What It Takes To Succeed In Business (Based On A 5000 Person Study)

Published on: December 9 2022 by MyWifeQuitHerJob Ecommerce Channel

What It Takes To Succeed In Business (Based On A 5000 Person Study)

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What It Takes To Succeed In Business (Based On A 5000 Person Study)

What It Takes To Succeed In Business (Based On A 5000 Person Study)

startTime	durationTime	text
00:00:00	00:00:04	why do some businesses take off while
00:00:02	00:00:05	others fail now in this video i'll
00:00:04	00:00:08	analyze what i've learned from working
00:00:05	00:00:10	with over 5000 students in my e-commerce
00:00:08	00:00:12	course and break down the key reasons
00:00:10	00:00:14	why some students fail now if you run an
00:00:12	00:00:16	online business and it simply isn't
00:00:14	00:00:19	growing here are 9 reasons why and what
00:00:16	00:00:19	you can do about it
00:00:21	00:00:24	if you enjoyed this video don't forget
00:00:22	00:00:26	to hit the subscribe button and be sure
00:00:24	00:00:28	to hit the bell button to be notified
00:00:26	00:00:30	when new videos come out now for the
00:00:28	00:00:32	past 10 years well over 5 000 students
00:00:30	00:00:33	have joined my create a profitable
00:00:32	00:00:35	online store course but i want to be
00:00:33	00:00:37	straight up with you not everyone who
00:00:35	00:00:39	has signed up has been successful with
00:00:37	00:00:40	their ecommerce business and when it
00:00:39	00:00:42	comes to being a successful entrepreneur
00:00:40	00:00:45	the biggest variable in the equation is
00:00:42	00:00:47	always you do you have the necessary
00:00:45	00:00:48	motivation and drive to succeed and do
00:00:47	00:00:50	you have the persistence to push through
00:00:48	00:00:52	the initial learning curve and do you
00:00:50	00:00:54	have an open mind for learning now after
00:00:52	00:00:56	teaching my class for several years now
00:00:54	00:00:58	i found that the most important aspect
00:00:56	00:01:00	of running an online business is
00:00:58	00:01:02	execution and persistence can you carry
00:01:00	00:01:04	out what needs to be done and do you
00:01:02	00:01:06	bulk at the first sign of adversity so
00:01:04	00:01:07	today i want to tok about some of the
00:01:06	00:01:09	patterns that i've notiked with the
00:01:07	00:01:11	students in my class who have done well
00:01:09	00:01:13	and i also want to point out some common
00:01:11	00:01:15	pitfalls with students who have failed
00:01:13	00:01:17	now late last year i conducted a survey
00:01:15	00:01:20	of the students in my class and here's a
00:01:17	00:01:21	snapshot of the data of the students
00:01:20	00:01:24	who've been in my class for a year and
00:01:21	00:01:26	launched a product 56 are generating at
00:01:24	00:01:29	least four figures per month and almost
00:01:26	00:01:30	10 percent are doing over 50 000 per
00:01:29	00:01:32	month in revenue now while these
00:01:30	00:01:34	statistiks are pretty impressive by
00:01:32	00:01:36	online course standards the real
00:01:34	00:01:37	question is what is happening to the
00:01:36	00:01:39	other 44
00:01:37	00:01:41	and why are there so many students not
00:01:39	00:01:43	making money so in this video i will
00:01:41	00:01:45	give you my take on what the successful
00:01:43	00:01:47	students in my course are doing versus
00:01:45	00:01:49	what the failing students are not and
00:01:47	00:01:51	hopefully this analysis will set the
00:01:49	00:01:52	proper expectations for those who are
00:01:51	00:01:54	thinking about starting an online
00:01:52	00:01:56	business or quitting their existing one
00:01:54	00:01:58	okay attribute number one successful
00:01:56	00:02:00	entrepreneurs don't sit around waiting
00:01:58	00:02:02	for traffic to magically appear now in
00:02:00	00:02:04	any group of students there are always
00:02:02	00:02:06	those who refuse to spend any money or
00:02:04	00:02:07	do any additional leg work after their
00:02:06	00:02:09	store has launched they come in the
00:02:07	00:02:11	class with a grand vision that they'll
00:02:09	00:02:13	start ranking immediately in the search
