By definition, an entrepreneur organizes, manages, and assumes the risks of a business or enterprise. So, where is it written that one must have a college degree in order to successfully run a business?
Though there are several professional careers that do require a college education, there are plenty of potentially lucrative businesses that do not.
Mobile Food Market Possibilities
Ever thought of becoming a hot dog vendor?
Mobile food is a huge market. According to the 2010 Consumer Expenditure Survey of the Bureau of Labor Statistics, a U.S. consumer spends $2,505.00 a year on food consumed away from home. The National Hot Dog and Sausage Council in Washington D.C. claims that during Hot Dog Season, Memorial Day to Labor Day, Americans typically consume 7 billion hot dogs.
Although many mobile food service vendors probably clear less than $25,000 a year, we must consider that they have the flexibility of working fewer than 40 hours per workweek and sometimes pay hefty fines as a cost of doing business.
For example, at $2.50 per hot dog, a not-so-busy street rig with 100 customers a day, each purchasing two dogs, would gross $250 a day. Cost Of Goods Sold (COGS) and incidentals, including napkins, foil, condiments and cooking fuel would typically equate to about 34 percent of gross receipts in that industry, so a vendor would net out to about $165 per day working very part-time. That is without any bottled water, soda, chips or fries to increase the receipts total.
Since the entry costs for mobile food service is far lower than that of a brick-and-mortar stand (even in Manhattan), an operator providing exceptional food and service on a busy corner, or with multiple locations, could net well above $100,000!
After all, entrepreneurship is all about taking risks.
Smart Phone Industry Potential
Are you good with smart phones?
Just recently, I was trying to secure a business meeting with an insurance agent who inquired about my services. We had talked on the phone once, and then missed one another a few times, communicating via voicemails, when I ran into her at a networking event — so I asked to set the appointment. The agent said that she didn’t have her calendar on hand. So I asked, “Why don’t you just use the calendar in your phone?” Her reply was, “Maybe you can teach me to do that when we meet.”
According to the Boston research firm, Pyramid Research, mobile data will push the U.S. telecom market to $443 billion within the next three years. My prospect isn’t alone, for there are a number of professionals in business and sales who need help determining how to be more productive with their smartphones and tablets.
These people are not looking for someone with a degree; they are looking for someone who knows how to use technology effectively. Now is a great time to develop a portfolio of mobile (or even social media) service offerings and pair it with an aggressive marketing plan.
The Business of Health and Wellness
Have you considered becoming an independent fitness trainer?
As employers and insurance carriers continue to recognize the benefits of health and fitness programs for their employees, and for those insured, opportunities will develop for those dedicated to helping people stay healthy.
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