This 24-year-old makes millions, works only 30 hours a week
From Minecraft to money bags: This entrepreneur cracked the work-life balance code
Dubai: Steven Guo, a 24-year-old entrepreneur based in Bali, Indonesia, is redefining the concept of work-life balance. While most of us juggle demanding jobs and endless to-do lists, Guo manages to run a successful e-commerce empire, while working a mere 30 hours a week.
This year he expects to pay himself $254,000 (Dh932,933). That is Dh77,744 monthly.
Guo’s Instagram photos are #lifegoals for many – he shares pictures of himself enjoying in Bali. A pinned Instagram post on his account shows that even pop star Justin Bieber became his customer.
On November 16, he posted on his Twitter account @guotweets: “At 24, I’ve built a life that most people dream of: Living semi-retired in Bali with my friends and loved ones…”
Today, Guo owns and runs several e-commerce ventures set to bring in a combined $1.7 million (Dh6.2 million) this year. He also shares curated online courses, for those interested in e-commerce.
Guo's journey is a fascinating blend of early success, calculated risks, and valuable lessons learned.
First business venture at 12
According to a recent interview with US-based business news website CNBC, Guo, who grew up in the US, stumbled into his first business venture at the age of 12 – a Minecraft server with in-game perks.
This "accidental" venture not only sparked his interest in online business but also yielded $10,000 (Dh36,730) within a few months.
However, according to a 2021 article on Medium.com, an American online publishing platform, not every business was a success. In his attempt to start an app development at the age of 14, Guo ended up losing all his money.
Two years later, Guo started selling fidget spinners online, with a budget of only $50 (Dh184). But the experience taught him that e-commerce could help him make more money.
While Guo fixated over starting businesses as a teen, he didn’t take college as seriously. “[I] was more focused on my entrepreneurial endeavours, and because of that, I had a 2.7 GPA.”
His poor grades pushed him further to focus on entrepreneurship.
“Because my GPA was so bad, I knew that getting a high-paying job was probably unlikely, and that pushed me to work even harder on my own businesses,” he said.
In 2022, Guo sold one of his first businesses, a jewelry brand that brought in over $2 million in revenue within a year.
Guo's success lies not just in his dedication, but also in his ability to identify market gaps. He finds products or services that appeal to people who are truly enthusiastic about a particular topic or hobby.
He has an e-commerce store that caters to luxury car owners, offering premium car covers. He sells K-pop merchandise for fans. One of his winning products was Dragon Ball figurines embedded in high quality sneakers.
Guo now owns several online brands from the gaming niche to fashion. One such site even sells boxes of Mejdool dates.
Tips for success
According to the medium.com article, he said: “Everything in life revolves around people. Instead of trying to make a good product for me, make a good product that others want. Beyond that, build a company around a strong team instead of a good idea. Having the right people in your life is the difference between success and failure.”
Along the way he also learnt the crucial role of marketing in any business. A great product alone isn't enough; reaching customers and effectively communicating the value proposition is equally important, he said in the CNBC interview.
In a previous tweet, he wrote: “Entrepreneurship is not an escape. And to be frank, this stuff isn’t for everyone. It requires hard work, commitment, and courage. If you want to be part of the 1 per cent, you need to be willing to do what 99 per cent of people aren’t willing to do.”
Embracing work-life balance
Guo's success has allowed him to achieve the often elusive work-life balance. His earnings are projected to reach $254,000 (Dh932,933) this year.
He prioritises financial security by keeping a healthy balance in his bank accounts, and investing in index funds. However, he doesn't believe in just accumulating wealth, the article notes.
In 2024, Guo made the life-changing decision to relocate from Southern California to Bali. This move gave him the freedom to enjoy his passions for travel and surfing while keeping his businesses running efficiently within a 30-hour workweek. Bali's affordability allows him to maintain a comfortable lifestyle without breaking the bank.