Michael Soltis on Crushing it on E-Commerce While Being a College Student
Firing The Man · with Michael Soltis · May 19, 2020 · 28 min
Summary
Michael Soltis, a college student, built a profitable Amazon FBA business, scaling to $10K/month profit within a year by reinvesting all earnings and focusing on private label products. This episode offers valuable lessons on bootstrapping, mindset, and the viability of e-commerce as a full-time career despite societal skepticism, making it a must-listen for aspiring and current e-commerce entrepreneurs.
Key takeaways
Reinvest all profits back into the business to accelerate growth, as Michael did to scale his Amazon store rapidly.
Embrace an entrepreneurial mindset early; failures are learning opportunities best experienced before significant financial or family commitments.
Prioritize continuous learning from diverse sources like podcasts and YouTube over traditional education for practical business skills.
Develop a strong mental framework around providing value to customers in exchange for revenue, rather than viewing business as a zero-sum game.
Recognize and navigate skepticism from those unfamiliar with online business models, staying confident in the viability and future of e-commerce.
Don't delay entry into e-commerce due to legal or setup complexities; start and iterate to build momentum.
Episode 21 This FiringTheMan Podcast is an interview with Michael Soltis, an entrepreneur who is crushing it on Amazon while being a full-time college student. During the episode, Michael shares his story and how he has built a small online empire in just a few short years. Michael also discusses how he approaches learning and knowledge acquisition while commuting to and from school. His answer to the question “do you learn more on your commute to college or at college?” wi...
