Gratitude In Business - Why You Should Be Grateful [LNIM158]

Do you practice Gratefulness in your business? In this episode I discuss why you should take the time to identify the things in your business for which you are grateful and offer some tips on how to get that done. We also talk about Amazon Wholesale FBA pricing and how that can impact the buy box.

Gratitude In Business Episode Show Notes

Thanksgiving is all about being thankful. Have you thought lately what it is that you are thankful for in your business? Sometimes the answers are obvious. For people with online businesses, for example, maybe this is being able to stay home with their kids or getting the opportunity to meet people whom they might not have met if they are in a different industry otherwise.

The typical way is usually being thankful for the things we have or the things which have been added in our lives – this is what is referred to as additive gratitude. But it is also useful to practice subtractive gratitude – pondering on the things you might have missed out on if you don’t have the things you have.

What are you grateful for? I’d like to challenge you to think about the things that you are grateful for in your business even if you might think that it is a waste of time. It’s actually not a waste as there’s real science behind the benefit of gratitude, as seen in an article in Psychology today. It has been substantiated by actual medical studies as was mentioned that a positive mindset can even lead to physical health and improve sleep.

Today, pause for a while and write down the things which you are grateful for which are related to your business – both the additive and the subtractive. Then make this a habit by undertaking gratitude journaling. Go get yourself a notebook, put aside some time and write down periodically (does not have to be daily) what you are grateful for. If you need more guidance, research on what experts say on gratitude journaling.

This will make you a better business person and improve your situation.

On the other side of things —

In our most recent episodes, we have been talking about Amazon FBA Wholesale (check out previous episodes for more context) and it was mentioned that Amazon rotates the buy box between the sellers that meet certain criteria and this is how your slice of sales.

Amazon’s concern is making sure that Amazon customers have the best possible purchasing experience and one of the elements of that purchasing experience is making sure that they get the best possible price. Given this, if there are 5 sellers selling the identical items, Amazon is going to award that buy box to the one who selling it for the lowest price. The effect of this is for the other sellers to match those prices for them to get their fair share of the buy box. Amazon does this on purpose because it drives the market place down to the minimum sustainable profit.

Having said this, you should be able to learn how to manage inventories and leverage on pricing softwares as these tools should play a big part on your Amazon strategy.

Links Mentioned In This Episode

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Gratitude In Business — Transcript

I hope you are having a fantastic Thanksgiving. For those of you that are outside of the United States, and I know that’s a lot of you, Thursday of this week (the 22^nd of November) is Thanksgiving here in the United States.

This is a traditional holiday. Some people argue it’s the most important and popular holiday in the United States. It dates back to the 1600s, when settlers here in the United States around Plymouth, Massachusetts celebrated with the local Indians.

That’s a really controversial topic, we call them Native Americans now for political correctness. Basically, we invaded this country but now we have a holiday around this idea of celebrating the harvest, the feast of the lands, and being thankful and grateful for that. It’s a huge big deal here in the United States and we do it every year.

The national Thanksgiving holiday actually came around almost 100 years later, George Washington was involved in calling for that holiday, because he wanted to commemorate the end of the Revolutionary War when this country broke away from Great Britain and celebrate the ratification of The Constitution. Really cool. A little history there for you for Thanksgiving.

Again, if you’re not from this country, the main staples that you usually hear about around Thanksgiving are we eat turkey and we eat things like pumpkin pie and stuffing, which is a bread filling that a lot of times is baked inside of the turkey. You have to be very careful about getting that stuffing to the right temperature so that no one at your Thanksgiving table dies from salmonella poisoning. Cranberry dressing and pumpkin pie, stuff like that. We all eat too much and it’s a good time.

We also play a lot of football during Thanksgiving. In fact, the Dallas Cowboys (my football team) traditionally play on Thanksgiving. We usually sit around as a family and watch that.

(Episode 158 Transcript Continued…)