#463 - Margins, Moats, & Purple Cows: How to Actually Profit on Amazon with Steven Selikoff | AM/PM Podcast

In episode 463 of the AM-PM Podcast, Kevin King interviews Steven Selikoff, an early adopter of Amazon's FBA program. Steven shares his entrepreneurial journey, from selling homemade firecrackers as a child to his current role as a wholesale vendor for Amazon sellers, focusing on toys and gardening. He emphasizes the importance of product differentiation, high-profit margins, and understanding the numbers behind the business. Steven advises sellers to be unique, aim for high multipliers, protect their intellectual property, and build a strong business foundation. He also touches on the cultural advantages Western sellers have over Chinese sellers in terms of creativity and marketing. Steven offers listeners a free copy of his textbook by emailing book@productone.com, up to the first 200 requests.

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#463 - Margins, Moats, & Purple Cows: How to Actually Profit on Amazon with Steven Selikoff

AM/PM Podcast

Introduction to Steven Selikoff and His Entrepreneurial Journey

Early Days of FBA and the Importance of Profit Margins

The Pitfalls of Focusing on Top-Line Revenue Without Profit

Achieving High Profit Multipliers and Differentiating Products

Finding Untapped Market Needs and Protecting Designs

Protecting Intellectual Property and Understanding Cultural Differences

Western Competitive Advantages and Building a Strong Business

Factory Visits, Inspections, and Product Specifications

Negotiating with Factories and Promoting ProductOne

#463 - Margins, Moats, & Purple Cows: How to Actually Profit on Amazon with Steven Selikoff

AM/PM Podcast

00:00Introduction to Steven Selikoff and His Entrepreneurial Journey

Introduction to Steven Selikoff and His Entrepreneurial Journey

07:03Early Days of FBA and the Importance of Profit Margins

Early Days of FBA and the Importance of Profit Margins

15:14The Pitfalls of Focusing on Top-Line Revenue Without Profit

The Pitfalls of Focusing on Top-Line Revenue Without Profit

25:05Achieving High Profit Multipliers and Differentiating Products

Achieving High Profit Multipliers and Differentiating Products

32:08Finding Untapped Market Needs and Protecting Designs

Finding Untapped Market Needs and Protecting Designs

40:17Protecting Intellectual Property and Understanding Cultural Differences

Protecting Intellectual Property and Understanding Cultural Differences

48:51Western Competitive Advantages and Building a Strong Business

Western Competitive Advantages and Building a Strong Business

53:15Factory Visits, Inspections, and Product Specifications

Factory Visits, Inspections, and Product Specifications

1:01:25Negotiating with Factories and Promoting ProductOne

Negotiating with Factories and Promoting ProductOne