I wish I had come up with that headline, but alas it's not mine. It's the title of a free audio program by the the Dean of the Regent University School of Global Leadership and Entrepreneurship, Bruce WInston.
And it's not just a cute title, it's actually a true recounting of his experience in Fairbanks Alaska, when he was five years old, and started selling newspapers (even though you were supposed to be eight to sell them).
It's a fun mp3 to listen to and perfect for the Christmas break when life's a little slower. Though the following won't do justice to his storytelling, here's a sampling of some of the lessons he learned at age five selling ten newspapers a day.
- It's more about who you know and how you look than what you're capable of doing than
- Make sure you know what kind of gross margin you're getting because all of your administrative costs come out of that (something a fair number of entrepreneurs never get :-)
- Whoever is first to market gets a huge advantage.
- It's about location, location, location. You have to be in the right place at the right time.
- Don't take on the big guys unless you're willing to get beat up (this is a funny part of the story).
- If you are first to market, make sure you get out before the big guys arrive. Take your profits and go somewhere else.
- If your competitors change their tactics, change yours.
- You can increases your prices because of how people feel.
- If you're going to experiment, you need to be willing to take a loss.
And several more. Hopefully this short list has whet you appetite. I think you'll find plenty of other great lessons as Dr. Winston shares his entrepreneurial experience at age five, selling ten newspapers a day for fifteen cents a piece. Well done Bruce!
To hear the story, click on the following link.