Smart Enough To Be Dumb

It’s not the things in life that we don’t know that thwarts our success most in my opinion. It’s when we think we know more than we do that trips us up.

Luckily for me I don’t have to try hard to be the dumbest one in any room.

That is not meant as a disparagement of me in anyway. I like it because it means I always remain open & I don’t assume I know more than I do.

“If you stay ready, then you don’t have to get ready.” ~ Will Smith

I am always ready to learn, to grow, to hear new points of view & to consider & absorb something new that hasn’t occurred to me.

“Progress is impossible without change & those who cannot change their minds cannot change anything.” ~Unknown

This idea has stood me well in life & because of it I have found myself in some pretty interesting rooms.

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It’s not the things in life that we don’t know that thwarts our success most in my opinion. It’s when we think we know more than we do that trips us up.

This can mean that we are blind to our weaknesses, ignore warning signs of imminent change in a marketplace or can become complacent & slow our progress.

Think about it. When we’re reaching for new success we’re committed, hungry & inspired.

If we are no longer striving in some way then our ‘edge’ may be missing. This results not only in a slowing down of professional & financial success but much more importantly personal success!

In our Book Arbitrage Community I am fortunate to share time with some of the smartest people in the industry – Jon & Luke & the other mentors.

I remember reading an article written about Henry Ford when he was on the witness stand & the lawyer was trying to undermine his intelligence.

I thought his answer was genius.

“If I should really WANT to answer the foolish question you have just asked, or any of the other questions you have been asking me, let me remind you that I have a row of electric push-buttons on my desk, and by pushing the right button, I can summon to my aid men who can answer ANY question I desire to ask concerning the business to which I am devoting most of my efforts. Now, will you kindly tell me, WHY I should clutter up my mind with general knowledge, for the purpose of being able to answer questions, when I have men around me who can supply any knowledge I require?” ~ Henry Ford

Boom! That’s how I see myself. Not as Henry Ford but I am surrounded by a mastermind group who are excelling in my chosen field.

I learn from Tom. I learn from every other mentor.  I learn from my accountability group in Book Arbitrage.

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I always learn something new when I go into our Community Mastermind Facebook group. I learn from every live session. I learn from every interaction with people I mentor.

I don’t call the people I mentor students. They are entrepreneurs. We are not working together to learn to be a professional student. We are working together to co create & foster entrepreneurial excellence in book arbitrage.

Not only that but our entire community is a Mastermind group for me because I learn from everyone without exception.

So you see. I don’t have to have all the answers. Phew! I am surrounded by them.

We are truly fortunate to have so many outliers, success stories & leaders of the industry in our community.

It’s our way of life. Like anything, it is important to apply what we learn & to contribute to our community in order to really thrive.

That is the Mastermind principle in action. When you give you receive.

So ask yourself how you contribute to our ever growing success Mastermind group already & consider how you can give more & wait til you see what happens…

It will blow your socks off which is the kind of success I love lol!

Next, I will discuss the power of accountability in our success….

Click Here To Start Making MoneyBook a call with me today where I explain everything

 

Magic Happens

Magic happens when we take action & the most unlikely things can unfold when we don’t assume otherwise. Why not assume things will work out better than you imagined!

I shared in my post last week about the power of asking for help & giving to others as a prerequisite for success.

If I may, let me share with you how this has played out in my life.

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Most recently, I have been asked to join the mentoring team in the book arbitrage community thereby realizing my life long goal of helping others create wealth quickly & easily.

The number of opportunities that this alone has opened for me is spell binding & very exciting. In my intention to give, I am receiving so much more in return.

This experience of receiving more than I thought possible has unfolded many times in my life & is why my life is rich beyond a financial figure, although I am very glad to say it now includes a financial figure too.

When myself & Tom went to Ethiopia on a humanitarian project some years ago, as part of a building project, every day we got up fired up to give more.

Everyday however, we were humbled by what the local community would share with us, given that they had so very little.

No matter how hard we tried, we just could not out give them in their kindness, love & compassion. It was overwhelming to us & life changing.

“Success isn’t about how much money you make; it’s about the difference you make in people’s lives” ~ Michelle Obama

In my other business some years ago, as I was so new & inexperienced, I thought I didn’t really have anything of substance to add to successful people, especially to a billionaire.

“What would I know?” was my thinking.

That was a mistake on my part. I had me & my experience with my friend & billionaire Bill corrected me on this.

I had met Bill briefly at a business conference. I had been struck by his success of course, but more by who he was.

I wrote to him & shared my admiration for who he was. I actually never expected him to get the email let alone read & respond to me but he did.

That began what some might say was an unlikely friendship of many years until Bill sadly passed away unexpectedly.

But, in my precious time with him, he valued me & who I was too. He even asked me to be a member of his board of advisers – me?

I was stunned & humbled by this honor. He valued who I was & that of course changed my life & the way I saw not only myself, but how I see everyone.

Everyone is valuable & has an immeasurable contribution to make to life, no matter their circumstance nor their starting place.

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Magic happens when we take action & the most unlikely things can unfold when we don’t assume otherwise.

Why not assume things will work out better than you imagined. It takes the same amount of energy & it will orient your mind to success & great expectations which can then occur naturally around you.

“In life you don’t get what you deserve, you get what you believe, plan & expect.” ~ Bill Bartmann

Next week, I’ll talk about the power of being the dumbest one in the room – hint, you’re in the right room…..

