Jimmy Smith's Wisdom! SECRETS to Making MILLIONS Through Amazon Arbitrage!
11/24/23 • 31 min
Jimmy Smith, an experienced Amazon seller and mentor, discusses the importance of calculated risk-taking and the value of being a team player in business. He emphasizes the benefits of starting with arbitrage as a low-risk opportunity to learn the ins and outs of selling on Amazon.
Jimmy also addresses the changing landscape of Amazon, with more brands selling directly on the platform, and suggests that sellers focus on regional and niche products to find opportunities. He encourages sellers to know themselves and their motivations and to set actionable goals to achieve success.
Topics & Timestamps:
0:00:07 Introduction to the podcast and the connection between sports and business
0:01:40 Introduction to Jimmy Smith, an Amazon seller and entrepreneur
0:04:21 The importance of getting started with Arbitrage
0:07:45 The mixed feelings about encouraging people to try new ventures
0:08:16 Common reasons for failure in Arbitrage
0:09:07 The importance of dedication, persistence, and community
0:11:20 The value of community and learning from others
0:11:48 The benefits of sharing struggles and receiving help from a community
0:12:41 Importance of community and support in business success
0:13:19 Business is more of a science than an art
0:14:57 The pressure of comparing oneself to others on social media
0:15:55 The value of having someone to talk to about struggles
0:17:29 Brands selling directly on Amazon affecting arbitrage and resellers
0:18:28 Opportunities in regional and niche products
0:19:36 Using arbitrage as a foundation to learn and pivot
0:22:02 Taking skills and knowledge from arbitrage to other business models
0:23:31 New sellers have valuable knowledge to offer brands
0:25:07 Reflecting on growth and not getting distracted by other opportunities
0:26:12 Importance of focusing on one thing at a time
0:27:07 Knowing yourself and finding the right support system
0:28:20 Surrounding yourself with encouraging communities
0:29:23 Focusing on leading goals and taking action
0:31:03 Wrapping up the conversation
0:31:17 Thanking the guest
0:31:31 Closing remarks and appreciation for the podcast
Connect with our guests:
Website: askjimmysmith.com
Youtube: youtube.com/@AskJimmySmith
Linkedin: https://www.linkedin.com/in/jimmysmith1/
Facebook: @askjimmysmith
Instagram: @askjimmysmith
Twitter: @askjimmysmith
Connect with our host:
Ian on LinkedIn: https://www.linkedin.com/in/iankaneshiro/
Ian on Instagram: https://www.instagram.com/iankaneshiro_
Stay connected with Seller Snap:
Website: https://www.sellersnap.io/
LinkedIn - https://www.linkedin.com/company/seller-snap-inc./
Instagram - https://www.instagram.com/sellersnap.io/
Facebook- https://www.facebook.com/sellersnap.io/
Full video episodes are always uploaded on YouTube.
Subscribe here: https://bit.ly/3qZwUaF
Not Another eComm Podcast By Seller Snap- helping sellers optimize their Amazon store through smart algorithmic repricing.
Seller Snap offers all Amazon sellers a 15-day free trial - find out if we are the right repricer for you and your Amazon store. Visit https://www.sellersnap.io
Jimmy Smith, an experienced Amazon seller and mentor, discusses the importance of calculated risk-taking and the value of being a team player in business. He emphasizes the benefits of starting with arbitrage as a low-risk opportunity to learn the ins and outs of selling on Amazon.
Jimmy also addresses the changing landscape of Amazon, with more brands selling directly on the platform, and suggests that sellers focus on regional and niche products to find opportunities. He encourages sellers to know themselves and their motivations and to set actionable goals to achieve success.
