Got $100? Start a Business.
There are a lot of get rich quick schemes out there today trying to take people's money and leave them with nothing in return. On msn.com there was a link to an article about 6 businesses that people could start themselves with as little as $100 to start with. They range from reselling garage sale items on e-bay to selling t-shirts online. One of the businesses, digital photo scanning, is even touted as "a no-brainer" by self made millionaire Mark Cuban. It even states how some of these businesses can have excellent odds of making money. It doesn't seem very likely that with such a small investment that there would be very much money to be made in return, but this article explains how it can work.
9 comments:
The old saying, "If it sounds to good to be true, then it probably is" is probably applicable to this article. There may be possibilities for some monetary gain, but chances are it won't be anything wonderful or worth the time. Does the potential monetary gain outway the opportunity cost of time? In my opinion, probably not.
I have seen commercials and adds for these "get-rich-quick" gimmicks. They claim you can make a lot of money in a small ammount of time. I sometimes wonder what exactly the trade-off is for so little time, if the proposal is actually feasible. There must be some resource other than time that they aren't mentioning because if it was as easy as they say everyone would be doing it.
There is no doubt that people want to be rich and thin! However, "there ain't such thing as a free lunch" (TANSTAAFL). We should respond to the incentives use our rationalities. It sometimes seems to be a really good deal but there is a thing called opportunity cost and profit: they are posting these ads for maximizing their profit in another words you have to pay a lot opportunity cost to get rich and thin! So be alert and try to maximize your profit step by step is the right way to success, I think.
Even though some business opportunities can sound too good to be true, a little investment and a lot of hard work can pay off. My uncle started one of those Sell Your Stuff on eBay business out of his home with capital (computer, digital camera, etc.) that he already owned. True, he didn't pay one hundred dollars to another business and then expect it all to work out. But, it's been a few years and he has expanded out of his home and into a larger space because of the business he has received. Starting a business doesn't have to cost a lot of money, but it does cost a lot of time and energy.
Actually, it is entirely possible to start a business with only $100. However, it is impossible for what the article stated to be suitable for everyone. I think the key to this issue is that how will you organize your money, how will you make as much profits as you can. One should try best to find his or her own path. Only if you get your unique idea, you can be successful.
I believe that these businesses can make a small profit, but I am not sure that they can turn someone into a millionaire. I know many people who sell items on e-Bay and make a profit to help pay their bills. My mom has a steady job, but on the weekends she is always going to estate sales and garage sales to find worthy objects to sell on e-bay. Millions of people resell items on e-Bay, but it is starting to become drawn out. There is only so many 'old' things that people want to buy. Also, the profit that comes from e-Bay is very unpredictable. Some things can go for a few dollars, or you can sell an antique toaster for $1200 dollars! It all depends on the market and the object or service you are providing.
While technology in internet and information system has improved a lot in the last two decades, the idea and way of working has changed a lot. Before, people had to go out to work, and so they, especially women, must make a decision between working outside and taking care of family in home. Since the internet becomes more and more common, working in home became practical and people now do not need to face this dilemma any more. Taking care of children in home, they can also work online. Furthermore, because of the appearance of online shopping, starting a business is much easier, as it never requires a huge amount of money and time. For example, no rent, no certain work hours, a woman who stays in home can sell handcrafts that made by herself to the whole world on EBay. But ten years ago, if she wants to do so, she had to rent a store and only sell her production to the people in the same town. Because of all these advantages brought by new technology, more people can and are willing to join the labor force and give some contributions to GDP.
If you cannot be a whole-time worker, use $10, buy some paper, make it into envelops, and sell them on EBay!
For many people who look at this from an economist point of view, it seems reasonable because of there is a very low opportunity cost associated with starting a business of this type. 100 dollars plus the lack of education required perform these tasks creates the opportunity for a large amount of profit.
Finding success by starting an internet based business w/ only $100 is more a matter of luck than anything else... I wouldnt invest in it
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