When to quit and when to Stick in E-commerce [PART 2]

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

If quitting is going to be a strategic choice, then decide in advance what your criteria are for quitting. There's an ultramarathoner, Dick Collins who says: " Decide in advance when you're going to quit. And that does not include- if you're running an ultramarathon- feeling dehydrated, sleepy, tired, and it's cold and windy. If you're making a decision based on how you feel at the moment, you'll probably make the wrong decision." Your criteria for quitting don't include, " I don't like all the hassle I'm getting from Amazon, they've suspended my listing." Those are not strategic quitting reasons. They're just you're getting a bit fed up and stressed. Hi, I'm Michael Veazey from Amazing FBA and I'm the leader of the 10k Collective Mastermind, a mastermind for private label sellers and product brand owners who sell at least half a million dollars a year or more on Amazon. Over the last five years we've had members triple their revenue in one year, grow to eight figures and one member get to a seven- figure exit. Now we're taking it to the next level. I'm excited to introduce the 10K collective Uber mastermind. It's a unique combination of peer group support in person and online and specialist coaching. If you're ready to take your business to seven figures and beyond, then click the button to find out more about the 10k Collective Uber Mastermind today. If you're listening to this on a podcast, just go to TheAmazonmastermind.com. that's theAmazonmastermind.com to find out more today. Hi folks, this is Michael Veazey. Today I'm going to talk about the superpower, the secret power, of quitting when you can grow a business or a career by stopping doing stuff and starting to do other things, making space for other things. Ways to Fail... Here's a little failure list from Godin. "Seven reasons you might fail to become the best in the world. Number one, you run out of time and quit. Number two, you run out of money and you quit. Number three, you get scared and quit. Number four, you're not serious about it and you quit. Number five, you lose interest or enthusiasm or settle for being mediocre. Number six, you focus on the short term instead of the long term and quit when the short term gets too hard. Number seven, you pick the wrong thing at which to be the best in the world because you don't have the talent. " Be honest Now, that sounds like a bit of a depressing list, doesn't it? But let's be honest. If you are honest with yourself, you can probably tell in advance that you don't have enough time to launch a new product this year, or start a direct to consumer site that you're going to do properly. That you don't have enough money yet to go and launch 60 new products this year. I had a client who did that at some point- 60 new products in one quarter. But the guy had borrowed half a million pounds against his house. He had the money. He was taking the risk. He believed in what he was doing and it's worked out incredibly well for him. It's 10 X'd the revenue of his business since he joined the mastermind "You're not serious about it." You're not serious about it." I've been guilty, many of us do, if you get pitched into doing a business model or a type of work that looks attractive, but you're really hoping for a quick buck, you're probably not serious about it. I'm not going to condemn you for that because I've done that and, we're all vulnerable to that kind of marketing, but it's just a good idea to recognize if that's the truth and then just walk away. "Focusing on the short term instead of the long term." "Focusing on the short term instead of the long term." If you have given a business model less than 12 months, then you're just not even, again, you're not serious. Which is fine, but don't bother. If you're going to go into something for three months, I just don't think you should bother doing it at all. Whatever it is, new product line,