It’s a common misconception that there has to be a large capital to start an e-commerce business built for success. Spencer Jan’s story will reveal otherwise. Listen as Spencer Jan shares his journey from a 15k side hustle to a booming two-billion-dollar business!
Spencer Jan is the co-founder of Solo Stove, an eCommerce company that was started in 2010 as a side hustle in a garage with only 15K. Solo Stove grew into Solo Brands and in 2021, raised $219M through an IPO (NYSE: DTC) giving the company that he started in a garage a valuation of over $2 BILLION dollars!
After a decade of starting and growing eCommerce businesses and having successfully exited the daily operations of Solo Stove, Spencer is now turning his focus to helping other eCommerce entrepreneurs find success.
[00:01 – 08:55] Opening Segment
- Who is Spencer Jan?
- Starting in the garage at 15k to a two-billion-dollar business
- Hone in on good products for e-commerce.
- Bootstrapping as the only option and viable path to entrepreneurship
- Be our own brand!
- Growing through the site by design
- Building value in the brand
- Starting in the garage at 15k to a two-billion-dollar business
[08:56 – 35:02] The Leap to Entrepreneurship for Time Freedom and Fulfillment
- What does it take to grow the brand with passion?
- Finding true passion in e-commerce
- Creating a community of like-minded people
- Build with intention.
- Falling in love with what you do – interacting with customers and offering desirable products
- Start with a seed of passion.
- What are some early trials and errors to stay away from?
- Failures as the stepping stones to get to a place of understanding
- Let stamina carry you to opportunities
- Setbacks as necessary and avenues to learning
- Failures as the stepping stones to get to a place of understanding
- What are the differences between taking calculated risks and recklessness?
- Feeling like a mouse in a maze
- We get better over time!
- Going back to the essence of entrepreneurship – time freedom and fulfillment
- Do we optimize our time?
- Feeling like a mouse in a maze
- What prompted the decision to shift to entrepreneurship?
- Wanting our time and freedom back
- Wanting our time and freedom back
[35:03 – 44:41] The Opportunity to Go Big with Little Investment in E-Commerce
- How was the IPO stage of your journey?
- Achievements as not who you are
- Reflect and consider paying it forward.
- Achievements as not who you are
- Spencer Jan’s outlook on e-commerce
- Varied tools and opportunities with little investment needed
- Go for it!
- A space for amazing brands to emerge, stories to be told, emotional connections to be made, and communities to be built
- Varied tools and opportunities with little investment needed
[44:42 – 46:52] Closing Segment
- Spencer on the four rapid fire questions
- Book a strategy session, drop your questions and comments on https://letstalkexits.com
- Connect with us! (links below)
Key Quotes:
“If we’re selling this item, we also have to help people experience those feelings.” – Spencer Jan
“Start somewhere where passion is there, or at least the seed of passion is there, and see where it takes you and the twists and turns that all businesses eventually take can lead you to a place that you never thought you were going to be at when you started it.” – Spencer Jan
“It’s [e-commerce] life-changing for so many people. And so I just encourage entrepreneurs to go for it to dive in. And there’s no better time to start than now.” – Spencer Jan
Connect with Spencer on Youtube and LinkedIn
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