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Many people think that eBay is a virtual garage sales. But it's really not. It's a business, even though many people are viewing it as a hobby. Yes, it is true that in the beginning the majority of sellers on eBay were just people who sold their own private stuff that they didn't want to use anymore. But eBay has really evolved since then. Today it is a multibillion-dollar business. There are many sellers on eBay who started up with next to nothing and are now millionaires. But there are even more who started with next to nothing and still have next to nothing. So what is the difference between these two groups of people? The difference is that one group of people, the ones who are successful, treat eBay the way you treat a real business - because that is what it is. The other group of people, the ones who still have next to nothing, is treating eBay like a hobby - and hobbies don't make money. And when it comes to running a business, one man I like to turn to for advice is Warren Buffett. He once said: "I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over." Now what does that mean for your eBay business? It means that you have to do you market research before you decide what products you want to sell. So many people make the mistake that when they just start on eBay they sell flatscreen TVs, or laptops, or iPhones. That's like trying to jump over a 7-foot bar. It's very difficult to enter these markets on eBay, because they're highly competitive. And there are plenty of sellers in this category who are really buying wholesale - and I'm talking hundreds of thousands of dollars. And there is no way you can compete through drop shippers with those kinds of powersellers. And you probably can't risk hundreds of thousands of dollars to import a couple of thousand laptops from Taiwan. So what do you do instead? You look for that 1-foot bar that you can step over. You want to find the product on eBay that has a small but passionate group of buyers. You want to find a niche that allows you to enter the market, without stepping on the toes of the big eBay powersellers. You find a product that is a little bit too obscure, where there is very little competition, but high demand. Another thing that Warren Buffett once said is: "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do