In 2007, Steve Chou and his wife put up an online store to leap away from their normal day jobs upon news of their pregnancy so she could take care of the baby. They didn’t want to give up their lifestyle, so they put their champion hats on and blew the roof off the houuuuseeee. Within the first 12 months, they made $100K to replace her salary, and then started teaching their methods to others.
Steve runs MyWifeQuitHerJob.com and the My Wife Quit Her Job podcast, and he has grown his audience to over 180,000 monthly readers. He has built an incredible online platform for walking newcomers through starting their own online stores, and he’s got all the evidence in the world to back his brilliant methods.
Oh yea- he’s an electrical engineer at a startup in Silicon Valley for his regular job. #Baller
Summary of Show:
Here are the highlights of my funky conversation with Steve:
- 05:54 : Fun background about Steve’s venture in music, his self-defacing Chinese speeches and how mywifequitherjob.com started and evolved,
- 11:49 :How he ended up launching his info product, http://profitableonlinestore.com, starting with zero content and 35 original subscribers and how it grew to 500 students after 3 years,
- 13:43 : Stories about people he had helped find products to sell online despite having no experience or skill in designing web pages or launching businesses,
- 16:54 : Sharing the common traits of the successful people he had in his own podcast including persistence, willingness to do leg work for their businesses to succeed, and having a long-term mentality,
- 21:03 : Designing micro-processors for a living, playing the piano, the skills he picked from the debate team, being into sports, and learning how to love reading,
- 25:12 : His ultimate long term goals geared towards spending more time with the family without giving up his tech background,
- 30:38 : Lifting and playing ultimate frisbee to keep his work-life balance, and
- 34:14 : About drop shipping and other options when going into e-commerce and his advice how to make the most money in this line of business.
One hour to create something, with anyone…
- “I have a buddy who I grew up with and we have always talked about starting a business together. He quit his job and went back to business school and when he gets out, I’ll think of starting doing something together with him.”
To defeat Godzilla with his talents…
- “I’ll start singing to piss him off, and it will cause his ears to bleed.”
- The successful guys are those which persist in whatever they try. Most people give up when they don’t get early traction.
- People who succeed are those willing to do the leg work – all the ground work involved in getting their early customers. People that fail, they put something up and they think they are done and the hard part is over with, they don’t realize that it’s the grind to get the initial customers through that door.
- The best way to make money is to have your products manufactured somewhere just because you can slap your own brand to it and, long-term, having your own brand is always an advantage.