Discover why every seemingly profitable business idea is inherently worthless, delve into an intriguing story from my experience in the food industry, and learn the practical steps to transform ideas into a profitable business.
In this post, I’m going to show you how a cool business idea relates to the real successes of people who have these ideas. Surely, many of you have interesting ideas and business plans. In the age of the internet and the huge flow of information, it’s very easy to come up with ambitious ideas. Our dreams are often fueled by observing entrepreneurs and each of us wants to achieve a lot in the context of making money. That’s typically when business ideas arise, but unfortunately, they don’t often materialize into anything special. In this article, I’ll give you some insight into why these ideas often don’t succeed, and I’ll show you a real-life example of how to turn even a mundane business idea into a success.
I have a fantastic business idea…
A few years ago I had a good buddy (we worked together for years as waiters in the same restaurant) and we had a lot of cool business ideas. We wanted to start our own business and we talked a lot about it at work. We were just ordinary waiters without money, but we had big ambitions fueled by good business books. My buddy was really fired up about every idea and gave me a lot of faith that we could create something interesting together.
As I suggested that we start taking action or even took the first steps towards better understanding the possibilities (e.g., I was inspecting a potential rental place for business purposes), my friend avoided taking the next steps and what’s more, he already had another great business idea. He then stated that we would start implementing this first idea, but he would also be working with the next one in the meantime. Additionally, he also wanted to simultaneously work in a restaurant and do a few other things. I understood at that time that it’s not worth doing business with such people, because they never manage to stick to their resolution for long, they just get wound up with new ideas.
Afterwards, the same guy was very focused on cryptocurrencies, but unfortunately he didn’t even start to implement the our previous ideas. For some time, he talked a lot about investment opportunities and persuaded everyone in the restaurant to invest in cryptocurrencies, which by the way no longer exist today (it was mainly a scam operating on a referral basis).
Meanwhile, the same friend told me that, just like me, he published a notebook on Amazon (I had been working on this for quite some time)—he published a few items, and then boasted that he had sold one copy. This probably marked the end of his business on Amazon KDP. He tasted many ideas and took a small step in each, but he was afraid to take the next ones, which would eventually lead to success in each area.
I stick to publishing on Amazon all the time instead. For two years, I released almost 800 products and created a passive income for myself, which allowed me to quit my full-time job. Next, I focused all my attention on creating a blog and an e-commerce business, and I also achieved great success in this aspect (even much greater). My buddy, who I still know today, is a waiter at another restaurant and probably has a new brilliant business idea popping up in his head.
How to distinguish a good business idea from a bad one?
I’ll move on to the main factor determining success in the next paragraph, but it’s worth noting that there actually are better and worse ideas for making money. Although none of the ideas from my old acquaintance worked out, if you really want to start your own company, it’s worth taking the right and proven direction. Our time is limited and it’s worth focusing our work on something that will work.
First and foremost, before implementing our idea, it’s crucial to invest our time in market research, specifically in checking whether a similar business to the one we want to create, is already operating. Let’s say I dream of opening a small restaurant in Cracow downtown, because I’m interested in working in the food industry. The idea seems interesting, but it needs to be checked out.
The first step should be a conversation with someone who is already working in this industry, and even getting a job in a similar, already operating restaurant. This will help any aspiring entrepreneur to understand a particular business idea and gain initial experience, contacts, etc.
What’s more, checking out a particular industry in depth often discourages you from that business, as you get to know its dark sides. It’s totally fine and it’s OK to give up at the very beginning, provided that we do it consciously.
Today, while looking for a business idea, I would definitely rule out, for example, owning my own restaurant. The costs of running such a business are huge, you have to work with difficult people 7 days a week, and on top of that, the entire food industry has been plunged into chaos by government economic lockouts. A quick analysis clearly shows that this is not the best business idea—especially in the center of Cracow, which has suffered greatly due to the pandemic.
For a change, a keen observer will notice that for many years (especially since March 2020) the e-commerce industry has been thriving. Online stores, selling on Amazon, creating content on YouTube—these are just a few interesting business ideas in an industry that has been booming for many years. I had already recognized in 2016 that the internet is the future and I completely left my position as a restaurant manager at the beginning of 2019, which is just under 3 years from when the idea for an online business popped into my head. It quickly turned out that it was the best decision of my entire professional life, as a year after my departure, the food industry literally died, while the whole e-commerce sector literally skyrocketed.
