I read a very interesting book today, by Jim F. Straw. Great business man who in my opinion has really really valuable advice, which is sadly undervalued. Only very few people know him, but I think he has a good fastlane mindset.
Anyways, he came up with a brilliant solution to that question above. Let me quote the beginning of that book.
Being an “idea man,” I have always loved a challenge. But, a young man once presented me with a challenge that almost proved to be my undoing.
The young man; a friend of a friend, came to see me in my office. Our mutual friend had told him that, if anyone could help him solve his problem, I probably could. — After introducing himself, and seating himself in front of my desk with a hot cup of coffee, the young man voiced his problem.
He was out of work. The company he had worked for had closed its doors, and he hadn’t worked for them long enough to be eligible for Unemployment Benefits. His total bankroll was only $10. And, he needed desperately to raise $1,000 within 30 days to pay-off some bills, while he continued looking for a job.
At first, I thought the problem was completely and totally impossible to solve. But, the young man was so sincere, I decided to accept the challenge and see if I could come-up with a solution.
It took me 3 days of intensive thought to come-up with the solution — but — within 30 days, the young man had raised over $1,600; instead of the $1,000 he needed. And, he was well on his way to raising $2,000 for the next month. — I really couldn’t believe my solution to his problem had worked that well.
When I first began considering this young man’s problem, I laid it out this way: “I have to turn almost nothing ($10) into something ($1,000) within 30 days. How would I do it, if I were in this young man’s shoes?”
Then, I added the “basic ingredient” of ALL business: “I have to sell something to someone.” (Whether you want to accept it or not, that IS the only ingredient necessary to having a business.) But, where could I find something that would cost less than $10 and sell for $1,000. — My head kept saying, “it can’t be done,” but my ego kept saying, “I’ll find a way.”
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So basically he was asked that question a few years back, the book itself was published 1993. The estimated purchasing power for $1000 at that time was around $3000. I guess with the Internet there are a lot more ways today to solve this, than 25 years ago. But still this requires some thinking...
I think I found a good way, which I will post in a few days here. Also, if anyone is interested in the way that Jim Straw came up with, I can also gladly post it here rephrased in my own words.
So my question to you, how would YOU solve this challenge?