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: donāt engage with those who havenāt 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 selfāaim 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, itās crucial to give back generously.
The Principle of Giving First
- A key insight shared is that providing value upfrontāwhether through knowledge or assistanceābuilds trust, which is invaluable.
- The speaker explains their motivation behind creating free content and courses: giving fosters community and reputation before achieving personal success.