$20M/Year Entrepreneur: Turning Your Struggles Into A Multi-Million $ Empire | Samuel Onuha (E049)
Added: Jun 30, 2024
Samuel Onuha grew up in a small town in the north of the Netherlands called Westerland. His father is from Nigeria and his mother is Dutch. His parents divorced when he was 5 years old, and he was raised primarily by his mother along with his younger brother. Growing up as one of the few mixed-race kids in a predominantly white area, Samuel faced challenges with racism and feeling different. This pushed him to develop social skills and learn how to connect with others from a young age.
As a teenager, Samuel struggled with insecurity and began focusing on self-improvement. At 15, he started working out secretly in his room, doing ab exercises and push-ups while watching fitness YouTubers for motivation. After injuring his knee playing football, he discovered weightlifting during physical therapy and fell in love with the gym. This became his first real avenue for personal development and building discipline.
Education and Early Work Experiences
Samuel struggled in school, finding it difficult to focus on subjects he wasn't interested in. He and his friends made it a game to do the bare minimum to pass. After secondary school, he briefly attended a retail program but found it to be a negative environment. His mother, who had been pushed by her parents to get a university degree, gave Samuel the freedom to find his own path.
To make money as a teenager, Samuel worked various jobs including peeling flower bulbs on a farm for very low wages. He also worked as a dishwasher and other side jobs. Seeing his friends who worked as fishermen making good money made Samuel feel ashamed of being broke. This motivated him to find a way to improve his financial situation.
Discovery of E-commerce
In January 2018, at age 19, Samuel discovered e-commerce and dropshipping through YouTube videos. Feeling desperate to change his life, he immediately opened a Shopify store and began trying to sell products online. His first attempts with print-on-demand products weren't successful, but he quickly pivoted to dropshipping other items.
Samuel's first real success came from selling gaming headsets related to Fortnite. By reaching out to Fortnite meme pages on Instagram, he was able to get cheap promotions that led to significant sales. This gave him his first taste of making real money online, earning around $2,000-$3,000 per month in profit.
Building the Icon Amsterdam Brand
In late 2018, Samuel started selling stretch jeans and built his brand Icon Amsterdam. He invested in Facebook ads courses to learn marketing and saw rapid growth. In November 2018, at age 19, he hit $70,000 in monthly revenue. This success allowed him to quit his side jobs and focus fully on e-commerce.
The business continued to grow rapidly in 2019. Samuel moved to Amsterdam, renting an expensive apartment and purchasing his first luxury car. He began traveling more, including trips to Dubai where he connected with other young e-commerce entrepreneurs.
Challenges and Growth
As the business scaled, Samuel faced challenges with managing inventory, finances, and operations. He made mistakes like not tracking profits properly and relying on inadequate bookkeeping. The COVID-19 pandemic and changes to online advertising platforms created additional hurdles.
In 2021, Samuel hit his goal of doing $1 million in monthly revenue, but realized he had made almost no profit due to poor management. This led him to reevaluate the business and bring his brother Ruben in to help with operations. They refocused on the core products that made the brand successful and saw renewed growth.
Lifestyle and Personal Development
With his newfound wealth as a young millionaire, Samuel began enjoying a lavish lifestyle, especially in Dubai. He lived in luxury hotel suites, partied frequently, and spent money freely. While he doesn't regret this phase, he recognizes it led to some complacency in the business.
Samuel emphasizes the importance of personal growth across all areas - fitness, mindset, network, etc. He believes in visualizing success and creating a clear vision of who you want to become. Waking up early, typically around 4-5am, is a key habit he credits for his productivity and success.
Current Business and Future Plans
Icon Amsterdam has grown into a major brand doing over $20 million in annual revenue. Samuel has built a team of over 50 employees and brought in experienced professionals to help scale the business. He received an acquisition offer of nearly $10 million but decided not to sell, believing the company has potential to grow much larger.
In addition to Icon, Samuel does coaching and consulting in the e-commerce space. He sees this as mutually beneficial, as he can help others while staying on top of industry trends to apply to his own business. His goal is to build Icon to a $100 million valuation.
Views on Entrepreneurship and Success
Samuel is a strong advocate for taking action and not overthinking or overplanning. He believes in testing ideas quickly rather than spending months preparing. Maintaining momentum is crucial - he advises doubling down when things are working well rather than taking breaks.
He emphasizes the importance of building a personal brand and putting yourself out there to network and connect with others. Samuel sees obstacles and challenges as gifts that provide opportunities for growth. He encourages young entrepreneurs to sacrifice and focus on building their business in their teens and early 20s as an investment in their future.
Relationships and Lifestyle
At 25, Samuel is not actively seeking a serious relationship. He believes it's important for young entrepreneurs to focus on their purpose and personal growth rather than settling down too early. He enjoys the freedom his success has provided but maintains discipline through habits and principles.
Samuel splits his time between Amsterdam and Dubai. He recently purchased a $11 million villa on the Palm Jumeirah in Dubai. While he enjoys luxury items like his Rolls-Royce Cullinan, he emphasizes that true fulfillment comes from personal growth and impact rather than material possessions alone.
Advice for Aspiring Entrepreneurs
Samuel advises new e-commerce entrepreneurs to start with dropshipping to test products before investing in inventory. He recommends focusing on marketing and understanding your target customer. Building a brand that looks professional and legitimate is crucial, even if you're dropshipping on the backend.
He encourages people to bet on themselves and take risks to grow. Samuel believes in the power of visualization and creating a clear vision of future success. He advises young people to sacrifice short-term pleasures for long-term gains in their business and personal development.
Reflections on Success
Samuel expresses deep gratitude for the life he's been able to create and the positive impact he's had on his family. He's proud to have relieved his mother's stress and to provide experiences for his father like flying him business class and hosting him in luxury accommodations.
While he enjoys his success, Samuel remains hungry to grow and achieve more. He sees his current accomplishments as just the beginning and is excited about the potential to scale his business and impact to even greater levels in the coming years.
Conclusion
Samuel Onuha's journey from a small Dutch town to becoming a millionaire e-commerce entrepreneur by age 21 is a testament to the power of determination, action-taking, and personal growth. Through building his brand Icon Amsterdam and navigating the challenges of scaling a business, he has developed valuable insights into entrepreneurship and success. Samuel's story highlights the potential of e-commerce and digital marketing for young entrepreneurs willing to take risks and persevere through obstacles. His emphasis on continuous improvement, both in business and personal development, provides a roadmap for others looking to achieve similar levels of success.
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