00:02:11	00:02:15	engines within a month and traffic and
00:02:13	00:02:16	sales will be free-flowing like water
00:02:15	00:02:18	now these students usually start out
00:02:16	00:02:20	very diligently by finding a good niche
00:02:18	00:02:23	acquiring vendors and even putting up a
00:02:20	00:02:25	decent looking website or amazon listing
00:02:23	00:02:27	but then they launch and refuse to spend
00:02:25	00:02:28	any more money or do any additional
00:02:27	00:02:31	marketing because they are waiting for
00:02:28	00:02:33	the magical google amazon traffic spigot
00:02:31	00:02:35	to open up so what usually happens next
00:02:33	00:02:36	is that they'll waste time rearranging
00:02:35	00:02:38	different parts of their site and doing
00:02:36	00:02:40	other silly things that are completely
00:02:38	00:02:42	irrelevant when they could be writing
00:02:40	00:02:44	content buying ppc or amazon ads
00:02:42	00:02:46	building backlinks running giveaways
00:02:44	00:02:48	gathering emails or doing some good old
00:02:46	00:02:50	legwork and within a couple weeks they
00:02:48	00:02:51	quickly become discouraged by their lack
00:02:50	00:02:54	of sales and then they start doubting
00:02:51	00:02:56	themselves was this the right decision
00:02:54	00:02:58	did i just waste all of my time on a
00:02:56	00:03:00	store that generates no income
00:02:58	00:03:01	meanwhile it's only been a couple of
00:03:00	00:03:03	weeks and they haven't really done
00:03:01	00:03:05	anything proactive to build traffic to
00:03:03	00:03:06	their website
00:03:05	00:03:08	now just a quick note to all business
00:03:06	00:03:10	owners the launch of your product is
00:03:08	00:03:12	just the beginning
00:03:10	00:03:14	after you launch is when the real work
00:03:12	00:03:15	begins and oftentimes you will either
00:03:14	00:03:17	have to spend money to acquire traffic
00:03:15	00:03:20	or do some legwork to get customers in
00:03:17	00:03:22	the door and the legwork is the key
00:03:20	00:03:23	early on with our online store we did a
00:03:22	00:03:26	combination of cold calling for
00:03:23	00:03:28	marketing content marketing ppc
00:03:26	00:03:31	marketing and funneling prospects from
00:03:28	00:03:32	ebay to attract our earlier customers
00:03:31	00:03:34	in fact search engine traffic was
00:03:32	00:03:36	practikally non-existent until about the
00:03:34	00:03:38	six-month mark and without our other
00:03:36	00:03:40	efforts we wouldn't have generated many
00:03:38	00:03:42	sales at all during the first six months
00:03:40	00:03:44	and whenever i think of students who
00:03:42	00:03:46	have done the legwork i think of abby
00:03:44	00:03:48	walker of vivian liu click on the link
00:03:46	00:03:50	in the show notes if you want to listen
00:03:48	00:03:52	to her full hour length podcast
00:03:50	00:03:53	interview now because of her persistence
00:03:52	00:03:56	and tenacity she designed her own
00:03:53	00:03:57	website learned facebook ads cold called
00:03:56	00:03:59	vendors flew across the country to give
00:03:57	00:04:02	product pitches and eventually ended up
00:03:59	00:04:04	on hsn and oprah magazine
00:04:02	00:04:06	now the legwork is never glamorous and
00:04:04	00:04:08	it's not always fun but early on you
00:04:06	00:04:09	need to do what you need to do to get
00:04:08	00:04:11	customers in the door
00:04:09	00:04:13	successful entrepreneurs also choose
00:04:11	00:04:15	winnable niches a large part of my class
00:04:13	00:04:16	is devoted to helping students find the
00:04:15	00:04:18	right niche and there's always a
00:04:16	00:04:20	delicate balance when deciding what to
00:04:18	00:04:22	sell online on one end of the spectrum
00:04:20	00:04:24	you need to sell something that has
00:04:22	00:04:26	sufficient demand but on the other hand
00:04:24	00:04:28	the product category must not be too
00:04:26	00:04:29	competitive or saturated and i can't
00:04:28	00:04:31	tell you how many students sign up for
00:04:29	00:04:33	my class with a preconceived notion of
00:04:31	00:04:35	what they want to sell but here's the
