MBA2006 How To Make Your First Dollar

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Hey oh. Welcome to the Hundred Dollar MBA show. Helping you build a business you want to live the life you love every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company. I started my co founder back in 2014 and in today's episode you will learn how to make your first dollar. Many people ask me, hey Omar, how do I start a big successful business? And I immediately ask them, have you ever made a dollar? Any money at all outside of a paycheck? And most of the time I get a resounding no. And I say to them, hey, that's okay. But your first step is to make your first dollar. Stop worrying about becoming the next Amazon or Tesla. Your first immediate goal should be how do I make a buck? Literally, because there are so many things you will learn by just earning your first dollar as an entrepreneur. And by the way, being an entrepreneur doesn't mean having a big office or a fancy logo or business cards. It means that you sell something of value for a profit. Once you do that, you become an entrepreneur. So that's the first hump you have to cross. Because once you do that, you're going to learn a ton. You're going to what are the things that make you uncomfortable and the challenges ahead of you that you need to conquer. And it's going to give you momentum and confidence to keep going. And above all, it's an incredible feeling to make that first dollar. I'll share with you my experience making my first dollar as an entrepreneur and give you some tips on how you can do the same. And guys, we're going to do this now. Meaning I'M going to challenge you to make your first dollar in the next week. Yep, I'm gonna show you how. So let's get into it. Let's get down to business.

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My first dollar My first business sale, so to speak, was when I was 11 years old. Nope, it wasn't some fancy business or crazy idea. I made my first dollar and got my first taste of entrepreneurship when Halloween rolled around when I was 11 years old. And I remembered last year because I'm a saver, I would have my Halloween candy last longer than my sister's. So naturally they would come to me for some candy when they ran out of theirs. I noticed this. So come the next year, I said to myself, I'm not gonna eat any of my Halloween candy. I'm gonna save it. And by the way, when Halloween rolled around, I took it seriously. I was out there knocking on doors for about six or seven hours. I would come home with three bags of candy. So when I came home with my candy, I came to my mom and I said to my mom, mom, when my sisters run out of candy and they come to you to say, hey, can I get some money to go to the corner store? Tell them to come to me. And my mom knew what I was up to and she did exactly that. And I would actually sell my Halloween candy to my own sisters. And I would do these bundles where I would not just allow them to buy any candy they want because not all candy is created equal. I would bundle a fun size Snickers bar with two other mediocre pieces of candy and sell it for a dollar. Once I saw that that worked and I actually made money off free inventory because it's Halloween candy, I got really excited. I was like, wow, this is amazing. I got some cash in my pocket now. But my sisters can't be my only customers. So I started to take my candy to school and sold those bundles to my friends at school. I was running a little candy shop out of my locker in middle school, but in that moment I realized you can make money by just selling something people want. I automatically kind of did the math in my head. You know, I worked quote unquote for one evening, going around collecting candy from doors on Halloween. And I remember making close to $50 at 11 years old back in 91. That was a lot of money for me. And then from that moment, I always had this itch to have a business. Now I share this story of mine because I want to simplify things for you. This is how simple business can be, okay? It doesn't have to be super complicated. It doesn't have to have all this red tape in the beginning. You can just operate as a sole proprietor, as just somebody who's selling things. You're not making millions of dollars here. The exercise here is to just make a dollar, and that's what you're going to do in the next week. You're going to find something of value that you can sell, and I'm going to give you some options so that you can earn your first dollar outside of your paycheck. This is going to be fun. So I'm going to give you some options. Option number one, sell something people are buying anyway, but sell it for a profit. In my story, kids are buying candy anyway, so I just became the candy supplier. I don't have to create or generate demand. So, for example, if a bunch of your buddies love playing basketball, for example, tell them, hey, I will organize two hours of indoor basketball with Gatorade for $20 a person. Let's get out of the rain, let's get out of the sun and play some decent basketball on a nice court. Now, obviously, you'll have to do the math, but the point here is that your friends are playing basketball anyway, and they love drinking sports drink, right? Gatorade. And 20 bucks is not a stretch. And their understanding is, hey, you're organizing this for them. So they understand that, hey, there's some effort involved here. Your job is to rent out a court and whip up some Gatorade for all your friends at a lower cost than you're going to charge. So say, for example, you're going to be inviting 15 of your friends, and they're all paying $20, that's $300, okay? If you can rent the court for $50 an hour, and that's $100 right there, and you get the Gatorade, you just buy the mix and you make a big jug of it like in a cooler, and let's say that costs you 20 bucks, you just made a profit of $180, okay? The point here is not to make tons of money. The point here is just to make money to be profitable, to make that first dollar. So this is an example of just supplying something people are buying anyway or doing anyway, and they're going to do it with you or without you. They're going to buy it from somebody else. They're going to rent it out from somebody else. You're just kind of doing it for them. Do you have any special skills? Like, for example, maybe you're a good cook. Maybe you can offer your friends, hey, want to have a romantic dinner with your loved one? Don't want to worry about babysitting. I will come to you and cook you a gourmet meal. Again, you can charge 200 bucks and maybe the grocery bill that you have to buy, all the ingredients for the dinner for two will cost you around $60. You just made a profit of $140 doing something you love and making somebody happy. Now, all of this doesn't take much time. It literally would take one hour to cut this deal. Okay? To send this message to a friend or to send a Message in your WhatsApp group or post it on Facebook. One of the things I used to enjoy doing is organizing group trips for my friends. So say, for example, me and my friends want to go skiing. I tell them, hey, guys, I'll organize it. I'll tell you exactly how much to pay, and if there's any difference, I'm going to pocket it for all the work I do. And they're like, cool, no problem. Don't have to worry about this headache. I would use my car and I would do the transport. I would rent out the lodging. I would find the best deal online. I would buy the Lyft tickets to try to get discounts somewhere. I would even make the reservations for the dinners of the places we were going to dine at during the nights. We were out on the slopes, and I would tell everybody, hey, just send me X amount of money, and I would make a profit. This is what you're doing. You're calculating expenses. You're seeing potential profit. You're making sure that you're making a healthy margin. And this is business. And this is just an exercise to get some reps. Listen, entrepreneurship is a skill, okay? And you don't just earn a skill or gain a skill by just listening or reading or watching videos. You have to do it right. And you have to just get the reps in to get that skill. And this is your first set of reps. Another way to make your first dollar is just to sell your time. What do you do for a living? Are you a computer programmer? Are you an HR manager? Maybe you're a salesperson. Become a freelancer, right? Put yourself out there on upwork on freelancer and earn some money with your skills on the side. I did this for a number of years where I designed websites for my clients and I did it as a freelancer. At the start. This allowed me to understand how much my time is worth. What are some of the hidden fees that I didn't kind of see coming, how to negotiate a better rate and also how to manage my time to make sure that I can pull off the project. But the point here is that choose one and get started. I'm challenging you. In the next seven days, choose one of these and implement. This is super simple, guys. This is a text message to your friends. This is putting yourself out there on a freelance job site that's going to take you 30 minutes to put together. There are no excuses. And you need to do this. You need to earn money as an entrepreneur, as a business person, so you know what it takes and what it feels like.

