Day: January 6, 2021

5 Things I Wish I Knew Before Starting a Dropshipping Business

7 min read

Opinions expressed by Entrepreneur contributors are their own.

Trial and error are an inevitable part of doing . As entrepreneurs, we find that mistakes are sometimes needed to produce breakthroughs. As the ancient Chinese proverb says about learning from our mistakes, “Failure is the mother of success.”

Indeed, there is no replacement for hands-on experience when dealing with real-world problems while running our own businesses. Some missteps may be unavoidable, but you can save yourself from costly mistakes and years of wasted time by learning from these lessons that I learned the hard way.

Related: 4 Actionable Tips To Start Your eCommerce Journey via Dropshipping

With the clarity of 20/20 hindsight, here are five things I wish I knew before starting a dropshipping business:

1. Put emphasis on product quality

If I could go back to the time when I first started dropshipping,

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A Malaysian conglomerate charts a course to stay ahead

Sime Darby, one of Malaysia’s leading and oldest conglomerates, underwent a major restructuring in 2017. The agricultural plantations business, which is more than 100 years old, and the property divisions were spun off into separate entities. Sime Darby Berhad was left with the high-profile automotive assembly and distribution businesses (it holds the rights to sell for BMW and Rolls-Royce across Asia), industrial heavy equipment, logistics (it runs ports in China), and a smaller healthcare operation.

This mix of businesses and their geographic spread have helped the company face the challenges of 2020, according to Jeffri Salim Davidson, who has led the realigned entity since December 2017. Revenues increased 2 percent for the year ending June 30, 2020, to US$9 billion, even as the impact of COVID-19 saw net profits decrease by 14 percent to $200 million. (The government of Malaysia holds a majority stake in the company, through state-owned fund

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