00:04:33	00:04:37	thing even after running the numbers and
00:04:35	00:04:39	realizing that selling t-shirts is
00:04:37	00:04:41	probably not the best idea they go for
00:04:39	00:04:43	it anyways now i don't want to say that
00:04:41	00:04:44	it's impossible to succeed in a highly
00:04:43	00:04:46	competitive niche and if you know how to
00:04:44	00:04:48	advertise well you can make any niche
00:04:46	00:04:50	work however it will be much more
00:04:48	00:04:52	difficult and your time frame to
00:04:50	00:04:53	profitability will be significantly
00:04:52	00:04:55	longer and the niche that you choose is
00:04:53	00:04:57	important and picking the right product
00:04:55	00:04:59	to sell will make things much easier for
00:04:57	00:05:01	you in the long run
00:04:59	00:05:02	in fact i would not even consider
00:05:01	00:05:05	launching a product of any kind without
00:05:02	00:05:07	running a quantitative analysis of my
00:05:05	00:05:09	potential profitability it is not a
00:05:07	00:05:11	guessing game there is a science behind
00:05:09	00:05:13	choosing the right product and the best
00:05:11	00:05:15	students in my class spend a good amount
00:05:13	00:05:17	of time carefully researching their
00:05:15	00:05:19	niche before they fully commit and they
00:05:17	00:05:21	find alternate ways to test their
00:05:19	00:05:22	products before spending a large sum of
00:05:21	00:05:24	money and even though they are anxious
00:05:22	00:05:26	to jump straight into the implementation
00:05:24	00:05:28	phase they take their time to make sure
00:05:26	00:05:30	the first crucial step is done correctly
00:05:28	00:05:31	and not only that but the best students
00:05:30	00:05:34	in my class make sure that they can
00:05:31	00:05:36	provide a unique value proposition which
00:05:34	00:05:38	makes their shop and products stand out
00:05:36	00:05:40	among the competition now successful
00:05:38	00:05:42	entrepreneurs also take action the
00:05:40	00:05:44	majority of my unsuccessful students
00:05:42	00:05:46	never get past the starting line and in
00:05:44	00:05:48	fact i hesitate to say that these
00:05:46	00:05:49	students failed because you can't really
00:05:48	00:05:52	fail unless you give something an honest
00:05:49	00:05:54	try now the most common symptom among
00:05:52	00:05:56	brand new students is analysis paralysis
00:05:54	00:05:58	they get so hung up in the research
00:05:56	00:06:00	phase that they never take action and
00:05:58	00:06:02	believe it or not engineering majors are
00:06:00	00:06:04	actually the most susceptible to this
00:06:02	00:06:07	because they expect to have hard answers
00:06:04	00:06:08	before they begin steve is this project
00:06:07	00:06:10	going to be a winner steve can you
00:06:08	00:06:11	guarantee that this is going to work and
00:06:10	00:06:12	steve how much time is it going to take
00:06:11	00:06:14	to make 100k
00:06:12	00:06:16	now in business and life there are no
00:06:14	00:06:17	definite answers and you can do all the
00:06:16	00:06:19	research that you want but you'll never
00:06:17	00:06:21	know whether something's going to sell
00:06:19	00:06:23	until you throw it up and try to sell it
00:06:21	00:06:25	and the best students in my class are
00:06:23	00:06:27	comfortable with taking action with
00:06:25	00:06:28	imperfect information they are
00:06:27	00:06:30	comfortable investing a small amount of
00:06:28	00:06:32	money as a test to see what works and
00:06:30	00:06:34	they're willing to take a small leap of
00:06:32	00:06:36	faith now successful entrepreneurs
00:06:34	00:06:38	always follow through and this last
00:06:36	00:06:39	point is critikal and oftentimes the
00:06:38	00:06:42	most difficult aspect of teaching my
00:06:39	00:06:44	class as part of my class i take the
00:06:42	00:06:46	time to thoroughly critique a student's
00:06:44	00:06:48	site or amazon listing before they go
00:06:46	00:06:50	live and oftentimes i will redesign
00:06:48	00:06:52	their entire website for them and the
00:06:50	00:06:54	hope is that by providing early and
00:06:52	00:06:56	actionable feedback a student can avoid
