Today I’m going to go over 10 lessons in business from Jeff Bezos. I got these from analyzing an interview he gave in 2017 at an internet conference. I would want you to apply these to your Amazon business.
I want to talk about something that could really change the way you do business and that is the first step of time management, eliminating tasks.
I want to talk about momentum for Amazon sellers. Continue reading
It’s January which means that it’s time for New Year Resolutions. Today we’ll be talking about how New Year Resolutions are a bad idea and how you should instead do a New Year review. Continue reading
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.
Want to start selling on Amazon? Where to start?
The standard answer for a few years has been – by plunging straight into private label.
As that’s how I started myself – and eventually succeeded, until recently I taught that myself.
I’m no longer convinced
But after 18 months of mentoring people trying to start selling on amazon, and a year of masterminds mostly focussed on those, I’ve seen the struggles up close. I’ve seen inside too many businesses and too many minds. It’s a hard way to start.
All business has challenges starting. That’s a given. You need a tough mindset. I just happen to think that in late 2017, the old model just isn’t cutting for those who are trying to start selling on Amazon now.
Are you still focussed on Private Label?
Yes I am. I believe private label on Amazon is still a big opportunity. I have many friends making loads more money than me to back that up. It’s not theory.
So I believe that Private label – and even better, developing unique products -works on Amazon.
However, when it comes to how to start selling on Amazon, that’s a different kettle of fish.
I think the irony is that by prematurely plunging into private label, many sellers actually miss out on properly executed private label. How can that be true?
It’s simple really. They blow their budget on the first budget. They bust their confidence in the business model, and indeed in themselves. And then they quit too early – and miss out on $10s or even hundreds of thousands of dollars of revenue per month
I’m not talking about what the overall goal is – rather, it’s about how we GET there!
Also I’m increasingly happy with whatever WORKS rather than being puritanical about business models.
As I’ve talked over the past two years to many Amazon experts, it’s clear from the sharper people (especially the master himself, Will Tjernlund ) that there are several models that can work. And you don’t have to start with private label.
Focus is good and learning a particular set of skills- but so is PROGRESSION:
from simple to advanced; from low-risk to higher risk; from quick wins to projects that take months to come to fruition.
There is a natural progression in terms of risk in the various business models available to ecommerce sellers in general, and ways to start selling on Amazon in particular.
It’s like my old job of piano teaching.
Sure, I can teach little Johnny to seem like an accomplished pianist by teaching him or her three specific pieces and about 10 scales. You get a certificate, you look good, the parents are happy.
Trouble is, he doesn’t know his way round a piano, he can’t read the music, he can’t play by ear, he doesn’t understand what he’s playing or why…in short, he’s not becoming any kind of real musician. Or any kind of real pianist.
He’s aping the real thing. But he’s basically little more than a trained monkey.
Put him in any situation that demands real understanding of music, or real control of a piano, and he is finished.
My experience with Amazon sellers who try to learn how to start selling on Amazon with Private label is remarkably similar.
Indeed, it mirrors my own journey as an Amazon seller myself. And it also mirrors my journey as a piano student/musician to a frighteningly similar degree too.
That’s not surprising. There are a lot of vested interests in trying to “pre-package” business building skills and mindset. Same as there were in pretending you can become a pianist, with 20 minutes’ practice a day and three pieces at a time, with some bullshit “grades” scale.
(By the way, I have 7 years’ higher education in classical music, I’m engaged to a pianist – so this is not the ranting of an amateur. On the contrary. It’s the ranting of an ex-professional).
Both things, I’m afraid, while much better than doing nothing in terms of progressing, are basically based on a totally false premise. The false premise being that you can learn the piano by aping much better pianists’ external results – or by aping the actions of advanced Amazon sellers.
Instead, what I’ve seen overwhelmingly is that all of us entrepreneurs need to develop the right mindset and skills. And those come from experience.
The truth is that there is no substitute for learning overall business strategies and tactics. Nor is a substitute for learning by experience.
You need to learn to understand what you see in the data; to READ the data. You need to learn the landscape of a marketplace. Everyone has to learn how the mechanics of production, freight and amazon work. You need to get familiar with Amazon’s internal processes.
