The $100 MBA Show

MBA2006 How To Make Your First Dollar

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Mar 17, 2022
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INSIGHT

First Dollar Is The True Milestone

  • The primary entrepreneurial milestone is earning your first dollar by selling value for profit, not having a fancy office or big plans.
  • That first sale teaches discomforts, reveals challenges, builds confidence, and provides momentum for future growth.
ANECDOTE

Childhood Candy Arbitrage

  • Omar made his first entrepreneurial sale at age 11 by saving and reselling Halloween candy to his sisters and classmates for $1 bundles.
  • He turned free inventory into about $50 in 1991 by bundling premium pieces with mediocre candy and running a locker candy shop at school.
ADVICE

Charge For Convenience On Existing Demand

  • Sell something people are already buying or doing and capture the convenience premium instead of creating demand from scratch.
  • Example: organize indoor basketball for friends, charge $20 each, rent a court for $100 and buy drinks to net ~$180 profit on 15 players.
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