Who Is Your Mentor?

written by BlogEx on August 24, 2008 in Internet Marketing and Make Money Online with 23 comments

I’ve talked about mentors a bit in the past and how I believe you need to have a mentor if you want to achieve success in making money online.

When I announced my “retirement” from teaching how to buy and sell websites, I got a ton of emails from readers who were sad to see me go. A lot of the emails read “Please don’t stop teaching, you’re one of my only mentors that I can trust”.

It really got me thinking…

It’s true, many people who teach methods of making money online are in it for one thing, the money. And when you have that motivation, you can be sure the mentor you are following has THEIR best interests in mind, NOT YOURS.

While it’s also true, I’m retiring from teaching the buying & selling websites business anymore, I think its important for you to know what to look for in a good mentor so you don’t get burned.

Find A Mentor You Can Trust To Help You Make Money Online

1) The mentor you are following should have a defined path to success.

In other words, your mentor should be someone who has made most of their money DOING whatever it is they are teaching others to do. If the person made just a few bucks using the technique and now makes the majority of their money from teaching the “how to”, STAY AWAY.

2) The mentor you are following should help you stay focused.

Have you ever been on someone’s email list and you get offer after offer after offer to buy different products? This is one SURE SIGN that the mentor doesn’t care about you. All they are looking for is their affiliate commission, so they try to shove offer after offer in front of your face hoping you’ll bite on one of them.

It is impossible to be successful with an internet business if you buy a new training program every single week. By the time you learn the technique you bought, the next great “product of the week” comes out and you move on to the next one. You never have a chance to implement anything.

If you get emails from a mentor who offers you many different ways to make money than what you originally signed up for, chances are the mentor is abusing their relationship with you for affiliate commissions.

A lot of times these emails will “appear” to be genuine. Here are some common ones (since most of these marketers have no originality…)

a) My good friend Bob agreed to share his secrets with you on a FREE teleconference tonight at 9.

b) I just found this new way of making $300 a day, download this free report that explains it all.

c) I just got off the phone with __________ and got him to reveal his system how he makes $5000/month with no list, no website, no money, etc.

There are a bunch of similar stories, but the meanings are all the same….They are going to give you a free teaser, waste 45 minutes of your time, then pitch you on the latest and greatest money making technique for $997.

These are distractions to your main objective, and this type of mentor is HURTING your chances of success by throwing different business models at you every single week.

My advice, if you are on a list like this, unsubscribe immediately.

3) The mentor should not depend on the income from his training course to survive!

If your mentor is coming out with a new product every single week or every month, chances are they are doing that because they NEED the money from these courses to pay their mortgage.

And if these people are that bad off financially, that’s NOT someone you should be listening to when you want help making money online.

You should only be following people who really don’t need your money because they became wealthy using the technique they are teaching. Sadly, there are few people who fit into this category.

You might ask, if the mentor doesn’t need the money, then why are they charging for the training? Well, one reason is, it’s not right ethically to use someone else’s time, knowledge or experience without compensating them. Do you work for free?

4) The mentor should not sell “dreams”.

Making money online CAN be easy once you know what you are doing, but don’t let anyone fool you into thinking all you have to do is push a couple buttons and then it’s off to the beach to live a life of luxury.

That is physically impossible.

Anyone who tells you that you can start a business with:

a) no money

b) little effort

c) just a couple hours per month

is flat out lying!

Personally, I don’t think anyone should even consider starting an internet business unless they have at least $1,000 – $3,000 of cash in the bank that is not reserved for living expenses. If you don’t have at least this much, you don’t need to be in business because you are just not ready yet.

Internet businesses are dirt cheap to start compared to any other business in the world, but they are still businesses and have certain costs associated with them (ie – hosting, domain name, development cost, advertising, content creation, software, etc).

Compare this startup cost to a real retail business, where you can spend more than $150,000 just to open your doors, a couple grand for an internet business is nothing.

Not everyone is right for making money online. Lack of capital is one thing that keeps people from succeeding online. If you are always stressed about the decision between spending $50 for a website logo or putting $50 of food on the table, you will not do well online.

Advice – pick up an extra part time job and put all of that income aside for your internet business. Once you have a couple thousand saved up, then quit the part time job and focus on building a real internet business.

These are the big ones to watch out for. You just have to think about the person you are following and ask yourself, “Are they really trying to help me succeed, or are they just trying to sell me their products and earn affiliate commissions from their friends?”

Sometimes it is difficult to know who to trust for advice and that’s part of the problem.

Personally, I like the school of hard knocks as a learning tool. Just go out there and try stuff. Learn for yourself what works and what doesn’t. Stop doing the stuff that doesn’t work and keep doing more of what does. Before you know it, you will be making good money online.

A lot of people are afraid of failure or losing money, but if you think about it, why not spend that $997 on testing a new business idea and see if it works rather than pay $997 for a training program. The money is gone either way, but at least if you invest in yourself and your business, you have a much higher chance of success. Worst case: you stick with your day job for the time being and learn about the all important job promotion interview.

So, who do you follow online?