> They say that one of the first things they teach students is to make sure the product will be profitable, and that anyone who loses money simply isn’t following their advice.
Oh, of course. Easy.
Peddling the ‘Secrets’ to Getting Rich on Amazon
81–90 of 94 posts
Re: Peddling the ‘Secrets’ to Getting Rich on Amazon
#82Re: Peddling the ‘Secrets’ to Getting Rich on Amazon
#83>> A Maryland woman, Allyson Pippin, who sells slime , said she was about ready to scrap her product and start all over. I love how the author mentions this casually without any further context on why someone would think selling SLIME was a good idea in the first place. SLIME!
Hey, this isn't your average industrial waste or household filth... this is handcrafted artisanal slime made in small batches with love and dedication.
Re: Peddling the ‘Secrets’ to Getting Rich on Amazon
#84The biggest mistake they made was ordering 3,000 decanters and 1,500 aerators. These were not custom products so why was the order quantity so high? As an importer it's clear that the agent they dealt with in China knew it was a one-time thing and juiced them on the quantity. Realistically they should've ordered 100 of each as a quality check, listed them for sale, and seen how it goes. Minimum order quantities rarel…
The problem is almost none of real good chinese shippers will spot you a 100 item sample. Worse, you might get the sample from some sketch sellers then not get a bigger delivery.
It is a jungle out there.
And the flat cost of dead load storage is bad and similar enough for both cases.
Re: Peddling the ‘Secrets’ to Getting Rich on Amazon
#85"passive income"
There's your problem.
Heck even before that you have a big problem in your worldview. That you would choose to go into business and complain about making a loss after it didn't work out. If that's your mindset you're not ready to go into business.
"I'll teach you how to get rich on the internet." OK. Here's my money - now how do you get rich on the internet? "Simple. You teach people how to get rich on the internet."
I'll cut people some slack. It takes a little while to figure that one out if it's your first rodeo. But at some point hopefully you realize that "getting rich on the internet" and "getting rich" have the exact same fundamentals. And if you're learning tactics before you learn strategy you're going to get your ass handed to you on the battlefield.
Re: Peddling the ‘Secrets’ to Getting Rich on Amazon
#86Earlier quoted context omitted.
Renaissance Technologies (the hedge fund) is the classic example of someone who "has a winning system". Funnily enough, they don't share it, indeed, they guard it zealously.
Aren't those the guys running the meta-ponzi, where they juice the PR / founder funds with returns from sucker funds, but they do the transfers entirely through clever trading that has so far been sufficient to hide from regulatory action?
You're thinking of Renaissance Capital, maybe, which is a different company AFAIK. I don't know anything about them except that they have a confusingly similar name to Simons' firm and that he does not appear associated.
Re: Peddling the ‘Secrets’ to Getting Rich on Amazon
#87This is the internet equivalent of those "get rich quick" TV infomercials, where the only people getting rich quick are the ones providing sham classes/books/seminars and charging outrageous amounts for them.
The same BS peddled by people like Gary V and co.
lol except he literally works 18 hours a day running a ~1000 person advertising company on Madison Avenue that does hundreds of millions a year in revenue?
Re: Peddling the ‘Secrets’ to Getting Rich on Amazon
#88Earlier quoted context omitted.
Reminds me of a lot of hedge fund guys and VCs. If you already have billions why not invest your own money instead of dealing with other investors?
Downside protection. Plus if you control enough $$$ you can start controlling the market.
Most strategies have a finite "capacity" and if you attempt to invest more than this, the returns dry up. So if you have lots of assets to invest you start to be forced to invest in your 10th, 100th, 200th best idea, rather than just your top 1-5 best ideas. This is why it's very hard to sustain performance as funds grow.
The reason people with big funds are focussed on growing their assets under management is they get an annual fee for assets under management, and this is therefore more reliable than the "outperformance" fee that they also charge.
Re: Peddling the ‘Secrets’ to Getting Rich on Amazon
#89> They’re frustrated with Amazon, which they say is making money off the failures of people like them. Wait what... I can't even. It's not Amazon's fault you bought something no one wanted then tried to sell it. You wanted easy money and it doesn't exist. You CHOSE to ship directly to Amazon so you didn't have to handle shipping, you CHOSE a quality item that kept breaking, they CHOSE to use Amazon, any they CHOSE to…
Is there really any money left to be made? Reselling from China on Amazon such a crowded space I don't know if it's possible to get in the game at this point without employing shady tactics. Especially now that the Chinese are selling direct on Amazon.
I've been selling on Amazon for the past few years and there is money still to be made. However the landscape is always changing whether the economy or Amazon's own internal plans so for how long, I'm unsure. It's a great place to easily and quickly find customers, build a brand, and launch a company though.
I helped turn a sinking Amazon small business around last year. They did a little over $2m revenue. One of our promotions became so viral that we had $2000+ in orders with less than $20 in ad spend within a few hours. In this sense, things are always changing but I don't think it has ever been this easy to start a business with so little.
Information changes quickly so you can burn a lot of money on outdated information or pure ignorance. For example, my $2m+ client would probably have failed or were on the verge of failing because they weren't able to adapt to Amazon's increased competition in the last year. They had no idea what keyword ranking was, how to identify keywords, drive traffic, or launch products because they never needed to in the past. Because things change so quickly it is very hard to find experts who maintain their expertise... However once you understand the fundamentals, learn how to surf, riding the Amazon waters gets a lot easier.
If you can learn quickly and adapt, Amazon is still a gold mine, some risk involved, but with great payouts.
Re: Peddling the ‘Secrets’ to Getting Rich on Amazon
#90Earlier quoted context omitted.
Aren't those the guys running the meta-ponzi, where they juice the PR / founder funds with returns from sucker funds, but they do the transfers entirely through clever trading that has so far been sufficient to hide from regulatory action?
You're thinking of Renaissance Capital, maybe, which is a different company AFAIK. I don't know anything about them except that they have a confusingly similar name to Simons' firm and that he does not appear associated.
No, I don't believe I am thinking of Renaissance Capital.