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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)

The above is a brief introduction to What It Takes To Succeed In Business (Based On A 5000 Person Study).

Let's move on to the first section of 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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