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In this part 2 of our in depth conversation with Steve Simonson, we learn more about “fumbling moments” and lessons he learned and how he applies it today in his business decisions.
Growing the company
- Hired people and expanded services.
- Carpet cleaning business expanded into insurance restoration.
- In the 80’s, Steve didn’t make that much money
- Steve had to fix the problems within the company.
- When Chris and Steven’s partnership broke up, Steven was bought out and he bought a new company in 1992.
Moving on…
- Steve bought a new company. He learned a lot with the new company.
- He ran the company and grew it. They were in the top franchise nationwide.
- The people were brilliant and taught him a lot.
- The subcontractors were brilliant people.
- From ’92 to ’96 – internet was conquering the world.
- He saw that the internet is the next big thing.
- Steve movie pick: October Sky
Fumbling Moments
- Steve was not happy – he saw a rocket ship: the internet.
- In ’98, he got on Yahoo Store. It still exists today.
- From service based to product based company.
- In ’99, he ran a free shipping campaign and it validated the rocket ship. It took off.
- He sold his store, kept the assets and started an online business.
- There was no SEO back then. But the bottom line is:
- If you make good content then people will find you!
- Read his articles and check out his website: https://www.awesomers.com/blog
- Let’s do things we understand – his motto when faced with vagueness.
- Dot-Com crashed in 2000 and they reverse merged with another company.
- He did not take VC money because he didn’t know where he will use it.
- If you understand how you make money and all the calculations – then you’ll know how much to spend.
Discovering Amazon and the Bubble
- Steve was aware of it but his websites were doing much better.
- In 2007, signs that something was not right started to show.
- The company’s growth was not as projected. Something was not right with the market– then the market bubble burst.
- He quit as CEO and the VCs started spending money to grow the company but it was not going anywhere. A year after that the company went bankrupt and Steve lost $60 million.
- He started a new company on electronics.
- Lessons learned:
- Subordinating your decisions to someone else when you know in your gut that you are right.
Thresholds
- At a certain age, you have to give yourself permission to stop doing the things you don’t want to do.
- Steve likes being a walk-around management guy and when he can not do things his way then it is time to go.
- A day in the life of Steve:
- Block the week with main issues
- Mondays for check ins
- Tuesdays – follow ups
- Wednesdays – half meetings
- Most days – walk around and learn.
- Amazon CEOs should figure out the “why” of what they are doing, and not keep on running the rat rice.
- Be very rigid with that time too.
Thinking and Decision Process
- Brains work uniquely and at one point when things don’t make sense then rest and disengage.
- Your brain gets tired too. By disengaging, you bring out the best work.
- Forget people who will tell you that things can not happen. Focus on yourself.
- Solve impossible problems 🙂
Connect with Steve Simonson: http://liranandsteve.com/
Check out his podcast: http://www. awesomers.com
Join us in these key events!
September 12-14 – Sellerfest Lithuania | Check event HERE
October 1 – Birmingham Linn Academy | Check event HERE
October3 & 4 – Amsterdam PPC Congress | Check event HERE
October 17 – AmaFest Manchester | Check event HERE
October 22- 23rd – Cross Border Summit and China Magic the same week!
October 27 and 29 – Global Sources | Check event HERE
October 14-20 – India Sourcing Trip | Check event HERE[/et_pb_text][/et_pb_column]
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