What is Digg?57 Comments
- csandb, on 10/12/2007, -2/+15I am not an adsense spammer. I just have adsense on all my posts as default. I have taken it off this post.
- olego, on 10/12/2007, -2/+14Depends. How much does a red paperclip cost?
- msaleem, on 10/12/2007, -1/+9Please no personal attacks. I read this article, thought it interesting and shared it. There were some ads on there, but now that they aren't there, I don't think we have to worry about that. Please read the article, share it if you like it, and enjoy.
- DDoSAttack, on 10/12/2007, -0/+8But she fails to describe how much she spent on things such as...
A merchant account (she is accepting credit cards)
Gas for initially driving around and then to and from 'work'
Did the cash register come with the kiosk?
How much was spent on their "uniforms' that they are wearing in the pictures (the aprons etc...)?
How much is she paying herself? Her employees? Are we to expect that they won't paid anything for 30 days?
How is she eating? Where is she living?
The list goes on and on.
Basically my question is: Is this a start-up where she only uses $100 to start the business or is this a start-up where she uses $100 and some other form of income (i.e. Mommy and Daddy money/savings/trust fund/second job) that is not mentioned to carry her through her daily life but makes it way easier to do this experiment successfully? - crexor, on 10/12/2007, -0/+8the business idea < 100$ , however she has a kiosk at a mall, im sure that is not included in the 100$, location is extremely important for success in a store front business model, and it seems misleading to leave this aspect out of the discussion. also she doesnt really talk about nontangible business ideas ie. net based ones.
- ICSU, on 10/12/2007, -1/+9He didn't start a business.
- ICSU, on 10/12/2007, -0/+8She is gonna sell cakes. What a novelty idea...
- inactive, on 10/12/2007, -1/+8$500 dept, you mean?
- diggersupreme, on 10/12/2007, -1/+7Making a little stall selling cakes and to make your money back plus $100 is hardly a challenge.
I see lots of immigrants in my city who can barely speak english selling omlettes in the street and roses outside the clubs at night and they start with probably no money.
You could buy about 3 second hand items from your local area and sell them on eBay and make more than $100 back and do that in 2 weeks and be in bed by 8pm at night if you wanted to.
I started my business on $0 two years ago and did well, it inspired me to take it further and invest money in a bigger idea. Its easy to make a some quick bucks but when you try and do a bigger idea for the long term future that's when it gets hard.
The milliondollar homepage (be it a pyramid scheme in disguise) made $1 million dollars from nothing. Now thats an acheivement. But as that guy is now trying to do the exact same thing again it shows that he was just lucky. - RickySan65, on 10/12/2007, -0/+5You spend all that time to find out that if you buy a lottery ticket you might win? oh man, i thought the educational system around here was bad.
- byufan, on 10/12/2007, -2/+7I think it would be hard to start a business with $100, but I think it's possible.
- raabco, on 10/12/2007, -1/+5So $100 will rent a kiosk in a mall with a cash register for a month?
I want all of my eBay fees refunded, I could of sold that crap to mall suckers for much higher prices! - byufan, on 10/12/2007, -2/+6He doesn't seem like a spammer to me. First of all, he didn't even submit this story, and second, I don't see any adsense on his site(maybe it was there earlier, but there is none now).
- crexor, on 10/12/2007, -1/+5sorry for replying to my own comment, but i feel bad for sand bagging the author, i continued to read the extensive blog of her entrepreneurship story, and found an entry describing the mall kiosk, and how it fits into the $100 plan.
- Yez70, on 10/12/2007, -1/+5I started my first business with $30. It made about $150k over five years. I did have to finance about $12k within the first year tho.
My second business cost me about $100 to start, but it only made about $80k in 5 years. No financing was involved.
Both were online ventures. - nuclearpenguins, on 10/12/2007, -5/+8I started mine with $150...thousand.
- mochzr, on 10/12/2007, -0/+3Well, even if the individual businesses fail, at least she got herself some publicity, which is worth much more than the $100 could ever buy.
- bmson, on 10/12/2007, -0/+3With a great idea, you can start a business with 0$
- maddla, on 10/12/2007, -0/+3I think it is possible, but I mean DAMN! Your chances of failure kinda grow... Assets are a big part to any company.
But of course she started a mall KIOSK *which could*
-> Turn into a store in the mall
-> then open two more stores with the same mall company which would give her a discount on rent
-> then she could be selling bunt cakes for $8 making a 7.50 cent profit
-> then she find a keen partner who has knowledge of creating business identity to make a store chain
-> then in 4 years she has 5500 stores worldwide with a gross income of 55 Billion Dollars Annually....
-> *thinks* sounds like a coffee company I heard of
*Going to the ATM to make a $100 withdrawl*
I'll BRB - sotopheavy, on 10/12/2007, -2/+4You could probably start a successful lemonade stand for $100. But successful being on a larger scale, I would doubt anyone in the bottom 90% could start their FIRST successful business with $100. I could start a buisness with $100 by starting to buy posters, spending $100 and then continuing with employees, favors, computers, lawyers etc. but starting meaning having only $100 could limit you to the business of buying groceries and surviving another month.
