MINDSET 2: Goal setting for Amazon sellers Part 1 of 2 - a podcast by Michael Veazey

The framework for this episode is inspired by the book, 7 Habits of Highly Effective People, by Stephen Covey. This book has been a touchstone in my life for about 25 years, and when I apply the principles in this book, my life has gone better. I have found that this book is one of the most reliably realistic books about how life actually works. In this episode, we are covering the second habit of the seven as it pertains to goal setting, “begin with the end in mind”. The first habit, “be proactive”, was covered in episode 284.





Habit 2: Begin with the end in mind

Imagine the VERY end…



Imagine a funeral of a loved one. It’s actually YOUR funeral, 3 years from today.

Look at the speakers



Family (immediate/extended)

Friends

Profession

Community organisation (eg church)



For each category above, answer the questions:

Who are they for you (in each category)?



What would they say about you and your life?



What character would you LIKE them to see in you?



What contributions would you want them to remember?



What difference would you like to have made in that sphere of your life?

ACTION POINT: write down the answers to the above

Great goal setting starts with connecting with your Values



“You touched your fundamental values at the heart of your Circle of Influence”

Focus on the things you can change, and you don’t worry about the things you can’t.



“Habit 2 applies to many circumstances…the most basic application of ‘begin with the end in mind is to begin…with…the end of your life as…the criterion by which everything else is examined.”



If you are unhappy with what people at your funeral would say about you, you need to reverse engineer your actions to get to the point where you are happy. For example, many business people are known more for their philanthropic work than for their careers, such as Bill Gates and Warren Buffet. This leads to them being remembered for their positive financial legacy.

All things are created twice

“Begin with the end in mind is based on [this] principle that all things are created twice. For example,

Blueprint for house construction

Take the construction of a home. You work with ideas until you get a clear image of what you want to build. Then you reduce it to blueprint and develop construction plans and eventually, the building will get made.The carpenter’s rule is ‘Measure twice; cut once.’” This is very important when it comes to sourcing. When it comes to private labelling and custom products, getting something made for you that is not exactly right is a very expensive error.

Business Planning

“[C]learly define what you’re trying to accomplish. You…think through the product…in terms of your target market, then you organize all the elements - financial, research and development, operations, marketing, personnel, physical facilities and so on - to meet that objective.” Your job isn’t to find the perfect killer product, it’s to find out what people want, and then go and work very hard to get it.



“Most business failures begin with the first creation, with problems such as undercapitalisation, misunderstanding of the market, or lack of a business plan.”  This has been true in nearly every Amazon business I’ve worked with. You win when you understand your target market better than everyone else. And you have to be prepared to hit the ground running when you launch in order to have the most success, which has to be planned for.

By Design or by Default

Further episodes of Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

Further podcasts by Michael Veazey

Website of Michael Veazey