The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success
  • SPONSORED: GiganticWebsites.com: We Build Sites with THOUSANDS of Unique and Genuinely Useful Articles

    30% to 50% Fastlane-exclusive discounts on WordPress-powered websites with everything included: WordPress setup, design, keyword research, article creation and article publishing. Click HERE to claim.

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 90,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Getting Into E-Commerce?

itsmeterrylin

New Contributor
User Power
Value/Post Ratio
180%
Feb 5, 2013
5
9
Los Angeles, California
In 2012, I started a podcast to find out how E-Commerce entrepreneurs built their online stores, got their product sources, handled marketing, and dealt with mindset issues.

Throughout the course of almost 40 episodes, I've spoken to business owners in the $100K to $5M annual revenue ranges on what worked, what didn't, and what they would advise anyone starting out.

A few guests were from the Shark Tank in Season 3, and one is a Mark Cuban investment (Tower Paddle Boards), and another is from Barbara Corcoran (Nardo's Naturals).

If anyone is looking to get into the online products and E-commerce world, it should be helpful for you to check out the interviews I've done to give you some ideas and inspiration from real businesses out there in the world, not some guru crap being hyped around.

As for me, it's a way to re-learn things and add value in the E-Commerce world as I've been out of it for a while since college, and was sidelined into the Slowlane not knowing any better after graduating college.

Hope you guys find it helpful, and I'll lurk around the product development / E-commerce forums some more now.

For me, in 2011 I realized that working a day job for the rest of your life wasn't the way to go, as even at an investment bank where the pay was good, the senior managing directors and head of departments were either divorced and unhappy.

A mentor/friend said if you basically stick in the same business for 15-20 years, you'll end up like your boss anyways (aka "look down the hall" technique) so that was a pivotal moment for me.

I've given notice to quit the job last week, and surprisingly they are quite supportive. My boss wishes he had this chance when he was younger and is happy to work out a smooth transition later on this year.

Right now I am building a content site about E-commerce, later on branching into my own stores and using them as case studies to further build the site and diversify some income streams.

iTunes: http://itunes.apple.com/us/podcast/build-my-online-store-podcast/id525309549#
Stitcher: http://www.stitcher.com/listen.php?fid=26775
Website: http://www.buildmyonlinestore.com/

- Terry
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited by a moderator:

Vigilante

Legendary Contributor
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
596%
Oct 31, 2011
11,116
66,267
Gulf Coast
Welcome Terry! We look forward to seeing you around the boards, and hearing more about your new venture when you get it off the ground. Good luck to you. If you haven't done so yet, you should pick up the book The Millionaire Fastlane . A lot of the language that is thrown around in the forums here is better defined in the book... I think with the adventure you are on you would enjoy it.

You can grab the first three chapters free here : The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime, by MJ Demarco
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

itsmeterrylin

New Contributor
User Power
Value/Post Ratio
180%
Feb 5, 2013
5
9
Los Angeles, California
Guess I was guessing wrong this morning. Lol

Wasn't sure. Welcome!

No worries - sorry I didn't know links weren't allowed here, my bad!

I just finished the book today, after hearing a bunch of friends recommend it. I think a lot of the concepts I intuitively knew, but just never had someone lay it out to me like MJ.

For example at the day job in the stockbroking business - we always harp about P/E, P/B, EBIDTA, and all these financial multiples before buying a stock (which has its purpose), but the massive gains in value actually lie in being the business owner that liquidates at 3-4x P/E, versus the investor that makes a 10-20% gain here and there as stock prices move.

Obviously liquidation in itself is an event after the process of business building, but I've never heard of a fund manager making 400% returns, and don't expect to see that anytime soon. But then again, he could be the owner of the fund which in itself is a Fastlane vehicle right :D
 

CEBenz

Bronze Contributor
Read Fastlane!
User Power
Value/Post Ratio
29%
Apr 16, 2011
833
242
Tacoma, Wa
Lol the links thing, I think, is based on number of posts but I don't remember for sure.

Fund manager still has to trade money for time right?
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

itsmeterrylin

New Contributor
User Power
Value/Post Ratio
180%
Feb 5, 2013
5
9
Los Angeles, California
Lol the links thing, I think, is based on number of posts but I don't remember for sure.

Fund manager still has to trade money for time right?

True - pre-2008 you had guys in hedge funds that made 2-5mil a year, but it would be a huge boom and bust depending on market conditions. Those days are definitely gone now, so is the old system of 2/20 where they collected 2% of all fund assets and 20% of all performance gains.

So, structurally you have governments and new regulations that will put a clamp down on bonus/payments, and on the other side you have software, technology, and outsourcing squeezing more efficiency out of the human resources systems so it's not a great place to be in the long-run in my view.

Some of my Slowlane colleagues tell me working at an investment bank still pays more than an average corporate job, which is 100% true - but you'll never get a 1000% raise like having your own business and adding massive value.

Gotta swing for home runs right?
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

More Intros...

Top