love sharing. To produce a newsletter that fit in the needs of the market is another thing. Cheers
Mel
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Wednesday, March 18, 2009 at 5:07 PM

My most challenging step is finding my niche, so many ideas, I need to pick one and specialise. Also, I am new to coaching, only had 3 clients so far, so not really sure what my specialist subject is.\
Most exciting, creating my website, can’t wait to see it up and running and starting to interact with people.
Karl
· Reply

Wednesday, March 18, 2009 at 4:36 PM

Having Clarity and Defining my Niche is the most challenging right now, and I understand why it’s the first step. Narrowing it down will allow the other steps to flow and will allow appropriate solutions be it someone else or my own to fill the required need. This challenge is also exciting given what will happen once this challenge is overcome. Looking forward to making the breakthrough.
Kathy
· Reply

Wednesday, March 18, 2009 at 2:33 PM

I picked a niche – yo-yo dieters. It took longer than 7 days to set up the website and newsletter, but both of these are going strong. I added a coaching revenue stream to the website and I added Google AdSense to create commissions for related products (probably not the strongest way to do this). I tried to borrow someone else’s product – but the product that clearly made the most sense was only available through doctors and therefore no commission arrangements were possible. I created my own information products and have them for sale on the website. I even have some (not nearly the thousands you mentioned) inbound links. But where I have failed big time is generating massive traffic. Just never happened and after almost a year of effort (bi-weekly newsletters, twice weekly blog postings), I’m not sure what else to do.
Alfred
· Reply

Wednesday, March 18, 2009 at 2:01 PM

Hello, David!

The most exciting step for me is to build a newsletter fast and easy. The most challenging? Massive Traffic.

Great videos and content, as always!

Alfredo
Denise
· Reply

Wednesday, March 18, 2009 at 1:42 PM

Hi, David,

The most exciting step for me is creating my own product AND marketing someone else’s product.. The most challenging step is generating massive traffic and converting that traffic into sales.
Joshua Aragon
· Reply

Wednesday, March 18, 2009 at 12:52 PM

Hey David,

Thanks again for the excellent content.

The most exciting part for me was/is finding my niche… Once I narrowed it down and was able to get some focus it was a wonderful feeling.

The most challenging piece for me is the conversions of traffic… and also the product creation. The newsletter has been a challenge to keep up with, however moving the publish cycle to once per month has helped with that.

Joshua
David Wood
· Reply

Wednesday, March 18, 2009 at 12:44 PM

Really great comments guys – very specific. Thank you so much for giving me an insight into your passions and frustrations. (It’s giving me some great ideas as we put the finishing touches on the package)

Keep the comments coming!

And if it feels appropriate – you can let your friends join in at http://tinyurl.com/getpaidlaunch

David
Angela
· Reply

Wednesday, March 18, 2009 at 12:42 PM

Most exciting would be generating more traffic, learning how to borrow a product, and creating my own product in 14 days.

Most challenging – generating more traffic, turning traffic into paying customers.
Susan G
· Reply

Wednesday, March 18, 2009 at 12:42 PM

Most exciting: setting up website and newsletter in 14 days!
Most Challenging: How to get a website set up that quickly. Technology overwhelms me.
Tim
· Reply

Wednesday, March 18, 2009 at 12:00 PM

Most Exciting would be generating massive traffic, converting men to paying customers.

Most Challenging – generating massive traffic, converting men to paying customers.

Realistically it is all very challenging.
Sigrid
· Reply

Wednesday, March 18, 2009 at 10:11 AM

most exciting — not having to fully develop my Product before I start and having a plan, blueprint to keep me focused

most challenging — keeping the momentum , working through all “the unknowns” like creating massive traffic
MaryEllen Miksa
· Reply

Wednesday, March 18, 2009 at 8:30 AM

David, this is great! Most exciting is to create my own product. It has been bouncing around in my head for awhile but needs to materialize. Most challenging picking my niche. Too many ideas not enough focus and unknown demand.
Bronwyn
· Reply

Wednesday, March 18, 2009 at 7:44 AM

Thanks for these great videos! The most challenging step for me is 6. – generate massive traffic to my site. Also borrowing someone elses product.