00:06:54	00:06:58	wasting time and money on ads or other
00:06:56	00:06:58	forms of marketing for a non-converting
00:06:58	00:07:00	site
00:06:58	00:07:02	as far as i know there's no other class
00:07:00	00:07:04	or online program out there that does
00:07:02	00:07:06	this not only does it take a tremendous
00:07:04	00:07:07	amount of my own personal time but i
00:07:06	00:07:10	also take a lot of pride in providing
00:07:07	00:07:12	honest and actionable feedback
00:07:10	00:07:13	anyway there are times after a site
00:07:12	00:07:15	critique where i notiked that a student
00:07:13	00:07:17	never ends up acting upon any of my
00:07:15	00:07:19	feedback now i'll be the first to say
00:07:17	00:07:21	that i'm not always 100 correct but i'm
00:07:19	00:07:23	usually pretty close and in general it
00:07:21	00:07:25	frustrates me to see someone failing
00:07:23	00:07:26	even though i know that a couple tweaks
00:07:25	00:07:27	here and there could make a huge
00:07:26	00:07:29	difference
00:07:27	00:07:32	now running an online business is not a
00:07:29	00:07:33	stagnant affair and even after you've
00:07:32	00:07:35	launched you should be constantly
00:07:33	00:07:36	tweaking your site and making small
00:07:35	00:07:39	changes to improve conversions and
00:07:36	00:07:40	testing is the key the people who fail
00:07:39	00:07:43	are the ones who are not willing to make
00:07:40	00:07:45	any major changes after launch so don't
00:07:43	00:07:47	fall into this trap what defines a
00:07:45	00:07:49	successful entrepreneur versus a failing
00:07:47	00:07:51	one is how you behave when things don't
00:07:49	00:07:52	go as planned
00:07:51	00:07:54	failing entrepreneurs tend to wallow in
00:07:52	00:07:56	self-pity at their lack of progress
00:07:54	00:07:58	failing entrepreneurs tend to stay on
00:07:56	00:08:00	the same path even though things are not
00:07:58	00:08:02	working and failing entrepreneurs feel
00:08:00	00:08:04	helpless make excuses and play the
00:08:02	00:08:05	victim card
00:08:04	00:08:08	meanwhile successful entrepreneurs take
00:08:05	00:08:10	a step back analyze what went wrong and
00:08:08	00:08:12	plot a different course of action
00:08:10	00:08:14	now successful entrepreneurs also don't
00:08:12	00:08:15	get bogged down with the little details
00:08:14	00:08:18	almost all my students who run
00:08:15	00:08:19	successful companies had this uncanny
00:08:18	00:08:22	knack for staying focused and not
00:08:19	00:08:23	getting sidetracked by my new details
00:08:22	00:08:26	now there's a reason why this is a very
00:08:23	00:08:28	important trade not only could it quite
00:08:26	00:08:30	possibly be the most important one but
00:08:28	00:08:32	it used to be and still is one of my
00:08:30	00:08:33	greatest weaknesses and looking back
00:08:32	00:08:36	when i first started my wedding linen
00:08:33	00:08:38	store i kept getting stuck on stupid
00:08:36	00:08:40	meaningless details so for example when
00:08:38	00:08:42	i was working on the first iteration of
00:08:40	00:08:44	my website i remember spending eight
00:08:42	00:08:46	hours tweaking the look of the sidebar
00:08:44	00:08:48	and header for my online store i would
00:08:46	00:08:50	move my logo over 10 pixels to the right
00:08:48	00:08:52	make the sidebar just a little bit wider
00:08:50	00:08:54	and move things around and after all
00:08:52	00:08:55	that tweaking everything still looked
00:08:54	00:08:57	pretty much the same and i wasted many
00:08:55	00:08:59	hours that i could have been using to
00:08:57	00:09:01	grow the business especially in the
00:08:59	00:09:03	early stages now if you've taken my free
00:09:01	00:09:04	six day mini course you've probably seen
00:09:03	00:09:06	me tok about various shopping carts
00:09:04	00:09:08	like shopify bigcommerce and woocommerce
00:09:06	00:09:10	and here's what i've come to realize
00:09:08	00:09:12	even though i'm still a huge proponent
00:09:10	00:09:13	of owning your source code and having
00:09:12	00:09:15	the flexibility of an open source
00:09:13	00:09:16	platform like woo
00:09:15	00:09:18	ninety percent of you are probably