All this takes time and practice. It doesn’t need however to be a painful, high-risk, uncertain gain experience, like that of the big private label approach.
Practice makes you better. Planning for months, selling nothing, then sending half your life savings across the world suddenly…well, that is NOT such a great way to practise becoming a better online seller. Nor to start selling on Amazon specifically.
Am I saying private label is dead then? Is it true that nobody should start a private label business on Amazon? Is private label only for the rich or the super-experienced online maverick?
No, no and no.
That is NOT what I’m saying. I want to be super clear. I think the opportunities to make a ton of cash and have the satisfaction of becoming a real entrepreneur (and mastering a tricky but addictive craft) are very real with private label. And even better with original tweaks to a product.
But both models take serious investment of money, time and energy into each product line.
That is fine, even very important at the right point in your development as an Amazon seller, or as an entrepreneur.
But you don’t have to START learning to mountain climb by training in a gym for 3 months, studying maps and theory incredibly hard, then attempting the Himalayas as your first set of mountains.
Sure it’s been done – I read about exactly that in the news a while ago.
There’s a clue here. It’s news – because it’s the exception to the rule!
You don’t have to START selling on Amazon by scaling a private label mountain either.
Again, yes there are exceptions. Again, we read about them and the buzz goes around. Because it is NEWS. Because -I’m sad to say, after trying this way for so long with newcomers – it’s unusual to succeed that way.
So is this a reason to be depressed and quit?
Maybe – if you are the sort of person who quits easily. In which case, please don’t attempt to become an entrepreneur.
Most people shouldn’t scale the Himalayas and most people probably shouldn’t be entrepreneurs either. And that is absolutely fine.
Most people don’t have the mindset, stamina or sheer hunger of an entrepreneur, and there is nothing wrong with that. I’m not a rugby player – despite being forced to play it (very badly) at school. Yes, I admire good players – but I don’t feel a failure because it doesn’t suit me (my sports teachers at school had a go of course…)
Most people who are a right for a profession build skill, fitness and experience one hill, one mountain at a time. If they get on well, they move to the next natural level.
Business is no different – and Amazon is no different to business. Just because Amazon has built the world’s most amazing traffic and conversion machine shouldn’t blind us to the fact that normal business rules still apply.
The economics and business principles are the usual:
Supply and demand. Risk-reward ratios. Opportunity cost.
The mindset and skills needed are the usual ones too:
The skills of assessing the supply and demand balance in a market; assessing risk vs reward; weighing up opportunity cost (if you go for one opportunity, you tie up the money and time that could go into another);
The mindset of a blend of vision and opportunism; pragmatism with some theory and imagination; discipline with flair and improvisation……and so on…
I personally think anyone wants to have a serious crack at building a business and becoming an entrepreneur has never had such opportunity at their feet. And if you want to go for it, I think you should go for it.
There is no reason for anyone to exclude themselves from becoming an entrepreneur.
But wait – isn’t that against everything I’ve been saying in this post?
I want you to have the maximum chance of success, not to exclude you from the club.
What I am saying is that starting an Amazon business with private label does not maximise your chances of succeeding.
Instead, what you should do is read my next post and consider a much lower-risk way to learn your craft as an Amazon seller!
(Now there’s a cliff-hanger…!)
Thanks for reading.
(By the way – well done for reading to the end. Now there’s a hint that you have some stamina. You’ve passed the first test, oh Jedi. If you’re British, Click here – I think you may have what it takes to join the real business builders.)
(Sorry, I couldn’t resist putting a little teaser at the end too! I’ve got to have fun too, you know…)
Absolutely, you can. I’ve set up my own Amazon mastermind myself, as I mentioned earlier.
Here’s the thing – it’s really hard work. If I were just selling on Amazon, rather than also running a podcast and coaching, I simply wouldn’t do it all again. I’d just plug into an existing group.
But, if you want to create something from scratch, I can give you a ton of reality checks form from personal experience:
Firstly, and most importantly, you’ve got to gather together a set of people who are worth being peers with in an Amazon group in the first place.
When I first started out on Amazon, and formed my own peer group of Amazon sellers, I looked through the Facebook group of a course that I was in, and searched for people who lived in or near me (in London). I then tried to check out what they had been posting, to see how active they were, whether they were moving forward with the process, etc.
