Why I Failed to Build a Network Marketing Business
Humans by nature are inspired by success stories but I love
failure stories more because that’s where the true lesson and business
opportunity is. I believe you learn more and build your experience from
failures. Success stories sometimes attract fools and lazy bums but failure
stories attract serious minded people that have the ability to learn from the
mistakes of the failure.
I
have been in the network marketing industry; a multi billion dollar industry
with lots of potential. The company I signed up with as an independent
distributor was great; the products were excellent, the compensation plan was
superb and the management behind the company was good. The network marketing
company has a track record of success and successful entrepreneurs
(distributors) to show for it. Despite all the potentials of the industry and
the business opportunity; I failed to breakthrough.
“There
are no bad business or investment opportunities. What we have are bad
entrepreneurs and investors.” – Robert Kiyosaki
In
2006, I was approached by a relation of mine (Maurice) with a network marketing
business opportunity. The network marketing company was Golden Neo Life Diamite
International (GNLD). After hearing his pitch and reading the company’s
brochure; I felt it was worth giving a try. I attended a business presentation
organized by the company and I was thrilled by the open possibilities. I
checked their records and saw that there were actually people who earn millions
of dollars from the system; people who started with nothing and rose to the
pinnacle of success. I felt that if these people could make it; I too can. But
yet I failed.
The
reason I am sharing this story is to make you realize that even in a land
flowing with milk and honey, many will still die of hunger. In a land of
tremendous opportunities, many will still die poor. I want you to know that for
every ten success stories you hear, there are ninety untold failure stories.
When it comes to the network marketing industry, I am among the failures. The fault
wasn’t from the company because even after I failed; a lot of other people came
from behind me and still found success. Do you want to know why I failed? Then
read on.
The
reason I am sharing my failure in the network marketing industry with you is
because I believe you have a lot to learn from my experience. I am writing this
for those who are sweating it out in the multi level marketing industry; I am
writing this for those who are on the verge of quitting. I want you to know
that you are not alone; I have been through the same ordeal and I want you to
learn from my mistakes.
Why I Failed to Build a Network
Marketing Business
1. I wasn’t prepared
The
first reason why I failed to succeed in the network marketing industry was lack
of preparation. I wasn’t prepared for the hassles of the business. One
requisite of building a successful network marketing business is your
investment of time equity.
Network
marketing is a business that requires your time more than your money and I hadn’t
such time. Maybe it was due to the initial low startup capital invested. I felt
I had other businesses with huge capital already invested so I didn’t give my
network marketing business the time it deserves and that was where my failure
began.
2. I had the wrong
perception
Most people are already failures from the first day they set out
to build a network marketing business because they started with the wrong
perception. I was sold on the information that it was a stress free business;
no selling and no risk, all you have to do is recruit more distributors.
I
think this perception is one of the major reasons why most network marketers
fail to breakthrough. So if you want to succeed as a network marketer, you must
bear in mind that network marketing is a business. It has an accounting, sales
and management process; you can’t ignore any of these.
3. I lacked sales skills
When
I signed up as a distributor for the multi level marketing business; it didn’t
occur to me that I would have to do a lot of selling on a one on one level. As
at that time, I was more inclined to marketing and I hated selling. The
difference between marketing and sales is that marketing is done through a
system while sales is done on a personal level.
I
failed to succeed in the network marketing business because I couldn’t sell. I
found it boring knocking on doors; trying to convince them to join my network
or buy products from me. Selling was one of my weaknesses and I didn’t realize
that until I joined the network marketing industry. My experience in the MLM
industry revealed my weakness and made me see the need to strengthen it. Today,
selling is one of my strengths.
4. I was afraid of
rejection
Another
reason I failed was because I feared being rejected. In fact, this is one of
the major reasons for the high failure rate in the network marketing industry.
Before signing up for a networking business, I was already an entrepreneur. I
could pitch people and raise the capital I needed in no time but I couldn’t
imagine myself begging people to buy nutritional pills. I would rather be
turned down on a million dollar project than be turned down on a $25 health
product; and this perception led to my failure.
Years
later, I came to understand that little things actually make great differences.
Selling that $25 nutritional product back then would have added millions of
dollars to my income portfolio but I allowed my fear and ego stop me. Don’t
make this same mistake. Fight your fears to a stand still. Rejection is not
going to kill you; in fact, you are going to be rejected anyway but it’s up to
you to learn how to make a success out of that rejection.
5. I lacked leadership
skills
Lack
of leadership skills is the reason why many people fail in business; it also
caused my failure in the network marketing industry. Network marketing is a
type of business where you recruit average people and turn then into great
leaders and entrepreneurs. It’s a business where you maintain a personal
relationship with your down line distributors. It’s a business that involves
teaching and helping others replicate your success strategies. All this boils
down to leadership and unfortunately, I had no time for such then. This was
another reason why I failed.
6. I gave up too soon
After
spending almost a year in the networking marketing business; I re-evaluated
myself and realized that I wasn’t making headway. Instead of sharpening my
skills and investing more time, instead of seeking counsel from successful
multi level marketers; I took the easy route. I quitted. Today, I feel a sting
in my heart whenever I remembered that moment. I know deep down in me that I
opted out of a multi million dollar business. I had no reason to; no excuse
whatsoever.
I
have seen people who started out just like me but they later went on to become
multi millionaire network marketers because they did not quit. I have made and
I still make millions in income but it irks me that I failed to add a multi
million dollar passive income stream to my portfolio.
In
conclusion, these are the six reasons why I failed to build a network marketing
business. To be honest with you; these reasons are worthless. In fact, I
deserve to be whipped for opting out of network marketing business opportunity.
But
all the same, I learned from my mistakes and I also picked up some vital
business tips while in the network marketing industry. And with these tips and
lessons; I have moved on to become a more successful entrepreneur.