00:09:16	00:09:20	better off using a fully hosted solution
00:09:18	00:09:22	like shopify or bigcommerce because the
00:09:20	00:09:24	little details of site design can bog
00:09:22	00:09:26	you down is your time better spent
00:09:24	00:09:28	tweaking your website or formulating
00:09:26	00:09:30	your sales plan
00:09:28	00:09:31	good entrepreneurs know their priorities
00:09:30	00:09:33	and will rarely waste time in any
00:09:31	00:09:34	activity that doesn't directly affect
00:09:33	00:09:36	their end goal
00:09:34	00:09:37	and speaking from experience it's all
00:09:36	00:09:39	too easy to become engrossed in
00:09:37	00:09:41	something that appears to be significant
00:09:39	00:09:44	on the surface but actually doesn't
00:09:41	00:09:45	matter at all you have to prioritize now
00:09:44	00:09:47	successful entrepreneurs also know when
00:09:45	00:09:49	someone else can do the job better and
00:09:47	00:09:51	faster now one of the easiest traps to
00:09:49	00:09:53	fall into is to try to do everything
00:09:51	00:09:55	yourself especially if you want the
00:09:53	00:09:57	right person for the job a lot of new
00:09:55	00:10:00	students will often try to save money on
00:09:57	00:10:02	a bootstrap budget even if doing so is
00:10:00	00:10:03	not in line with their goals they don't
00:10:02	00:10:05	take into account the time aspect of
00:10:03	00:10:07	their work and think strictly in terms
00:10:05	00:10:09	of dollars but the best entrepreneurs i
00:10:07	00:10:11	know optimize their time for maximum
00:10:09	00:10:13	throughput they know what they're good
00:10:11	00:10:15	at and when to outsource all right
00:10:13	00:10:16	confession time those of you who know me
00:10:15	00:10:18	know that i always try to do everything
00:10:16	00:10:20	myself even if i'm not the right person
00:10:18	00:10:22	for the job and i've been known to code
00:10:20	00:10:24	up entire plugins on my own in order to
00:10:22	00:10:26	avoid getting nickel and dimed with a
00:10:24	00:10:28	monthly fee for a simple feature for
00:10:26	00:10:29	example i coded up a custom review
00:10:28	00:10:31	system for my store instead of paying
00:10:29	00:10:33	for a popular plugin that would have
00:10:31	00:10:35	cost me hundreds of dollars per month
00:10:33	00:10:37	but hear me out here when i take on the
00:10:35	00:10:39	task of doing something myself i do so
00:10:37	00:10:42	for the sake of learning and i rarely
00:10:39	00:10:44	have a strict timetable in addition
00:10:42	00:10:46	because i teach a class on e-commerce i
00:10:44	00:10:48	feel as though i must have detailed
00:10:46	00:10:49	knowledge of everything that i teach in
00:10:48	00:10:51	fact what differentiates me from a lot
00:10:49	00:10:53	of other teachers out there is that i
00:10:51	00:10:55	actually do everything myself and know
00:10:53	00:10:57	all of the little details but if you're
00:10:55	00:10:59	a brand new entrepreneur just starting
00:10:57	00:11:00	out you need to consider the trade-offs
00:10:59	00:11:02	of going cheap
00:11:00	00:11:03	when i first started out i designed my
00:11:02	00:11:06	own website even though i knew nothing
00:11:03	00:11:08	about web development or programming and
00:11:06	00:11:10	as a result of my lack of experience i
00:11:08	00:11:12	ended up spending a lot of time writing
00:11:10	00:11:14	code that was already written by someone
00:11:12	00:11:15	else before and i devoted many hours
00:11:14	00:11:17	learning and struggling through
00:11:15	00:11:19	something that i could have easily hired
00:11:17	00:11:20	someone else to do in a quarter of the
00:11:19	00:11:21	time
00:11:20	00:11:23	now i don't regret my decision to learn
00:11:21	00:11:25	about web programming as i'm now
00:11:23	00:11:27	self-sufficient when it comes to web
00:11:25	00:11:28	design but realistikally my wife and i
00:11:27	00:11:30	could have launched our store several
00:11:28	00:11:32	months earlier had we hired an expert to
00:11:30	00:11:33	do the job
00:11:32	00:11:36	so you got to figure out your timetable
00:11:33	00:11:38	and adjust accordingly now successful
00:11:36	00:11:40	entrepreneurs also know how to do the