That took a lot of time and effort. Trouble is, that was just a beginning!
Think about it.
There are a lot of people out on the Facebook groups, even within paid courses, who don’t have enough money, don’t have enough time, and don’t have the right attitude.
They hope they can make some money on Amazon. They’ve often been pitched into the idea that they can easily replace the day job within 3 months (if that’s you.
Sure, it happens- but it’s pretty rare. Sorry to burst your balloon. It’s not a business-like attitude. It’s based on hope. Which, as we all know, is not a strategy…).
What I’ve just described sounds, in fact, like a typical Facebook group of Amazon wannapreneurs.
Which is why my first effort to create a little Amazon mastermind faltered. I had found a bunch of would-be Amazon sellers who lived in London and posted a bit online. Not surprisingly, most of them proved to be very much non-action-takers, and the meetings ended up being people fantasising about starting a business, instead of doing it!
What you need is a filtering system. And, guess what, that takes time and effort to build. What I do these days for the masterminds for Amazon sellers that I run (through Amazing FBA) is have an application process for each Amazon mastermind.
I ask every single applicant to fill in a form with questions that I’ve honed over a year of working this process. Then in some cases (all cases, for applicants to my $10K Collective Amazon mastermind ), I have a 20-30 minute interview in which I ask detailed questions.
Why bother? Well, see above. What happens to you if you create (with some effort) a peer group of under-capitalized, time-poor un-focussed people? Oh yeah…
Of course, if you are going to filter people out, you need a way of finding possible people in the first place. If you’re going to manually do that, you need to be going to a lot of physical meet ups and other big groups.
That’s great, but there aren’t a whole lot of good ones in the UK. There’s a fantastic Amazon meetup in London once a month, run by the excellent Andy Geldman of Webretailer. Then there are various other meet up groups, some of which might be good, but many of which, I suspect, are run by wannabes not business owners.
Once you’ve gathered your troops, you’ve got to find a suitable venue for your Amazon meet up.
Firstly, it needs to be reasonably accessible for your members. So the geography and transport links matter. Then it needs to be affordable (money is whole other issue we’ll discuss). This all takes quite a bit of time and effort. Even in London, I found it took hours, and we have a ton of business meeting venues in this place.
You need a space that enables you all to think clearly. You could use your own house, of course, if you have the space- and the headspace. But do you really want the kids -or your husband/wife-interrupting a crucial business point? How conducive to clear thinking is that? It’s cheap but brings its own issues.
You could use a local pub but I’ve found (having been in an Amazon mastermind in the past who met in one) that the noise seriously disrupts your ability to hear crucial bits of information. So I can’t recommend that.
A quiet cafe is better – but although I find that works great for one-to-one meetings, it’s not really the right way for a group of people to work, as they have to basically take over the room to do it. And there’s always a screaming infant somewhere (and why should there not be? it’s a cafe!)
You need decent wifi of course (although I think it’s less important than most people make it. But you shouldn’t spend your whole time online. You need to think clearly. Online is not the place for that).
I think a whiteboard or an easel with a flipchart is very, very helpful for brainstorming strategies, or capturing key resources (eg websites or online tools) for the group.
Coffee on tap is great -free, good coffee even better! Easily available toilets are a mundane but crucial part of a good venue. And finally, you ideally want somewhere easy for new members to find, not a cramped room hidden upstairs behind a noisy pub!
I hope that the above experiences save you wasting months of hard work. Frankly, now I know from experience what I know, if I were just selling on Amazon, rather than also running a podcast and coaching, I simply wouldn’t do it all again. I’d just plug into an existing group. As indeed I did myself about 18 months ago!
The only reason I go to all the trouble it takes to create and run a Amazon mastermind (which I detailed just some of above), is that it’s part of my mission at Amazing FBA.
That mission is to help Amazon sellers and those in the process of establishing their own Amazon businesses to achieve REAL goals. Not just fantasies. And not to take 12 months on something that you could achieve in 3 months (or even 2) with some guidance from experience.
Even then, I couldn’t justify the time it takes away from my Amazon business if I didn’t charge a certain amount for all the efforts. The cost is pretty modest, by the way, if you compare it to the literally £thousands I’ve seen some Amazon trainers charge.
