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😺 Finding the Perfect Product is Not a Cat-tastrophy!

Today: Finding the right product to sell; Consistency is King, but Quality is Queen; Google’s AI Chatbot is Now Available Worldwide!

Author

Chai Sip
May 14, 2023

ISSUE #071

☕ Good Morning! Sippers,

👋 Hello and welcome to our newsletter for entrepreneurs!

Today, we’re diving into the exciting world of e-commerce and discussing the most critical step towards building a successful business: finding the right product to sell.

In today’s Issue 📬 :

  • Finding the right product to sell.

  • Consistency is King, but Quality is Queen.

  • Google’s AI Chatbot is Now Available Worldwide!

SIP WORTHY

Finding the right product to sell

🔍 Identifying the perfect product can be a daunting task, but fear not!

Jackson Cunningham, the founder of Tuft+paw, who has successfully launched three different brands ranging from cat furniture to masquerade masks to suspenders (talk about diverse!), has developed a process that can work for anyone starting an e-commerce business.

🎯 Before we dive into the steps, let’s review the four criteria to look for when identifying a potential product:

1️⃣ The product is hard to find on Amazon and in the USA in general. 2️⃣ It’s easy to ship and store at a reasonable cost. 3️⃣ It has a retail value of $100 or greater. 4️⃣ It has something distinct or unique about it that catches the eye of potential customers online.

💡 Using these criteria, Jackson launched a successful DTC cat brand called tuft + Paw by identifying a gap in the market for quality cat furniture.

🚀 Now, onto the steps for finding the perfect product:

Step 1: Brainstorm Take some time to brainstorm ideas, no matter how wild they may seem. Use conversational AI tools like ChatGPT to get the ball rolling. You can even search Reddit for unique product ideas that are highly valued but hard to find in the U.S.

If you search “Japan souvenir ideas Reddit,” for example, you may come across some unusual things that are highly valued but difficult to buy in the United States, like high-quality kimonos. Just keep in mind that you’re searching for high-quality souvenirs (i.e., items that cost $100 or more), not tchotchkes or novelty items.

Step 2: Narrow it down Use SEO tools like Ahrefs and Semrush to identify potential niches or products that have high demand but low competition. Make sure there’s enough variety and volume of searches around the general category.

Step 3: Connect your ideas with your passion Choose a product category that you find interesting and that you’re passionate about. Enjoying the work you’re doing will motivate you to put in the time and effort to grow your business.

🌟 Remember, building a successful business takes time, but by starting with these three steps, you can give your fledgling business the best possible chance of surviving in the competitive e-commerce world. Leverage powerful tools like ChatGPT and Ahrefs, identify your niche, and you’re well on your way to success!

IMPROVEMENT SIP

Consistency is King, but Quality is Queen: Debunking the 10,000-Hour Rule

Consistency is frequently cited as an important aspect of obtaining success. The question remains, though, if consistency genuinely leads to success. The answer is multifaceted, and experts have differing perspectives.

According to one school of thought, constant practice and effort are required for success. According to Malcolm Gladwell’s book Outliers,

“10,000 hours is the magic number of greatness.”

According to this hypothesis, it takes around 10,000 hours of dedicated practice to master a talent.

However, not all specialists agree on this point. Gladwell’s concept is challenged by Anders Ericsson, a psychologist who has extensively investigated expertise and skill development. He contends that, while practice is essential, it is not simply a matter of putting in the hours. “The type of practice is crucial,” says Ericsson. “It’s not just about quantity, but also about quality.”

Case studies back up both sides of the debate. Consider Michael Phelps, the most decorated Olympian of all time. Phelps was noted for training six hours a day, six days a week. He maintained a steady practice regimen, and it paid off with 28 Olympic medals.

Consider the example of Warren Buffett, one of the most successful investors in history. Buffett has stated that he spends most of his day reading, and he attributes his success to his ability to think independently and make informed decisions rather than consistency.

Case studies back up both sides of the debate. Consider Michael Phelps, the most decorated Olympian of all time. Phelps was noted for training six hours a day, six days a week. He maintained a steady practice regimen, and it paid off with 28 Olympic medals. Consider the example of Warren Buffett, one of the most successful investors in history. Buffett has stated that he spends most of his day reading, and he attributes his success to his ability to think independently and make informed decisions rather than consistency.

So, what conclusions can we draw from these examples?

It is obvious that consistency is crucial, but it is not the only factor that contributes to success. The quality of practice and effort is just as important, if not more so.

“It’s not just about showing up,” Ericsson explains. It all comes down to what you do when you’re there.”

Furthermore, not all success is measured in the same manner. Phelps’ achievement was measured in Olympic medals, whereas Buffett’s achievement is measured in wealth and influence.

Different approaches are required for different purposes.

HOT SIP

Breaking Bard: Google’s AI Chatbot Now Available Worldwide!

What’s sipping? ☕Good news for AI enthusiasts worldwide! Google has opened access to its Bard AI chatbot to over 180 countries. The tech giant removed the waitlist and added additional features, making the chatbot available to all users with Workspace accounts.

🌟 Beta Phase with PaLLM2 Language Model 🧐

While the chatbot is still in the beta phase, it now supports the new PaLLM2 language model and will soon be available in Japanese and Korean. Google plans to add 40 more languages in the future.

📊 Integration with 25 Google Products 📈

According to Google, the chatbot has been integrated into 25 products, including Gmail and Maps, making it easier to access and use for many Google users.

📝 How to Access Bard AI 🤔

Accessing the chatbot is simple.

Head to the Google Bard webpage and select the “Try me” option at the bottom-right corner of the page.

Accept Google Bard’s privacy policy, and you’re all set to start accessing the chatbot.

Excited to try out Bard AI?

QUICK SIPS

Take a chill pill.

Will ONDC disrupt Swiggy and Zomato’s business?

It’s Okay to Outgrow the Life You Thought You Wanted.

Mukesh Ambani requests for a private screening.

The Cooperation Economy.

With CHAI ☕

🐦 Ceo: Let’s build Twitter 2.0 together, new CEO Linda Yaccarino tells Musk.

😥 How to: disagree Productively.

🐘 Aww: so innocent.

🦕 It’s Interesting: A day in the Age of Dinosaurs was around 23 hours long.

TWEET