The Eager Entrepreneur

Eagerness is a powerful trait for an entrepreneur, but it must be tempered. Being tempered allows you to make smart, calculated risks to minimize your exposure while maximizing your return. I started to learn this as a young kid, and I still remember the lessons I took away from this experience.

When I was 6 years old, I had a business idea that I was sure was worth a million dollars. After seeing both in my cartoons and in real life that people sold "Fresh Lemonade" at the side of the road, I had a bold idea.

The Problem:

Lemonade sucks! Even the best glass of lemonade isn't anywhere as good as a cold can of pop. There was also the chance people might not trust a lemonade stand because the product was "Hand Made". Not to mention, the traditional way of keeping ice in the pitcher of lemonade would just make the drink watery, which isn't great for anyone. To 6 year old me, that whole system seemed ill thought out.

My Solution:

ICE COLD POP! I'd fill the old cooler we had in the cellar with pop and ice, I'd set up at the side of a road and people could choose from a whole manner of drinks instead of just one, they'd be super chilly, and they knew the brand they were getting! A slam dunk thought I!

I eagerly went to apply for a loan from the bank of mom and told her about the "next big thing". I talked about how great it would be to make a go of this, and talked about how people would buy from me all the time! I was thrilled to dive in. My mom highlighted that people might still be hesitant to buy from me. After all I didn't sell complimentary goods, and (probably the biggest barrier) the only place traffic that would come by my house would be along an 80km/h road. Not the best location.

After some persistence and putting up chores as collateral I was approved for a "loan" of $25 for ice, a few 12-packs of pop, and foam core board for some posters. I got help from my mom to understand how to price my pop: I learned the importance of setting your price to something that will be fair to my customers while making sure I could sustainably run my business. I also learned how to make change, and she gave me a little cash box where I kept a float of small change.

Opening day approached quickly. I went shopping for the inventory and ice, bought the foam core, made up some posters that read: "COLD SOFT DRINKS - $0.75". The prep was done. Opening day was a sunny Saturday. I went down to the end of the lane at 11:00AM in an effort to offer a refreshment for some folks on their way into town for lunch.

After the day had gone by, I had made two sales from the passing traffic. One of the customers was a neighbour that happened to see me along the side of the road. I made a go from that opening day for another whole week. Sadly didn't see the sales I had envisioned.

From there I was out of ice and there was a slight chance some of my inventory had been consumed by a thirsty shop owner. It was hard for me to understand as a child but I learned something in my failure. Always be eager, but never assume eagerness means you're aware. My mom's words of experience could have been a way to make my business better, but instead I was fixated on the value of "COLD SOFT DRINKS", and not the whole idea. Maybe if I had gotten a wagon or small cart and set up at a public park for the day, or maybe if I had done some super simple cards or fliers to hand out I might've had a shot, but from that warm summer nearly 20 years ago is a lesson I still take to heart.

"Always be eager, but never assume eagerness is awareness."