EricBBigham's blog: Breakfast Almond Bakes - Views ( 770013 ) -article by: EricBBigham

EricBBighams' BLOG ( 181 articles!)

Breakfast Almond Bakes - Views ( 2236 )

Breakfast Almond Bakes

Author: EricBBigham , Last Modified, 2022-01-03

Category: food Keywords: Breakfast-Almond-Bakes

2236 views 45

Breakfast Almond Bakes

My First Marketplace Million

From eBay to OnMyBubble.com, online marketplaces have become the new fast track to success as an online retail entrepreneur. New sellers can now go from zero to hero in a very short space of time, say one to three years according to many.

Of course online marketplaces are not get rich quick schemes. They require a certain level of tenacity and a steady effort to succeed over the longer term.

The key is to keep at it, building your brand and reputation, one order at a time. In this case it is possible to to reach that elusive one million pounds in sales threshold that many believe is where the bar must be set to call oneself a success.

Ferrari or Forgotten

Of course sales do not translate into profits necessarily, and so the real barrier to successful entry is probably the entrepreneurs ability to get control over potentially spiralling advertising and other marketing costs. Particularly good at swallowing up your working capital are Facebook and Instagram. Using these platforms is a pre-requisite to any successful online marketing campaign. Building brand awareness and driving much needed traffic to your store, all costs a lot of money. Mastering the data from your initial fore into Facebook advertising could be the difference between "Ferrari or Forgotten".

Snake Oil Salesmen and Con Artists

Many would be drop shippers give up long before they achieve real success. Many appear to be pivoting into the more shady "Guru" business. We have noticed a rise in so called "Gurus" in recent years. Gurus, are people who claim to have achieved success in their chosen field then try to encourage others to follow and learn from them. The only trouble with this is how many are the real deal and how many are basically untruthful marketers in the business of selling online seminars and courses? These so called "Gurus" fashion themselves along the lines of Tony Robbins and seem more people willing to charge you for their net ebook or seminar on how to get rich, than are actually getting on with the business of becoming rich. In my experience, successful business people are usually far too busy running their businesses, to spend time producing shoddy thought out self published courses. Those who can do, those who can't teach is a saying we should all remember before blindly following the next self professed Tony Robins.

The Wildest West

When the wild west first began, they said more people made money selling shovels to the prospectors, than they did actually prospecting. It is so easy to compare the world of online entrepreneurs with those early prospectors, and of course this comparison was levied in the early dot com boom and bust days at the turn of century.

Facebook today and similar businesses, do however have very large captivated audiences. Technology has taken the art of targeting micro niches and turned it into a science. Data Science is now responsibe for the huge ad spend campaigns that drive most traffic to most online ecommerce stores.

There is still very much an art however, as it is necessary to buy data in order to refine and win in any niche market, also it is necessary to have the right product market fit.

For my money I do believe that there is a huge potential, and advances in AI and the ability to let entrepreneurs program their ad spend algorithmically l see this form of capitalism only increase exponentially over time

The rise of Millionaire sellers still in school or in their teens has been phenomenal. However just like the kids ambition to be a great football or sports star is a natural thing, today e-gaming and online sales is the new sport. As such it will be the fittest and fastest to adapt who will be the long term winners. In any great sport there is only ever room for the few. Stadiums are packed with fans and wannabees and so is the online marketplace

The proliferation of mobile smart phones, each with more computing power than that which was used to send the first astronauts to the moon, mean success stories will continue to be shared and virality will work its magic for the few.

The Dropout Millionaire Club

As I see it, there is an implicit danger in feeding ideas of super success at a young age to the under educated and vulnerable. Not only does it encourage many traditionally mediocre performing students to believe dropping out is a solution, to their school day woes, it also risks putting many inexperienced young people into a society where their early online successes could quickly go in the opposite direction, leaving them without education and job prospects.

Of course there are the few who would make it whether or not they stayed the course, the Bill Gates and Mark Zuckerbergs, if the Pareto principle holds true, most will not. I believe we should do all we can to encourage entrepreneurs to stay at school and get their full educations before dropping out, and I believe many universities such as Yale now let their students know it is OK to try and fail and return to full time education. Yes Yale at least will take you back. So give it a go but secure that Yale place first...

As for my first marketplace million, well, not quite yet but keep pressing that button below and who knows? Watch this space..