2007 Yearly Review – Is my success predictable?

reflection

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It’s been over one and half years, since I quit my job and became a self-motivated entrepreneur. I never regret what I have done in the past. I don’t look back. I always move forward. However, knowing what I have done and evaluate what I have learned in the past will help me grow and move to the right direction. It’s time to give myself an annual review. I would like to ask myself one critical question.

Is my success predictable?

I have tried to be my own boss and hope to stand out from the crowd in the Internet business world. I want to achieve my goal and be able to travel around the world. Although I have received a great support from my lovely other half, it’s a lonely journey as a self-motivated business owner. I have to get closer to the windows and see the big picture. I move forward one step at a time. My journey is like planting the tree in the desert and is trying to grow them into the forest. I plant one tree at a time.

I would like to know if my success can be predicted. I set goals last year. I would like to evaluate them.

What were my goals for 2007? How did I do?

In 2006, I set goals for 2007 and was hoping to achieve what planned. I think I have done well, but I could do better jobs.

  • Make money online
    Well. I did not make huge profit off my personal blogs. However, I have made some great profit off my online stores. It is very clear that making money online with blog is not right for me. I can do better job and make good money off online e-commerce stores. That’s what I can do the best.
  • Start a new online e-business
    Yes. I did. I have created at lease two online e-commerce stores in 2007. They are both making money now. Although it’s not enough to make me a billionaire, it’s moving forward slowly and firmly.
  • Restart my personal blog
    I was not very active in the blogging world until 2006. My excuses were my availability. I was too busy making money for others as Chief Architect at nQueue.com. Ever since I quit my job, I was able to focus on my own personal blogs. It was a great feeling that I got to know many of the bloggers, who inspired me in many ways. It gave me the strength to move forward as solo business owner. My personal blogs give me the chance to show people who I am and what I do. I am hoping to inspire many others, who want to achieve something in their life time as well.
  • Get my name out to the World
    To be a true successful business man; branding my name is a must. I realize that Internet marketing is something that can help branding me. So I decided to work on brand myself. The first thing is to beat the famous Terence Chang, who has produced many hot movies for Hollywood. Now. many people know my name because I am making some buzz in the blogging world. My name and my web site are pretty much on the first 3 spots on all search engines.

What have I learned?

Be my own boss is not as easy as I expect. It’s very hard. I have to do everything myself. I planned and executed. I changed plan and executed again. I kept changing my strategy and find the best way to lower the cost and earn big. I have learned from other to avoid the same mistakes. It’s a lonely journey. So here are the things I have learned in the past.

  • Knowing what I can do the best is the most important key to the success.
  • Knowing what I can not do is also important to avoid the mistakes.
  • Research, research and research.
  • Internet marketing for making money online is as important as having sex for a man.
  • Don’t be afraid of your competitors. They are your best friends.
  • You are the only one care about your success.
  • Start a new business is not difficult at all. Keep it up is.
  • Deal with Chinese manufacture. Made in China products is not that bad at all.

What are my goals for 2008?

Year 2008 is a critical year. It’s not because the economic changes in China after Olympic game. It’s because the growing pain of my online business. Keep a business running is the most difficult part of being an entrepreneur. I expect to bring my business to the next level.

  • Optimize web store conversion rate to double the profit.
  • Add new web stores and new product lines.
  • Create new web application to help other boost their web site traffic and online store conversion rate.
  • Become fashion jewelry drop shipper.
  • Create opportunities for consulting service outsourcing to China.
  • Be a good example and encourage others to do online e-business.

I think I can do better job next year. I am facing greater challenge, but I got more exciting and willing to take on the challenge. If I can keep my faith and motivation, I can very much predict my success in the near future.

Do you review yourself once a year? Have you reach you goals?

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Comments

  1. says

    Very good post. I think it is very important to know what you are capable of. I for one am not a leader, I need constant direction and motivation. Therefore I am not cut out to be an entrepreneur, but I’m a good support. I think if my husband were to go out on his own we would make a good team.

  2. Terence Chang says

    @Marie:

    Thanks! Being a self-motivated entrepreneur is not easy. I sometime lost myself and waste times on doing none sense stuff. With my wife supporting me, I can move on without worry.

    I think you can be a great entrepreneur as long as you know what your goals are and execute it.

    @Steve:

    I agree with you!

  3. says

    Made in China products are simply everywhere, when i look at my childrens’ toys for instance, each one of them seems to be made in china. I think china is the manufacturing capital of the world!