- csandb, on 10/12/2007, -0/+2That is a link to her blog chronicling her progress, but it broken up into many posts describing several events.
- wabbitman1, on 10/12/2007, -0/+2anything is possible. its possible that you could start up a business with a dollar. the question is, will the business last long-term?
- zapa, on 10/12/2007, -1/+3HAH, piece of cake. Start playing poker with $100 and in three months you have at least $500.
- tutivlahos, on 10/12/2007, -1/+2Agreed, possible? Yes. The best option? No. Starting with $1.000+ instead will get you a best chance of success.
- dingostick, on 10/12/2007, -0/+1I started my business with maybe $200 or so between me and my biz partner. $125 of that was the fee we had to pay to be a registered business in the state. The first purchase we made were for some lousy business cards that we could hand out.
Of course, if you want to protect yourself, you'll also need business insurance (generally including professional liability and whatever is relevant to your particular business). For us, that ran shy of $2000/yr. Yeah, it sucks, but it's the cost of doing business. We haven't had to use the insurance (viz., no one's come after us with lawyers), but without it, any little nobody who had a complaint about the work we did or the product we provided could potentially bring us into a world of hurt - professionally or personally. - saigumi, on 10/12/2007, -0/+1Reminds me of when I started my business making a board game. I started with nothing really and ended up spending about $3000 by the time it was done for materials and such. I kept a blog, too bad I lost most of it when the server crashed. Ended up at least breaking even on the first go.
Now that I am up to two board game stores, things get a little more hairy. Her comments on the mall system are dead on. They are unforgiving and love to whop in hefty fines for breaking their rules. - forgiste, on 10/12/2007, -3/+4That's funny.. lol. I wish I was that guy right now.
- SpookyET, on 10/12/2007, -0/+1Getting the documentation, LLC, IRS + other docs cost us $380.
- inactive, on 10/12/2007, -2/+3Hello Mr. Smartypants. How many millions have you made using your $1,000?
- jpark, on 10/12/2007, -1/+2Incorporation costs; license fees; liability insurance; growth capital;
My child may be able to open a lemonade stand for very little start up cost, but is probably breaking the law if operating without a business license. Also covered by my liability insurance while operating on my property.
The entrepreneur almost certainly fails to meet legal requirements for a business and has no resources to withstand legal challenge. - inactive, on 10/12/2007, -0/+1It's important to have some start up capital...spend more than $100 dollars. But it's just as important to avoid debt. That kills more new businesses than anything.
- Wolfboy, on 10/12/2007, -0/+1Around 10 or so years ago I met a guy who started a T-shirt company in his college dorm room. I don't know his exact starting budget but it likely was quite small, as this $100 proposal is.
When I met him, his dorm-room business had grown into a factory with many employees and he sold the company for millions of dollars. I think he was still in his 20s at the time.
So, yes, it is possible to start quite small. - wundie, on 10/12/2007, -0/+1Time = Money - Does that factor in?
- manfrin, on 10/12/2007, -1/+2It can be done with $150.
http://www.15kchallenge.com/blog/ - kd1s, on 10/12/2007, -0/+1This would never fly in Rhode Island.
First, you're on the hook for $230 to register articles of incorporation.
Then there's Division of Taxation where regardless if you make a profit, you pay $500 a year.
Then there's a $50 a year annual report fee. - yellowsnowcone, on 10/12/2007, -0/+1I think doubling $100 in 30 days is a very easy target.
The question is this: could you then re-invest that $100 back into the business, and make another 100% profit in another 30 days?
If you could, and repeat the process throughout the year, you would have $204,000 by the end of the year, which is more impressive. - Jo9100, on 10/12/2007, -0/+1jeaaaalouuusss ^^
- newspapermom, on 10/12/2007, -0/+1All,
This is my friend Carolyn...she got laid off (see my post on newspapergrl.wordpress.com) and decided to do something with $100 and 30 days. She worked on the details, either sharing the cost with vendors, or borrowing/trading/consignment. She's planning to start an MBA, this is just a quick way to get some real world experience. Her startup experience is the stuff of a great Office episode or even a documentary of the ups and downs of new business. I loved the story and wished it was filmed...but this story is all hers, and it's an adventure in entrepreneurship. I call it the experimental business.
Janet - csandb, on 10/12/2007, -0/+1Those were the only two stories I've ever had make it to the homepage and I submitted neither. There was no orchestrated attempt to game Digg in either situation.
- jalagl, on 10/12/2007, -0/+1I am currently starting a side business, and so far, so good. The first investment was $3K plus 15,000 freq. flyer miles for a first business trip. So far I've earned back the $3K, and had a $1K profit. I'll re-invest pretty much everything in the next couple of weeks.
I do have to accept that I had it easy - I am selling through a couple of shops that have an excellent location and were already setup and running. The way I'm currently working is that they pay me what they sell (no risk to them). The shops are owned by people I know and trust, which is also a big advantage. - atlacatl, on 10/12/2007, -0/+0Well...If you talk about accounting profit, then yes it is easy. However, economic profit is a different story.