Topics & Timestamps:
0:00:07 Introduction to the podcast and the connection between sports and business
0:01:40 Introduction to Jimmy Smith, an Amazon seller and entrepreneur
0:04:21 The importance of getting started with Arbitrage
0:07:45 The mixed feelings about encouraging people to try new ventures
0:08:16 Common reasons for failure in Arbitrage
0:09:07 The importance of dedication, persistence, and community
0:11:20 The value of community and learning from others
0:11:48 The benefits of sharing struggles and receiving help from a community
0:12:41 Importance of community and support in business success
0:13:19 Business is more of a science than an art
0:14:57 The pressure of comparing oneself to others on social media
0:15:55 The value of having someone to talk to about struggles
0:17:29 Brands selling directly on Amazon affecting arbitrage and resellers
0:18:28 Opportunities in regional and niche products
0:19:36 Using arbitrage as a foundation to learn and pivot
0:22:02 Taking skills and knowledge from arbitrage to other business models
0:23:31 New sellers have valuable knowledge to offer brands
0:25:07 Reflecting on growth and not getting distracted by other opportunities
0:26:12 Importance of focusing on one thing at a time
0:27:07 Knowing yourself and finding the right support system
0:28:20 Surrounding yourself with encouraging communities
0:29:23 Focusing on leading goals and taking action
0:31:03 Wrapping up the conversation
0:31:17 Thanking the guest
0:31:31 Closing remarks and appreciation for the podcast
Connect with our guests:
Website: askjimmysmith.com
Youtube: youtube.com/@AskJimmySmith
Linkedin: https://www.linkedin.com/in/jimmysmith1/
Facebook: @askjimmysmith
Instagram: @askjimmysmith
Twitter: @askjimmysmith
Connect with our host:
Ian on LinkedIn: https://www.linkedin.com/in/iankaneshiro/
Ian on Instagram: https://www.instagram.com/iankaneshiro_
Stay connected with Seller Snap:
Website: https://www.sellersnap.io/
LinkedIn - https://www.linkedin.com/company/seller-snap-inc./
Instagram - https://www.instagram.com/sellersnap.io/
Facebook- https://www.facebook.com/sellersnap.io/
Full video episodes are always uploaded on YouTube.
Subscribe here: https://bit.ly/3qZwUaF
Not Another eComm Podcast By Seller Snap- helping sellers optimize their Amazon store through smart algorithmic repricing.
Seller Snap offers all Amazon sellers a 15-day free trial - find out if we are the right repricer for you and your Amazon store. Visit https://www.sellersnap.io
Previous Episode
Dr. P.Kumar's SECRETS to UNLOCKING PROFITS in Struggling E-Commerce Businesses
Dr. Pradeep Kumar, a former war refugee turned award-winning scientist and entrepreneur, shares his insights on analyzing distressed Amazon and e-commerce businesses. He emphasizes the importance of separating ego from identity and highlights four key areas that often lead to business distress: human resource management, poor supplier relationships, logistics issues, and inventory mismanagement.
Dr. Kumar's scientific background helps him approach these problems with a hypothesis-driven mindset, allowing him to ask critical questions and analyze data to find solutions. He advises aspiring entrepreneurs to view business as a numbers game, take risks, and focus on consistent performance throughout the year.
Topics & Timestamps:
00:07 Introduction to guest and topic of distressed Amazon businesses
02:07 Pivotal moments in guest's life and career
05:34 Importance of separating ego and identity in business
07:37 Difficulty for Amazon sellers in separating their identity from their business
09:23 Four areas where sellers lose their way in distressed businesses
10:47 Lack of clear mission and vision hurting companies
11:21 Balancing brand vision and mission with making money
11:48 Four areas identified as key factors in declining businesses
14:08 Response from distressed companies is positive and impressed with questions
18:51 Scientific background helps in analyzing businesses and asking critical questions
19:54 Hypothesis-driven questions help identify problems and analyze data
21:41 Example of HR spend analysis and conclusions
24:14 Using hypothesis, data, and conclusion as a decision-making tool
25:11 Specific questions needed to answer doubts and hypotheses.
26:48 Some companies lose focus on profit and loss statements.
27:11 Ambitious companies can lose sight of important details.
28:04 Life is a numbers game, risk game, and sales game.
28:59 Q4 numbers should be approached with caution.
29:42 Overstocking and bulk saving may not be the best approach.