Click Here To Start Making MoneyBook a call with me today where I explain everything

Hot Hot Summer

It’s our favourite time of year again. Textbook season. Textbooks sell all year as you know but it’s bumper time again.

“Summer time….. & the living is easy.”

August/September is a very hot time to be in the book business. All the wonderful students are starting or returning to college.

We know what they are looking for (textbooks) & we know when they will be looking for them (supply & demand) because of the research we have done on our KEEPA charts.

It’s like knowing the upcoming trend for Christmas season, if you were a toy seller, & you have the toys ready for sale! In fact, it is Christmas in summertime for booksellers.

So what are we doing at the moment to get ready for textbook season? We are buying as much inventory as we can, more than usual.

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Our search criteria is a little different too at this time of year because of the spike in sales and book sales price.

Often coming into textbook season a book could be selling at $30 making a small but healthy profit but by the second week in August that same book can be selling at $55.

With that in mind sometimes the KEEPA charts may show a sales price today of $25 which we would typically pass over because our criteria is to buy based on today’s market i.e. if I bought that book today & sold it today would I make a profit?

But because within a couple of weeks there is a significant bump in that sales price we are buying books outside our standard criteria.

We have been through a number of textbook seasons now so we understand the trend. We make a lot of sales. We may not sell every book right away but we can still make a profit over the next couple of months.

Worst case scenario we would have the book for the next bumper textbook season in January so we can’t lose.

“The first rule is not to lose. The second rule is not to forget the first rule.” ~ Warren Buffett

We also went through our entire inventory & removed any books that are no longer profitable so our Sales Account on Amazon is in optimum health.

This serves two purposes. The first & most critical, our IPI (Inventory Performance Index) i.e. Sales Health number will be at optimum health which will ensure that Amazon expose us to the maximum number of customers.

Second, we do not waste any time repricing books that won’t sell. We can focus all our energy on making profitable sales.

During textbook season most of our time is spent on repricing i.e. selling our books. The market is extremely dynamic & competitive and there is an art to selling books at the maximum price, not too early or you leave profit on the table or not to late or you missed the peak price.

It’s a glorious dance that is exhilarating. By the end of season, booksellers are typically pretty tired & pretty happy. Think of the end of day on the stock market on it’s busiest day & you are in the ball park except this lasts for about a month.

Because we source great quality books at great prices for our customers we love providing students with excellent books on their budget. We pay extra when we buy the books and extra to have them cleaned up to ensure quality for our customers.

“Customer service should not be a department. It should be the entire company.” ~ Tony Hseih

What we hold dear is that no matter how many sales can be made, we only deal with quality books to ensure that our customers are happy with their books & that they have a positive experience with us.

We remember a time when we were on a budget. It doesn’t mean that people on a budget should receive an inferior product or experience, in fact quite the opposite.

Quality always rises to the top. Our intention is to provide top quality products & experience no matter the budget. We would like our company to be more than about the bottom dollar.

Our mission is to be contribute to the world through every interaction & exchange and that is why we are becoming so successful.

So there you have it. That’s how our business thrives in peak season.

Next, I will discuss the excitement of mentoring others & helping others achieve phenomenal success.

Click Here To Start Making MoneyBook a call with me today where I explain everything

Work Flow

Lining our ducks up in a row with our daily habits simply means more progress daily, weekly, monthly & yearly. That’s how we like things – simple, easy & effective.

“Success is the sum of small efforts repeated day in & day out.” ~ Robert Collier

Our daily work flow looks like this:

Buy & Sell

  1. Tom checks previous days sales, buy more if they are still hot.
  2. I check Keepa alerts in my email for profitable books.
  3. I check our hot list of year round sellers.
  4. I check this months shopping list for buying opportunities.
  5. I fire up Book Arb software for more opportunities if I have not spent our daily budget already.
  6. Tom reprices (Sells our books).
  7. Tom lists our books & takes care of admin e.g. returns.
  8. I go to give on Facebook to contribute to others & to help elevate success of our community.
  9. I attend live webinars every Tuesday & Thursdays afternoons.
  10. Wednesday mornings I write my blog.
  11. Thursday mornings I look at ways to expand our business e.g. sell on other platforms, learn new ways to accelerate our efficiency e.g. research faster processes for systemising etc.

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Every second Monday night we attend our mastermind group to brainstorm ways to support & accelerate our businesses. Accountability is a powerful strategy in our group and this ensures our ongoing individual & collective success.

Repeating these daily habits over and over ensures that the fundamentals of our businesses are being met daily – we buy & sell books. Also consciously & actively looking for ways to improve our practices ensures steady growth.

“Never stop learning ; For when we stop learning, we stop growing.” ~ Loyal ‘Jack’ Lewman

Scheduling time to learn new information about our business/market & techniques for applying what we learn means that we are always growing – ourselves & our business.

“The best in business spend far more time on learning than in leisure.” ~ Robin Sharma

Our work flow as we expand will change again but for now, this work flow is taking us from where we are to where we desire to go next.

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Lining our ducks up in a row with our daily habits simply means more progress daily, weekly, monthly & yearly. That’s how we like things – simple, easy & effective.

Next I will discuss the importance of staying focused even when others around you are ‘not on your team.’

Click Here To Start Making MoneyBook a call with me today where I explain everything