User Power
Value/Post Ratio
93%
- Jul 11, 2022
- 27
- 25
The Situation
I will just get to the point, I have been learning about entrepreneurship, the CENTS model and just developing the right mindset for the past seven months, the problem is well, i action faked the heck out of it, so yesterday i finally started executing on my first business plan, i live in the southern hemisphere so I called it "Summer Business".
And it is.... A Food Delivery business! I will make skewer and sell it via WhatsApp and some local food delivery apps, Now I know how it very much does not conform to CENTS at all, but i will elaborate more on that further bellow.
For now that is fine for me, i really just want something successful done and to break this action faking cycle i have being going through the past months, and have some extra cash in the bank would be good as well, and now this is the part that i would like your opinion on.
My city has a program for fresh out of high school students(which is my case) to land an Internship on big companies, and as you can tell, I'm a bit familiar with English, but also in the area i would like to go to, which is electronic engineering, so from talking with the government employ who has show the program to us, i think i have a pretty good shot at it, and I'm already in line waiting for a company to call me, basically i will work for them, while they pay for my course(in this case in electronic engineering), and i still get minimum wage and free transportation out of it.
And that is really where I'm conflicted, because it is just impossible to run both the business almost full time in the way I planned, And be in that program at the same time, now I know for a fact my ultimate goal will be to build my own business regardless, but as a know-nothing 18 year old, assuming the business is a moderate success(the goal is 1000 dollars a month in March 2023) I'm thinking if when the program calls me, if I should just end the Summer business right there, since I already planned it as a temporary thing anyway, and then maybe find opportunities in entrepreneurship after the program is over.
Or the other options, if the business succeeds, and they call me, I'm pondering if it would be worth either trying to "automate" it by contracting people and having to manage it while doing the program, or if i just don't take part in the program at all, assuming the business is doing well of course, and just double down on business making, and let this one run it's course until i have enough to money to start a good CENTS business.
The Business
Here is what i wrote down about the CENTS for the stewer business:
-The Control is there in a way, there is not really any entity that can single handled end my business(besides the government but I guess that is every business)
-The Entry, I will admit, is very bad, since it is easy to get into the food market, specially delivery, i have at least four of them in my street alone but, I do have quite the advantages over other people starting out in the same field, i already have the grill, a beautiful spot to look over the mountains while i barbecue in my grandmother's house, a tent in case it rains, 200 dollars from doing some small jobs for my family members, which should be enough to buy the first ingredients, and a spare fridge, and that is really the funniest part about all of this to me, all of that stuff is either borrowed from my family for free or mine, so in case all goes wrong, the only money i will have spent will be on ingredients, which means in practice i will just have bought my family barbecue, i also have lots of ways to advertise it via family, and groups I'm in, I also have basic Graphical skills to get a logo done, which I'm working on right now, and a friend whose father also works in this home food business thing, so i have someone locally to get advice from.
-The Need, it is food so it will always be there, and this type of food is particularly popular in my country, and not particularity difficult to make once i have the ingredients and the recipe ready.
-The Time, this is the biggest one, unless at a later stage I rent a place and employ someone to do it for me, i see no real way to make it time independent, I need to be there taking care of the grill at all times(currently planned from 10AM to 8PM but i might revisit this once everything is running), and this one really worries me, MJ has talked about how dangerous it can be for you to end up making your business just your full time job.
-Scale, Similar to time, there is no real way to fulfill orders beyond my city when I'm just starting out because of delivery costs, but since I don't plan for it to Scale fast any time soon i guess this isn't much of a problem, and if i do start getting a bunch of order and money, that becomes solvable i feel.
What is Missing
Right now my biggest concern besides what to do once the program calls, is the delivery, all the delivery motoboy companies around me are fairly expensive, and while I'm fortunate enough to have a cousin that works in the field and is gathering contacts of individual motoboys for me, I'm still working on my person skills, so it is fairly stressful to think about having to negotiate with someone older than me, but i guess that comes with the territory.
The Recipe doesn't worry me that much, i plan on spending something around 20 bucks buying stuff and seeing what fits well together.
I also have to figure out a good way to receive payments:
-Will I just get paid via WhatsApp?(my country has a weird instant invoice thing)
-Will I get a payment processor and have the motoboy bring the card machine with him for the delivery?
-Will I accept cash?(this one is easy)
-Will i accept all three?
Conclusion
But yeah, thanks for taking your time to read this! I Appreciate your perspective, if you need to crush all my dreams, please do it.