30:03 Closing remarks and thank you.
Connect with our guests:
Linkedin: https://www.linkedin.com/in/pksacitharan/
Youtube: https://www.youtube.com/channel/UC9UW7wJGkOrYmbBCU3jCMbg
Facebook: https://www.facebook.com/pradeep.sacitharan
Instagram: https://www.instagram.com/pksacitharan/
Twitter: https://twitter.com/PKSacitharan
Connect with our host:
Ian on LinkedIn - https://www.linkedin.com/in/iankaneshiro/
Stay connected with Seller Snap:
Website: https://www.sellersnap.io/
LinkedIn - https://www.linkedin.com/company/seller-snap-inc./
Instagram - https://www.instagram.com/sellersnap.io/
Facebook- https://www.facebook.com/sellersnap.io/
Full video episodes are always uploaded on YouTube.
Subscribe here: https://bit.ly/3qZwUaF
Not Another eComm Podcast By Seller Snap- helping sellers optimize their Amazon store through smart algorithmic repricing.
Seller Snap offers all Amazon sellers a 15-day free trial - find out if we are the right repricer for you and your Amazon store. Visit https://www.sellersnap.io
Next Episode
Unveiling the Secrets to Business Success with eCommerce Expert Kris McCauley!
In this episode, Ian Kaneshiro interviews Kris McCauley, an eCommerce specialist and successful Amazon seller. They discuss the importance of staying positive and resilient in the face of challenges and setbacks. Kris shares personal examples from his own business journey where things went wrong, but he was able to find something positive within those experiences.
He emphasizes the need to learn from mistakes and view them as opportunities for growth. Kris also talks about the tools and strategies he uses to maintain a positive mindset and overcome obstacles. He highlights the importance of outsourcing tasks and finding the right tools and people to support your business. Kris provides insights into the common misconceptions about being an Amazon seller and offers advice for entrepreneurs and business owners who may be struggling to see the positive side of things.
Topics & Timestamps:
00:07 | Introduction to the importance of staying positive in business
01:33 | Kris McCauley's background in e-commerce and Amazon FBA
02:50 | Finding positive lessons in business failures
06:41 | Tools and strategies for maintaining a positive mindset
09:55 | Overcoming daily struggles in the Amazon space
10:07 | Outsourcing tasks to people who enjoy them
11:50 | Utilizing tools and AI technology to streamline processes
12:57 | Essential tools for Amazon sellers: sales history, sales estimator, repricer
13:44 | Importance of finding tools to save time and money
15:22 | Outsourcing tasks and trading to lighten workload
17:34 | Common misconceptions for Amazon sellers
18:17 | Focus on numbers and scalability
19:30 | Psychological benefits of offloading tasks
21:18 | Gamifying work to increase motivation and output
23:04 | Supporting employees with proper tools and workstations
24:42 | Importance of leaders having employees' backs
25:21 | Finding inspiration from others' success stories
26:39 | Gaining perspective and realizing the insignificance of problems
27:28 | The power of the grain of salt
28:22 | Putting things into perspective
29:09 | Wrapping up the conversation
Connect with our guests:
Youtube: https://bit.ly/3FAy7tH)
Instagram: https://www.instagram.com/krismccauleyofficial/
Connect with our host:
Ian on LinkedIn: https://www.linkedin.com/in/iankaneshiro/
Ian on Instagram: https://www.instagram.com/iankaneshiro_
Stay connected with Seller Snap:
Website: https://www.sellersnap.io/
LinkedIn - https://www.linkedin.com/company/seller-snap-inc./
Instagram - https://www.instagram.com/sellersnap.io/
Facebook- https://www.facebook.com/sellersnap.io/
Full video episodes are always uploaded on YouTube.
Subscribe here: https://bit.ly/3qZwUaF
Not Another eComm Podcast By Seller Snap- helping sellers optimize their Amazon store through smart algorithmic repricing.
Seller Snap offers all Amazon sellers a 15-day free trial - find out if we are the right repricer for you and your Amazon store. Visit https://www.sellersnap.io
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