Since 2016, I’ve been tightly holding onto my specific business idea (e-commerce) and despite many other tempting options, I didn’t let go. E-commerce business allows you to sell on a large scale (country and even the whole world) without leaving your home and without investing large amounts of money. Indeed, this is definitely a future-oriented industry that is rapidly developing. For a change, the food industry requires large investments, which is associated with financial risk. With such simple criteria, you can easily distinguish between the good and the slightly less attractive business ideas.
However, this doesn’t mean that a given, for example, more challenging industry isn’t worth our attention. Each of us is unique and everything depends on our experience, interests, capital we have, and our propensity for risk. I chose the low-risk route without investing capital, but there are people who, with substantial capital, make a lot of money in gastronomy—even during the pandemic.
Check out the article where I present 7 interesting ideas for your own home business..
So what to do?
An idea will never make you rich and won’t change anything in your life. You might feel better for a moment, but nothing will come out of it. You can’t patent an idea (at most, you can patent implementation) and no one cares who came up with a particular way of making money. Simply having a good business idea is not enough. Contrary to appearances, what I just wrote is actually great news for you. You can have a thousand ideas and zero in your account, while the person next to you can implement a banal idea into life and earn quite well from it.
Remember, you don’t have to reinvent amazing solutions and search for unique ideas. There are methods and ideas that have been proven for a long time. All you need to do is gain knowledge on how to execute a particular business idea and plan. If you have the opportunity to gain knowledge from someone who is already working in a certain industry and you see that what others are doing is profitable, it’s definitely worth heading in that direction.
How to source a profitable business idea?
You can simply copy a profitable business idea if it’s not patented. My books on Amazon aren’t particularly original, and many of them share similarities with titles published earlier. However, these books generate income, and it’s not an issue for anyone. My blog and my online courses are not an innovative idea either, as a multitude of entrepreneurs around the world use this way of earning money. Many people before me have launched their own products on Amazon and started their blog. So what? Each of us has the right to build a business according to proven schemes.
An example profitable business idea is simple: release 50 products on Amazon KDP within 3 months and do it as best as you can. Next, you need to refine the process and stick to publishing throughout the year. Such a plan practically guarantees initial successes and there’s nothing original about it. Sure, you might be one of the first in your country, but on a global scale, a lot has already been invented in this aspect. All you need is to equip yourself with the right knowledge and…
Hard and smart work is 99% of success
This is the main entry barrier that caused my buddy from the restaurant to never realize his ideas for his own company (many of these ideas were very good). If you’re not able to work hard on implementing your (or someone else’s) profitable business idea, don’t think you’ll achieve anything. Cool ideas bring momentary joy, but only their implementation yields results in the form of money. The ideas I implement may not be exceptional, but through hard, systematic and wise work, they bring me results.
For instance — I’ve spent many months working on a series of simple products, which I’ve automated and now they bring me a passive income. It wasn’t easy or particularly sexy, as I was working tirelessly through the nights and had absolutely no time for myself (I was working as a restaurant manager at the time), but through hard work and acquired knowledge, I turned a profitable business idea into a real business. Can anyone duplicate this? Yes, of course. My products are available on Amazon, thousands of people browse them every day and anyone can copy them.
A lot of people ask me if I’m not afraid of someone copying my methods or products. I’m definitely not scared, because I know that only a small portion of people are capable of dedicating months and years to building a business similar to mine. Very few people are able to pursue ideas for a long time without giving up in this aspect.
Great business ideas that are born in our heads are totally worthless, because they are just ideas. Even the most profitable business idea won’t bring us any financial profits and won’t make money unless it’s implemented. What’s more, most profitable business ideas have long been used by someone else and in almost every case, we’re not original with our business plans. However, the most important thing is that our profitable business ideas are worthless without commitment and hard work. However, if your idea hasn’t been used anywhere yet, it most likely means it doesn’t work and it’s probably not worth pursuing in that direction.
So here’s a tip for you: learn, gain knowledge, and above all, implement proven ideas in the long term. Ideas are everywhere around you and you can only realize a very limited number of them in your life. Consider what you want to do and make use of what you know works. Work hard, don’t give up and over time you’ll see more and more results. Dedicate, for instance, a year to building a business, because you won’t accomplish anything valuable in a month. If you’re scared of competition, remember that few people are persistent and will work as hard as you. Executing proven ideas always brings the best results.
