The journey of an e-commerce entrepreneur is full of challenges and obstacles.
Successful entrepreneurs overcome all the challenges of building a great business, but some entrepreneurs can’t defeat these challenges and are stuck at the same level.
Are you a successful entrepreneur?
Or are you stuck?
Read this article to learn about the journey of a typical e-commerce entrepreneur.
Stage I: Starting as a newbie entrepreneur
Most e-commerce entrepreneurs start with no experience in e-commerce. Some of them even have a full-time job and start an e-commerce business as a side hustle.
These entrepreneurs are very confident and think everything is easy. They dream of becoming a millionaire or an overnight success.
However, they do not know how to choose the right product or how to sell those products. Some entrepreneurs think it’s all about the product, and once they create a great product, everyone will line up outside their home to buy it.
Unfortunately, they fail due to their lack of experience. Most of these entrepreneurs even think about quitting at this point.
But not everyone does. Some entrepreneurs realize their mistake. They understand that no one can create a great product in their first attempt. Even Mark Zuckerberg created many other successful websites and products before creating Facebook.
These entrepreneurs realize that it takes a lot of testing and learning to become successful, and hence move to the next stage.
Stage II: Becoming a learning entrepreneur but still lacking patience
Entrepreneurs at this stage understand more about e-commerce business. They learn that niche and luxury products perform well in the e-commerce industry. They become customer-centric and ready to learn.
However, they still lack complete knowledge of e-commerce, which proves to be fatal for their business. Once they start getting sales, they either lose patience or become greedy. For instance, if they sold a lot of products by advertising on Google, they try to increase the budget and start expecting more sales.
They fail miserably after doing this because scaling a business requires a different strategy altogether.
Failing is hard to digest for entrepreneurs too. If they don’t learn from these mistakes, they get stuck.
But some of them show persistence. They learn from this stage as well and move on to the next one.
Stage III: Being an advertising expert
At this stage, entrepreneurs understand the importance of marketing. They know that scaling a business requires a different strategy altogether.
Now they create plans for this. They start optimizing by improving their marketing campaigns and start getting much better returns.
At this point, they get satisfied with their business and think they made it.
Being a successful e-commerce entrepreneur is good.
But good is the biggest enemy of great. These people think that their business is a source of passive income. So they become passive themselves and stop investing time and money in their company.
Visionary entrepreneurs, on the other hand, keep looking for growth and improvement. The next stage is about them.
Stage IV: Becoming a business tycoon and a brand builder
Entrepreneurs at this stage understand that if they want to rise above the market, they have to build a brand.
Once they built a brand, they can set any price for their product and thus get better margins. For instance, Louis Vuitton, a luxury brand, is selling its products at a rate much higher than the market price.
But creating a brand is not an easy task. Ecommerce businesses must switch from simple product ads to promoting a particular lifestyle. They can encourage a luxury lifestyle to sell a luxury product, or they can support a unique or new lifestyle to promote a niche product.
Entrepreneurs who adopt these techniques become business tycoons.
Which one are you?
I hope you can relate to one of these stages of entrepreneurs.
So which one are you?
Do you feel that you are stuck?
Feel free to reach out to me if you think so. I am a digital marketer, and I like helping businesses.
I would love to help your business grow.
Thanks for reading!