  4. Terence Chang says

    @Recliner:

    That’s right. Although there many poor quality made toys from China. There are many high quality products as well. The result of importing good quality products relies on the company who import, sell and the manufacture producing the products.

    Made in China may means cheap, but it’s not always bad.

    I bet your furniture are probably made in China as well. :-)

  5. says

    That is one of the nicest self reviews that I have read in a long long time. I am happy for you and am sure that with the approach that you have, you will overtake the other Terence Chang soon even in the “other world”. I congratulate you and wish you all the very best.

  6. Terence Chang says

    @Dinning Tables:

    Thank you. Without knowing my strength and weakest points, I won’t be able to fulfill my dream. Ha. I was also dreamed to be a movie producer, but I guess I won’t be one in the near future.

  7. says

    Who knows Terence! We can never know what fortune has in store for us. I would not be surprised if you do become a producer of films at some point of time. Or more likely, a financier of film producers!

  8. says

    Terence – I am sure you will meet (or exceed) your goals! One of these day you will have to teach me how to succeed with an online business. Or, better yet, you can write an ebook that we can all download :)

    Happy Holidays,
    Mark

  9. Terence Chang says

    @Mark:

    Thanks! eBook sounds a good idea. We will see. If I can reach my goal in 2008, I will have an eBook in 2009. :-)

  10. Terence Chang says

    @Dining Tables:

    You do really read my mind. Investing a Hollywood film is on my “To Do”, when I have some money to spend. I like the feeling to be the big boss behind the scene. :-)

  11. says

    My year is pretty bad.

    The only good thing happened is start of my blog in october.

    I wish 2008 will be good for me and hope that I can get more traffic than you.

  12. Terence Chang says

    @PC:

    Your blog is in a very unique niche. I believe that your blog will be a good success story. Keep it up!

  13. says

    Thanks for stopping by my site. Looks like you’ve done a pretty thorough job of reviewing your year and figuring out what you want to do in 2008. That’s always a good way to start off.

    Am I right in thinking that you built your fashion jewelry site in ZenCart?

  14. Terence Chang says

    @Joshua:

    You are correct. All my online stores on on ZenCart, which is 100% and meet most of the features I need. I also have some other side services running. It’s been a great year in 2007. I will definitely do much better in 2008.

    Thank you for stopping by!

  15. says

    Hi Terence, A great way to get on the path to being your own boss, having a successful online business, and being able to travel the way you’ve always dreamed of is to have your own travel website. Please check out my website, pathtotravel.com. It’s great – you can book travel and so much more – plus it’s a great travel resource with many helpful links. (Recently my company just partnered with Spring Tour to offer all-inclusive Olympic trips to China.) This is a turnkey business – you don’t have to worry about setting up or maintaining the website. It would look just like mine except it would have your own domain name of your own choosing. Anything you or anyone books at your site will earn you 60% of the commission the company earns. This is not joining a travel club or signing up for a service – this is buying your own business which can be willed to your heirs or sold. And with travel becoming your business, you’ve just legitimately found a way to have your travel and vacation expenses become potentially tax-deductible. This is a solid company with proven leadership and a great future – think how huge the travel industry is. I know it could help you achieve many of your goals. I wish you all the best and hope you take the time to check out my marketing site, pathtotravelbiz.com, which will give you information about the business. You never know – this just might be what you’ve been looking for.

  16. Terence Chang says

    @Patti Bieghler:

    That sounds like an interesting business idea. I am open to any possibilities. I will check it out.

    Thank you very much for sharing.

  17. says

    You say that you are going to work with more Chinese manufacturers, how has that gone?

    My worry is based around all the defective toys that came out last year.

  18. Terence Chang says

    @1990 Toys:

    First of all, you have very interesting niche blog. I have the same worry as you have. The currency between US dollar and China dollar is going crazy. It costs more to get less products into USA. It also costs more for China manufacture to produce the same quality of goods. So the profit margin is definitely lower now.

    I am not so worry about the quality of the products. You can always find good supplier. It’s the cost that make me worry.

    Thank you for visiting.

  19. says

    Wow. Your blog is indeed a unique place. Wish you all the best! I believe your success is somewhere very-very close to you.

    Cheryl Bollinger,
    CEO for Research Papers Production, Inc.

  20. Terence Chang says

    @Research Ppers Guy

    Thank you for stopping by. I wish you a great success too. Please remember to come back for my newest update!

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