From a 15k Side Hustle to a 2-Billion-Dollar Business with Spencer Jan
How do you turn a side hustle into a 2-billion-dollar business? This might sound too good to be true, but it did happen when Spencer Jan jumped into entrepreneurship and started a business in a garage in 2010 with only $15,000. Called Solo Stove then,...
Let's Talk Business · Meny Hoffman
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Show Notes
How do you turn a side hustle into a 2-billion-dollar business? This might sound too good to be true, but it did happen when Spencer Jan jumped into entrepreneurship and started a business in a garage in 2010 with only $15,000. Called Solo Stove then, the business eventually grew into Solo Brands and in 2021, raised $219 million through an IPO (NYSE: DTC).
After a decade of starting and growing e-commerce businesses and having successfully exited the daily operations of Solo Stove, Spencer is now on a mission to help other e-commerce entrepreneurs find success.
[00:01 - 05:43] Opening Segment
- I launched a new podcast about exiting your business
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- Link below
- Let’s get to know Spencer Jan
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- How he started a future $2-billion business
[05:44 - 15:27] Bootstrapping an Ecommerce Business
- How Spencer spent his $15,000 investment
- Why bootstrapping can jumpstart an entrepreneurial endeavor
- The reason Spencer is passionate about e-commerce
[15:28 - 25:57] Growing an Ecommerce Business
- The importance of the customers in growing an e-commerce business
- The lessons that e-commerce business owners will learn
- How to capitalize on calculated risks and avoid careless mistakes
[25:58 - 35:30] Exiting a Business
- The hard part of being an entrepreneur according to Spencer
- Having this foundation will make decision-making easier
- The right time to exit a business
[35:31 - 42:54] Going Back to the End Goal
- What to do next after exiting the business
- Why people should at least try entrepreneurship
- Connect with Spencer
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- Links below
[42:55 - 46:34] Closing Segment
- Spencer shares his outlook on the e-commerce industry
- Know more about Spencer with these rapid-fire questions!
- Final announcements
Key Quotes
“Bootstrapping is a viable path to entrepreneurship.” - Spencer Jan
“You really have to love your customers. You really have to be able to connect with them.” - Spencer Jan
Resources mentioned:
Connect with Spencer
Email [email protected] to get in touch with Spencer or follow him on LinkedIn and YouTube. Check out their company website to learn how to raise continuous capital for continuous growth!
We’re a passionate bunch. Together, we help your business flourish. Visit: https://ptexgroup.com
Let’s Talk Exits! Check out my new podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-talk-exits/id1606747718
Connect with Ptex Group: Facebook, Instagram, Twitter, LinkedIn
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