Original post: here
Profitable business idea – why a business idea is only 1% of SUCCESS? — watch the video
Profitable business idea – why a business idea is only 1% of SUCCESS? — preview the video transcript
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Hi, I’m Tomek.
From Waiter To Millionaire. Welcome.
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In today’s video,
I’ll tell you about profitable business idea.
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I’ll tell you how to find and verify them.
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I’ll discuss
why most of them are pointless.
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Also, I’ll tell you
a very interesting story from the time
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when I was working in a gastronomy,
which will stand as an example
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why most ideas aren’t worth pursuing
and why they won’t be a success,
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as well as won’t bring you any results.
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Let me begin with a story about me
and my very good friend
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with whom I’ve been working for
several years in gastronomy as waiters.
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As young people, we had a lot of
ideas for business and making money.
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We were young boys who read books
and who were looking for a way
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to make better money than by
working full-time at the restaurant.
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We’ve been discussing for hours,
had a lot of both
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interesting and uninteresting
business ideas.
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The difference was that
after a few years of reading books
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and searching for my way of life,
I’ve finally chosen my niche.
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I’ve chosen my idea
and started following that.
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It was Amazon KDP,
publishing ebooks, guides,
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simple products,
then it turned into a blog, etc.
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At the same time, my colleague
still had a lot of different ideas.
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We wanted to open a coffee shop,
a restaurant or an online business.
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When my colleague offered a business,
I made an effort to do something,
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like looking for a rental property or
creating graphics for our online product.
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But my colleague already had
another idea and wanted to pursue it,
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and after that idea,
he had another one.
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It discouraged me from
entering the partnership with him
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and ultimately
we didn’t do anything together.
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His problem was that
even though he had a lot of ideas,
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he didn’t follow any of them
in the long term.
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No matter whether
these were good or bad ideas,
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he was quickly switching them
and ultimately didn’t implement any.
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He wanted to pursue
a few at the same time,
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which was impossible and discouraged me
from working with him.
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I decided that I want to conduct
Amazon KDP business independently
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and I don’t want to enter
into a partnership,
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because I saw that it’d be pointless
as my colleague still had new ideas.
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So, I stuck to my own idea
and it brought results over time.
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And from what I know,
my colleague still works as a waiter
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and is probably searching for
a new, amazing and unique business idea
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which will generate a million dollar
revenue after a month of light work.
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Of course, I say it ironically,
as there are no such business ideas,
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because every innovative idea
requires a tremendous amount of work.
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Especially innovative ideas
require a huge amount of work.
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Why? Because innovative companies
usually work on the brink of the law,
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break rules and they have to
reinvent a lot of things.
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While business ideas which are
quite simple and proven to work
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are often the ideas
that need to be implemented
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and then you expect profits
in a boring way
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from the implementation
of these ideas.
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I remember starting
to focus on one selected idea,
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following it, publishing on Amazon,
then there was a blog, then e-commerce.
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It took me 3 years to quit day job
in this way.
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I implemented simple ideas of publishing
which were not unique,
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as tens of thousands of people
had been publishing on Amazon at the time.
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When it comes to my blog,
store, online courses or affiliations,
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I was not a pioneer either.
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I was just simply creating my business
according to proven patterns.
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I learned from others and it still
brings me better and better results.
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I don’t do anything extraordinary.
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That’s the point –
business idea doesn’t count.
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You don’t need an unique idea,
you don’t need to invent anything,
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but you must –
after doing research –
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choose your own business idea
and stick to it.
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Where can you get this business idea?
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On the blog, I promote
online business, Amazon, webstore.
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For some people these will be
nice business ideas,
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but I think that 95% of people watching
this video won’t like these ideas.
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So, where to find ideas
that you want to implement?
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First of all, you should check the market
for already operating businesses.
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Let’s say you are interested in
opening your restaurant.
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Then, you’d need to
verify this business idea.
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How to do it?
I’d hire in some restaurant.
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Maybe similar to the one you want to open
or in a similar company you want to run.
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Learn from the best people there and
look for those who are already doing it.
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Check how many similar businesses
operate locally, globally or online.
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Analyze how much money they make.
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Learn from those who operate businesses
how it looks from inside.
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And only then decide
whether it’s a business for you.