Often they turn out to be not true small group masterminds, but actually groups of 30-60 people. There’s nothing wrong with paying £10s of thousands if you get value in the £100s of thousands, but I’m pretty suspicious of the value most of those so-called “Amazon masterminds” can really deliver.
So, I guess that brings me fairly unavoidably to mention the Amazon masterminds that I run for Amazing FBA. Again, I don’t want to be self-serving, but it would be a bit strange for me not to mention them in the context of Amazon masterminds and masterminds as a whole.
I try to practise what I preach, basically. I said at the start of this article that I believe that a mastermind needs to be interactive; needs to be focussed; and needs to lead its members to action, which leads to their progress.
From the (sometimes painful) experience of trying many approaches in Amazon masterminds (both as a member and group leader), I’ve found the formula to combine all those good things. Like a lot of good formulas, it’s pretty simple. In fact, that’s partly why it’s so effective.
The secret sauce that I’ve found to combine all those outcomes, is the “Hot Seat”.
I’ve found that to be so effective that we’ve made it the overwhelming focus of each Amazon mastermind meeting.
Here’s how it works:
Each participant gets minimum 30 minutes to focus on their own business. Specifically, to focus on ONE thing. Even more exactly, the ONE roadblock that when they break through it, it will really move the needle. Will really move their business on -substantially.
So it’s very focussed. That’s one secret. It’s also interactive. Because once the member in the hot seat has outlined their issue, all other members are there to bring their experience and thoughts to the issue.
Of course, it’s very helpful if the other members who don’t have anything valuable to bring can keep schtum. That way, others who do bring value can help.
But it is excellent business training to encounter business problems and brainstorm solutions. That is the real training we all need as business builders. Not an obsession with the latest trick or grey hat technique (useful as they are, of course). But business thinking and mindset.
There is a huge bonus of having a genuine peer group in an Amazon mastermind. A lot of the people in the group share the same set of problems. So by listening to solutions to another person’s problem, you’re hearing the solutions to many problems of your own.
SO, the group members can almost not fail to move their business forward. Provided the participants go away and implement this stuff (another crucial word), they Job done! Isn’t it?
Well, almost. The implementation piece has proved to be a real challenge for many Amazon mastermind members. Which is why I’ve recently added in a simple extra process to make sure people are held to account. In other words, to use peer pressure in a very positive way. To get you to do what you said you were going to do!
We’ve simply added in a quick video call check in once a month. The aim? Simple. To make sure people are implementing what they’ve said they would.
It’s early days, but the results already look promising.
It’s fairly obvious where I’m going with this, so I’ll just come out and say it:
-if you’re convinced of the value of being in an Amazon mastermind
-if you’re not wanting to go through the pain, time & effort of creating your own Amazon mastermind,
-AND if you live near London (or can get there)
then obviously I think you should consider the Amazing FBA masterminds!
I’m not going to make a huge pitch for them here; if you want to check them out, there are now two levels:
The Zero to Hero Mastermind, which is geared to those who have not yet launched, and to those doing just a few thousand $ a month (or equivalent) on Amazon (we may form a separate mastermind for the latter as it grows)
The $10K Collective, which is for those doing at least $10K a month on Amazon.
The thing is this. Now, you have a process that means you focus on the biggest win in your business right now. You can get the collective mind to break through blocks and find the actions to get that win. You have a means to hold you to do that action.
Now you have a really powerful driver to move you forward.
Like I said, that may be why nearly all the successful Amazon entrepreneurs I know are part of one.
Wherever you live in the world, I’d encourage you to look for a face-to-face mastermind you can regularly commit to.
The word commit is a key one here too. If you put little in, you get little out.Your peer group will massively impact your wealth and well-being. So Choose wisely who you associate with.
But once you’ve chosen well, commit to your Amazon mastermind. The more you sweat to rearrange your schedule to get to meetings; spend money on trains or planes to get there; in short, the more you put in- the more you get out.
I can give you a promise from my experiences as an Amazon seller and from running groups. The rewards of a really quality Amazon mastermind are truly many times greater than the effort. And the ROI (for the right group) many times greater than the cost.