Ignite Your Online Business with Seth Godin and Sandeep Ramchandani: An EOFire Classic from 2021

0:01Boom! Shake the room, Fire Nation. JLD here and welcome to Entrepreneurs on Fire. Brought to you by the HubSpot. Podcast Network, the audio destination for business professionals with great shows like inclusion and marketing. Today, we're pulling a classic episode from the archives, and we'll be breaking down how to ignite your online business. To draw these value bombs, I brought Seth Godin and Sandeep Ramchandani into EO Fire Studios. In today, we talk about how the purpose of work is to have life, not the other way around, how to be very picky in choosing who you want to work with, and how the most effective stories are not about you, they are about your customers.

0:38and oh so much more. And a big thank you for sponsoring today's episode goes to Sandeep and our sponsors. The Next Wave, your chief AI officer, hosted by Matt Wolf and Nathan Lanz, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. AI technology is transforming the way we do business, and the media landscape is fragmented. The Next Wave strives to be the leading podcast on AI technology and how you can apply it to growing your business. Listen to The Next Wave wherever you get your podcasts. Is this your year to grow a successful business? Attend the world's highest rated business growth workshop taught personally by Clay Clark and now featuring Rich Dad Poor Dad author Robert Kiyosaki and Eric Trump at Thrivetimeshow.com slash EO Fire.

1:24Again, request life-changing tickets today at Thrivetimeshow.com slash EO Fire. Seth Godin, let's be honest. It has been quite a year plus for most people. I mean, the great resignation is now officially all the buzz these days. Why do you think that some people are deciding that now is the time to start their own online business versus going down that more traditional path of the now infamous nine to five? Oh, well, I don't want to start on too much of a negative note, but we're all suffering from trauma. We've had our lives turned upside down. Even those of us who have been lucky have seen people we care about see their lives disrupted.

2:09And in the face of that, it's really easy to take a deep breath and say, do I want on my tombstone it to say he should have gone to the office more? I don't think so. I think that what people are realizing is that the purpose of work is to have life, not the other way around. And the purpose of capitalism is to create culture, not the other way around. And what we get to do if we choose is to build something that we're proud of. The purpose of work is to have life. Personally, I love that phrase. And whenever I kind of find myself maybe working a little too hard, I do think to that great book that I've recommended a couple of times over the years on this show, which is The Five Biggest Regrets of the Dying.

2:52and every single time that an individual who was on the last few days of their life was asked what they regretted, it was always that I didn't live the life that I know I was capable of living and that I wanted to live and that other influences really had way too big of an impact on the life that I led. And that regret, you can't go back at that time. And so that's something that's really important to think about. And Sandeep, I wanna pass that same question to you as to why. Why do you think people are deciding that now, today, is the time to start their own online business? Historically, humans have always been predisposed to seek autonomy.

3:33In fact, I read somewhere that one of the greatest determinants of human happiness, more than well, success, access to community or family, is our ability to be autonomous, to do what we want, when we want, with whom we want. So I think this is something that we've always had. I think what COVID did was with, I think the US sitting about 15 % unemployment rate, is that it pushed a lot of people to finding their new side gig. And we had a large number of people going online to try and create a new business. And what that did was it spurred on a significant number of people to actually figure out ways to make a living online, to start a store, to reach new customers and audiences.

4:25And I guess once you've done that and you've tasted some success and you've lived that life in the autonomous way, it's really hard to go back to doing a nine to five. I think that's a really important thing and sentence overall to think about Fire Nation, which is doing what we want to do, when we want to do it, with whom we're doing it with, if and when we're able to check all three of those blocks. I mean, that is a pretty special place to be. And Sandeep, let's stick with you right now because I want you to share your top one or two recommendations for somebody who's listening right now, who is looking to start their online business today?

