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August 24, 2023

eCommerce myths – How to really start an ecommerce business

Introduction

In this episode of “The E-commerce Leader” podcast, hosted by Michael Veazey and Jason Miles, the panel (including Chris Green and Kyle Hamar) discusses common ecommerce myths and misconceptions about starting an e-commerce business. They emphasize the importance of adaptability, critical thinking, and practical experience in the entrepreneurial journey. The panel also touches on the reasons why small businesses fail and the significance of cash flow management. Let’s dive into the key takeaways from this thought-provoking discussion.

Myth 1: E-commerce is a System

The biggest ecommerce myth of all. Chris Green, one of the panel members, shares his experience of helping people learn how to sell on platforms like eBay and Amazon.  It’s a common misconception that e-commerce is a straightforward system where following a set of steps guarantees success. However, entrepreneurship and selling on online platforms are not that simple. It requires a deeper level of understanding, expertise, and the ability to adapt to changing circumstances. Chris emphasizes the importance of gaining practical experience, trying different strategies, and accepting the risks involved in the process.

Myth 2: Following a Guru’s Steps

Blindly  following gurus or step-by-step guides without critical thinking is a huge mistake. It is critical that entrepreneurs  think for themselves and develop their own understanding of the business. While guidance and mentorship can be valuable, it is essential to question and adapt strategies to fit individual circumstances. We would strongly encourage you to avoid relying solely on gurus and instead develop their own expertise through experience and continuous learning.

Myth 3: Lack of Adaptability

We all agree that one of the fundamental features of being an entrepreneur is adaptability.  Many small businesses fail due to a lack of adaptability and an inability to respond to changing market conditions. Constantly evaluating and adjusting strategies to stay ahead in the competitive e-commerce landscape is paramount. Adaptability, combined with hard work and critical thinking, is crucial for long-term success.

Myth 4: Cash Flow Mismanagement

While cash flow mismanagement is often cited as a reason for small business failure, we believe that it is a downstream problem resulting from more upstream issues. The lack of adaptability and the inability to think like an entrepreneur are the root causes of cash flow problems. By addressing these fundamental issues, entrepreneurs can better manage their cash flow and ensure the financial stability of their businesses.

Conclusion

In this episode of “The E-commerce Leader” podcast, we challenge common myths and misconceptions about starting an e-commerce business. What we think is critical is of adaptability, critical thinking, and practical experience in the entrepreneurial journey. By debunking these myths,  we hope to help you think for yourself, question conventional wisdom, and develop your own expertise.

Remember, success in e-commerce requires continuous learning, adaptability, and a willingness to take risks.

If you found this episode thought-provoking and useful, don’t forget to subscribe to the podcast on your preferred platform, such as Apple Podcasts, Spotify, or Google Podcasts.

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Michael Veazey


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