The Koerner Office - Business Ideas and Small Business Deep Dives with Entrepreneurs
How I Built a $10M Business⏐Ep. #114
Jan 6, 2025
Discover the journey from a small iPhone repair operation to a thriving $10M e-commerce business. The speaker shares valuable lessons on recognizing good ideas and the critical role of product-market fit. Learn about strategic decisions that fueled growth, such as innovative sales strategies and relocating for better logistics. Challenges like funding and managing cash flow are explored, along with the importance of balancing passion with practical business needs. Plus, hear why the speaker turned down a million-dollar investment opportunity!
31:57
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Quick takeaways
- The importance of strategic planning and community engagement in launching and growing a successful business cannot be overstated.
- Recognizing market opportunities and trusting one's intuition over external funding decisions can preserve autonomy and align with personal business values.
Deep dives
Foundation of a Business
The journey of starting a business often begins with inspiration and ambition. In 2010, the speaker discovered the lucrative world of iPhone repair through a peer who was successfully operating a business and generating significant monthly revenue. This sparked an idea that led him to explore the possibility of launching a similar venture while leveraging his existing knowledge and resources. A critical step was developing a formal business plan with the help of the Small Business Development Center, underscoring the importance of strategic planning in establishing a successful enterprise.
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