I’m confortable with the coaching stream, but what I’m most passionate about is the spiritual side of things. I have a PhD in Philosophy of Religion and have been counselling people for years. I really like coaching over counselling because it empowers the individual to make changes, I’m just not sure if there is a big enough demand for ‘spiritual Coaching’

Looking forward to the next video,

Bronwyn
sonya
· Reply

Wednesday, March 18, 2009 at 7:05 AM

Hi!
– most challenging: picking a niche AND setting up a newsletter
– most exciting generating massive traffic!
looking forward to the rest, thx. s
Christopher
· Reply

Wednesday, March 18, 2009 at 7:02 AM

For me the hardest thing is letting go of the addiction of haveing to be best, first place, an thinking that because lots of people already doing something doesn’t nessisarily make it less apealing to me. Take coaching for instance, heck anyone can do it, I mean if you ever influenced anyone through words or actions then you have what it takes to some degree. I think the biggest mistake ever made is that we all assume and then forget we really do not know for sure. And if whatever we are talking about it not good for us, in insance, then we reep the whole pie, so to speak. We get the success, and any failures too. Nothing is perfect, and we really would not want it to be or we will loose more than we gain. The only real enemy is Boredom. The easiest part of the 7 for me would probably besetting up the site, I guess, C-ya an Thanks David
Anne Kiely
· Reply

Wednesday, March 18, 2009 at 6:57 AM

The most exciting is creating my own product, the most challenging is picking my niche and describing it clearly!
Anja Hertkorn
· Reply

Wednesday, March 18, 2009 at 4:09 AM

Hi David,

Thank you so much for the videos, it helped a lot when you said: set up a website in 7 days with 4 pages. I think I can do this. I don’t start when I feel overwhelmed.
Soelvi
· Reply

Wednesday, March 18, 2009 at 3:41 AM

Hi,
I’m still in the process of deciding whether or not I should change my career and become a life coach, but must admit that the more I read of your info David, the more convincing and exiting its becoming!
My most exiting step is to define my niche, something I hadn’t thought about until you pointed it out. Can you imagine; I’ve been in the marketing business for years….!?
My most challenging step is definitely creating my own product. Do I really hold information that people would potentially be willing to pay for?!?!
Dorota
· Reply

Wednesday, March 18, 2009 at 3:08 AM

Hi

First of all I would like to tell you that you have a big fun and follower in Poland. I really do appreciate what you do and all your training materials.

The most challenging step: borrow product from somebody else.
I have such a strong need and temptation to do my own stuff, so looking for other products seems to be borring…

Most exciting – of course, doing my own product! However I have no clue how!

Thanks David.
Mary
· Reply

Wednesday, March 18, 2009 at 2:25 AM

I think the nitch will be the hardest for me to do, because I burn for so much, so….
And the biggest challenge for me I guess will be to really do this, all of the steps….
Andre
· Reply

Wednesday, March 18, 2009 at 2:10 AM

I am retired and although I have a comfortable niche coaching business it is too small and not sustainable. It relies too heavily on one-on-one business. Your videos have sparked the idea that there are areas that I can contribute so much more to AND build a challenging business. It is the “business plan” start that will really get the show on the road. Thank you David. I will be following the progress keenly
Alistair
· Reply

Wednesday, March 18, 2009 at 1:33 AM

Most Challenging: Borrowing a product (????) I don’t know how to go about this.
Most exciting: Creating my own product.
I appreciate your presentations and great questions!!
Donna B.
· Reply

Tuesday, March 17, 2009 at 11:37 PM

This is such great information. My challenge would be to select what product(s) to “borrow” and then creating my own products.
Scott
· Reply

Tuesday, March 17, 2009 at 11:31 PM

Most exciting – creating a high value product that impacts peoples lives
Challenging – select the right niche and getting this off the ground in the background of my primary job
Adrianne Bilbro
· Reply

Tuesday, March 17, 2009 at 11:13 PM

Excellent content, David.
My challenges lie in both picking a niche and generating traffic. I’m not sure whether I’m more excited about developing my newsletter or setting up my website.

