E165: Bryan Dunn on the Challenges of Buying and Running an E-commerce Business - Watch Here

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About The Guest(s): Bryan Dunn is the owner of EVRIM LLC and the Vice President of General Digital, a privately held company in the defense industrial base. With a background in the army and a career in business development and finance, Bryan brings a unique perspective to the world of entrepreneurship and acquisition. He is also the owner of Pursuit Goal Journal, an e-commerce business that helps individuals achieve their goals.

Summary: Bryan Dunn, owner of EVRIM LLC and Vice President of General Digital, shares his journey as an acquisition entrepreneur and the lessons he has learned along the way. From his military background to his career in business development, Bryan's passion for the defense industrial base led him to explore the world of entrepreneurship and acquisition. He discusses his experience buying an e-commerce business and the challenges he faced in navigating the Amazon marketplace. Bryan also emphasizes the importance of understanding the value proposition of a business and building relationships with customers. He shares his insights on the impact of owning a business on his family life and the lessons he has learned as a business owner.

Key Takeaways:

• Bryan emphasizes the importance of understanding the value proposition of a business and effectively communicating it to customers.
• Buying an e-commerce business requires a deep understanding of the Amazon marketplace and the ability to adapt to changes in the algorithm and competition.
• Building relationships with customers and receiving feedback is crucial for the growth and success of a business.
• Bryan highlights the need for empathy and understanding as a business owner, both in his own business and in his role as an executive in a privately held company.
• He advises aspiring acquisition entrepreneurs to start with smaller experiments and gain experience before diving into larger acquisitions.

Quotes:

• "I'm not discouraged from buying another business, but I have some emotional speed bumps and some lessons learned to go, 'Alright, what lane are you in, pal?'" - Bryan Dunn
• "Business is about solving problems. So pick the kinds of problems you want to solve and go do that business." - Bryan Dunn

Article: 

Bryan Dunn: Lessons Learned from Buying a Side Hustle Business

In this thought leadership article, we will explore the insights and experiences of Bryan Dunn, owner of EVRIM LLC, as he shares his journey of buying a side hustle business and the valuable lessons he has learned along the way. Through a detailed analysis of his interview transcript, we will delve into the main themes that emerged from the conversation, providing a comprehensive understanding of the challenges and opportunities faced by entrepreneurs in the e-commerce space.

Introduction: The Path to Entrepreneurship

Bryan Dunn, a former army officer and experienced business development leader, embarked on a new venture by purchasing an e-commerce business as a side hustle. His decision to become an acquisition entrepreneur was driven by a desire to build something of his own and explore the world of business ownership. As he explains, "I had never in my life growing up thought you could buy a company. And there's an entire bookshelf about talking to how to do it."

The Reality of E-commerce

One of the key themes that emerged from Bryan's discussion was the stark reality of the e-commerce industry. While he initially believed that buying an e-commerce business would be a straightforward endeavor, he quickly realized the complexities and challenges involved. He candidly admits, "I don't know anything about Amazon at all. And that is two years down the line. I've learned everything I can about Amazon. And I realized I still know nothing about Amazon after two years of doing this all the time."

Bryan's experience highlights the importance of understanding the intricacies of the e-commerce landscape before venturing into it. He emphasizes the need to earn the knowledge required to navigate the ever-changing algorithms, competition, and customer demands. This realization serves as a valuable lesson for aspiring entrepreneurs considering entering the e-commerce space.

The Value of Focus and Goal Setting

Another significant theme that Bryan discusses is the value of focus and goal setting in achieving success. He highlights the effectiveness of his product, the Pursuit Goal Journal, in helping individuals stay focused on their goals and track their progress. Bryan explains, "What it does really well already is focus you, it literally forces you to focus down because it is limited structurally...every day it stops you from getting distracted."

By providing a structured framework for goal setting and daily actions, the Pursuit Goal Journal enables individuals to prioritize their most important tasks and work towards achieving their desired outcomes. Bryan's personal experience with the journal demonstrates the power of this tool in driving productivity and goal attainment.

Building Relationships and Empathy

Bryan's journey as a business owner has also taught him the importance of building relationships and cultivating empathy. He highlights the support he received from his current employer when pursuing his side hustle, emphasizing the value of open communication and understanding. Bryan states, "He gave me a space, we talked to him about it. It's fine...I'm very fortunate to have that level of support."

Furthermore, his experience as a business owner has deepened his empathy for the challenges faced by his current employer. Bryan recognizes the emotional and financial investment required to run a business and the need for understanding and support. This newfound empathy has enhanced his ability to be a better employee and leader within his organization.

Implications and Future Outlook

Bryan's journey as an acquisition entrepreneur in the e-commerce space provides valuable insights into the realities of business ownership and the importance of continuous learning and adaptation. His experiences highlight the need for aspiring entrepreneurs to thoroughly understand their chosen industry and to be prepared for the challenges that lie ahead.

Moving forward, Bryan plans to apply the lessons he has learned to future endeavors. He acknowledges the need for strategic partnerships, deeper customer relationships, and a focus on solving specific problems. By leveraging his expertise and experiences, Bryan aims to continue growing as an entrepreneur and making a meaningful impact in the defense industrial base.

In conclusion, Bryan Dunn's journey as a side hustle business owner offers valuable lessons for aspiring entrepreneurs. His experiences shed light on the complexities of the e-commerce industry, the power of focus and goal setting, and the importance of building relationships and empathy. By embracing these lessons and continuously learning and adapting, entrepreneurs can navigate the challenges of business ownership and achieve long-term success.

Note: This article is based on the transcript of an interview with Bryan Dunn and includes verbatim quotes from the conversation.

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