One of the takeaways that I got from the lesson this week is
the value of working hard, sacrificing, and making due with what you have. This
week we were asked to read an article called Startups on a Shoestring. In this article, one of the entrepreneurs
said that he built his company for “$100 and 100,000 hours.” Companies can be
successful even if they don’t start out with a large amount of capital, but it
is going to take a lot of hard work and
sacrifice to be successful. The entrepreneurs mentioned in the article went
years without taking a salary, and all of them worked a second job to help fund
their business.
In the same article it also stated, however, that about half
of all start-ups don’t make it even five years, and this is mostly due to a
lack of capital. This just goes to show
how much time, energy, and dedication it takes for all entrepreneurs to be
successful no matter the size of their financial backing.
$100 Challenge Update
This week I raised the $20.00 of capital to support my
business. After speaking with my husband and walking him through my business
plan, he and I agreed that we would invest our own money into the start-up of Carolyn’s Cocoa. This week I also
determined how I plan to spend the initial $20.00 of capital and figured out that
I will be able to purchase all necessary supplies to make a few batched of the
hot chocolate mix, but will also need to purchase more supplies shortly after I
start making a profit.
No comments:
Post a Comment