5:06What would you share with them? First tip would be to spend a good amount of time in choosing what is it that you're gonna be doing. It's really critical that before you dive in, you pick the opportunity that is something that you're really passionate about, that peaks your interest, and also something that you're really good at and something that sets you apart from others, right? if you have a special skill set in that area and if you're passionate about it the world will figure out a way to make you wealthy um so i think that would be the the first tip um and also secondly i think to really be very picky about who you choose to work with i think that's another very important determinant of success in the long run that you have to choose and i'm not just talking about like a partner or employees it could be suppliers it could be investors.

6:00It could be a supply chain. But the people that you work with very closely, you have to be aligned in terms of values. You have to have a trusting relationship with them. And ideally, you have a set of people around you that you're collaborating with that have a set of complementary skills that would then help you succeed. Seth, what would be a couple of recommendations on that same note for someone who's looking to start their online business today? Well, Sandeep brought up some interesting points, and I hate to say it, but I disagree so much with many of them. Don't do something you're passionate about.

6:35Don't try to turn your hobby into a business. That independence, and as you talked about, finding your freedom. Well, here's the deal. The two challenges that people find when they go on their own is, number one, they're looking for a job without a boss, but what they end up with is the world's worst boss, which is themselves. Somebody wakes them up in the middle the night complaining about them, someone who says they're not working hard enough, someone who doesn't compensate them fairly, someone who doesn't treat them with respect. It's you. And the second thing is, you don't really have freedom, you have customers.

7:09And what it means to show up in the world is to make a promise to a group of people. And if you keep the promise, and it's something that they want, you get to do it again. So you choose your customers, You choose your future. So if you're really into bowling, don't start a bowling ball store, because first of all, it's really hard to ship a bowling ball. But secondly, you're going to spend all your time dealing with angry bowlers. Is that how you want to spend your day? I don't think so. Figure out what interactions give you pleasure. Find something that other people aren't eager to have as their hobby because if you're doing something that's not a hobby then people are willing to pay you for it because there aren't all these hobbyists running around saying I'll do it for free and you know if you look at Instagram or Facebook or any of the other sites that are filled with billions of people who for free are creating content the social media platforms make a fortune on that because everyone's willing to do a free because it's their hobby.

8:15On the other hand, if you can find tasks that need to be done that are work, that are worth it for your customers, then you get freedom. Fire Nation, I just Google imaged shipping a bowling ball and it was not pretty. So I recommend doing it if you want to chuckle some pretty funny gifs that are popping up right now in my Google images. And we have so many important things to talk about when we get back from thanking our sponsors. Ever feel like your job description just keeps getting bigger? But we all know there's only 24 hours in a day causing marketers everywhere to feel spread thin. Between creating content, launching campaigns, generating leads, and more, you barely have a moment to take a breath, let alone do your best marketing.

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10:51See thousands of success stories and testimonials from real people just like you who Clay Clark has mentored and coached into prosperity at thrivetimeshow.com slash EOfire. Clay's proven business coaching program is month to month and it costs less than hiring a minimum wage employee. Yes, it's month to month and it costs less money than hiring a minimum wage employee. Schedule your free 13-point assessment with Clay Clark himself today at thrivetimeshow.com slash EOfire. Because Clay only takes on 160 clients and only allows 300 attendees to each business conference, you will interact with Clay directly.

11:26See thousands of real success stories and learn about attending the Thrive Time Show two-day in-person workshop featuring the legendary Robert Kiyosaki and Eric Trump today at thrivetimeshow.com slash EOfire. Become the next success story. Schedule a free consultation and request tickets to join Eric Trump and Robert Kiyosaki at Clay Clark's next business conference today at thrivetimeshow.com slash EOfire. Seth, standing out from your competition is pretty tough to do these days. So if somebody listening had minimum access to both monetary resources, and I guess just resources in general, just limited access, what would be some ways they could still market effectively to compete with the big boys and girls if they even should be competing with them?

