TMBA 223: Things We’d Change if We Started Our Product Business Today post image

 

We’ve been looking back a lot to the beginning of The Valet Spot now that we’ve released the info to the public and realized that although we did a lot right, we screwed up a lot too. We figured with some of the big changes and our growth trajectory coming up, it would be a good idea to sit down and discuss what we did wrong, and what we did right so it can help some people in the e-commerce world avoid our biggest mistakes.

Listen to this week’s show and learn:

  • The biggest mistakes we made in building The Valet Spot.
  • Why we probably wouldn’t start this business if we were starting from scratch.
  • Why we’ve gotten a little less aggressive as our business has grown (and why we think this could be a bad thing).
  • The one decision we made early on that helped us ensure our location independence.
  • Why technology can sometimes be the biggest blunder if it’s focused upon.

People on this episode:

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Thanks for listening to our show! We’ll be back next Thursday morning 8AM EST.

Cheers,

 

Dan & Ian

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  • http://donnielaw.com/ Donnie Law

    Good stuff. I’m getting ready to launch my first eCommerce store so this was especially helpful. I think I found a niche that I could start by dropshipping, then move to my own fulfillment, and eventually manufacturing (ultimate goal). We’ll see!

  • http://www.tropicalmba.com/ Dan

    rock on best of luck Donnie!

  • mikedariano

    Dan and Ian, really dig these episodes where you riff of a number of ideas. Thanks for making this good stuff.

  • http://www.entreprelution.com/ Ryan

    Yeah, these latest episodes have been gems. You guys are sharing information that you could most certainly charge for.

    I think you should maybe hit up an episode about how you decide to setup in Asia.

    How did that impact your life?

    Where you scared?

    Was it the greatest decision you ever made?

    This type of stuff related to your journey in rising up to become successful entrepreneurs. A lot of people want to start businesses, but when location independence becomes the real deal. It can be a lot of life changing emotions and they may or may not impact you – both positively and negatively etc.

    Another gem guys, I really do look forward to thursday mornings now! It’s probably the only day of the week I don’t need to set my alarm! :)

  • http://www.linkedin.com/in/sholaabidoye/ Shola Abidoye

    Hey guys, every thought about adding a Linkedin share button? I pretty much only share there – plus there are 3 million business owners on that network who haven’t been spammed to death via facebook or twitter. Help us share your content ;)

  • 유 Soeren Gelder

    Great piece, Dan and Ian. I wonder when exactly is the next come-together (DC) in Bali? Would like to participate :) Greets from the German Soeren.

  • http://www.tropicalmba.com/ Dan

    Cheers, not sure but for sure we’ll be there next year sometime. There are meetings of DCers every third Thursday.

  • http://www.tropicalmba.com/ Dan

    Good point! I think we’ve tried in the past but didn’t get much traction there.

  • http://www.tropicalmba.com/ Dan

    Thanks for that Ryan I’ve added these questions to our content brainstorm sheet, appreciate it and glad you are digging the shows!

  • http://www.tropicalmba.com/ Dan

    Cheers! :)

  • http://RaymondSmith.com/ Ray

    I think it’s the second time I have heard you guys mention that you would choose a bigger market if you had your time again.
    I’m not so sure about this. It’s difficult to know if you would have had the same experience, learnt the same lessons, developed in the same way if you have chosen a bigger market. Assuming a bigger market would have been more difficult to penetrate – you maybe would not have been able to grow as fast and keep the same energy levels up. I have the same thoughts myself and have concluded you are the person who you are now because of the journey you have taken – and as long as you are happy with who you are – you can’t be regretful about your journey.

  • http://www.tropicalmba.com/ Dan

    Hey Ray! Thanks for your thoughts, regarding the first part I totally agree… it’s very difficult to predict these things, that said, I in concrete terms I believe if I could advise myself in 2007 we would have chose a market like PBC instead of TVS.

    The second part I suppose is true!!! I don’t regret the things we did, but I’d sure as hell change some of them!!! lolz

  • 유 Soeren Gelder

    Thanks for this!

  • http://www.justinvelthoen.com/ Justin Velthoen

    Just caught this episode, and heard you mention that you were looking for an alternative to QB and Fishbowl? I actually took a position as a brand manager for QStock Inventory a few months ago to get the feel of building and running an app.
    I really want to start focusing on building a web app and diving down the eCommerce niche, so I was pretty stoked to hear of an eCommerce biz not doing drop shipping. Fishbowl is one of our larger competitors, and I would love to hear what features you were looking for, things we might be able to use to differentiate ourselves to help other eCom businesses as well.

  • http://www.tropicalmba.com/ Dan

    Hey Justin congrats on the gig ! I’m not sure I can give a straightforward answer to the question here, but perhaps if you could get our sales support staff on the phone they’d have a lot to say about it.

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