Do you remember your first ever business venture?
John Chow’s first business was a Valentine’s Day dance. He was 17 years old, decided to host a dance party and sell tickets to everyone in his school.
In this video, filmed at the Traffic Summit during the Titanium Mastermind in the Dominican Republic, he shares some of the valuable business lessons he learned from that venture that have stayed with him to this day.
JOHN CHOW’S FIRST BUSINESS
The previous Christmas, there was a dance in a church hall, but John wanted to do a bigger production. So, he rented the grand ballroom at a hotel in downtown Vancouver. He got DJ equipment, a security crew, everything.
He gave some tickets to the “cool kids” and they sold them for him. The prices were $6 in advance and $8 at the door.
His total ticket sales were $4,000, which at first he was over the moon about. But his costs were more than he expected. There was the venue, the DJ equipment, the security, even a music licensing fee. His net profit was only $50.
Still, it was a profit and it was something to celebrate.
THE CLOAK ROOM “INTRAPRENEUR”
During the dance, John noticed that no one was manning the cloak room. John quickly assigned his brother to do it.
His brother turned out to be quite an “intrapreneur.” He started charging people $1 per cloak, disallowing people from hanging two cloaks on the same hanger, and requiring people to hang up their cloaks before they were allowed into the ballroom.
John was happy he made $50, until he learned that his brother made $400! What’s more, it was pure profit because his cost was zero.
That was when John learned an important business lesson. It’s not how much you make. It’s how much you keep.
You can access more beginner business strategies like this one, and learn how to model the “thinking patterns” of the world’s most successful business owners and entrepreneurs, in the MOBE Silver Masterclass. To learn more about the Silver Masterclass, click HERE.