Part 2/9:
The first crucial piece of advice is to steer clear of product-based businesses, like drop shipping or Amazon FBA. The speaker recounts his early experiences with drop shipping, highlighting a steep learning curve that many beginners face. He and a friend ventured into the drop shipping realm, naively believing it was a beginner-friendly model. After a brief success selling a single product, they quickly encountered losses due to hefty advertising expenses and thin profit margins inherent in drop shipping. The reality is that beginners often do not have the needed capital—estimates suggest a minimum of $5,000 to $10,000—to successfully launch and sustain this kind of business.