Aug 2, 2019
In this episode, I talk about volatility in business and how, if channeled properly, can radically change your eCommerce business by strengthening it. I’m talking about building an antifragile business, which is something that cannot be easily broken. When something is fragile, it falls apart when stress is applied. Anything unexpected, any volatility will break it - like pressure put on a crystal glass. You may think the opposite of fragile is robust, unbreakable. But the opposite is more than that. It’s indifferent. It doesn’t get any better or worse. So by definition, the opposite of fragile is something that gets stronger from stress. It gains from disorder.
Take, for example, wind as the stressor. It can blow out a candle flame because it’s fragile. But that very same wind - that same stressor - can make a fire stronger. It will fuel that flame. In business, you want to be more like that flame, to get fueled by stressors and not break by the stress. That’s what I talk about in detail here. Listen now to find out how you can become the best antifragile business.
The Barbell Strategy is a concept outlined by Nassim Taleb in his book Antifragile. This book is a must-read for anyone in business. His strategy works and is one of the best opportunities for success in your business. Think of a barbell - it’s a bar with weights on either end. The main point he proposes is that no decision in business should be middle-ground. Middle decisions are a waste of time and they make your business fragile. Listen now to find out a detailed explanation of what this means and how you can avoid catastrophic loss in your eCommerce business.
If you’re completely dependent on any one marketplace - no matter what it is - that’s the biggest liability in your business because it’s a risk for catastrophic loss. It is so important for you to keep building an audience, building rapport, and moving the levers in your business. Find out how to create a system that eliminates catastrophic loss. I show you how to aggressively take on risks. You may have some losses, but my strategy opens up possibilities for great gains and over time, you’ll win.
I started applying this antifragile approach to my golf game. This applies to any sport, but especially to golf. I’ll teach you how to avoid terrible losses in your game - things like going out of bounds or losing your ball. I get aggressive in golf, but I first eliminate the chance for catastrophic loss to open up greater opportunities. There’s some volatility, but if you follow my detailed steps in this episode, I will not only improve your golf game, I’ll show you how to transfer that same strategy for success in your business!
To be successful, it’s crucial to think seriously about strategies to build your business. I talk about this a lot in our intensive and you can learn more if you sign up for that. There are two primary things you must focus to build an antifragile business - monthly recurring revenue (MRR) and building your audience. If sales completely stopped, that makes you highly volatile. That’s why you must have MRR to avoid that. It’s a guaranteed amount that serves as your baseline and helps to avoid a total loss. The same thing with building your audience and nurturing that list to control the process. Find out in this episode about a mission-based company that has done this well. People want to connect with brands and make decisions that feel mutually beneficial. That’s why building an audience is key and makes your business antifragile.