I get nearly 1,000 emails per week from new entrepreneurs asking for advice in starting their new business. In this video, I’ll answer one of the most common questions I get.
This week’s question comes from Romaine…
My thoughts at this moment in time don’t concern the mechanics or strategy of getting an Amazon business started but rather the potential for future growth of a business in this space. I remember you discussing the growth of the E-Commerce industry and showing some of the projected future trends in one of your live webinars. So what is the likelihood of somebody developing a 6 or 7-figure business entering into E-Commerce at this stage in the game? Is it the case that the number of buyers online continues to outweigh the number of sellers, and if so, for how long?
What I really want to know is if starting a business in this space a zero-sum game?
Watch the video to see my answer 🙂
Will Mitchell here from Startup Bros and this week we have another quick question video for you this week.
What’s the likelihood of somebody developing a six or seven figure business entering into e-commerce in 2017?
Listen, you’re not a lottery ticket, the people that succeed are the people who don’t give up.
The people who run into a roadblock, freak out, and stop working are the people that fail.
So, what is the likelihood of somebody developing this business? It’s 100%, if you want to.
You are not a lottery ticket. Just because there’s a 50% chance of being successful in ‘X’ business, doesn’t mean that you have a 50% chance of being successful.
It just means that 50% of the people that try and take the first step don’t end up at the desired result.
This is something that Peter Theil talks about a lot in his book zero to one, you are not a lottery ticket so don’t think of yourself as one.
It’s not like you’re this binary thing, you are an active, dynamic, human being. Go make success happen, it’s not an odds game, it’s not a roulette game, it’s not a blackjack casino.
This is business, you’ve got to go out there and make it happen man.
Is starting a business a zero sum game?
There is no zero sum game in business. Nobody’s going to give you money if you’re not creating value for them.
This is why America is the largest and most successful economy in human history, because we understand that business is not a zero sum game. We can create value for each other and make both of our lives better.
That’s the unique thing and that’s a good thing to take advantage of. Starting a business is absolutely not a zero sum game, if I pay someone ten bucks to take out my garbage every night that creates more value in my life and in his life.
It’s not a zero sum game because he’s taking my garbage out I don’t need to think about it. Now, I’m going to be able to go create more value for my clients and because of that they’re going to go create value for other people.
We can’t engage in commerce if we’re not both gaining value out of it.
Does the number of buyers outweigh the number of sellers?
Oh yeah absolutely. What is the percentage of people that are actually selling things online?
Think about it…
Probably you know 0.001% of the country or something like that. How many people are buying things online in the US? It’s 70%!
The entire retail industry is going to collapse. Retail is dead and because of that commercial real estate is dead so many things are going to die off in the next ten years.
And all of that money is going to e-commerce. So absolutely the number of buyers outweighs the number of sellers and it always will.
You have to stop thinking about business as a math equation, as this black and white thing.
Business is the grayest of gray areas and you can have success in millions of different ways.
Are you just thinking about problems that you might have in the future? Or are you out there actually running into roadblocks and getting your hands dirty? Are you in the trenches?
From these questions it sounds like you’re thinking about things, that might possibly go wrong, in the event that you didn’t take action.
You’ve got to get out there and work. That’s it, you’ve got to get out there and start working to create value for other people.
All of these questions are just excuses not to take action.
Does having a competitive advantage in the space help create and sustain long term growth of the business?
We have to have a business first right?
And I think too many people try to think about what competitive advantage I will have before they’re even out there.
My suggestion for today’s going to be to go out there and read the book, “The Lean Startup”.
You need to know the lean startup methodology. That mind-set will talk to you about taking the smallest amount of action and investing the smallest amount of time, energy, and money to get that desired result.
It talks about M.V.P.’s (minimum viable products) and how you can get out there and get validation for your ideas before you make any big type of leap.
This is this is absolutely going to be essential for you this is going to change your life Romaine.
Get out there and start working. Again, these are things that all of us think about all the time.
The trick is you have to recognize that this is fundamentally damaging you as an entrepreneur. And you’ve got to get out there and start working.
You’ve got to push these thoughts out of your head. And, you’ve got to reach the logical conclusions that will make it obvious why these thoughts aren’t true.
Then you have to recognize that your brain is trying to play a trick on you and make you not take action because it’s afraid of failure.
Then you’ve got to get out there and start failing man because that’s how you’re going to succeed.
Read the Lean Startup and that’s my advice for you Romaine.