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Lewis Smith’s Journey from 9-5 to a Multi-Million Pound Dropshipping Entrepreneur (Episode 2)

April 06, 20238 min read
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🗣️ In this episode, we dive into Lewis Smith's journey from a 9-5 job to a multi-million pound dropshipping entrepreneur. Lewis shares his early experiences that led him to where he is now and how he overcame doubts and fears to pursue his passion.

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https://youtu.be/W1IXOJPYAFY 

 

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Links and Resources Mentioned:

 ➡️ https://www.dropshipunlocked.com/Free - Dropship Unlocked free training program on high-ticket dropshipping.

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Key Takeaways:

★ Overcoming doubts and fears is essential to pursuing your passion and achieving success.

★ Finding mentors and role models can provide valuable guidance and support along the way.

★ Dealing with failures and setbacks requires resilience and persistence.

★ Celebrating milestones and achievements is important for motivation and morale.

 

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Topics Discussed:

00:00:00 this section, Lewis Smith, the founder of Dropship Unlocked, recaps on his journey from working for a corporate American company in the medical devices sector to becoming a successful dropshipping entrepreneur. After feeling like he wasn't reaching his full potential, Lewis was given the idea to start a startup, which stuck with him for weeks until he decided to pursue it. His curiosity led him to Google books on entrepreneurship, which eventually led him to the world of dropshipping.


00:05:00 In this section, Lewis Smith discusses how reading "The 4-Hour Work Week" by Tim Ferriss inspired him to launch his first e-commerce business. He talks about the challenges he faced in the beginning stages of his entrepreneurial journey, including leaving his stable job with his fiancé to pursue this path. After successfully launching his first e-commerce business, Smith moved to Northern Thailand and surrounded himself with a community of like-minded entrepreneurs. Fast forward to the present day, Smith's online businesses have generated over £6 million in sales and he has built a team of 11 people whose lives he has impacted directly. Smith attributes his success to the "domino effect" of reading "The 4-Hour Work Week" and taking a leap of faith to pursue location independence rather than a traditional career.


00:10:00 In this section, Lewis Smith discusses his journey from a 9-5 job to becoming a successful dropshipping entrepreneur. He was inspired by the concept of mini-retirements, which led him to the idea of creating a dropshipping business. He listened to various podcasts and learned about dropshipping, affiliate marketing, and FBA. He realized that dropshipping had minimal risks compared to FBA and decided that he could learn what he needs to build the business and eventually hire people who are experts in web codes and development. He had no previous experience in e-commerce before but got inspired by the idea of a four-hour workweek and being time-rich. Going into entrepreneurship was a way for him to move away from tolerable mediocrity and thrive every day. He knew the value of being around other entrepreneurs, and it was crucial for him.

00:15:00 In this section, Lewis Smith discusses how he overcame fears and doubts when starting his own business. He says he read a lot of books and immersed himself in podcasts and audiobooks, constantly reminding himself that there would be obstacles, but he would figure it out. He also shares an expression from one of his mentors, "the path is paved with Pioneers lying face down with arrows in their back," emphasizing the importance of not trying to reinvent the wheel and finding a working model. Additionally, he talks about the emotional rollercoaster of entrepreneurship and how his wife has been a grounding and stable influence throughout his journey. He also cites Tim Ferriss's concept of the "new rich" and how it has had a huge impact on his life.

00:20:00 In this section, Lewis Smith talks about the concepts and lessons he learned from Tim Ferriss' book "The 4-Hour Work Week" which inspired him to embrace the Pareto Principle and batch processing in his work. He also discusses the impact his parents had on him, particularly his father's entrepreneurial journey which inspired him to pursue his own ventures. However, as he entered the e-commerce industry, Lewis had to adapt the business model prevalent in the US market to suit the UK market, which presented several obstacles and challenges in terms of legislation, accounting, and supplier terminology. Despite these challenges, Lewis was able to find mentors and work through the trial and error process to build a successful dropshipping business.

