What can you do with $1,000 & a car?
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Often we think that we must have lots of money to start a business. While it is helpful to have funds at our disposal, the fact is most people don't have lots of money to start their business. So, this question is designed to get you to ponder what types of businesses you could successfully start with very little.
$1,000 and a Working Vehicle
Off the top of your head, Are you able to think of a business to start with little capital and no employees? Place yourself in the position of having to make money within one week. Youhaveto start a business, and you have $1,000; a working car or pickup truck; an apartment, garage, or dorm room; and a smartphone. Remember, the business must be legal! What will it take to make the first move and get you started?
1. Ask friends what they need. Drive through local neighborhoods and towns. Jump on the Internet. Read local papers in other areas. Find out what other people are accomplishing with what appears to be a small investment. What did you find? What opportunities can you explore further?
2. Can you purchase products at a warehouse to resell online? If you have time, visit a swap meet and explore online selling at eBay, Craigslist, or Yahoo.
3. Could you tap a skill you already possess? For example, could you be a foreign language tutor
Compile a list of all the business opportunities you have discovered and share them with your classmates. What are they willing to pay for your products and services? How often would they purchase? Who are your competitors
What business are you in?
Actions for What business are you in?
Watch a carpenter framing a new house. He works close to the wood, nailing with quick strokes of his hammer. However, to get a view of the total house—the structure that will become someone’s home—he must walk across the street. He has to step back from his detailed work to see the shape of the entire home. What business is the carpenter in? Is he in the nail-driving business, the framing business, or the home-building business? Or is he in the business of satisfying the age-old dream of home ownership?
Only by stepping back can you answer the very important question: What business am I in? You can move forward, once you know who your customers are and what internal and external needs your product or service is satisfying, Here are some examples:
Personal financial planner / “I’m in the peace-of-mind business.”Small-business teacher / “I’m in the dream-to-reality business.”
Cosmetic plastic surgeon / “I’m in the do not-grow-old business.”
Porsche dealer / “I’m in the ego-gratification business.”
Gourmet cookware store / “I help people be Wolfgang Puck.”
Personal trainer / “I keep people feeling young, fit, and sexy.”
Coffeehouse owner / “I provide a place to relax and people watch.”
Define your business as shown above and create a flyer that will utilize your newfound knowledge. Attach the flyer to get feedback from other students and evaluate 2 other students' work.
Explain what is meant by the following statement: Value differences between cultures must be taken into account.