PERFECTING THE CRAFT OF E-COMM
w/ 22 year old entrepreneur Steven Guo
The concept of remote work rose to popularity during quarantine, but the conversation buzz also led to a wave of individuals gaining interest in new gateways of opportunities and entrepreneurship. Rather than committing to the 9-5 corporate life, individuals were seeking for an outlet that could grant them both financial independence and freedom to invest their time into things they valued. Individuals like Guo have been able to make this concept into their reality by choosing a path less traveled.
From monetizing game items on Minecraft at 12 years old, to selling insect terrariums to fellow camp mates at military camp for kids at just 6 years old - Steven Guo has always been driven by his entrepreneurial spirit. Now at 22, he inspires his team and community with his keen craft in e-commerce. Learn about how Guo challenges the traditional concept of corporate America, and how he makes an living out of his multiple businesses so he can invest his time in what he loves most.
NAME. AGE. HOMETOWN. OCCUPATION. SOCIALS.
Steven Guo. 22 years old. Vancouver Island. Founder. @stevenguo_ on Instagram.
HOW'D YOU GET INTO DROP-SHIPPING? WHAT ARE YOUR BUSINESSES TODAY?
I grew up on Vancouver Island. Nobody around me was ever into business so it was definitely a lonely journey when I first got into it. Ever since I could remember, I was always into entrepreneurship. When I was just 12 years old, I started a Minecraft factions server. The server grew to over 20k+ players and that was the very first time I made money online.
I sold game items and perks to players. From there, I used that money to invest into a game development company. It was a MMORPG mobile game but ultimately the company failed because it was too expensive. At some point, I also ran out of money. Once I dabbled myself in drop-shipping, there was a turning point in my journey to entrepreneurship. Back then, the business model was quite simple and didn't require a huge start up investment. In the year 2016, the first product I drop-shipped were fidget spinners. While I drop-shipped them at a mere $12, I sold them for $30 on eBay. Over the past few years, I’ve moved on from drop-shipping to having two warehouses in Utah and LA. As of now, I currently run a few businesses ranging from fashion to DTC (direct to consumer) food. Last year, my team did $4.5M in revenue across the 5 different brands. I'm super pumped as I’m now working on a SAAS tool to help e-commerce brand owners with heightened product research.
THOUGHTS ON A TRADITIONAL TIMELINE IN LIFE (SCHOOL, CORPORATE AMERICA, RETIRE)? DO YOU THINK THE EXPECTATIONS ARE BOUND TO CHANGE WITH THE RISE OF MEDIA, VC, AND E-COMMERCE?
I truly believe everyone has a different timeline. Some people don’t have a choice but to go through college because there isn’t something else they’re more passionate about. Or maybe they got a scholarship that keeps them in school. Other people can’t go to college because their grades aren’t good enough or they cannot afford it. Although you can 100% still have success not going to college, I believe going to college grants most young people a big edge. The more I’m progressing in the business world, the more I realize how important your network is. Building a business is all about having the most talented people on your team to bring your ideas into reality. Most people don’t have that kind of network unless they go to college. Thanks to social media, there are now a lot more tangible ways to network such as online chat rooms, forums, etc.
The founder of Oculus hired a lot of his initial employees from the VR enthusiasts forum. Despite these new ways of networking, I believe the organic relationships anyone can develop while in college allow for a deeper level of trust (which is so important for building a strong business). In terms of starting a business, I think the best time to start is in college. You have access to amazing resources from college including faculty and lots of intelligent, keen people who are willing to work on projects for free as interns. This is a specific time in your life when failure doesn’t matter, so take advantage of that! There may be benefits of working at big corporations such as coming out with prestige reputation and a good network, but you’re often so busy working that you won’t have time to fully commit to entrepreneurship. On top of that, you're subject to golden handcuff syndrome and it becomes hard to leave your comfortable corporate job. Working in such a structured environment trains your mind to think within a box, which is very different from entrepreneurship. The traditional path is boring and safe. Which works for some people. But I consider myself an adventurous person, so I choose a path less traveled.
WHAT'S A QUOTE OR MOTTO YOU LIVE BY?
Anything worthwhile takes lots of patience.
