Podcast Summary
Unexpected opportunities, Pivoting business model: Identifying opportunities beyond initial business scope and pivoting can lead to significant growth, but also come with challenges like managing staff, diversifying marketing tactics, and increasing customer lifetime value.
Identifying opportunities in unexpected places and pivoting your business model can lead to significant growth. Lewis Barrows, a 23-year-old entrepreneur, started by selling products on Amazon but discovered the bigger margin was in fulfilling orders for others. He built a successful business, Prep365, by helping others with their side hustles. However, he faces challenges such as managing staff, diversifying marketing tactics, and increasing customer lifetime value. While his journey had its ups and downs, including selling a thermo induction baby bath mat that didn't quite take off, he learned valuable lessons and continues to grow his business.
Risk mitigation strategies: Recognizing potential risks, such as over-reliance on a single revenue source, and taking steps to mitigate them through diversification, strong branding, owning the customer journey, and building a strong team.
Building a successful business involves recognizing potential risks, such as over-reliance on a single revenue source, and taking steps to mitigate them. For instance, diversifying product offerings or building a strong brand can help protect against the unpredictability of market trends and the actions of larger competitors like Amazon. Additionally, the importance of owning the customer journey and building a strong team were emphasized as crucial elements of business growth. The speaker shared his experience of learning these lessons the hard way, but ultimately using them to grow and succeed.
Content Authenticity: Authentic content with depth and thought creates a more engaging and valuable experience for the audience, leading to increased investment of time and attention.
The authenticity and depth of content can significantly impact how engaging and valuable it is to the audience. The speaker emphasized that they could tell when someone had put thought and time into creating content, as opposed to machine-generated content. This authenticity led them to invest more time and attention into the content, ultimately gaining more insights and value. Additionally, the speaker introduced Entrepreneurs University, a platform offering business growth lessons, downloadable PDFs, and access to the speaker's business plans and files for a 14-day free trial and 49.99 monthly subscription. The speaker also shared insights from Lewis Barrows' business journey, highlighting the importance of persistence, thinking big, and getting hands-on experience in sourcing products for reselling on Amazon. Barrows' success story involved selling a variety of items, including toothbrushes and pint glasses, by contacting brands directly and working with distributors to secure large quantities.
Entrepreneurial Opportunities: Being resourceful and willing to take unconventional opportunities can lead to entrepreneurial success. Finding the right people to manage day-to-day operations is crucial for growth.
The key to entrepreneurial success lies in being resourceful and willing to take opportunities, even if they seem small or unconventional at first. The speaker shared his experience of starting a business by selling toothbrushes, which he bought at a discount from a large spender and sold at a profit. He also emphasized the importance of finding the right people to manage day-to-day operations, allowing the entrepreneur to focus on growing the business. The speaker's success story illustrates the importance of being proactive, resourceful, and open to opportunities, as well as the value of delegating tasks to capable individuals.
Hiring Team Members: A thorough interview process including group interviews, one-on-ones, and presentations, seeking advice, and considering attitude are crucial for hiring the right team members. Diversifying marketing tactics beyond partnerships and organic growth can help expand reach and grow business effectively.
Having a well-written job description and a thorough interview process are crucial for hiring the right team members. Entrepreneurs, in particular, should consider a multi-interview process that includes group interviews, one-on-ones, and presentations from candidates on how they plan to improve the business. Hiring the wrong person can be costly in terms of time, effort, and money, so it's essential to take a deselection approach rather than a selection one. Consider seeking advice from experienced business owners or recruitment agencies to help you find the right candidates. Additionally, remember that attitude is just as important as skill set when hiring. When it comes to marketing, diversifying tactics beyond partnerships and organic growth can be beneficial. Starting with a marketing agency and exploring options like paid ads can help expand your reach and grow your business more effectively.
Hiring a Manager, Expanding to Other Platforms: Focus on strategic growth opportunities by hiring a competent manager and expanding to other platforms like TikTok shop or Shopify for potential profit.
To grow a business, especially an Amazon FBA business, it's crucial to focus on regaining your time by hiring a competent manager or team. This will enable you to focus on strategic decision-making and growth opportunities, rather than being bogged down by day-to-day management tasks. Additionally, expanding your business to other platforms like TikTok shop or Shopify can be a profitable move for those already selling on Amazon. A well-crafted direct mail campaign, along with emails and phone calls, can be an effective way to reach out to potential brands and businesses for partnerships. The investment in a manager may seem significant at first, but the long-term benefits of regained time and potential growth opportunities make it a worthwhile investment.
Entrepreneurial growth vs relaxation: While fully committing to business growth is important, entrepreneurs should also make time for relaxation and expanding their thinking to develop all necessary traits for success
Lewis, a young entrepreneur, is fully committed to growing his business and has the potential to become a multimillionaire. He currently spends all his time and energy on expanding his business, but the hosts suggest he should also take time to relax and expand his thinking. In the 8 Traits of the Greats assessment, Lewis receives a 6.5 out of 8, indicating he's on the right track but still needs to develop some traits, such as passion for a cause and mastering relationships. The hosts believe he will become a master entrepreneur in a few years and are impressed with his commercial awareness, innovation, and marketing skills. They encourage listeners to check out his business Prep365 and consider investing in him.
Podcast feedback and community: Podcast hosts value honest feedback and encourage listeners to leave reviews or ratings, emphasizing the importance of spreading the word through subscribing, rating, and reviewing. They remain committed to helping their audience grow despite lower ratings, and express care and concern for their community members.
The podcast hosts value honest feedback from their listeners, and they encourage them to leave a review or rating if they enjoy the content. Despite a lower rating, the hosts remain committed to helping their audience grow their businesses. They also mentioned that the podcast exists to provide valuable insights for business growth and emphasized the importance of spreading the word by subscribing, rating, and reviewing the podcast. The hosts also expressed their care and concern for one of their listeners, Steve, and acknowledged his honesty. Overall, the podcast episode emphasizes the importance of authenticity and community in growing a business.