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[LWN] It's Time To Say Goodbye

[LWN] It's Time To Say Goodbye

Lunch With Norm's Weekly Newsletter - Important Announcement

June 03, 2024 • Estimated Read Time: 12 minutes

Thank You For 600 Episodes Beardos!!!

Did I just lose my company to Venture Capitalists?!

What you’ll find in this week’s newsletter:

🚨 FREE Affiliate Marketing Forecast for Prime Day!
📢 Time to Say Goodbye… - Lunch With Norm Announcement [Please Read]
🔥 Venture Capitalists Ruined my Business [True Story]
🗞️ This Week’s Amazon News & Updates
🤖 Create a Custom GPT in Minutes!
🎙️ What You Missed Last Week

🚨 Request Your FREE, Affiliate Marketing Forecast of Your Potential Prime Day Revenue Lift by Product Category! 🚨

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🚨 🚨🚨 Beardos! Request your FREE forecast now: https://hubs.ly/Q02yZsbd0

The Lunch With Norm Podcast will be moving from our regular 3 day a week schedule, down to once a week on Wednesdays.

I am saying goodbye to Monday and Friday episodes.

Over the last 3 and a half years we’ve streamed over 600 live episodes…

It’s been a hell of ride.

Thank you to all of the Beardos who’ve made the last 3 and a half years so incredible. We’ll still be sending out our weekly newsletter every Monday and our WhatsApp group will go unchanged. We’ve got some exciting things coming down the pipeline so stay tuned.

— Norm

😔 Venture Capitalists Ruined My Business [True Story]

Let me tell you why I hate venture capitalists…

I co-owned a company with three partners: an accountant, a sales guy, and myself.

It was acquired back in the day by a publicly traded company backed by Venture Capitalists.

It was my first and last experience ever working with VCs.

My sales were around $180,000 a month and growing.

We were looking for a cash injection that could really help accelerate our company’s growth.

So we got acquired!

The company saw that I was a pretty aggressive sales guy and liked the way I handled myself.

They wanted me to be the president of the company.

I think this may have got under the other two guys skin since I was the youngest.

They had more experience overall but we agreed with the terms and moved on.

After the decision, the VCs called me in and said, “Hey Norm, we'd really like you to bring someone new on board who could help take on your sales responsibilities since you have new priorities as the President.“

I said, “Sure. I’ll bring in some new blood and train them.”

So that’s what I did.

Not only did I bring on one new salesperson, I hired four or five more.

I introduced them to my clients and even opened up new doors to help the new recruits get started.

I gave them every resource they needed to succeed.

I was feeling good.

After setting everything up, the VC’s wanted to have another chat.

Perfect.

I can’t wait to hear what they think of my new systems.

“Hey Norm, you originally came in with $180, 000 in sales on average, right?”

Since you're not bringing in those numbers anymore, we're going to have to deduct that from you…”

WHAT?!

“We can only pay you on new commissions coming in. And, well, you haven’t brought any in.

But don't worry.

We've given you options and what we could do is, replace the funds that we owe you by reducing the options.”

Hold on a second…

This company had me hire, train, and establish a whole new sales team which was on on track to make way more than $180 000.

And as soon as I set everything up for them, they tell me I need to take a giant pay-cut and start fresh at ZERO!?!?

Bye.

I walked out the door and quit.

I wasn’t the only one.

Both the accountant, and the other sales guy left too.

Unfortunately, this VC company ended up with the whole company.

It sucked walking away from something that we poured our blood, sweat, and tears into but it had to be done.

We could all see where this company was heading though.

The company crashed and burned.

I was quite happy with that.

But I shouldn't say that…

Enjoy the rest of the newsletter.

— Norm

What Would You Have Done In My Situation?

🗞️ AMAZON NEWS & UPDATES 🗞️

What’s happening in the world of Amazon today…

✅ Amazon gets FAA Approval That Allows it to Expand Drone Deliveries For Online Orders - Read More
🛑 TikTok Halts European Expansion To Focus On US E-Commerce - Read More
🚨Temu Faces Stricter EU Rules as a ‘Very Large Online Platform’ - Read More
🧐 Amazon Execs May Be Personally Liable For Tricking Users Into Prime Sign-Ups - Read More
🔍 UK Law Will Let Regulators Fine Big Tech Without Court Approval - Read More
🚚 Amazon Shutting Down Warehouse Near Seattle - Read More

WHERE IN THE WORLD IS THE BEARDED GUY?

Can you find Norm in the picture below? Scroll to the bottom of this newsletter to see the answer!

CREATE A CUSTOM GPT IN MINUTES

Courtesy of Colin Campbell - StartUp Club

Why make a GPT?

A custom GPT can be tailored for specialized tasks in various industries or hobbies, providing unique and valuable services.

It’s incredibly easy to get started…

Step 1: Open ChatGPT and go to Explore GPTs and select “+ Create”

Step 2: Customize your model with advanced settings using “configure”

Step 3: Add instructions or training prompts to guide your GPT's behavior.

Step 4: Add datasets, like PDFs, and Sheets with additional information to fine-tune your GPT.

Step 5: Test Your GPT with the preview option and then deploy!

Step 6: Add it to the GPT store, keep it for yourself or create a custom domain and website.

🚨 Learn how to create a custom domain to your brand new GPT watch the FULL walkthrough on YouTube with Colin Campbell here.

WHAT YOU MISSED LAST WEEK

👇 Highlights from last week’s Lunch With Norm podcast episodes👇

Monday - Where is AI Heading? ChatGPT 4.0, Trained GPTs & More

Watch the full episode here

Main Takeaways:

Create Custom GPTs:
- Develop custom GPTs tailored to your specific business needs to automate tasks and improve efficiency.
Automate Repetitive Tasks:
- Identify repetitive tasks in your workflow that can be automated using AI to save time and reduce errors.
Enhance Customer Support:
- Implement AI chatbots to provide instant customer support, ensuring they are ADA compliant and clearly indicate they are not human.
Educate Your Team on AI:
- Train your team on how to use AI tools effectively and stay updated on the latest advancements and best practices.

Wednesday - Our Big Announcement For Lunch With Norm

Watch the full episode here

Main Takeaways:

Big News:
- We share the news of Lunch With Norm streaming only once a week.
Attend Industry Events:
- Make it a priority to attend industry events like BDSS and Level Up to build your network and gain insights from experts.
Invest in VIP Tickets:
- Consider purchasing VIP tickets for enhanced networking opportunities and exclusive access to speakers. It’s worth it, trust me.
Follow Up with New Contacts:
- After events, follow up with new contacts to build and maintain professional relationships.