The eCommerce market is projected to reach $8.1 trillion in only three more years, according to Forbes. However, many are afraid to enter the digital retailing sector due to the perceived challenges of hosting an online business.
On this episode of The Small Business Show, host Jim Fitzpatrick is joined by William Rivera, serial entrepreneur and founder of Ecom Degree University. Despite his young age, Rivera has been running a successful eCommerce business for years and teaches students the nuances of digital retailing through his educational platform. Now, he discusses how he achieved success and shares his advice for others looking to start their own company.
Key Takeaways
1. Rivera learned at an early age that hard work did not always result in higher earnings after watching his single mother work long hours to support her family. Realizing that he needed to work smarter instead, he began to consider entrepreneurship and eCommerce while working at Amazon, where he learned the rules of digital retailing by paying close attention to the company’s operations.
2. Rivera realized that he could purchase third-party goods at wholesale prices if he bought them in bulk, allowing him to re-sell the products through platforms such as Amazon for a profit. Over 50% of items on Amazon are sold by a third party, with the company providing warehousing and shipping services.
3. Rivera’s Ecom Degree University teaches the basics of running an eCommerce operation. He currently teaches courses to 10,000 students, with 100-150 enrollments per week.
4. Rivera uses his earnings from online sales to fund additional enterprises, including a gym and a 25-unit apartment complex. He recommends re-investing profits to generate passive income. He has also purchased a house and car for his mother.
5. Rivera urges hopeful entrepreneurs to surround themselves with those who are committed to their dreams and possess the ability to achieve them. By networking with those more prosperous than yourself, you can identify the habits that contributed to their success and adopt them as your own.
"A lot of people are also misinformed with thinking that they need a lot of money to sell online or thinking that they need to be good at marketing, but...you don't need either of those things. Because since you're selling credible brands on the number one e-commerce marketplace in the world, the traffic is already there, and the credibility is already there because you're selling brands that are already well known and have millions of customers that are looking for them every single day." — William Rivera
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