The framework for this episode is inspired by the book, 7 Habits of Highly Effective People, by Stephen Covey. This book has been a touchstone in my life for about 25 years, and when I apply the principles in this book, my life has gone better. I have found that this book is one of the most reliably realistic books about how life actually works. In this episode, we are covering the second habit of the seven as it pertains to goal setting, “begin with the end in mind”. The first habit, “be proactive”, was covered in episode 284.
Determinism is the belief that “We are largely determined by conditioning and conditions.” It is the opposite of being proactive.
Today on Amazing FBA we’re going to talk about something to which all business owners can relate. Entrepreneurship can be overwhelming. Having an entrepreneurial mindset is essential to scaling your business, regardless of what business that might be. Continue reading
If you missed parts one & two of my conversation with Chris, make sure you check them out here. If you’re all caught up, let’s jump right in. As you know, Chris is the founder and CEO of Judolaunch–a product launching service designed to help sellers infiltrate the international markets. Chris has already given us so much valuable information about starting an Amazon business and going international; today it’s all about how to compete with Chinese sellers on Amazon.
You only have one life so what you do in that life can either become a great legacy. One that is remembered for its greatness or one that people have no respect for. It is quite thought-provoking because once your life is over there is no going back. You can’t just say one day I’ll do this or one day I’ll do that. You have to take action because the clock is ticking. What is very striking is that there was a wonderful presentation by a wealthy man. But what was really great is that his family also presented their thoughts and words. Then there were also words from Charities that he had helped as well.
One example of this great man’s Legacy is a charity he had help in the late 90s. There was a charity in great need for help. A great London institution was about to close their doors. In fact, the board had already voted to close their doors because of financial stress. The chairman of the board had a meeting with this great wealthy man. After hearing the needs of the Institution the wealthy man sat down and wrote a check for 4 million and a check for 1 million, but requested that they didn’t touch the reserve. The 1 million he said was theirs to spend. He gave this institution a new starting point and what they needed to be financially secure.
His son’s talked about what it was like having him as a dad. They talked about different experiences and one where he flew in by helicopter. The entrepreneur had just got his helicopter license at this time. He flew in and picked up his son from the school playing fields. On their way home they had a bit of an adventure with some bad weather and it was just a really cool experience. Nevertheless, they made it home and it was really a good day.
The great question everyone should ask themselves in life is, “what will my legacy be”. You know, Seeing a wealthy man so willing to give his wealth to charity should inspire every human being deep down in their soul.
For some people and their legacy might mean leaving their wealth or a big lump sum of cash to their son or their daughter. But, that’s not necessarily the things that are going to get remembered. Although, on the other hand, if you don’t really have a lot of money you’re not really able to contribute much to the capitalist society that we live in. There are other currencies in wealth and power than money, but that is what people noticed the most.
Then ask yourself how does your Amazon business fit into your legacy plan. They say Chance favors the prepared mind and preparation meets opportunity. Just remember if you have a clear vision of the person you want to be and where you’re going in life then it’s not all about making the most money you can right now. It’s about the money you do have and what you can do with what you have. You just need to have a vision.
No one will climb the ladder to success for you or give you all of the answers. You will have to work and fight for what you want out of this life. So start creating your life blueprint today and take that first step up the ladder. This is how you create your legacy…this is how you will be remembered. In this life, you can either make yourself vulnerable and pushed forward toward the things you I want out of life or stay in the shadows and remain invisible. Know your direction, work every day if you have to just figure that out.
Forget Trump – Do this Instead!
Following on from my encouragement to move on from stressing about Trump and Politics generally, here’s what I suggest you need to do:
Instead of focussing on events out of your control, focus on what actions are under your control.
If thinking global is stressing you, think local. Do some retail arb, go to talk to a mom and pop shop about wholesaling their goods; there are so many possibilities. Even just do some freelance work and earn some cash to put towards PL inventory.
Keep It Simple!
I saw a YouTube video today that gave me a simple idea for selling some spare stuff around the house which I was going to throw out anyway.
I scanned some of these things, and the stuff that looked it might make a tiny profit, I listed on Amazon.
I then thought I might as well take the next step and buy a few of these products which I might or might not make a profit on but which, according to the app I used, should give me a good chance of doing so.
It’s something I’ve been intending to explore as various people (podcast listeners, Facebook Group members, Mastermind members etc. ) keep asking me about Retail Arb.
Is it going to make me rich? No. But while I wait for 1200 units of PL product to arrive in the USA, some more products (for another business) are being manufactured in the USA, and I’m waiting to see if the USD/GBP ratio will make some specific PL products profitable to have manufactured, it’s a fun and potentially very productive new avenue to explore.
Plus it’s so simple, anyone could get out and give it a go.
Stop using “Research” as an Excuse
It’s completely true that finding a successful Private Label product takes some serious research. So make sure you have find the right formula, and work really really hard to find the handful of products that are worth having.
BUT…keep the momentum going.
If you’ve been “researching” for over 3 months, I don’t believe you’re really researching any more. You’re avoiding the expense, potential disappointment, the potential embarrassment and…let’s call it what it is… the Fear of actually taking action.
Don’t feel bad, and don’t think I’m saying I’m always better – I’ve fallen into this trap myself – and more than once.
That’s why I know how crucial it is to keep momentum.
If you have a product that you think looks good, get samples from 2 or 3 suppliers!
If you’re not sure about the market, why not do some retail arb, buy some products from Aliexpress or other way to verify the market?
The point is – you ONLY get real feedback from the market when you actually try to sell something. And you can only see if a product looks good if you order a sample.
Try something on a small scale. Try several things in fact. If they don’t work, adjust course until they do.