12:12You know, if you stand on the street corner, you'll see a whole bunch of cars driving by, and they're all different. And if you asked people, why did you buy that car, they will come up with the exact reason why this car is perfect for them. And yet they're all different. You don't win by having this unique thing that no one else could ever make that is perfect for everyone. What you actually sell, whether it's cars or bowling balls or services, is the story people tell themselves about it. And making and living a story doesn't cost any money at all. so that you could go find, you know, when I was in college, I found a wholesaler who sold hospital scrubs.

12:55And hospital scrubs are cheap. Doctors and nurses throw them out all the time. But I sold them on campus to people who wanted to have their classmates think that they were already committed to being premed. And the value that I added was not that I figured out how to make hospital scrubs. It was that I added the story. And the story is on this college campus, this is a cool way to look. Sandeep, same question. How else can people market effectively to compete with the big boys and big girls out there? It's really important, especially when you're coming from a place of limited resources, that you pick a very specific segment and commit yourself wholeheartedly to it.

13:34I find that generally there's a tendency for businesses to try and be something to everybody. And in trying to be something to everybody, you're nothing to nobody. um so the the message that i would share with with the audience is to pick a specialization and become the best possible service provider in that specialization say if you have an interest in becoming a florist don't just become a general florist maybe take a specialization become like a wedding florist and cater your entire solution to that specific segment because i think by doing that you improve your chances of being loved by everyone who is specifically looking out for your product for that occasion and you have a much higher chance of standing out in the marketplace.

14:22So yeah, don't try to be very general and try to cater to everyone. In fact, don't be afraid to alienate some certain customers. So if you're going to pick the wedding category to be a florist, then be okay and be prepared to not win any business from the funeral. You have to be absolutely fine alienating some segments. That's brilliant. I totally agree with that. I want to circle back to what Seth was talking about as well, which is the story and how important the story is. And to kind of illustrate an example, just maybe kind of think back to the movie Wolf of Wall Street. And I won't use that specific example, but it's like, what is a pen?

14:57Like a pen, you can get a pen for 15 cents here and there. But now what if all of a sudden this pen had been used a hundred so odd years ago by Babe Ruth to sign a baseball? And that was true. And you could tell that story. Now that pen becomes so much more valuable. So how can you tell stories that are true around your business that are going to excite people and they're going to make people realize that, hey, this is something special. And Seth, failure is the fate of most businesses. I mean, the percentage of successful companies only decreases as they grow older. So why? Why do most businesses fail?

15:32Well, I want to riff for just one second and then answer that part of it, which is the most effective stories aren't about you. They're about your customer. So the story of Patagonia is not about Eve or the fabric. It's about the person who decides to buy and label themselves with Patagonia. And once you start realizing that this is about your customers, it's much less likely you're going to fail because you're not actually trying to build a job without a boss. What you're trying to do is arrange a group of people who have a problem, who know they have a problem, who have money to solve that problem.

16:09And then you persistently and consistently solve the problem with them without needing a lot of cash at the beginning and without getting yourself hooked into a corner. So I know so many wannabe entrepreneurs who are just waiting for the bank loan to come through, who are just looking for an investor who cares the way they care, We'll just leave them alone for months or years to build their dream. And that's just not how it's done. It's not how great businesses are built. And, you know, when I was at Yahoo, we had a chance to buy Google for, I think,$10 million. Wow. Google wasn't worth anything when it started.

16:43It was two people. But if you understand who you are trying to serve and the story, the true story you're telling is about them and what they want, then your business isn't going to fail. It fails when you start focusing on you and not on your customers. Sandeep, how would you follow that up? Why, in your experience, do so many businesses fail? When you start something, there's a lot of excitement. You potentially see some momentum, but there's always going to be some challenges that come along the way. And if you aren't prepared and you won't persevere through those challenges, there's a very high chance that you might drop off.

17:23So from my experience, it's really important to be prepared to face, and there's never going to be a linear part to success when you're starting out. Absolutely impossible, no matter what you do, right? So do you have the perseverance to withstand those speed bumps when they come along, to plow your way ahead and persevere through those challenges? I think that's one thing that comes to mind. Sandeep, I want to end with a bang here. So give us one key takeaway of all the things we chatted about here today that you really want to make sure Fire Nation gets that they walk away with. What is that?

