• The Chai Sip
  • Posts
  • 🛒 Shopify’s Side Quest and lessons learned

🛒 Shopify’s Side Quest and lessons learned

Today: Shopify’s Side Quest; Greater Self-Compassion.

ISSUE #068

Good Morning! Sippers,

Last week, Shopify, the e-commerce giant, announced that it would be laying off 20% of its staff and selling its logistics and order-fulfillment operations to Flexport.

This move comes as Shopify refocuses on what it does best – building incredible software for e-commerce. The pandemic e-commerce boom may be slowing down, but Shopify still represents 10% of all e-commerce sales in the U.S.

In today’s Issue 📬 :

  • Shopify’s Side Quest.

  • Greater Self-Compassion.

SIP WORTHY

Shopify’s Side Quest: From Layoffs to Loose-Leaf Tea

In a memo to employees explaining the decisions, Shopify CEO Tobi Lütke wrote that “side quests are always distracting because the company has to split focus.” Shopify president Harley Finkelstein added in an interview with CNBC that after going on a “side quest,” the company needed to focus on its main mission.

💡 Lessons from running a side hustle 🔍

In the same interview, Finkelstein talked about his side business, Firebelly Tea, and the lessons he’s learned from running it. He stressed the importance of not getting caught up in chasing big-name influencers on platforms like YouTube and Instagram, and instead, focusing on micro-influencers who have deep relationships with their followers.

These influencers may have fewer subscribers, but their engagement is high, making them a more effective and cheaper way to grow a new business.

Finkelstein also talked about the creator economy and how it’s changing the way businesses generate success. He warned that having a great product is no longer enough and that it’s critical to be known as the number one brand in your niche.

📣 Being channel agnostic is key 🔑

With the U.S. government threatening to ban Chinese-owned social media giant TikTok, Finkelstein stressed the importance of being channel agnostic. He advised entrepreneurs to focus on an omnichannel sales strategy, which goes beyond the internet.

He added that the end of the e-commerce boom reiterated the importance of being everywhere consumers are – online, offline, on social media, and anywhere in between.

To find out where your customers are, Finkelstein advised going back to the basics and just asking them. He said that engaging with customers on social media or through partnerships like Shopify’s artist merchandise program is the easiest and least expensive way of marketing.

🌟 In conclusion

Shopify’s recent announcement may be an example of how the pandemic e-commerce boom and consumer goods economy are slowing down.

However, by refocusing on its core mission and learning from its president’s side hustle, Shopify is positioning itself to stay ahead of the curve in the changing creator economy. Being channel agnostic and engaging with customers are just a couple of ways that entrepreneurs can stay competitive in the ever-changing landscape of e-commerce.

IMPROVEMENT SIP

Greater Self-Compassion Linked to Improved Motivation, Reduced Procrastination, and Healthier Relationships

Mindfulness and self-compassion have become buzzwords for self-improvement.

However, research shows that these practices can lead to real mental health benefits.

In this issue, we explore how and why these two practices work.

Meditation is an effective way to cultivate mindfulness and self-compassion. The practice of mindfulness means purposefully paying attention to the present moment with curiosity instead of judgment.

Self-compassion involves being kind and understanding toward oneself, even during moments of suffering or failure.

Research has shown that both mindfulness and self-compassion are associated with greater well-being. Contrary to common misconceptions, self-compassion does not lower standards, motivation, or productivity. Instead, self-compassion → is linked with greater motivation, less procrastination, and better relationships.

The Challenges of Starting a Meditation Practice→

The beginning of a meditation practice can be rocky and full of doubt, resistance, and distraction. However, these initial challenges can actually enhance the practice, as handling them builds mental strength.

  • The first few months can be restless and full of the urge to get up and do other tasks.

  • However, over time, it becomes easier to notice thoughts and urges without acting upon them.

  • After about a year of consistent practice, the mind becomes more organized and controllable, and self-critical loops are less frequent.

Just having the intention to be more mindful or self-compassionate is unlikely to work.

Most programs that make meaningful differences involve at least seven sessions. Studies show that repeated meditation sessions improve attention skills, decrease rumination, lessen self-criticism, and are linked to numerous mental health benefits.

Meditation is not just about sustaining attention; it is also about shifting and returning focus after distraction.

The act of shifting and refocusing cultivates attention skills and decreases rumination. Repeatedly refraining from self-judgment during meditation can train the mind to be less self-critical.

The Effects of Meditation on the Brain →

Meditation affects an interconnected group of brain regions called the default mode network. This network’s activity reflects repetitive thinking, such as ruminating about past events or future worries. Research shows that one month of meditation reduces the noise of the default mode network, which is related to rumination, unhappiness, and depression.

Establishing a Formal Practice →

Mindfulness involves intentionally paying attention to experiences in a nonjudgmental way. Meditation is the formal part of the practice, where specific mindfulness and self-compassion techniques are worked on. Cultivating mindfulness with meditation often involves focusing on the breath.

Loving-kindness meditation is the most well-established technique for cultivating self-compassion. The practice involves repeating phrases such as

“May I be safe.

May I be happy.

May I be healthy.

May I live with ease”

internally for at least five minutes.

Every time attention is brought back to the practice without judgment, mental awareness is flexed, and the capacity to shift attention improves. This is a valuable anti-rumination skill and an antidote to self-criticism.

QUICK SIPS

Do you have “mobile phone battery anxiety”? 70% of users do.

Razorpay to move parent entity to India from US ahead of IPO plans.

Why do airlines fail in India?

A billionaire’s top advice for success? Cut out, toxic people.

Zeenat Aman responds after Kusha Kapila praised her.

TWEET