Friday, December 1st, 2006...7:48 am
The “Hundred Dollar Business” Experiment
For the month of December, I’m doing an experiment to test concepts I’ve been learning in my entrepreneurship class at BYU, as well as from our amazing local business community.
Limits of the Experiment
A budget of $100, 30 days, and I have to go to sleep by around midnight every night.
Minimum Goal
Set up a well functioning business, pay all business/personal expenses for the month, and make at least $100 back in order to (possibly) start a next Hundred Dollar Business in January.
Core Ideas to Test
1. Networking: Who do I know? What do they have or know, and who do they know?
2. Negotiating: Use principles of good negotiation to create win-win situations.
3. Money Is The Last Thing Needed to Start a Business: If something costs money and I must have it, find a way that will pay for itself. Don’t carry overhead or stock purchased inventory.
4. Be smart. Learn about the options, do the research, and make calculated decisions.
5. Be focused. Have a plan. Spend time only doing the things that further the plan. (If the plan changes, that’s ok– just don’t spend time & resources on distractions).
6. Keep it balanced. Run, get reasonable sleep, and eat. Work hard and play hard. And then take a break when it’s done. (Mark your calendars now– I’ll be on vacation the first week of January).
7. “Franchise” the business. Streamline essential functions and set up systems so it can easily be run by someone else and could be replicated 5,000 times.
8. Be Resourceful. What do already I have that I can use: ideas, skills, things, and tools?
9. Get Around Obstacles. Have a plethora of contingency plans–at least three additional suggestions or options in case the ideal doesn’t happen. Don’t accept the challenges at face value.
10. Think Virally. Use cheap, effective marketing tactics– word of mouth, viral marketing and natural traffic.
The concept is not completely unique (I didn’t steal it, just didn’t realize I wasn’t the first to come up with it until after the fact). Similar experiments have been done in September 2006 by local Matthew Reinbold and November 2005 by Search Engine Guide’s Jennifer Laycock.
Additional inspiring, but somewhat unrelated, projects include Blendtec’s amazing “Will It Blend?” viral marketing campaign, LogoWorks’ “Date Lance” campaign, and local MBA student, Ryan Byrd’s “Green Paperclip Experiment“.
I’ll be blogging about my experiences here on www.hundreddollarbusiness.wordpress.com, as well as on The Carolynn Blog and BizImpresario.
Wish me luck!
13 Comments
December 4th, 2006 at 4:33 am
Carolynn,
Interesting experiment. I’m interested to see how it goes.
December 4th, 2006 at 5:15 am
Chris,
Thanks for the visit. So far, so good! But keep reading, because with entrepreneurship, you never know.
Carolynn D.
December 4th, 2006 at 6:50 am
[…] Aspiring entrepreneur Carolynn Duncan, has begun an experimental project where she will use only $100 to start a business in 30 days with the goal of making at least a $100 profit to start a new business the next month. In her post describing her plans on “The Hundred Dollar Business” Blog, Carolynn states that she plans to test ten core concepts that she has learned about entrepreneurship from her entrepreneurship class at BYU and from the Utah business community. Carolynn’s business for December is a kiosk at a local mall in Provo, UT, where she is selling bundt cakes, Sign Babies, and Princess Sweet items. Since she has limited herself to only $100 in start-up capital Carolynn has had to be resourceful, such as using a consignment model so she doesn’t have to pay up front or get an investor. […]
December 5th, 2006 at 4:35 am
how do I subscribe i’m curious how it will go and would like to know more. good luck.
-Tommy.
December 5th, 2006 at 5:48 am
[…] The above is a great list to use for any business. To read more on this experiment, check out her site. […]
December 5th, 2006 at 7:08 am
[…] Carolyn Duncan details her plan at “The Hundred Dollar Business Blog”. The plan is to take $100, 30 days, and try to make $100 profit to start the next business. And so on, and so one. […]
December 5th, 2006 at 7:10 am
Interesting concept. I will be following your progress and keeping my visitors up to date as well. I wish you the best of luck!
Craig D.
December 6th, 2006 at 2:31 pm
Hi Tommy,
I just added “The Daily HDB” at the right side of the website– the RSS feed is there as well (the orange square, for other people (like me) who may not know. Just add that to your feedreader.
Thanks for the visit! Come back and tell us how we’re doing.
December 7th, 2006 at 8:12 am
[…] Carolynn Duncan and I have had a very hard time “knowing when to quit” each night because we’re running faster than we’re able to keep up with the craziness of the “Treats & Treasures” kiosk at Provo Town Center (by Charlotte Ruse and Aeropostale) featuring sweet & charming, Nutty Guys, holiday books, and delicious Bundt Cake Factory treats. Things are going really well, but it’s been so hard to keep up. […]
December 8th, 2006 at 4:50 am
[…] Because I had inventory, and essentially a great couple of “dress rehearsals” I was not so overwhelmed or scared about moving from “event to mall in 48 hours” when Carolynn Duncan approached me to share a kiosk at the mall for her experiment. […]
December 14th, 2006 at 9:58 pm
[…] Since we officially launched sweet & charming on November 30th (first with Holiday Events locally and now as a feature at the “Treats & Treasures” kiosk through The Hundred Dollar Business at Provo Town Center by Aeropostale), we have been getting “systems” in place. […]
January 31st, 2007 at 5:28 pm
[…] One thing is certain: I lost money. At this point, kind of a lot, though not as much as I thought. I failed! Yes, my business failed. We didn’t meet our goals. Well– hang on a second, let’s re-evaluate them. […]
October 19th, 2007 at 7:39 am
[…] It’s coming up on the 1-year mark of having started the original Hundred Dollar Business project last November. When it gets closer, I’ll do some “what I learned this year” posts…. […]
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