9 Brutal Ecommerce Truths I Learned Going From $0 to $2M/Year

How to Achieve Financial Success: Nine Brutal Truths

The Reality of Traditional Success Advice

• The speaker reflects on the conventional advice of working hard, going to college, and securing a good job, which led them to an unfulfilling corporate desk job.

• They emphasize that traditional mentors (parents, teachers, bosses) often lack real-world experience in making significant money.

• After years of trial and error, the speaker achieved financial success at 38 by unlearning previous teachings and adopting nine critical truths.

Truth #1: Beware of Dream Killers

• The first truth highlights that those closest to you can be your biggest dream killers; they may unintentionally drain your motivation.

• Personal anecdote about starting a handkerchief business illustrates how negative feedback from friends delayed their launch and cost them revenue.

• The speaker advises surrounding oneself with supportive individuals who are also pursuing entrepreneurial goals.

Truth #2: Realistic Expectations for Wealth

• The second truth states that becoming rich takes time; anyone promising quick wealth is likely misleading you.

• Personal timelines shared: it took one year for the handkerchief business to reach $100K profit and three years for blogging to hit $100K.

• Emphasizes the importance of setting realistic expectations and committing to long-term efforts rather than seeking immediate results.

Truth #3: Ignore Naysayers

• Third truth discusses how people will criticize your ambitions; many are looking for excuses not to pursue their own dreams.

• A rule is established: don’t engage with those who haven’t accomplished what you aspire to achieve; their opinions hold no value.

• Focus on learning from successful individuals instead of wasting energy on doubters.

Truth #4: Stop Comparing Yourself Negatively

• The fourth truth warns against comparing yourself with others who seem more successful or wealthy; this leads only to feelings of inadequacy.

• Instead, measure progress against your past self—aim for continuous improvement each day.

• Recognizing that there will always be someone ahead should motivate personal growth rather than envy.

Improving Yourself: The 1% Rule

Focus on Personal Growth

• Improving by just 1% each day can lead to being 37 times better in a year. It's essential to concentrate on your own growth rather than comparing yourself to others.

The Impact of Your Circle

• Be cautious about the people you keep close, such as employees, partners, and friends. They can significantly influence your progress.

• A personal anecdote illustrates how silence can inadvertently teach others disrespectful behavior; for instance, allowing tardiness among employees led to a culture of lateness.

Setting Boundaries

• Not speaking up when someone disrespects you teaches them that their behavior is acceptable. This avoidance may seem nice but leads to resentment.

• Establish boundaries early and communicate what behaviors are unacceptable; otherwise, people will assume everything is fine.

Expecting Challenges in Business

Embracing Disasters

• Understand that challenges are inevitable in business; expecting smooth sailing will lead to quitting at the first sign of trouble.

• Share personal experiences where multiple crises occurred simultaneously, emphasizing that these moments are part of the journey toward success.

Learning from Setbacks

• Each disaster or breakdown contributes to your ability to handle future challenges. Instead of asking "Why me?", ask "What should I learn from this?"

The Limitations of Willpower

Relying on Systems Over Willpower

• Willpower is finite and diminishes throughout the day; relying solely on it can lead to failure in achieving goals.

• Create systems that make it easy to take action without needing motivation or willpower. For example, setting up a dedicated space for tasks reduces friction.

Making Action Easy

• Identify and eliminate obstacles that prevent you from starting tasks. Make actions so simple that not doing them feels odd.

Taking Action: The Importance of Starting

Overcoming Inertia

• Many people wait for the perfect moment or motivation before starting something new; however, this moment often never arrives.

Starting Your Business: The Power of Asking

Overcoming Cultural Conditioning

• The speaker reflects on the cultural upbringing as a Chinese American, emphasizing the belief in blending in and working hard without seeking recognition.

• They assert that waiting for opportunities to come is ineffective; one must actively ask for what they want to achieve success.

• Personal anecdote about overcoming fear to ask someone out, illustrating the importance of taking risks despite discomfort.

Embracing Discomfort

• The speaker encourages embracing uncomfortable situations as essential for growth and progress, warning against complacency.

• They highlight that asking is just the beginning; once you receive what you asked for, it’s crucial to give back generously.

The Principle of Giving First

• A key insight shared is that providing value upfront—whether through knowledge or assistance—builds trust, which is invaluable.

• The speaker explains their motivation behind creating free content and courses: giving fosters community and reputation before achieving personal success.