How the 24-year-old entrepreneur determines if an idea is worth pursuing

When he was 12, Steven Guo accidentally launched his first business.

In a few months, he made $10,000 by selling in-game perks on his Minecraft server that he created that summer.

Despite confessing that he "spent most of my money" while attempting to launch a game development business, the initial experience sparked Guo's enthusiasm for entrepreneurship.

In 2022, Guo sold his first business, a jewelry brand that generated over $2 million in revenue within a year. Now, at 24 years old, he owns and runs multiple e-commerce ventures that are projected to bring in a combined $1.7 million this year.

Over the past 12 years, Guo has encountered numerous failures in addition to his achievements. These are the most significant lessons he has acquired.

How to find a million-dollar idea

To create a successful brand, Guo suggests finding the intersection of two passionate audiences and offering a product or service that solves a key problem for both.

He owns a business that sells high-end car covers to people with luxury vehicles.

"We cater to both audiences who value car protection and those who want to showcase their cars with a unique car cover," Guo remarks. "By merging these two interests, we can attract a more fervent audience."

One of his businesses offers merchandise inspired by K-pop fashion for fans who appreciate this genre.

Guo is always seeking distinctive perspectives on diverse enthusiastic groups to determine if he can devise a resolution to their challenges.

To succeed in e-commerce, it's essential to differentiate yourself from the competition. Finding a unique selling point or a way to stand out will help you achieve success.

What he wishes he knew earlier

Guo learned the importance of marketing for businesses after blowing his money on his failed game development company early on.

"He reveals that one thing he wishes he had known earlier about running a business is that the product is not the only factor. Instead, it's crucial to determine how to market and sell the product to customers, as without this, a business cannot truly exist."

Guo, after overcoming his initial errors, became fixated on marketing education during high school and later pursued a degree in business economics at the University of California, Irvine.

Learning from 'countless' failures

Guo embraces making mistakes in business: "I truly believe that failure is an integral part of the path to success," he remarks. "I have launched numerous e-commerce brands that have failed. I can't even recall the exact number of failures."

The key, according to him, is to learn from past failures and apply those lessons to future endeavors. When he started a business selling fidget spinners in high school, he put all his effort into it, "purchasing inventory and promoting it through various channels," Guo says. "Although it brought him some traction and sales, it was not sustainable in the long run."

To handle shipping and focus on advertising, Guo partnered with a third-party logistics company in China when he started a business selling toys during college. As a result, he was able to take the business much further.

To prepare for the uncertainties in business and personal finances, Guo adopted a more frugal approach to saving money.

Despite fluctuations in his earnings over the years, Guo is now on track to pay himself $254,000 this year. He maintains a bank balance of $15,000 and regularly contributes to his brokerage accounts, which are mostly invested in index funds. He also maxes out his Roth IRA. In 2024, Guo moved from Southern California to Bali and enjoys a comfortable lifestyle at a lower cost.

He claims that having just one business can transform your entire life.

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