Monday, October 15, 2012

$100 Challenge

My professor issued the class a challenge at the beginning of the semester to get up, get out, and do something that makes at least $100 in profit. So he divided the class up into teams and we began to brainstorm ideas for a small business that could flourish quickly. One of the guys in my team had a connection with a company nearby that sells Anti-Fog Spray and a compact electronics cleaner. Selling a product is sometimes easier than selling a service, but if you don't have a lot of starting capital then it can be challenging to obtain product upfront. We all pitched in $20 and bought what we could for our starting inventory. The next step was to sell. We chose a nice apartment complex and started knocking doors. Within the first week we sold almost all our inventory with profits well over $100! It seem as though we have already reached our goal, but we haven't. All of the profits that we make from this small business we are donating to kiva.com This is a website that gives loans to individuals and entrepreneurs in developing and third world countries so that they can make their dreams come true. My team found a group from Rwanda that has asked for a loan of $2,000 in order to buy pesticides and other needs for their farm. They call themselves the Habimvugano Group(see picture). My team has two weeks left to sell our products and we really hope to reach profit of $2,000 so that we can give it all to these fellow entrepreneurs in Rwanda!

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