17:58Combination of something that I heard from Seth and what I spoke about, which is that it's really important to find something that the world values. So going back to my point, pick what you do very, very carefully. Because I think in the long run, I don't think it's the hard work that's really going to be the big differentiator today. It's going to be what you do. It's going to be who you do it with. I think these two factors are going to go a long way in determining your success. Seth, take the microphone. What message do you want Fire Nation to walk away with today? So I'll start with a riff from my friend Margot Aaron, which is stop hiding.

18:38You You can hide by being on every corner of social media and hustling and hustling. And you can hide by not shipping the work. Right in between, it's simple. Are there 10 customers? Are there 10 people on this planet who need what you're going to sell them? If there aren't, start over. If there are, sell them something and see what happens. If they tell their friends, the word will begin to spread and you'll be fine. if they don't tell their friends, make a better story, make a better product. The magic here is not that we got rid of the gatekeepers. It's not that you can build a store in no time flat.

19:16The magic is that you have the freedom to persist, to learn, and to show up for other people. No one wants to be hustled. Fire Nation, there is a small constituency in Fire Nation of hustlers who are invading people's space and spamming and SEO and trying to get more than their fair share of attention. But for the rest of us, this is simply a chance, a chance to make things better by making better things. And if you do that persistently and consistently, all your other problems take care of themselves. Wow. I mean, Fire Nation, every single time I hear Seth Godin talk, I just want to curl up on a chair and hit the repeat button over and over again because I love all of those words, please be like me and go listen to his podcast Akimbo because it's awesome.

20:05And he comes out with an amazing episode. We get to hear more of those Seth Godin gems. And of course, Sandeep rocking the mic. He is the founder of Radix and they have a pretty cool opportunity right now for everybody that's listening. It's called the Idea to Store Contest by.store Domains. It's an Instagram contest that invites people to share their idea for an online store for a chance to win cash prizes. We're talking up to$30 ,000 and to be on TV. Dot Store wants people to believe in the power of their ideas and to know that a single idea is enough to give life to something great. The contest is for anybody who has an idea and we want to encourage you to take action towards turning your idea into an idea to store.

20:52Participants need not have a business plan, a marketing plan or a complete role designed. They just need an idea. And the grand prize winner will also get mentorship from me personally, JLD, plus Boss Babe, and an hour long Q &A with Seth Godin, the person you just heard, drop all those value bombs. So you can just head over to www.ideato.store to sign up now. Entries close on November 14th, 2021. That's www.ideato.store to sign up now. And Fire Nation, you're the average of the five people you spend the most time with. You've been hanging out with SGSR and JLD today. So keep up the heat and head over to eofire.com and just type Seth in the search bar.

21:41And the show notes will pop up for this episode as well as my past episodes with Seth, which were awesome. Seth Sandeep, thank you for sharing your truth, your knowledge, your value with Fire Nation today. For that, we salute you and we'll catch you on the flip side. Hey, Fire Nation, today's value bomb content was brought to you by Seth and Sandeep. Fire Nation's successful entrepreneurs accomplish big goals, which is why I created the Freedom Journal to guide you in accomplishing your number one goal in 100 days. And we're talking step by step. So visit thefreedomjournal.com and I'll catch you there or on the flip side.

22:14The Next Wave, your chief AI officer, hosted by Matt Wolf and Nathan Lanz, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. AI technology is transforming the way we do business, and the media landscape is fragmented. The Next Wave strives to be the leading podcast on AI technology and how you can apply it to growing your business. Listen to The Next Wave wherever you get your podcasts. Is this your year to grow a successful business, attend the world's highest rated business growth workshop taught personally by Clay Clark and now featuring Rich Dad Poor Dad author Robert Kiyosaki and Eric Trump at Thrivetimeshow.com slash EOfire.

22:54Again, request life-changing tickets today at Thrivetimeshow.com slash EOfire.