Entrepreneurship sounds easy on books, but the reality is much more different. What you learn on books or as part of your educational curriculum or any external training is going to change completely on the reality. That is the reason, the most limited resource in the world are entrepreneurs, as told by CZ. There are several organizations today charging a good amount to teach you Entrepreneurship, but the best training is on the job. That is the reason, I encouraged my son to do first business of his life, and learn from it.
Every year, during the Raja Festival, a food venture is organized in our apartment society, to encourage people to bring home kitchen food and beverages and sell it inside the society premises. So I encouraged my son to do his first business by participating in that, but without me being present - Dad cannot be everywhere to help him. I had plans to go to my native place, so I asked him to prepare the plan and tell me what I need to take care before leaving. After a day of brainstorming, he came up with the idea to sell mocktails - he is quite good preparing that and serves us at home. In fact, he is the one who started this service at home, so it was an instant yes for me. I told him to book the table ( yes, one has to book the table ahead, for the society to make the arrangements) and prepare a plan about what all he needs, so that I could help him as much as I could before leaving.
He came back with the idea to prepare only one flavor - Bluelagoon, but then I advised him to have one more option, because when you give option to people, they feel happy to choose. So we decided to add the Blackcurrent flavor. Then I asked him to come up with a business plan - any business must start with a proper projection for profit, isn't it ? Otherwise why would an investor(me) invest !! So he worked out for few hours and came back with this plan.
So more than 100% profit projected in just one day of Sale !!! Who will not invest then !! So I gave him a go ahead and also asked him to list out what all he needs to take care in preparation of the event. I bought him the ingredients - Mocktail syrups (Bluelagoon and Blackcurrent), Four big sprites, ten sodas, one kg of sugar ( to be powdered at home on that day) and good quality disposable transparent glass ( ya, it needs to look nice). Rest of the items, I told him to procure on the date of the event as they needs to be fresh - Fifty Lemons, four bundles of mint leaves ( unfortunately, we did not have enough in my garden - action item for next year).
And then he needed enough ice cubes, so he started building and preserving enough of them for five days in our home freezer.
Since keeping all of the drinks earlier in the freezer would affect our daily usage, so he decided to keep them in the morning of that day, taking out other items. He also needed a big container, and I advised him to explore it from our relative's home, because buying one, would eat up all profits. He explored even hiring it for a day, but finally got a nice container from relatives, so that saved him some money.
Before leaving to my native place, I advised him to prepare for uncertainties. What if he prepares it all and then the weathers becomes chilled because of heavy rain !! It can spoil all his plans. And I advised him to do a little marketing through his friends - ask them to help you by becoming a consumer of your first business and help if needed. Friends are the ones, who can understand and stand beside you in times of difficulty. And then I advised my wife to only supervise and watch him. And of course capture some photos for me to write a post that would keep it memorable for him.
He seemed to be very excited and called me in the previous night, and confirmed that they are ready with everything. To my question about uncertainties in weather, he said, he will prepare it in parts, to minimize loss, in case it does not sell out. Since the ice would melt, so he decided to carry few of them at a time. My daughter was given the charge to carry items from home to the stall, at the price of a little share from the profit ( ya they had a deal).
Interestingly the word spread out to our family, and my wife's uncle was very excited hearing his first venture and stepped forward to offer any help that was needed. He came in the morning and bought him the lemon and mint leaves, brought the big container. And then the preparation started at home - taking out the mint leaves and keep it ready, making the lemon juice and keeping in a bottle to be handy.
And then the real fun started in the evening - ready to serve mocktails.
They even printed a paper quoting the business and my wife's uncle brought one person, to help my son, in case needed. Every business needs a bit of luck, and the weather did favor him - it was a hot day and his hands swung into action, non-stop.
Some happy customers :
Friends in need are friends indeed
The Supervisor and teamwork
Some other young entrepreneurs
I called my wife at 9 pm to inquire about the status and she said, the only counter that has been operating from the start till the time is the Mocktail Counter and the young entrepreneur is doing brilliant, though he looks tired.
And the supervisor and her uncle were happy about seeing the young entrepreneur doing all the hard work. They could see good sales.
My son called me at around 10 pm and was very happy - he said, there were good sales and he will update me the figures the next day as he is very tired. And I asked him to also tell me what changed. And congratulated him on his first venture and success.
Here was the actual sales data and profit details, he did a nice job of selling only sprite because there was customer demand and he felt it will get him more profit. These are the things that one can learn only on the field. And even though it was hard work, standing for 3 hours and doing all this , which he did for the first time in his life, he enjoyed it - his first entrepreneurship training.
He did return my investment and kept the profit, even though I offered him all - and he now realizes experience cannot be taught.
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