Manage episode 292408531 series 1126364
Stephen Somers is a mentor, serial entrepreneur, and co-founder of Marketplace SuperHeroes. He started his entrepreneurship journey selling on Amazon about 7 years ago before meeting his mentor and business partner, Robert Rickey. Together they have generated multiple 7 figures in revenue through a strategic mind-set and consistency in executing their plan of action.
Stephen enjoys a stunning level of success today, after pushing through many failed attempts at starting his entrepreneurship venture. His capabilities and potential were the directives that guided him after resigning from the corporate 9-to-5 world, and the fuel behind his bold move to live intentionally and start a passion project which blossomed into a 7-figure revenue-generating machine.
As a person who has experienced good times and bad in his new business, Stephen understands the fear that holds many people back from realizing their true potential and living life on their own terms. As such, he spends his downtime guiding his mentees through a detailed two-phase process to find, brand, import, and sell their very own brand of low-competition, high-profit physical products globally on Amazon.
Listen in as they discuss:
- Stephen’s journey into real estate and how he became a serial entrepreneur.
- The importance of stepping outside of your comfort zone.
- The benefits of doing accurate market research before starting your business.
- Sifting through all the advice, tips, and hacks available for a specific industry to see which ones are more applicable to you.
- The impact of practicing effective financial management at every phase of your business.
- How to be patient with your business growth, but not complacent.
- Setting realistic goals and doing a frequent evaluation.
- Partnering with like-minded people who have the skills and resources to help your business grow.
- The art of re-investing in your business.
- Creating passive income that doesn’t turn out to be another job.
- The importance of ensuring your business is something you are passionate about.
Become a producer, not a consumer. Everyone is consuming. ~Stephen Somers
TIP OF THE WEEK
Mark: My tip of the week is, learn more at My tip of the week is learn more at marketplacesuperheroes.com; tons of free training and start doubling your money.
Scott: Check out this book called How I Built This: The Unexpected Paths of Success from the World's Most Inspiring Entrepreneurs by Guy Raz. Basically, they look at different entrepreneurs and talk about how they grew into success.
Stephen: If you're looking to get the real philosophy of Passive Income, there is no better book than The Millionaire Fastlane by M. J. DeMarco. It's an excellent book, it's well worth to read especially for the business model and your listeners involved. There are great stuffs in there like becoming a producer or consumer, a lot of people producing not consuming. There's a great philosophy for building up a business, in whatever businesses you're in. The idea of the book is to build up your business and get on the line then have more capital and cut them from these boring investments that can be very passive. I highly recommend it.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?