I have to say 2007 ended with a disaster for me, though I have learnt a LOT and made LOTS of new friends (see previous post).When University started, it sort of came into conflict with my learning style. For over a year and a half I have been trying out various marketing techniques on the Internet, and read tons of ebooks from Internet marketing gurus, listened to hours of podcast recorded by successful online entrepreneurs, and attended numerous seminars and workshops (the highlights being World Internet Summit Singapore 2007 and Ewen Chia’s Real Internet Income workshop).
Things which I learned and able to apply directly, and see some results.
University studies was the opposite. Learn everything, and I can’t see anything in material. I was no longer the junior college student mugging constantly for some grades. I am now more towards mugging for money, which I can *see*, *touch* and *feel*.
I can no longer *feel* for all the “A’s”, “B’s” and “C’s”. Somehow grades did not matter as much to me as it did 2 years ago while in junior college. And so without doubt my first semester’s results was a COMPLETE disaster. Really the lowest I had in my life so far. Total wreck. Low enough to make a first class honours degree out of reach for me, and make me feel really sick about it. Even some of my closer friends who knew me as a “okay” student back in junior college were shocked to hear my results. I am too embarrassed to tell the rest.
But I think I deserved it though. To think 2 weeks before my exams I was still reading Jack Zufelt’s book instead of mugging on past year exam papers. Still attending OnlineIncomeHub’s weekly workshops when I should be at home studying my books. The pathetic score really hurt.
Still, does it really matter? I don’t know, but I think I should balance out both my studies and my online business evenly. For this semester I had really screwed things up, messing up my academic studies without much progress on my business. Bad way to end the year.
But a good way to start 2008. This disastrous semester drove in 3 big lessons.
- I have to balance my priorities well
Yeah…basic stuff, but unfortunately I still suck at it. Probably because all my life I had only a single priority, which scoring well in examinations.
Now it’s no longer just exams. The latter is not going to bring me the financial base to lead the kind of life I want for myself and my parents. My business is now a major priority.
But I can’t just ditch my University studies. It’s very hard to get into Nanyang Business School and I am fortunate to get a place in it. My parents have already invested more than $30,000 for my university education, and there is no way I’m going to waste it.
Having a degree is considered a must have here in Singapore, though not necessarily for a good life (unless you are looking for a job). But I guess at the moment for me, getting a good degree is just as important as having a good system earning me tens of thousands in passive income.
The big challenge is delegating effective time and effort to both.
My business giving financial freedom and my degree giving me social status. I must have both when I graduate.
- I must have a system to run my business, not me
I have read and advocating Rich Schefren’s Internet Business Manifesto series for some time now, and how he wonderfully describes about the importance of setting up a system to run my business, not my business running me.
Again, I did not fully understand this back then. Now after this semester I experienced how tight time can be, how great it would have been if I had a system doing all the work for me.
Submitting articles to tens of article directories and social bookmarking sites can really eat up your time, which I could have better spent on expanding my business or studying.
Same thing again…reading / learning something is not as effective as experiencing it.
It’s a good lesson learnt though.
Now that school has just started, I’m going to focus all the time I have for my business on building my automated email autoresponder series so it can do the selling for me. Last week I had completed a rough process map detailing the steps of how I’m going to submit my articles to all the directories and social bookmarking sites, all into 2 sets of instruction manuals.
I just have to find someone, pass them the manuals and pay them to do it for me.
- I must have realistic expectations
Just before my minor started in mid December, I consulted with my upline, Patrick See who is one of the founding members of OnlineIncomeHub. He was kind enough to offer an hour’s consultation. I told him about my planned system and my goals, saying I want to hit US$6,000 in 6 months.
He then told me something very important.
Do not give yourself expectations which is too high for you when you are not clear on what to expect. You will most probably not hit it when the deadline comes, leaving you with disappointment and sense of worthlessness.
All along I always “Aim for the sky so I that if I miss, at least I’ll end up on a tree”. But the distance from the tree to the sky is still rather large though.
Patrick stated that I set my goals not truly understanding what it really takes, and what is required. He honestly told me that hitting that amount is not really possible. Instead, he advised me to keep track the amount of time I took to hit my first milestone, and then aim to achieve double the results in the same amount of time.
This will give me breathing space and goals which are reachable. And the more goals I hit, the more motivated I will be. Good lesson learnt. Thanks Patrick! 
Right. 2008 started last week, and next week the grueling academic studies begins. I must also finish up my email autoresponder system and start capturing prospects.
Until next time.
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