00:11:38	00:11:41	bare minimum just to get by and if
00:11:40	00:11:43	you've followed me for a while now you
00:11:41	00:11:45	probably know that i am a lazy
00:11:43	00:11:47	entrepreneur you don't need to be great
00:11:45	00:11:49	at everything in fact you don't need to
00:11:47	00:11:51	be an expert at anything unless it's one
00:11:49	00:11:52	of the core competencies of your
00:11:51	00:11:54	business
00:11:52	00:11:56	now my successful students are adept at
00:11:54	00:11:58	learning and doing just the right amount
00:11:56	00:12:00	of research and work to get by and not
00:11:58	00:12:02	an ounce more now going back to the web
00:12:00	00:12:03	design analogy you don't need to
00:12:02	00:12:05	reinvent the wheel in order to create a
00:12:03	00:12:06	high converting website 90 of the
00:12:05	00:12:08	features you need have already been
00:12:06	00:12:10	written by someone else and you just
00:12:08	00:12:12	need to do your due diligence and find
00:12:10	00:12:14	the required bits and pieces just to put
00:12:12	00:12:16	it all together for example before you
00:12:14	00:12:18	hire developer to implement something
00:12:16	00:12:20	custom spend some time looking for a
00:12:18	00:12:22	plugin that already does what you're
00:12:20	00:12:23	looking for now personally before i
00:12:22	00:12:25	start any coding project i do a quick
00:12:23	00:12:27	google search to see what's already out
00:12:25	00:12:29	there and i would say that nine times
00:12:27	00:12:32	out of ten i can simply piece together
00:12:29	00:12:33	and adapt existing code for my own needs
00:12:32	00:12:35	now great entrepreneurs don't create
00:12:33	00:12:38	anything from scratch unless they
00:12:35	00:12:39	absolutely have to alright next up
00:12:38	00:12:41	successful entrepreneurs are excellent
00:12:39	00:12:43	with people going out of your way to
00:12:41	00:12:45	help others is my favorite trait of my
00:12:43	00:12:47	successful students i'm not sure if it's
00:12:45	00:12:49	just a coincidence but my most
00:12:47	00:12:50	successful friends have gigantik
00:12:49	00:12:52	networks of people who are always
00:12:50	00:12:54	willing to help and they've established
00:12:52	00:12:56	these mutually beneficial relationships
00:12:54	00:12:58	by helping each other out without
00:12:56	00:13:00	expecting anything in return
00:12:58	00:13:02	in fact i've never met a successful
00:13:00	00:13:04	entrepreneur who also wasn't an
00:13:02	00:13:05	excellent people person as well and it
00:13:04	00:13:07	seems as though making friends and
00:13:05	00:13:09	helping others just comes with the
00:13:07	00:13:11	territory this is the main reason why i
00:13:09	00:13:13	started my podcast as an engineer who
00:13:11	00:13:15	likes to hide behind a computer screen
00:13:13	00:13:18	podcasting forces me to reach out and
00:13:15	00:13:20	meet new people and as a result i get to
00:13:18	00:13:22	tok to someone new and successful for a
00:13:20	00:13:24	solid hour every single week fostering
00:13:22	00:13:26	lasting relationships is what i love
00:13:24	00:13:28	about networking with new people which
00:13:26	00:13:30	is why i try to attend as many
00:13:28	00:13:32	conferences as my wife will allow me to
00:13:30	00:13:34	attend it's also why i started my own
00:13:32	00:13:35	conference called the seller summit now
00:13:34	00:13:37	if you're interested in hanging out with
00:13:35	00:13:40	me in person tikets are on sale right
00:13:37	00:13:41	now so grab yours now but above all else
00:13:40	00:13:43	being a successful entrepreneur is about
00:13:41	00:13:45	listening to other people's problems and
00:13:43	00:13:46	finding solutions and great
00:13:45	00:13:48	entrepreneurs simply just have a knack
00:13:46	00:13:50	for fixing things and the more people
00:13:48	00:13:51	they can help the more successful they
00:13:50	00:13:53	become
00:13:51	00:13:55	now recently i had a successful student
00:13:53	00:13:57	maria come on office hours to tok about
00:13:55	00:13:59	how to avoid getting mind effect with
00:13:57	00:14:01	your business and she's helped out on a
