Terry Lin quit his job to become an e-commerce pro. He made his own product, #ballerleather, and teaches entrepreneurs how to do the same.
We asked Terry 5 Business Questions and here’s what he can all learn from him:
- Is education necessary before starting up a business?
I think conventional education, depending on what you are studying is probably worth it. But if you just wanna have your own business, you don’t need a degree. What you need is validation from customers who’s gonna pay you money.”
- What about the location, the environs?
Same Passion – Terry thinks it’s important to pick a place where people share the same passion as yours.
- What sort of a mindset is required to make a business successful?
Being a consumer to producer – “You look at the world, when you buy a sandwich or a beer; you are a consumer where you trade money for a certain type of good. I think money is fundamentally an exchange of value. So, how can you be the guy that produces the value so that people can use that to give you the money?When you see that way, then you kinda see the matrix. That’s the biggest switch you probably have to make.”
- Your biggest mistake?
Waiting too long to monetize – “I think the biggest fear I had was to find those people who pay me money to give them the product. Going through the process of selling the best thing that works is something that I took long to do.”
- How did you succeed?
“There is a good line by Warren Buffet, he said, ‘first come the innovators then come the imitators then come the idiots’. When you go into this, it doesn’t really matter whether you know it or not, you just have to have faith in yourself that you’ll figure this out and to know that your vision is strong enough to make something happen.”