Dennis Liu is no stranger to finding golden opportunities in the most unlikely of places. The entrepreneur and consultant is based in New York City and has been one of the premier consultants for ecommerce since his company’s inception in 2013.
From building and selling usable assets for businesses, Dennis Liu and the team at DWS Holdings have made it a mission of sorts to illuminate logical paths for people to find their own foundations in the world of online commerce. From humble beginnings of selling ASIC units for Bitcoin mining, Dennis Liu has always had one eye on the ball and one on the horizon, keeping a steady understanding of where the potential goldmines reside for the future.
He took time to answer some questions about common errors he sees in the business world, the rise of Cryptocurrency, and the utilization of COVID as a motivator for calculated risks.
Hello Dennis, thanks for taking the time to speak with us today, let’s start off easy, what is DWS Holdings all about?
Hello, thanks for taking the time to speak with me. DWS Holdings was founded in 2013, originally founded on the back of my exploration into ASIC miners (for Bitcoin etc.), it quickly spiraled into a fully fledged consultancy firm that has helped many businesses in their online presence. I’ve been in the Bitcoin mining game since 2011 and quickly noticed the ‘gold rush’ that was on the horizon, so I decided to find an alternate avenue of revenue that wasn’t in the same rat race as everyone else looking for their fortune.
It’s turned out rather well.
What would you say is the primary error a lot of people make when they’re starting a business?
One of the key errors I see with people who send enquiries and messages to me through the site is the lack of knowledge on the sheer number of tools that are available out there. Especially when I receive messages from consumers who are looking to craft their own store online with no real foundation or jumping off point. It’s sheer madness in my opinion, to not consider the amount of online tools that make the task immeasurably easier.
To fully incorporate a business in the modern era seems daunting and overwhelming, with all the smaller tasks and compliance checks, logistical issues etc. I often point enquiries to do a little research for themselves, it’s unbelievably easy to set up a solid foundation for your site, once you have a solid foundation, then you can consider expansion and consultancy.
You’ve mentioned your feelings towards ‘drop-shipping’ in the past, can you explain what it is and why it’s unrealistic?
Ah, drop-shipping. No doubt many of the readers will have seen an ad on social media in some form at some point in time that resembles a get rich quick scheme. Drop-shipping is more or less acting as a middleman for products you are advertising while not actually carrying the products yourself. This implies that a purchase is made by a consumer, the business then purchases the product at a cheaper rate from a third party and sends it through to the consumer. It’s a complex nuisance and influencers are really shilling these services when they really should not.
Not only does this imply that there are no rules on popular sites like Amazon that prohibit these practices through long-form reviews and consistent updates, it’s like selling magic beans to unsuspecting entrepreneurs – it’s heartbreaking. With a little more knowledge of the internet there would be a lot less issues in this realm, and the pyramid-scheme programs would have to remarket themselves yet again.
How has COVID effected your business or approach?
COVID impacted the entire world in a way that no one has ever seen before in our lifetime. Strange to consider that a year ago the world was entirely shut down. For me personally, I have seen a lot of people holding their finance and grasping at them with both arms tight, not letting a single cent slip away.
I believe that now is the time to strike, while the iron is hot. While many are bleeding away their net worth at an alarming rate in an attempt to hold on to the old ways, the new generation of moneymakers are seeing this as an opportunity to seize margin and profits that will not be seen again for a very long time.
Why is visual so much more impactful when long-form writing is more informative?
Visual content is the picture book for modern audiences, easy to follow, impactful, and gets a message across when collated correctly. While a lot of people in the old days had access to long-form writing and in-depth discussion, the attention span for the modern world is simply not cut out for this. In the mainframe of society, there is quick, digestible routes that one must take to stand out. With more attention focusing on visual representation and short form punch-pieces that get their message across.
Tell us a bit about your journey with Cryptocurrency
I liken it to the gold rush era of society. Where everyone was rushing out to the minefields with pots and pans to strike gold and have their life coated in luxury. Like the gold rush, a lot of people had very little to show for their efforts, with a select few bringing home the bacon.
I considered the gold rush metaphor, and when I noticed the winds were shifting, I thought it would be better to be the guy selling the pots and pans rather than being late to the party and losing everything. So, I imported all the ASIC units (which allow the mining of bitcoin) and sold them domestically for a profit. While I have never mined cryptocurrency myself, I still see the utility in being the guy selling the pots and pans in the gold rush, it seemed to work for me.
Finally, What’s next for DWS Holdings?
Working on a few projects for the future that I cannot reveal too much about yet, some projects are focused on the AI renaissance that is sure to occur soon. Also considering going into the music and modeling game as well, we will see.