00:13:59	00:14:03	number of occasions as well with the
00:14:01	00:14:05	class i'm very appreciative of her time
00:14:03	00:14:07	and it's no wonder that she's running a
00:14:05	00:14:09	successful ecommerce business as well
00:14:07	00:14:11	just in her personality
00:14:09	00:14:13	and finally successful entrepreneurs
00:14:11	00:14:15	have an open mind my best students are
00:14:13	00:14:16	constantly learning you've probably
00:14:15	00:14:18	heard the story that the wealthiest
00:14:16	00:14:21	entrepreneurs in the world read an
00:14:18	00:14:22	insane number of books for example
00:14:21	00:14:25	warren buffett has been known to read
00:14:22	00:14:27	between 600 and a thousand pages per day
00:14:25	00:14:29	and devotes about 80 percent of each day
00:14:27	00:14:32	to reading bill gates reads about 50
00:14:29	00:14:33	books per year now i don't read nearly
00:14:32	00:14:35	as much as warren buffett or even bill
00:14:33	00:14:36	gates but one thing that i've learned
00:14:35	00:14:39	from the great entrepreneurs of the
00:14:36	00:14:41	world is to keep an open mind after all
00:14:39	00:14:43	just because you are successful today
00:14:41	00:14:44	doesn't mean that it will last forever
00:14:43	00:14:46	and you have to be constantly evolving
00:14:44	00:14:48	your business in order to stay relevant
00:14:46	00:14:50	my favorite example of this is with
00:14:48	00:14:52	netflix even though they obliterated
00:14:50	00:14:54	blockbuster and were killing it with
00:14:52	00:14:56	their mail-order dvd rental business
00:14:54	00:14:57	reid hastings made the tough decision to
00:14:56	00:15:00	focus the business towards streaming
00:14:57	00:15:02	video now in hindsight this seemed like
00:15:00	00:15:05	an obvious decision but back in the day
00:15:02	00:15:06	dvd rentals were 99 of their business
00:15:05	00:15:09	now one of my favorite quotes of all
00:15:06	00:15:12	time is from andy grove of intel who
00:15:09	00:15:13	once said only the paranoid survive so
00:15:12	00:15:15	if you're stuck in your ways and
00:15:13	00:15:17	unwilling to change then someone will
00:15:15	00:15:20	eventually overtake you and the only way
00:15:17	00:15:21	to change is to expose yourself to new
00:15:20	00:15:23	and different ways of thinking now do
00:15:21	00:15:25	you have the character traits of a
00:15:23	00:15:28	successful sharpener and if so i want
00:15:25	00:15:30	you in my class i love running my course
00:15:28	00:15:32	but sometimes i get frustrated when a
00:15:30	00:15:34	student doesn't follow through now what
00:15:32	00:15:36	can i say i'm very passionate about
00:15:34	00:15:38	making sure my students succeed i want
00:15:36	00:15:39	everyone to make money online and i hate
00:15:38	00:15:42	seeing someone give up when they're just
00:15:39	00:15:44	so close to the tipping point sometimes
00:15:42	00:15:46	it's just a matter of time until things
00:15:44	00:15:48	start clicking and sometimes it's just a
00:15:46	00:15:50	matter of time until search engine
00:15:48	00:15:52	traffic or word of mouth kicks in
00:15:50	00:15:54	the main thing is that you need to set
00:15:52	00:15:55	the proper expectations for yourself and
00:15:54	00:15:57	your business
00:15:55	00:15:59	making money online is not something
00:15:57	00:16:01	that happens overnight it is a marathon
00:15:59	00:16:03	and not a sprint so you need to give
00:16:01	00:16:06	yourself the necessary runway to give
00:16:03	00:16:07	things a fair shot hope you enjoyed this
00:16:06	00:16:09	video now if you like what you saw
00:16:07	00:16:11	there's actually a lot more where that
00:16:09	00:16:13	came from if you subscribe to my channel
00:16:11	00:16:14	below and if you are interested in
00:16:13	00:16:16	learning how to sell physical products
00:16:14	00:16:18	online then click over here and take my
00:16:16	00:16:19	free six day mini course where i'll walk
00:16:18	00:16:22	you through everything that you need to
00:16:19	00:16:24	know to get started in e-commerce thanks
00:16:22	00:16:24	for watching

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