Entrepreneurship

Read This If You Are Hustling Hard But Not Seeing Results With Your Business

There’s a saying that entrepreneurs are willing to work 80 hours a week to avoid working 40. And if you’re spending 80 hours per week on your business, then power to you. But what if you’re putting in the time but not seeing the results? Here’s an email that I received from a reader the other day… Hey Steve. Everyday I wake up, eat breakfast, work the entire day on my online business, eat dinner, work some more and then go to bed. I’ve been doing this for almost a year but I don’t feel like I’m getting...

Behind The Scenes Of My First Ecommerce Conference – The Sellers Summit

Most of you probably don’t know this, but I’ve always dreamed of giving a keynote speech at a conference. In fact, it’s been on my bucket list for quite some time. But here’s the thing. While I’ve been asked to give speeches at conferences before, no one has ever approached me to give a keynote ever. Not a single person! And a Chinese guy can only handle so much neglect!!! Anyway I got tired of waiting around for someone to ask so I decided to launch my very own conference instead:) Bucket list item crossed off!!! The...

Overcoming Self Doubt And What It Takes To Make 6 Figures In Ecommerce

Looking back, one of the biggest challenges of starting our ecommerce store was the lack of support. For example in 2007… We had no one to talk to. We had no one to share our experiences with. We had no one to compare strategies with. And to make things worse, most people doubted that we would ever be able to replace my wife’s 6 figure income selling handkerchiefs online. Here’s the funny thing about friendship and support. If most of your friends work full time day jobs, then most of them will be skeptical of your chances for success. And there...

Why I Finally Quit My Job And 8 Life Lessons I Learned In The Process

For the past 5 years, I’ve been asked the following question over and over again… Steve, why do you still have a day job? Why do you work when your businesses generate so much money? Well several weeks ago, I finally gave notice at my job. Soon, I will no longer be an engineering director of microprocessor design. Soon, I will be giving up a skill that I’ve studied for as long as I can remember. After working at the same company for 17 years, all of a sudden I’m going to have an extra 32-40 hours free...

A Peek Into The Glamorous Life Of A Small Business Owner

Everyone knows that starting and running a small business is glamorous. In the past few weeks alone, I’ve read at least a half a dozen stories ranging from “How I made $1027.53 in a single day!” to “How you can work 4 hours a day and be rich with a small business!”. Clearly, these guys are living the good life. What’s funny is that these business owners never mention how glamorous their lifestyle really is. They don’t mention the power, the freedom and the luxury that comes along with owning a small business. On second...

Your Business Failed…But Did You Really Try? Or Did You Just Give Up?

“Oh yeah, I tried being an entrepreneur a few years back but it was just too hard.” “I tried the whole blogging thing but couldn’t get it off the ground” “I tried selling online but every product I could think of had too much competition” I don’t know why, but lately I’ve become increasingly sensitive to people complaining about how things are just too difficult. Whenever I hear statements like the ones above, I can’t help but think to myself… How hard did you really try? How much time and effort did you actually spend? Did you just give up after encountering the first...

Income Report: How Our Ecommerce Store Performed In 2015 And How We Continue To Grow

My wife just closed the books on 2015 for our online store and I’m happy to report another double digit growth year. Can you believe that our little store has grown in the double or triple digits for 8 consecutive years now? I can’t! After all, the products that we sell are very niche and our overall market isn’t very large. But the good news is that the ecommerce landscape is constantly changing and there’s always some new marketing strategy for me to try. As I’ve mentioned many times in the past, I treat Bumblebee Linens like my own...

How To Figure Out What You Should Do For A Living If You Hate Your Job

When I was a kid, I always tried new things just for the heck of it. I never thought about it too hard. I simply went with the flow and followed my interests wherever they took me. For example… I spent one summer reading the encyclopedia all day because I was curious about all of the cool facts hidden in these massive tomes. I spent hundreds of hours creating the ultimate Legend Of Zelda strategy guide on a typewriter. I played Street Fighter II for 8 hours a day so I could beat all of my friends. I spent hours learning how to...

Improving Your Habits And How One Simple Change Can Lead To Business Success

If you’ve been a reader of MyWifeQuitHerJob.com since the early days, you probably remember that I used to refer to myself as a lazy piece of c$%^. Now depending on the person, laziness can have different definitions. To some people, being lazy is sitting around and watching television all day. To some people, being lazy is staying in bed and not getting up until the afternoon. To some people, being lazy is wanting to make a change and not doing anything about it. But to me, laziness is participating in activities that have absolutely zero...

3 Examples Of Short Term Thinking That Will Ruin Your Ecommerce Business

“How long would it take me to become great under you?” he asks. “10 years,” the master swordsman replies. “I don’t have that long,” says the student. “I want to be good soon. What if I worked very hard and dedicated myself completely to the task?” “Ok, 30 years,” he says back. “But that’s even longer,” the student says with some perplexity. “I am telling you I am in a hurry.” And so the master replies, “Precisely, students in a hurry end up taking even longer to learn what is right in front of them.” After teaching my Create A Profitable Online Store Course for several...

