My Entrepreneurial Story
I have recently been exposed to an entrepreneurial venture within my life. I had heard of a business model by the name of Dropshipping through a friend that successfully started his own venture. Dropshipping is a form of e-commerce that involves selling products on websites like Shopify.com. Dropshipping is unique because it is a no inventory business. The seller makes sales through his or her website, and then orders the products from a supplier in China. The supplier then ships the products directly to the customer. Most of the time, the website owner never even see's the products that he or she sells.After a couple weeks of studying the business model, I decided that I was going to give Dropshipping a shot. The good thing about Dropshipping is that it is a low risk business. The overhead costs can be very low as long as you know what you are doing. The main source of risk is in the marketing side. Dropshipping is centered around running Facebook and Instagram advertisements, and trying to get purchases through impulse buys as users are scrolling through their feeds.
I began to delve into the world of Dropshipping and began to create my site. There are some startup costs that include a Shopify subscription, purchasing a URL, and buying a logo. I then began to sink money into ads once I found my product. I tried and tried to tweak my ads to no avail. I could not get a sale.
Not getting sales was very discouraging, but I did not want to give up just yet. I decided to take a risk, switch up my product, and spend even more money on ads. In the end my new product has been successful and grossed me a little over $1000 in revenue in a little over one week. While there is a learning curve to this business I decided to take on the challenge and risk a little bit of money for the potential reward.
Part 2: I decided to enroll in ENT3003 because I have always been fascinated by business and the process of building a profitable company. Even as a young kid I have always been discovering and trying out different ways to make money. I hope to learn the specifics of what it takes to be a successful entrepreneur. I have always wanted to learn the real business vocabulary associated with starting a business. Overall, I hope to learn more about the history of entrepreneurs and what it takes to become a successful one.
Hey David,
ReplyDeleteThis idea is something I too have looked into and it seems like you are doing pretty good for the start you have. I have also tried this style of E-commerce, and I am getting about the same results as you are. It's awesome to see someone else trying new stuff out too and taking a little risk on top of it all, as you are a student who I', sure isn't making much money in the first place. One way you may be able to improve this venture is to have a partner so you can split the risk (but of course split the profits as well).
Dropshipping looks like an interesting opportunity. While being low-risk certainly doesn't mean no-risk, it seems like a safe place to start as a budding entrepreneur. Learning to advertise more effectively on Facebook and Instagram will help give you more experience to lean on in future projects. I hope you find success in your future endeavors and that this class helps you with those!
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