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Friday, September 14, 2012

How would you earn money?

A class at Standford University was given an assignment to encourage entrepreneurial thinking, to challenge assumption and to leverage on limited resources. Working in teams, students received seed funding of US$5 and two hours to generate as much money as possible. Then, each team had to make a three-minute presentation to their class. (Team were given a few days to plan their project but once they opened the seed money envelope, they had two hours to make more money).

What would you do if you were given this challenge? Tina Seelig , executive director of the Standford Technology Ventures Program, says a common suggestion is to set up a car wash or lemonade stand. But manyof her students challenged traditional assumptions and unlocked their creativity. The winning team made US$650.

A clue, she says, is to avoid focusing on the seed money. Ask, what can be done to make money if we start with nothing? One team sold restaurant reservations (they made prior reservations and approached those waiting in line outside the restaurant) and another team inflated bicycle tyres for a donation. But the team that made the most money determined that their most valuable asset was neither their time nor the seed money--it was their presentation time. They sold their three minute slot to a company that wanted to recruit students, complete with a "commercial". The team recognized a fabulous asset that others did not notice and it was just  waiting to be mined, says Seeling

(cited from Personal Money, September 2012)

#Penemuruai`s comment: You can get the book called "What I wish I knew When I was 20: A crash Course on Making Your Place in the World."

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