00:25:00 In this section, Lewis Smith discusses some of the challenges he faced while transitioning from a 9-5 job to running his own dropshipping business. He talks about the trial and error process that comes with finding the right suppliers and marketing strategies, and the importance of cash flow management. Lewis also shares a difficult moment in his journey when he woke up to find out that both of his virtual assistants had disappeared, leaving him stranded at his worst point in business. Despite facing these challenges, Lewis persevered and learned valuable lessons that he now applies in his current business ventures while providing guidance to others.

00:30:00 In this section, Lewis Smith discusses the challenges he faced as an entrepreneur, including sleep loss and insomnia, and how he coped with the stress of handling everything on his own. He shares his strategies for alleviating stress, including taking ownership over every aspect of the business, building a team of trustworthy people, and surrounding himself with positive people. Smith also reflects on a critical moment in his journey where he realized the importance of understanding the numbers and took responsibility for being a "numbers guy." Despite the initial stress and shame, he overcame the challenge by making calls to suppliers and seeking a staggered payment plan that worked for all parties involved.

00:35:00 In this section of the video, Lewis Smith talks about how he learned to understand the numbers side of running a business and how he had to sit in a cafe for a day to figure out where their business was and how to move forward. He emphasizes the importance of persevering through tough times in entrepreneurship and not giving up. Smith also discusses the rewards and milestones of his journey as a successful dropshipping entrepreneur, including achieving financial freedom, being able to spend time with his family, and having the freedom to travel and create unforgettable memories. Ultimately, he highlights how the freedom he gained through his success is the most significant reward.

00:40:00 In this section, Lewis Smith talks about some of the biggest accomplishments and milestones he has achieved throughout his journey from a 9-5 job to a successful dropshipping entrepreneur. Smith believes that hiring the first Virtual Assistant can be a significant milestone for entrepreneurs, as it empowers them to reclaim their time and provide for someone's family on the other side of the planet. He also emphasizes the importance of celebrating financial milestones, appreciating and accepting the highs and lows of the journey, and delaying gratification. Smith recalls some of his significant milestones, such as having his first 10K month or a 320K pound month, which makes him proud as he can now afford to take time off, travel and experience new cultures with his family.

00:45:00 In this section, Lewis Smith, a multi-million pound dropshipping entrepreneur, reflects on what motivates him and the importance of experiences over material possessions. He shares that the rewards for hard work are the freedom to spend time with loved ones and create memories, which are the things that matter most to him. Smith also discusses the satisfaction he gets from helping other people achieve financial and location freedom through his mentorship program, Dropship Unlocked. He emphasizes the value of learning from others' mistakes and how his experiences have been woven into the program to support members in building successful businesses without encountering the same difficulties he faced.

00:50:00 In this section, Lewis Smith advises against focusing too much on marketing and branding when starting a business. Instead, he suggests focusing on launching the business, making it profitable, and converting visitors into purchasing customers. Smith believes that once a business is profitable, the profits can then be used to hire experts to work on branding and marketing, saving entrepreneurs years of trial and error. Smith has implemented this strategy in his e-commerce stores as well as in Dropship Unlocked, which provides an extensive library of answers and content based on the questions and obstacles of its members.

00:55:00 In this section, Lewis Smith advises aspiring entrepreneurs not to reinvent the wheel and not to wait for the perfect time to get started. Instead, he suggests following proven models and taking action despite any obstacles or other commitments. He also emphasizes the importance of building a team of skilled, trustworthy individuals who can take ownership over specific aspects of the business, thereby allowing the entrepreneur to focus on high-level strategy and delegation. Finally, he stresses the need to balance work and personal life to avoid burnout and maintain a healthy lifestyle.

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Learn More:

 ➡️ When people are ready to create time and financial freedom for themselves, they visit - https://www.dropshipunlocked.com/Free  

 ➡️ Follow The Dropship Unlocked Podcast to stay up-to-date on the latest episodes, and leave a review to help others discover the show.

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FOLLOW: 

Instagram: https://www.instagram.com/dropshipunlocked/

Twitter: https://twitter.com/DropshipUnlockd

LinkedIn: https://uk.linkedin.com/company/dropship-unlocked

Youtube: https://www.youtube.com/c/dropshipunlockedlewissmith

Website: https://www.dropshipunlocked.com/

 

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🌏Want to create location, time and financial freedom? Watch Our Free Training ➽ https://www.dropshipunlocked.com/training

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