Your Ecommerce Business Is Dead Unless You Apply This Long Term Strategy

Recently, I attended 2 back to back online selling conferences and spoke with hundreds of ecommerce entrepreneurs about their main strategies for growth in the coming year. And the one key takeaway from all of my conversations was this… If you aren’t adding value to your ecommerce business, then you probably aren’t going to be around in the next few years. I’ve alluded to this already in my post on The Dangers Of Selling On Amazon And Horror Stories From Real Amazon Sellers and here’s what I’m seeing. Right now Amazon is getting flooded with a bunch of me too products. People are...

How I Achieve Work Life Balance Despite Working Full Time, Running 3 Businesses And Caring For 2 Kids

I recently came across a statistic from Fast Company magazine that really surprised me. According to the American Sociological review, over 70% of employees in the United States struggle with finding a balance of work and play. 70%!?!! Does this number sound a bit high to you? When I look at my life, I find myself having quite a bit of free time on my hands outside of work so it’s a little difficult for me to relate to this number. In fact, many of my readers often ask me how I manage to juggle working full time as...

Student Story: How Lauren Makes 6 Figures Selling On Amazon And Her 2 Prong Approach To Ecommerce

This post was written by Lauren, a student in my Create A Profitable Online Store Course. One of the basic tenets of my course is to validate your niche or product idea on an established marketplace like Amazon before investing in a full blown shop. And as part of the class, I offer detailed tutorials on how to make your Amazon listings stand out and sell like crazy. Anyway when Lauren launched her first product on Amazon, it took off so fast that she’s on track to make 6 figures from just a single product alone! Needless to...

Here’s What Adding Payment Plans Did To My Info Product Sales – The Good, The Bad And The Ugly

When I first launched my Create A Profitable Online Store Course in 2011, the price was only $299. But as I continued to add content to the class and as the value of the course continued to rise, I began raising prices as well. Today, the cost of my class is more than triple the original price and it’s likely to increase again. Here’s the thing. Whenever you sell an expensive product, there are always going to be people who will be intimidated by the price tag even if deep down they know that the cost is worth the money. That...

How To Start A Business When You’re Clueless With No Money. Here’s What I’d Do…

Whenever I have a conversation about entrepreneurship, I often find that most people have a strong desire to start a business at some point in their life. But here’s the thing. While the desire is there, it’s often the lack of confidence and the uncertainty of the outcome that prevents most people from taking serious action. In fact, I would go as far as to say that most people are not willing to take any risk at all unless they are confident that they will succeed. I was the exact same way. To be honest, making 6...

My Thoughts On Jealousy, Inadequacy And Finding Work Life Balance

I have a love hate relationship with Facebook. On one hand, Facebook allows me to keep in touch with and keep track of what my friends are up to. But on the other hand, I’ve had many a Facebook session where I’ve left with a healthy dose of jealousy and feelings of inadequacy. Oh look! the company that my classmate at Stanford started just reached 100 million in sales! Wow! My friend R is really living it up by travelling the world! Geez! I’m the worst parent ever. Look at all the cool stuff my buddy J is...

Pai Gow Poker And A Simple Formula For Financial Success

If you ever go with me to the casino, you’ll often find me playing cards at the Pai Gow poker table. Now Pai Gow is definitely NOT the sexiest game at the casino, nor is it one that draws a huge crowd. But those who appreciate Pai Gow love the game for its simplicity, its longevity and its potential for a large payout. In fact, I love the game so much that I’ve pretty much modeled my entire entrepreneurial career based on a simple card game. Here’s what I mean. How Does Pai Gow Work Below is a...

How To Do A Small Scale Kickstarter Project The Lazy And Crappy Way And Still Make A Profit

This post was written by Lars Hundley, who runs several ecommerce stores and recently started launching Kickstarter campaigns for his products. What I like about Lars is that he’s constantly trying new things and he’s here to share his Kickstarter experiences with us today. Incidentally, Lars and I share very similar philosophies. You don’t have to swing for the fences. You can simply go for base hits which eventually lead to something bigger. Enjoy the post. Do you want to have the coolest Kickstarter of all time, or do you simply want to make a reasonable amount of...

How Much I Made Blogging And The Actions I Took To Double Revenues This Past Year

My wife just closed the books on MyWifeQuitHerJob.com’s earnings, and I’m thrilled to say that 2014 was a blowout year for my blog! Whereas in early September I was forecasting revenues in the range of $300K, a late year surge including a single magical day where I made over $35,000 in 24 hrs allowed me to significantly exceed that number. Here are the highlights for 2014. Year over year traffic increased by 66% The MyWifeQuitHerJob podcast launched to over 30K downloads per month My email list more than doubled despite a cleanse of several thousand inactive subs I increased the number of...

How To Get Fit, Start A Business And Follow Through On Your New Years Resolutions

The beginning of the year is when most people make grand promises of change and set goals for what they hope to achieve. I promise to workout 5 days a week and get fit This is the year where I will finally start my business I’m going to lose 20 pounds But we all know what ends up happening. While our intentions are good and we start out strong, our intensity tends to fizzle out over time. Those with willpower can last for several months, but most of us are weak and we can’t maintain our promises for more than a couple of weeks....