Jim Cockrum believes in right ideas, not good ideas. Just because someone else sees success with a particular business model, doesn’t necessarily mean you will. You need to find the right business model for you. That’s how you find lasting success!
He is one of the biggest preachers of building multiple income streams, so if you are tired of leaving yourself vulnerable to a single income stream, start listening!
His best-selling book, The Silent Sales Machine, has sold over 800,000 copies and is consistently ranked in the top 10 in the Internet Business category on Amazon.
Some of the nuggets you might pull from our conversation include:
- The secret to sales. Be a servant and solve problems.
- Difference between good ideas and right ideas. How to choose ideas that make sense for your values, abilities, needs and circumstances.
- Dropshipping. Why it might not be the best business model for first-time entrepreneurs and what business opportunities Jim thinks is a good one to experiment with first.
Jim is a veteran online entrepreneur. He started his first online business selling stuff on eBay over 15 years ago!
Unlike many other online business gurus, he tells you what you really need to hear. He shares the good, the bad and the ugly. That’s why I trust his advice so much. Everything he talks and writes about, he’s actually done.
Life Skills That Matter In This Episode
- Building community.
- Self-directed learning.
- Be open to new opportunities.
- Simplifying.
How Jim Works and Thinks
- Wake up time: No set time. He doesn’t wake up to an alarm clock.
- Ideal work environment: He views wherever he finds himself as his workplace. He does say he gets best ideas while running.
- Book recommendation: The Compound Effect by Darren Hardy and The Tortoise and the Hare.
- 90-day goal: He doesn’t have goals because he takes life moment by moment. He believes in “disciplined distractibility”. He gets the work he needs to get done, done, but leaves himself open to new opportunities.
Inspirational Quotes
“Every time I learn something new, I realize how little I know.”
“I’m having days now that are bigger than what I made in a year at some of my first jobs.”
“A good idea for me is a right idea before I pursue it. Good ideas are useless.”
“Do what you are good at.”
“The number one asset in business is a list of people who can’t wait to hear from you again.”
“Give your brain a chance to process.”
“Finish the race strong.”
Coaching Advice
You might have loads of business ideas, but which ones should you pursue? Jim offers this simple advice:
Focus on the right ideas, not good ideas.
Before you take the time to validate an idea, consider whether or not the idea is right for you? Is it in alignment with your values, needs, abilities, and circumstances? Just because it sounds like a good idea or worked for someone else, doesn’t mean it’s the right idea for you!
Resources + Bonus Materials
Drop Shipping as a Seller – DON’T DO IT
Is This the End of Retail Arbitrage?