She really needs to account for opportunity cost. How much would she make working any where else? If she's going with no salary, then this $100 dollar "investment" is a pointless exercise, however, it will get her into the MBA program she will apply for. - PandaParts, on 10/12/2007, -1/+1Yes it is possible. Next...
- IEatHamburgers, on 10/12/2007, -1/+1I'm surprised nobody's mentioned Cafepress.com yet. I started with no money at all and I'm getting a $160 check this month. For the $7 a month it costs for the premium shop and the $7 per year domain name it's not a bad deal. You just need some creative ideas for t-shirts, and Gimp or Photoshop: http://www.gimp.org/downloads/
- atlacatl, on 10/12/2007, -0/+0The experiment has been ruined, but it will succeed at the same time. Now that it made the interweb, it will probably make more than $100. I don't see the challenge anymore...
- inactive, on 10/12/2007, -0/+0IMNSHO, opportunity cost is a fallacy most of the time. The reason I say that is because one must factor in both monetary and non-monetary terms. What is a valuable non-monetary term to you may have little or no value to me. It also requires assumptions as to the success of something that has not occured.
What was the "opportunity cost" of not investing in Enron in 1985? In 1985, it was moderate as it was based on successful businesses. In 1999, the opportunity cost of not investing in Enron in 1985 was huge because of the stock was flying high. In 2001, the opportunity cost of not investing in Enron in 1985 was negligable, if not actually negative, but then one must factor in what would have happened if one had simply opened a savings account.
Opportunity cost can also be used to justify bad decision because it relies on assumptions that may be false. Take the case presented. If one assumes she will, in the next month, get a good paying job that she enjoys and has limitless potential for earning and advancement, then the opportunity cost of starting a business is too high. Conversely, if one assumes that her business will be wildly successfull and that she will be earning $100,000 per month, then opportunity cost of finding and accepting a job is too high.
How does one count the cost of the road not taken? - dnight, on 10/12/2007, -4/+4http://hundreddollarbusiness.wordpress.com/ is the proper direct link to the blog. Only spammers link to their blog that links to a blog with the real story.... burying this story.
- tutivlahos, on 10/12/2007, -1/+1Well, how many millions have you made with 100$.
That was not my point.
I think that the starting capital is very important, that's all.
I started mine with 40k, 3 years ago and I'm still far from the millions. - carolynnduncan, on 10/12/2007, -0/+0Thanks, everyone, for all of your ideas! Today there was such a wonderful response to The Hundred Dollar Business, and I really appreciate it!
I'd like to respond to everyone individually, but I have to finish stocking the kiosk and get some sleep! We just finished our 5th day at the mall, and have 25 days left (excepting Christmas Day), so we will definitely be implementing some of your ideas. When I have some more time, I'll be blogging more specifics to answer some of the questions.
As a quick response to DDoSAttack's questions--
For the merchant account, we are setting up one that doesn't require a down payment or monthly fee, just a per-transaction charge, which is "cost of business" expenses, not start up cost, and is paid for by the sale.
Gas for driving to work-- that isn't a business expense (my employers haven't paid my fuel costs, except at one job where they reimbursed driving, but that was rare).
We did negotiate that the register would be included with the kiosk! (That was really lucky.)
The pink apron outfits were something Kelly already had for her business, that her mom made.
I'm not being paid until everyone else has been paid (my vendors, sales tax, misc.)
I have one employee, she's been with me at two other companies, is not currently being paid & won't be until we are making profit. (Not sales, but profit).
I'm eating... what do I eat? Bundt cakes, sometimes! I keep forgetting to do that because I'm so busy! I eat the regular stuff. Ya know. ;)
I live in a ghetto basement apartment where my landlord is extremely flexible about when I pay the rent. I've been working for another startup since July, so, I'm accustomed to being creative with my personal finances.
I am not being supported by parents-- For full disclosure, I do have a Know More Media blog I just started that brings in about $50/month for now, but that's hardly a nest egg. ;)
But really, the point of the experiment is not about money. That's Principle #3 we're testing-- that "Money Is The Last Thing Needed to Start a Business". Basically, I lost my job, wanted to keep doing the startup/entrepreneurship thing, and decided to put resourcefulness and solid business practices to the test. I can take some risks for 30 days-- it'd take at least that long to find another awesome job anyway.
For the record, we've spent:
$22 for our licensing
$7 printing costs for agreements with our vendors
$14 for locks to secure the kiosk
Thanks for all your thoughts! Keep reading! :) - deradio, on 10/12/2007, -1/+1Make a steady income of $19,500 With less than $100 investment
its only after 90 days though, but its possible and fair enough
http://www.make-money-toolbar.com/ - gorgalor, on 10/12/2007, -5/+4As a graduate student getting my MBA in Entrepreneurship, I can tell you that it is entirely possible to start a business for $100. As a graduate student getting my degree in Entrepreneurship, I can tell you that I can spend $100 buying lotto tickets and can make millions winning the lotto. It takes experience, connections, passion, education, failure, dedication, determination, skill, luck, luck, and more luck to get a good business going. It takes more than $100 to go through all of that. There are a million idiots out there that have million dollar ideas. See the progression?
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