Building a Business: In today’s episode – Michael talks with the young entrepreneurs as they research and explore ideas and thoughts about what they want to start selling as they build their businesses.
The One to a Million project is back after a couple of months with the news: meet Alfie Young the new member of the team.
For those unfamiliar with the project, “One to a million” aims to guide and support young entrepreneurs in their early journey as they build a business from the bottom to a million by the age of 20.
The big why
In this first part of the episode, Alfie & Finn talk about their big “why” and what makes them want to try their hand at a business venture. According to Alfie, the main reason is making money, but he also wants to have a job that he enjoys and is passionate about.
The conversation moves swiftly on to the subject of success and for him living life to its fullest surrounded by the people he enjoys spending time with and doing the things he likes would be the definition of success.
Michael asks the young entrepreneurs where they get these images associated with successful people, and both boys agree that social media is a place where you can get this kind of motivation due to all those images where people are living really luxurious lives and enjoying themselves.
building a business
In the second part of the episode, the young entrepreneurs share with us their views on business and talk about the sort of business they are thinking about starting. They both agree they don’t want to work average jobs or 50 hours a week; they don’t want to follow the crowd. They want to put the effort in to be unique.
For now, as both entrepreneurs are still at school, the business they should start should not be interfering with their schoolwork, so Finn believes drop shipping is a good option due to the effectiveness of its cost.
In this business, the seller accepts customer orders but does not keep goods sold in stock. Instead, it transfers the orders and their shipment details to either the manufacturer, a wholesaler, another retailer, or a fulfilment house, which then ships the goods directly to the customer. As such, the retailer is responsible for marketing and selling a product but has little or no control over product quality, storage, inventory management, or shipping. This eliminates the costs of maintaining a warehouse. As in any other form of retail, the seller makes their profit on the difference between an item’s wholesale and retail price, less any pertinent selling, merchant, or shipping fees accruing to them.
When asked if they think it’s hard to make their first business Finn’s answer was simple. Whatever you do for the first time will be difficult but having a support network around you will help you overcome the challenges in your business journey.
And that’s why “One to a Million” is a good program for young adults who might not have any experience with business because the show is a support network to help them do business if they want to do business.
Michael CraneEntrepreneur, Business Owner, Presenter
For the last twenty years, Michael has built and run a successful business. He’s learned many lessons—some of them the hard way—and he’s met and talked with many other businesspeople. He’s sold thousands of products and learnt the one hundred and one things needed to run a thriving business. Now he’s bringing this knowledge and experience to educate, motivate and inspire other entrepreneurs.