I will just get to the point, I have been learning about entrepreneurship, the CENTS model and just developing the right mindset for the past seven months, the problem is well, i action faked the heck out of it, so yesterday i finally started executing on my first business plan, i live in the southern hemisphere so I called it "Summer Business".
And it is.... A Food Delivery business! I will make skewer and sell it via WhatsApp and some local food delivery apps, Now I know how it very much does not conform to CENTS at all, but i will elaborate more on that further bellow.
For now that is fine for me, i really just want something successful done and to break this action faking cycle i have being going through the past months, and have some extra cash in the bank would be good as well, and now this is the part that i would like your opinion on.
My city has a program for fresh out of high school students(which is my case) to land an Internship on big companies, and as you can tell, I'm a bit familiar with English, but also in the area i would like to go to, which is electronic engineering, so from talking with the government employ who has show the program to us, i think i have a pretty good shot at it, and I'm already in line waiting for a company to call me, basically i will work for them, while they pay for my course(in this case in electronic engineering), and i still get minimum wage and free transportation out of it.
And that is really where I'm conflicted, because it is just impossible to run both the business almost full time in the way I planned, And be in that program at the same time, now I know for a fact my ultimate goal will be to build my own business regardless, but as a know-nothing 18 year old, assuming the business is a moderate success(the goal is 1000 dollars a month in March 2023) I'm thinking if when the program calls me, if I should just end the Summer business right there, since I already planned it as a temporary thing anyway, and then maybe find opportunities in entrepreneurship after the program is over.
Or the other options, if the business succeeds, and they call me, I'm pondering if it would be worth either trying to "automate" it by contracting people and having to manage it while doing the program, or if i just don't take part in the program at all, assuming the business is doing well of course, and just double down on business making, and let this one run it's course until i have enough to money to start a good CENTS business.
The Business
Here is what i wrote down about the CENTS for the stewer business:
-The Control is there in a way, there is not really any entity that can single handled end my business(besides the government but I guess that is every business)
-The Entry, I will admit, is very bad, since it is easy to get into the food market, specially delivery, i have at least four of them in my street alone but, I do have quite the advantages over other people starting out in the same field, i already have the grill, a beautiful spot to look over the mountains while i barbecue in my grandmother's house, a tent in case it rains, 200 dollars from doing some small jobs for my family members, which should be enough to buy the first ingredients, and a spare fridge, and that is really the funniest part about all of this to me, all of that stuff is either borrowed from my family for free or mine, so in case all goes wrong, the only money i will have spent will be on ingredients, which means in practice i will just have bought my family barbecue, i also have lots of ways to advertise it via family, and groups I'm in, I also have basic Graphical skills to get a logo done, which I'm working on right now, and a friend whose father also works in this home food business thing, so i have someone locally to get advice from.
-The Need, it is food so it will always be there, and this type of food is particularly popular in my country, and not particularity difficult to make once i have the ingredients and the recipe ready.
-The Time, this is the biggest one, unless at a later stage I rent a place and employ someone to do it for me, i see no real way to make it time independent, I need to be there taking care of the grill at all times(currently planned from 10AM to 8PM but i might revisit this once everything is running), and this one really worries me, MJ has talked about how dangerous it can be for you to end up making your business just your full time job.
-Scale, Similar to time, there is no real way to fulfill orders beyond my city when I'm just starting out because of delivery costs, but since I don't plan for it to Scale fast any time soon i guess this isn't much of a problem, and if i do start getting a bunch of order and money, that becomes solvable i feel.
What is Missing
Right now my biggest concern besides what to do once the program calls, is the delivery, all the delivery motoboy companies around me are fairly expensive, and while I'm fortunate enough to have a cousin that works in the field and is gathering contacts of individual motoboys for me, I'm still working on my person skills, so it is fairly stressful to think about having to negotiate with someone older than me, but i guess that comes with the territory.
The Recipe doesn't worry me that much, i plan on spending something around 20 bucks buying stuff and seeing what fits well together.
I also have to figure out a good way to receive payments:
-Will I just get paid via WhatsApp?(my country has a weird instant invoice thing)
-Will I get a payment processor and have the motoboy bring the card machine with him for the delivery?
-Will I accept cash?(this one is easy)
-Will i accept all three?
Conclusion
But yeah, thanks for taking your time to read this! I Appreciate your perspective, if you need to crush all my dreams, please do it.
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