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To wrap up today's lesson, your mission in the next seven days is to make your first dollar outside of your paycheck. Make your first dollar offering value to others in exchange for profit. Now, I'm not gonna put any other rules right. Some people say you should do this and make sure you make money on people that you don't know, on strangers. I'm saying it doesn't matter. Sell candy to your sisters. Make money off your friends. Your first buck is your first buck. Let's not make more hurdles for ourselves. Let's get through the hurdles and let's make sure we get some momentum. My last piece of advice, as you're going through this challenge for the next seven days and you're making your first dollar, have a journal, take some notes, write down what you're learning, what you're experiencing, what's going through your mind, the things you were surprised by, the things that delighted you, the things that kind of got you scratching your head. This is going to be great knowledge for you to review once the challenge is up and as you move to the next step in your entrepreneurial journey. Thanks so much for listening to the $100 MBA show. If you love what you hear, head on over to our website 100mba.net show and you can subscribe to the show easily with one click. Just go to 100nba.net show and you can choose your favorite podcast app. Click the button and it'll take you straight to our podcast where you can subscribe so you don't miss an episode. Also, by subscribing, you get access to over 2,000 episodes in our archives. So go ahead and do that right now. Before I go, I want to leave you with this. When you make that first dollar, when you make your first profit, do me a favor, celebrate a little bit. Even if it's just going out for ice cream or getting yourself a cup of coffee in the sunshine, this is a big moment. You should enjoy it. Thanks so much for listening and I'll check you in tomorrow's episode. I'll see you then. Take care.