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You want to have a restaurant?
Hire for a year as a waiter.
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See how this work and business look like,
analyze pros and cons,
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and after a year make a conscious decision
depending whether this idea would work.
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Because if you want to have a bar
in the center of Cracow,
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I can tell you that nowadays nothing’s
happening in the center of Cracow
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and you need to check it
to see that it’s not the best time for
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pursuing this type of idea.
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However, market study can indicate
that sushi restaurant for delivery
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on the outskirts of Cracow
can be a great idea.
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Similar case is with online business.
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It’s worth checking
whether publishing on Amazon,
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selling physical products on Amazon,
blog, online store
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or any other kind of business would work.
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If a lot of people do it
and earn good money on it,
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then maybe it’s an idea worth pursuing.
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The first step is to analyze the market
and looking for an idea for yourself.
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This idea often stems from
years of working in different places,
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exploring the world, traveling,
reading books, watching YouTube videos.
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That’s why you should spend some time –
especially in your youth –
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on testing various things
which will allow you to find your way
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and ideas for business later in life.
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And now, if you get to the point where
you have several business ideas,
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you examine them,
check the competition,
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analyze other people or companies,
then you should move to
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the ultimate and key point
of this video,
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which is a boring, long term
implementation of a chosen business idea.
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A business idea is worthless
when it’s only created in our head –
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like in case of my colleague,
who had dozens of business ideas
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and every business turned him on.
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When he was coming up
with the business ideas,
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he felt like he owns this business,
but that wasn’t the case.
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That’s because going from an idea
to actual financial results
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often takes years of hard,
boring, monotonous work
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and investing your time or money.
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Not many people are ready
for these kind of sacrifices.
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Let’s be honest. A day job,
learning tasks, receiving a paycheck –
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it’s easy to endure it for a month
and you have an instant gratification.
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Like in case of eating carbohydrates –
it’s tasty, but it doesn’t pay off
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in a long term.
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So, my main point is – implementation
of a proven idea is the key to success.
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Search for an idea
and try different things.
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Once you come up with an idea,
write down the plan and follow it.
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I’ll give you an example of
a business idea on Amazon,
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which is my niche.
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It’s the release of 50 simple notebooks
on Amazon within 3 months
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and then sticking to this business
for at least a year.
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This type of approach,
that is, regular publishing,
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creating a business
over a long period of time
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and learning from others guarantee
smaller or bigger results in a year.
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The whole difficulty lies in
regularity and method.
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The same applies to opening a restaurant
or creating an online store.
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That is, regularity, boredom
and doing it in a long term.
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That’s how you beat 95-99%
of the competition,
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which has great ideas,
gets excited by them, discusses them
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and then moves on to the next idea.
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So, in reality, such people as
my former colleague don’t do anything
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and they’re not a competition.
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Remember that you can steal the ideas
as they’re not patented,
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such as opening an online store,
restaurant or publishing on Amazon.
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Many people can do it.
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On Amazon, you can see how many
particular products are being sold.
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In this way, you can easily check
what kind of businesses,
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products, activities
or even day jobs are profitable.
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Then you can focus on one goal and start
implementing your plan step by step.
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I’ve stuck to an online business
for a few years now.
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A few years ago,
I decided to quit gastronomy.
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One year later,
when I created my own e-commerce,
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gastronomy has collapsed, while
e-commerce has grown since March 2020,
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because of the obvious reason.
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So, a brave decision,
sticking to one topic
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allowed me to enter the business
which continues to grow.
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The key here is sticking to
one relatively proven business idea,
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which may be simple, stupid or trivial,
but regularity, boredom
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and repeatability generate results.
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It generates results for me
and people who earn a lot.
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These people
often do nothing extraordinary.
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I encourage you to reflect on this topic,
read good books,
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check other people’s
ideas or products.
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Then, you just need to write down
the idea and implement it.
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Remember that the ideas
in your head are worth nothing,
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but the implementation of these
often simple and proven ideas
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generates the best results.
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I wish you to achieve success.
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Be welcome to check my other video
in the link here –
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“7 interesting business ideas”.
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I invite you to take a free course
on Amazon and online business.
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All the links are below.
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You’ll find even more interesting ideas
and suggestions
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00:12:03,130 –> 00:12:06,929
on what can you do,
especially in the e-commerce world.
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Thanks for watching.
See you later. Bye!