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This Episode, #33, is a quick “In-between-isode”. This is when I share some thoughts on the business while on the road.
SHOW NOTES FOR EPISODE #33
To be an Amazon Entrepreneur, you need more than just the right tactics, or even the right strategy. You need to develop the right mindset. But even more basic, you need to develop your fundamental personal qualities.
Get outside the “Amazon Bubble” – get other business people’s perspective. Also get outside the Startup world and get wisdom from the other people in your life.
The 3 main qualities you need are:
Courage- above all, to cope with uncertainty. There’s nothing wrong with having some certainty of income, but you need to deal with uncertainty.
- Amazon lowers the danger of launching a product type with no demand. And you can see competition.
- It reduces uncertainty a great deal but it never eliminates it.
- It also reduces but doesn’t eliminate risk
- Confidence and self-belief are very powerful but it needs to be based on evidence!
- Courage comes first- going for it before you have the evidence. You need to have a certain belief in yourself and in the business model.
- Believe in your ability to become a great entrepreneur over time
Honesty- with your customers but above all with yourself. Don’t delude yourself! Confront reality (again, courage is needed for this):
- Read your reviews- is the product really liked by your customers?Don’t exaggerate one bad review! But notice trends
- Look at the Amazon ads numbers- are they working?
- Look at the costs and income – are you making profit? Don’t judge by a bad day or week, but look at the overall picture.
- Above all, be guided by the numbers.
Wisdom – which is a very unsexy word for Entrepreneurs but crucial. This develops with experience and I think is the hardest quality to get. But long-term, probably the biggest differentiator between success and failure.
- When is courage more needed? When is more action needed?
- When do I have to accept that I can’t change something (e.g. the time it takes to make and deliver a product)
- Get a sense of proportion. Is this one star review actually the end of the world?!
- Remember common sense: if everyone else (your competition) is doing the exact same thing, will you stand out if you also copy them?
- Learn “strategic quitting” (Seth Godin’s concept) : When should I abandon this product as unprofitable? When do I accept this Facebook ad campaign won’t make sales? Should I tweak and test this campaign more or abandon it?
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Watch Amazon Entrepreneur – Three Essential Character Qualities
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