Isaiah Miller
UFID: 80191457
Entrepreneurship Story
5/11/2020
My entrepreneurship story is about my first business, that is still operating, which is based around buying wholesale amounts of consumer electronics, refurbishing, and then reselling them for a profit. After discovering a few different auction sites of big-box retailers where they auctioned off store-returned products that were defective, I began bidding. I learned to value the after repair value of each product, and built spreadsheets that would break down the variable costs of each lot. These spreadsheets would determine my maximum bid, and over time I began winning many lots.
Over time, I amassed thousands of feedback submissions on eBay, which is the primary marketplace I use to sell my products, and built out systems to handle more inventory. I learned many lessons through this business, including the importance of scalability and supplier diversification. The photo I included is of me recently receiving a large shipment of over 300 large desktop computers.
The reason I joined ENT3003 is because it is a requirement for the Bachelors of Science in Business for UF Online. I picked it first because I think it is one of the classes I will enjoy the most. I am dreading most of the classes, as I really had to go out on a limb to convince myself this degree would be worth the time and money. With that said, I hope to learn new ways to think about business, new exercises to analyze problems and potential solutions, and to create meaningful relationships with you and the other students.
One of the things you wrote about that resonated with me was your visionary knowledge of the value of products that people would have discarded otherwise. You took someone else’s trash and made it a treasure that could be sold for profit, which is ingenious and inventive. This is an important lesson for myself and society because too often we overlook resources right in front of us because we are too preoccupied with looking to the bigger goal. Before reaching our big picture goals, we have to learn the art of taking what is in our hand and creating something of value with it because those who can be trusted with a little can soon be trusted with a lot. Thank you for writing this blog post and reminding myself and many others of finding the value in little things, which creates opportunity for scalability later down the line.
ReplyDeleteHey Isaiah,
ReplyDeleteI really enjoyed reading about your business. It is really impressive how you identified a simple opportunity and managed to turn it to make a profit. After all, entrepreneurship is all about making the best of any opportunity you can identify.
I am also taking this course because it is a requirement, but for me it is for the innovation minor. Entrepreneurship is a form of innovation, through the business route, which is something I had not realized until I heard Dr. Pryor's lectures.
I hope this course helps us in both our individual areas of study.
Hi Isaiah!
ReplyDeleteI think it’s awesome that you have your own business. My brother does something similar to you, but on a much smaller scale. Your photo of your shipment of over 300 computers is incredible. That is sometimes what my house looks like at Christmas time with amazon prime boxes…. (just kidding). I am also working towards my BSBA, dreading most of the required classes, and am excited for this course!
Hey Isaiah,
ReplyDeleteI really enjoyed reading your entrepreneurship story because it is a firsthand and very interesting type of business. My entrepreneurship story was about my stepdad and his restaurant. I’m really impressed with the level of success that you have had in your business. I have a friend that does something slightly different involving selling things on Amazon. I agree with your reason of selecting this class it is also one of the only classes I am looking forward to. I wish you the best of luck with your business.
Hey!
ReplyDeleteI really enjoyed reading your story and seeing how you were able to get a business off the ground. I'm super impressed by how far you seem tot be able to take it, especially while also being a student. You obviously seem to have a knack for this and I am sure that you have a bright future ahead of you.
Hey Isaiah,
ReplyDeleteYour entrepreneurship story is extremely intriguing. Your personal story of starting a small business is very unique! The way that you refurbish electronics and sell them for profit by auction reminds me in part of the eBay business model. The fact that you started this from the ground up into a large scale operation is very impressive. Keep up the good work!
Hello again Isaiah,
ReplyDeleteyour entrepreneurship story is very cool and the fact that you have already started a business is really impressive. I think selling refurbished electronics is a tough thing to do but you seem to have executed it well. Understanding both scalability and diversification will allow you to operate in many other fields. It is beneficial to any person trying to work in business to understand these things and having learned it first hand will only aide to your success. I really liked your post and I look forward to reading your work throughout the summer.