In Grade eight, a few friends and I started buying the NBA and NCAA snapbacks before they were large to the public. Companies did not start selling them like New Era and Lids brand until I was out of the business. The only place you could get them was vintage shops. So I found out through friends that the local convenient shops were selling licensed snapbacks for three dollars, which I turned and sold for twenty each. After this easy profit I wanted more but the store was sold out, then I received a tip that they were sold at Honest Ed’s (An insanely large discount store). So my friends went down there and bought all of them probably a hundred each, even better they were one dollar. After this we flooded Facebook groups with photos and we could not keep up with demand, selling them for twenty to thirty five dollars each. After we sold out; the store was sold out we were completely dry of stock. At this point I looked through Vintage shops and thrift shops paying an average of six dollars and selling for twenty. After a while, big companies started to mass-produce hats and a higher price the market was dead for a lanky eighth grader with a mop top hair cut.
This was my first entrepreneurial venture and it would not be my last.
What are the five lessons I learned?
Put your product where people can buy it
Advertise for free
Stay current with innovators of any business
Every Business dies
Sell it as fast and as high priced as you can
Signed the eighth grader that had more lunch money than you.
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