This episode offers critical advice for aspiring and current ecommerce entrepreneurs by highlighting four business types to avoid in 2023. It emphasizes that not all opportunities are viable and market conditions change rapidly. Ecommerce operators will learn to identify business models with low sustainability, high saturation, or declining demand, enabling them to make informed decisions and avoid common startup pitfalls.
Key takeaways
Avoid businesses with razor-thin profit margins and high competition (e.g., direct sales/MLM) as they often require unsustainable effort for minimal return.
Steer clear of businesses heavily reliant on outdated or easily replaceable technology, as rapid technological advancements quickly render them obsolete.
Be wary of ventures requiring significant upfront investment in physical inventory or infrastructure with uncertain demand, especially in a volatile economic climate.
Prioritize thorough market research to identify saturated markets and declining industries, even if the initial investment seems low, to prevent wasted time and resources.
In this Family First Friday episode, I reveal the worst businesses to start this year.
Not every side hustle opportunity is a good one and not every business is suited for every person. Plus, the business landscape is constantly changing and some business models are simply no longer viable.
Frequently asked about this episode
What does this episode say about founder & leadership?
Avoid businesses with razor-thin profit margins and high competition (e.g., direct sales/MLM) as they often require unsustainable effort for minimal return.
What does this episode say about founder & leadership?
Steer clear of businesses heavily reliant on outdated or easily replaceable technology, as rapid technological advancements quickly render them obsolete.
What does this episode say about founder & leadership?
Be wary of ventures requiring significant upfront investment in physical inventory or infrastructure with uncertain demand, especially in a volatile economic climate.
What does this episode say about founder & leadership?
Prioritize thorough market research to identify saturated markets and declining industries, even if the initial investment seems low, to prevent wasted time and resources.
