Summary: Source: FanArt<br> Originally posted on <a href="https://mattward.io/dont-mine-gold-can-sell-shovels/">mattward.io</a><br> Get rich or die trying — that’s a common mantra among entrepreneurs, gangsters and drug dealers.<br> I know that was my mindset. How can I hustle my way to a million bucks?<br> That was the question I asked myself every day, and night.<br> Looking back, this was the wrong question to ask. But as Kanye says:<br> “Money ain’t everything, not having it is” — Kanye West<br> When you’re broke and need a quick buck fast, nothing else matters. Food, shelter, survival… these are all dependent on wealth. And the poor rarely plan in advance — it is all hand to fist.<br> <br> Short term cash vs. long term success<br> After graduating college I moved to Southeast Asia to save money. In “digital nomad” hubs like Chiang Mai, Thailand and Ho Chi Minh City, Vietnam, I easily get by on $1000/mo. That drastically increased my runway to figure out what I was doing.<br> Living among hustlers, I quickly learned the world of internet marketing. I saw the fads, the trends, the ups and downs and the “success” of many lifestyle businesses.<br> After building the #1 crowdfunding podcast (only to realize that people looking to raise money couldn’t pay), I subsequently sold the business to an agency. They monetized better, dealing with professional creators looking to raise $100k+. As for me, I’m not an agency guy (not a great manager and hate dealing with clients).<br> The Amazon “pivot”<br> It wasn’t exactly a pivot, but I followed the money. I saw folks preaching Amazon FBA (fulfilled by amazon) as the business of the future. Just source and manufacture products, sell on Amazon and you’re set — and here is XYZ course on how to make millions.<br> Like many struggling for dough, I was intrigued. While in China designing a convertible laptop case/standing desk hybrid, I decided to give FBA a go. With weeks between finished prototypes, living on the couch with 3 Chinese roommates I’d met online (that didn’t speak any English), I had some free time. I researched the market, found a niche and got started on Amazon.<br> Things went fast. Prior to launch I’d listened to every podcast and read every guide about selling on Amazon (this was spring of 2015).<br> After launching my 1st product and pushing the limit on rules and algorithms, my sales started to take off. I was quickly overwhelmed and needed to scale up. What started as an $8k investment in product quickly became a thriving business, fueled by Amazon. I started the FBA ALLSTARS podcast, an avenue to share my story and strategies and get consulting clients. That quickly grew that to a top 3 show.<br> And I needed a tagline, so I said “Step One to 7 Figures.” I set a crazy goal of a 7 figure exit after only a year…. And I somehow pulled it off.<br> There was just one problem….<br> The shortsighted gold rush<br> I thought I had it all figured out.<br> I’d built a successful, profitable business. I’d built a top podcast that more than covered my expenses (allowing me to re-invest 100% into the business). But I was so dumb…<br> The big money isn’t in the business, it is in the tools.<br> As a seller and a podcaster, I used tools to run my business and manage a large operation with a small staff. And I profited as an affiliate, recommending the tools I loved — the money was good.<br> But the better business was the software (or scammy make money online courses which I’d never touch).<br> Many of my “friends” in the business built very successful SaaS companies, practically overnight. I helped sellers with SaaS products go from beta to 1000s of monthly paying customers, shortsightedly missing the opportunity.<br> And the Amazon opportunity was and is enormous. But I missed the jackpot, because I couldn’t see the big picture….<br> $100, $200, $500k MRR — I know and helped at least a dozen startups hit these and higher milestones....
