E200: Ecommerce Observations and Realizations from the 5 Minute Pitch GuysNovember 26, 2018 in Ecom-Crew-Podcast
It’s our 200th episode. I’d like to start off by saying a BIG THANK YOU to all of you who’ve tuned in to this podcast from the very first one.
A few weeks ago we wrapped up the semi-final round of 5 Minute Pitch. The finalists will be judged on their presentations at the Seller’s Summit next year in Miami, Florida.
After three days of competition, I sat down with my co-judges Scott Voelker, Steve Chou, and Greg Mercier to record this podcast.
Over the course of this endeavor, we’ve had the chance to meet a variety of entrepreneurs. Some have already gotten their feet wet while others are still at pre-income level. There are those who developed their own products and those who took the “me too” approach in terms of what they wanted to sell.
Each of them had something to bring and this whole experience has reinforced our belief that people behind ecommerce businesses are some of the most driven, passionate, and hardworking individuals you’d find anywhere. It is indeed a great community to be a part of.
With that said, here are some takeaways from this fun and meaningful discussion.
Is it still possible to bootstrap an ecommerce business?
- Uniqueness and defensibility are good characteristics to have
- A “me too” product isn’t necessarily a bad thing
- Amazon is still a great place to get started, especially if you’re a solopreneur
- But when your business gains traction, start building your brand outside of Amazon
- Personality can be a big factor; putting yourself out there to promote your brand can be your ticket to success
Double down or diversify?
- If you have a strategy that you know works, it makes sense to double down or even triple down on it
- A good time to diversify would be after achieving a significant business goal
Head over to https://www.5minutepitch.com/ and sign up so you can follow along with the selection process.
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If you have any questions or comments, feel free to leave them below. Happy selling!
Michael started his first business when he was 18 and is a serial entrepreneur. He got his start in the online world way back in 2004 as an affiliate marketer. From there he grew as an SEO expert and has transitioned into ecommerce, running several sites that bring in a total of 7-figures of revenue each year.