Let's Talk Business

From a 15k Side Hustle to a 2-Billion-Dollar Business with Spencer Jan


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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
    • Link below
  • Let’s get to know Spencer Jan
    • 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
    • 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:

  • Book: How Will You Measure Your Life?

 

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

 

LEAVE A REVIEW + and SHARE this episode with someone who wants to achieve in business. Listen to previous episodes on Spotify, Apple Podcasts or wherever you get your podcasts!  

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Let's Talk BusinessBy Meny Hoffman

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