Looking forward to the release!

Best,
Adrianne Bilbro
Jason
· Reply

Tuesday, March 17, 2009 at 11:11 PM

The Most Exciting Step is Generating Massive Traffic! – Although the process might not be my favorite (not super tech savvy) I’m excited about finally driving business that will provide a revenue stream.

The Most Challenging Step is Picking a Niche – I’ve considered a number of niches and cannot decide which one is going to work for me and be in demand. Especially on the aspect of being an “expert” on the subject. I have tested out a couple in different circles and the issue of credibility always comes up because I don’t have a significant amount of experience in any one area.
Veronika
· Reply

Tuesday, March 17, 2009 at 10:47 PM

I think that my biggest challenge is just going to be getting really started in all of this. I am a new graduate, with high hopes and ambitions, and I refuse to see boundaries! So this could be a good thing or a bad thing…

And the most exciting thing? The team of people that I am meeting along the way that are all helping me out (yourself included!). Everyone in the helping community is so nice and helpful, and I think that together we make a great team!
Vikki S.
· Reply

Tuesday, March 17, 2009 at 9:08 PM

First off, many thanks for the info and hope this series promotes.

I’m most excited about borrowing someone else’s product. Love that. Not ready for my own (plugging my ears and not even looking at step #7 – la la la la la la – is it over yet?! 🙂 )

Most challenging is to do set up a viable website and newsletter in 4 days. My own website remains in process and yet takes time. So, I’m looking forward to hearing more.
Again, many thanks for creating something that responds to core questions and frustrations.
Michael Brown
· Reply

Tuesday, March 17, 2009 at 8:47 PM

The most challenging step for me is deciding whether the niche is a multifaceted consulting business with several niches and products, or something more focused as you suggest.

Number 7 is most exciting as I have a fairly good sense of the product(s) I would like to market, expanding on what I already do.
Rachel
· Reply

Tuesday, March 17, 2009 at 8:39 PM

Hi David,
Thanks so much for this great info, and for putting it together so clearly.
I’m most excited about the newsletter.
My biggest challenge is that I don’t know how to justify spending the time on preparing it when it doesn’t bring in income. It seems like a big commitment. Once you start, people expect you to continue. How do I know I’ll be able to keep up with it once my business grows?
I also am clueless about building up internet traffic, and I think it would be great to learn how to do that.
Barb
· Reply

Tuesday, March 17, 2009 at 7:37 PM

My most challenging phase now is to get moving on the newsletter, and to find a way to automate it and set it up on the website via a sign-up form. Basically the whole behind the scenes toolbox to make all these pieces work together with my sites Mambo interface.

Borrow someone else’s product I feel is not a huge deal, and a nice way to add value to my visitors and clients while my own contents gets developed. For my niche, I already have some reputable and known products in mind.

My most exciting step is #7, e-course, e-book as well as CDs. This is is another area where I feel I need help to find the right tools to make it automated and easy.