AS THE FOUNDER, TELL US MORE ABOUT 'MANIFEST FIVE'.
Manifest Five is a venture studio that invests in e-commerce brands that are in the 5 & 6 figure range. We look for brands with high customer loyalty and help them scale to their full potential by providing infrastructure, funding, and industry expertise.
IF YOU COULD COLLABORATE WITH ANYONE IN THE MEDIA, WHO WOULD IT BE?
I’d love to be on a podcast with Shaan Puri. I love his storytelling and conversations. He talks lots about the startup life on his podcast "My First Million."
ESPECIALLY WITH THE INDUSTRY RISE ON TIKTOK, A LOT OF PEOPLE SEEM TO ONLY SEE THE WINS IN E-COMMERCE/DROP-SHIPPING. WHAT ARE SOME CONS YOU'D ADMIT TO WHILE WORKING IN THIS INDUSTRY?
It’s actually really hard to maintain a sustainable e-commerce business. Most of the wins are only temporary and stores can die quickly. Most drop-shipping businesses have terrible shipping times and customer service. This leads to low customer loyalty and the store eventually dying out. It’s so critical to have a product that encourages repeat purchases so your business can grow exponentially with time.
WHAT'S ONE THING A LOT OF PEOPLE DON'T KNOW ABOUT YOU?
When I was six years old, I begged my parents to let me join a military boot camp program for teenagers. I was cut off from communicating with my family for two months while I was in the program. The camp only served two meals a day, and extra food had to be purchased from vendors during lunchtime. My parents offered to help me with camp expenses, but I refused to use any money that I didn't earn from my water bottle recycling side hustle. I realized, although too late, that I didn't bring nearly enough money—and I was always hungry. I had to find a solution.
During our daily marches through the grass fields, I noticed that locusts would jump up at us. A brilliant idea struck me: I would sell locusts to my campmates in water bottles, giving the insects names as if they were pets. The idea seemed far-fetched at first, but I decided to try it anyway. I was surprised to find that my cabin mates responded enthusiastically. They were entranced by the little creatures inside their terrariums. All of my terrariums sold out quickly. I eventually hired my cabin mates, using the morning marches as an opportunity to stuff our pockets full of bugs. Then we transferred the insects into our used water bottles and sold them during lunchtime. I had unknowingly become the owner of a thriving insect business—children across camp lined up at my cabin to buy terrariums, eager to raise their very own locusts. Within weeks, I was able to treat myself to lavish meals by selling locust terrariums. I came away from that experience with a full stomach and an unquenchable thirst for entrepreneurship.
WHERE DO YOU ALLOCATE YOUR TIME INTO TODAY?
I graduate UC Irvine in a week so that's a huge accomplishment I'm personally proud of, especially due to the fact that I never really attended lectures and dedicated 2-3 hours per week max to school. As of now, my time and energy is allocated towards growing my existing businesses and building out my SAAS tool for e-commerce store owners.
I used to prioritize skill building, but now that I have 15+ people working for me, I focus on learning how to incentivize my team to work hard, with leadership, headhunting/recruiting talent, system building, and generally a lot of the big picture things. It's interesting to see how my perspective has changed over the past five years since starting my first e-commerce business ever. I used to work on every little part of my business. Now, I can rely on a bunch of highly competent team members to carry out those daily tasks. Because my team is so efficient, I often carry out less than 5-8 hours of mandatory work per week.
With the time I have today, I venture into new business opportunities and pursue my hobbies - all while making six figures! My current goal is to make a 7 figure income, so that 5 hour work week will soon change, haha.
WHAT'S YOUR GO-TO CAFE/RESTAURANT ORDER?
I love Italian food. I’m a spaghetti and meatballs kind of guy.
SOMETHING THAT'S CURRENTLY NOT CROSSED OFF ON YOUR BUCKET LIST?
Skydiving in Hawaii.
LET'S SAY DROP-SHIPPING WAS NEVER A THING. WHAT WOULD YOU BE DOING TODAY?
I would probably be working on some sort of business. Entrepreneurship is such a deep part of my identity. It doesn’t matter where I am in life, I’ll always be solving problems and looking for ways to monetize it.