4.8 • 641 Ratings
🗓️ 7 June 2023
⏱️ 78 minutes
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Over the course of a decade, Steve Chou has created multiple 7 figure businesses. During that time, he set out on a journey to build a life of balance. What he found was an endless schedule and work that wore him and his family down. A hard lesson to learn, but he did learn, and change.
It’s no surprise that Steve’s new book is called The Family First Entrepreneur. He delivers a series of simple principles that can guide your decisions to help you establish your own solid foundation to build the life you’ve dreamed of and support those you love.
He’s highly renowned for his work and leadership in the e-commerce space and has taught thousands of students how to profitably sell physical products online through ProfitableOnlineStore.com.
In today’s discussion, we get into the beginning of when he launched the blog, MyWifeQuitHerJob.com. Now it’s been featured in leading magazines such as Forbes Inc., The New York Times, Entrepreneur, and MSNBC and it’s grown into a popular podcast, rated among the top 25 marketing shows on all of Apple Podcasts.
Steve Chou who also carries a bachelor's and master's degree in electrical engineering from Stanford University runs BumblebeeLinens.com along with his wife. They put on an annual e-commerce conference called The Sellers Summit.
Highlights from the episode:
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0:00.0 | I used to be an engineering director in charge of microprocessor design. |
0:04.6 | A pretty demanding job here in the Silicon Valley. |
0:07.1 | And my wife was, she worked as a financial analyst in a Fortune 500 company. |
0:12.9 | And pretty much where we live in the Silicon Valley, you pretty much need two incomes |
0:16.4 | in order to get a good house and a good school district. |
0:18.6 | So when she became pregnant with our first child, |
0:20.9 | she was like, I want to quit. And I was like, I'm cool with that because I didn't get a chance |
0:25.4 | to see my parents as much as I would have liked growing up. The only problem is I actually flipped |
0:30.5 | out when she told me that too. I was on board, but I flipped out. Quietly flipping out inside. |
0:35.5 | Because I was like, well, how are we going to make up her six figure salary? |
0:39.4 | And what ended up happening is we launched an online store selling handkerchiefs online. |
0:43.9 | And the quick backstory behind that was when we got married, my wife cries. |
0:49.1 | I mean, tears of joy in this case. |
0:51.9 | And she knew she was going to cry at the wedding. |
0:55.6 | And we spent a lot of money on photography. And she didn't want to be seen in the photos drying her tears with these ratty |
0:59.7 | tissues. So we looked all over the place for handkerchiefs, couldn't find them anyone in the US. |
1:05.7 | Finally, we found this factory in China, but we had to buy a bunch. So we bought a couple hundred, |
1:10.2 | used maybe a handful of them, |
1:11.4 | and then sold the rest on eBay, and they sold like hotcakes. So that's why, you know, |
1:15.6 | fast forward, we decided to launch that store. Then my friends who are engineers started going, |
1:21.4 | hey, Steve, I want to quit. How did you guys do it? And so I just started documenting the entire journey on a blog over |
1:29.0 | on my wife, quitterjob.com. None of my friends read it, but random people started reading it. |
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