I just want to end this with my compliments, for being so straightforward and easy to follow about all this. I have been sitting on my biz for some years now, only working the coaching and service side of it, and for obvious reasons that is quite time consuming. Can wait to start making some passive income as well!
David Wood
· Reply

Tuesday, March 17, 2009 at 7:25 PM

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John B
· Reply

Tuesday, March 17, 2009 at 7:12 PM

Hi David,
What great content. This is crystallizing what I have been trying to do with breaking down a business plan for weeks. Too much info. I’ve gone to logical bite size steps and breaking them down.
My niche definition was wishy washy, I was trying to plan the whole website before creating/launching. Why worry about your newsletter when you can do weeks or months up front and set it on autopilot. I look forward to borrowing your product, affiliating anyway. The list goes on; I could too, but I need to get back to simplifying my plan.
Thanks so much for great information. 🙂
George
· Reply

Tuesday, March 17, 2009 at 6:59 PM

My most challenging step is the definition of a niche, I want to touch so many struggling individuals, making changes to a personal life, starting a business, improving an operation.

The most exciting step I anticipate is the coaching one on one interaction to help someone make a significant change and drive to success.
Ericka
· Reply

Tuesday, March 17, 2009 at 6:38 PM

The most exciting step is Creating my own product. I have so many ideas but I have not been able to focus them into product I believe people will want to buy. The most challenging step will be driving traffic to the site because I don’t know much about SEO and the intracacies of the web.
I love the outline! I started at step 5 because I am a consultant and a CPA. It makes things much more difficult because people need to know me and my work before they can trust me with their money! Thank you, David. I am excited about the upcoming class!
Susan
· Reply

Tuesday, March 17, 2009 at 6:34 PM

My most challenging is borrowing someone else’s product. My niche requires integrity and I would want to know that the product that I’m working with would reflect this integrity.

The most exciting would be creating my own product. It’s been a long time plan and “getting it done” would be exciting!
Nikhil
· Reply

Tuesday, March 17, 2009 at 6:19 PM

The most challenging step is #1 – Picking your niche – not so much as finding the niche, but finding out whether you have what people want.

The most exciting step is step #6 – generating massive traffic!

Look forward to the next set of vids!

Nikhil Rughani
http://www.NikhilRughani.com
Janet
· Reply

Tuesday, March 17, 2009 at 6:11 PM

Most exciting: borrowing someone elses product (happy to split with you David! 🙂
Most challenging: generating traffic and converting to sales!
Cheers,
Janet
Sondra Horner
· Reply

Tuesday, March 17, 2009 at 5:56 PM

I am fortunate to have found my niche in the last few weeks and keeping my team in focus took time.

My biggest challenge now is also the most exciting step and that is generating traffic.

Thank you
Sondra
Jane
· Reply

Tuesday, March 17, 2009 at 5:34 PM

I think my biggest challenge is in narrowing down and defining my niche. I think that is the thing that holds me back more than anything. My focus has been too broad, and I find myself overwhelmed.

The most exciting thing is the same thing; narrowing down my niche! I think I will feel much more peaceful and be more successful, and that is very exciting.

I am really looking forward to this. And, thank you, David, for being easy to understand, concise and most of all, truly helpful and understanding.
Jane
· Reply

Tuesday, March 17, 2009 at 5:28 PM

@Kay
You might like to think about your niche in terms of a problem that people desperately want to solve and then figure out some groups of people who have that problem.

If you try to market something like that to the general population you’ll have a really hard time.

Perhaps there are certain types of companies that want their staff to be more creative?

Jane
Jane
· Reply

Tuesday, March 17, 2009 at 5:26 PM

Most exciting step: Creating my own product in 14 days (really???)
Most challenging: Getting traffic.
I’ve done heaps of research over the years and there doesn’t appear to be any long tail keywords in my niche that have any volume of searches.

Jane
Kay
· Reply

Tuesday, March 17, 2009 at 5:26 PM

My most challenging aspect right now is defining my niche and making it “targeted” enough. I know I want to help adults who don’t think of themselves as creative to discover and express that part of themselves and have fun doing it. I don’t know how to narrow it down more or figure out exactly how to reach that group.

The most exciting part for me will be creating my own product–I have lots of thoughts and encouragement to offer!

Why most new businesses fail, and how to beat it (13 min)

Why most new businesses fail, and how to beat it (13 min)

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