How I Built a $10M Business⏐Ep. #114
Description
In this episode, I'm talking about my first major business, an iPhone parts business called LCD Cycle, that I ran for seven years. I'll discuss how it started from a small iPhone repair business and grew to a multi-million dollar e-commerce operation. I'll share some key business frameworks I learned along the way, such as the importance of location, recognizing good ideas, and the fact that it's never too late to start a business. I also talk about the importance of product market fit and that businesses don't always fail, sometimes founders just run out of energy. Finally, I discuss my decision to turn down a million dollars in investment.
Timestamps below. Enjoy!
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00:00 Introduction and Overview
00:37 The Beginnings: iPhone Repair Business
04:18 Launching the iPhone Parts Business
07:28 Scaling and Success
10:21 Frameworks and Lessons Learned
15:46 Navigating Market Saturation
16:02 The Rocket Ship Growth of LCD Cycle
16:44 Innovative Business Strategies
18:38 The Power of Customer Feedback
19:10 Strategic Relocation to Dallas
20:47 Expanding Distribution Centers
21:13 Financial Challenges and Solutions
23:11 The Turning Point: Seeking Investment
24:39 The Unexpected Answer
25:54 Winding Down the Business
27:34 Reflecting on the Journey
30:22 Final Thoughts and Advice
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