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£100 Challenge – Be an Entrepreneur

£100 Challenge – Be an Entrepreneur

Many people are tired of filling out surveys, answering ‘captchas’ and doing other tedious work for the sake of a few pounds. Yet not many people know how you can make large amounts of money, in a short amount of time. Don’t worry, this article is not going to sell you a product or tell you some shady way to spike your PayPal balance up.

 

Entrepreneurship

If you want to make money online, you should definitely put your effort into being a dedicated entrepreneur. Although it may be looked down upon by your elders (and that Stanford girl from The Social Network), it is actually a good way to work on what you love to do. This is, of course, assuming that the project(s) you work on is something you enjoy building.

Just a quick story – My friend had this great idea, and I helped him come up with some great features that could be added to the website. The idea generated a lot of hypeIn just one week of talking to people, we were lined up for free promotional articles on multiple websites, and a featured piece on CNET.

In total, we had close to £2,000 in investment offers. More importantly, none of that money would have given up any percentage of the company.

So you’re wondering what this has to do with you, and how you can turn a profit. You should know that the £2,000 number was based on our continued work on the project, and some of that money would have gone to developers and advertising. However, even if only a small portion of that two grand went to our pockets, we’d be able to complete our project comfortably.

 

How to Make £100, as an entreprenuer Online

Hopefully you are thinking smart now – If my friend and I (Note, we’re definitely not the best at what we do) can get close to a four digit number in fundraising negotiations with just an idea, then £100 should be easy. It is.

Here’s how to do it. First, answer some of these questions. Have you had any crazy ideas for a business venture? What about technology, mobile apps, or freelance work? Have you done any market research, regarding any of those “far-fetched” ideas? Finally, do you realize that it’s the far-fetched ideas that raise money, and it’s the same ideas that turn into socially accepted norms in years to come?

Bill Gates had a crazy idea to work on a GUI-orientated operating system. Natalie Ellis came up with a dog bowl that didn’t spill. It was rejected by the media and active startup enthusiasts. Now Natalie has earned just under £100,000. That’s profit. Crazy ideas work, simply put.

 

The First Step

Once you’ve answered the questions above, you need to keep on thinking. Personally, I utilize my bike rides to and from work, and I go out for random walks just to think by myself. When I’m walking around the streets of Fort Worth (Texas), I come up with my best ideas and it’s those ideas that have made me money.

Use your time wisely, and when you think one of your crazy ideas might just work – Sit on it. Before putting any resources (money or time) into a project, I always sit on it for about a week or two. This is to make sure I actually have a good plan, concept to pitch to investors, and overall vision. Sometimes ideas I may think are great end up having a major flaw that I don’t notice for a bit.

 

Earning the £100

Okay, so you’ve got this idea and you have now turned it into a time consuming obsession. Maybe you’re healthier than me (with my timely addictions to my ventures), but by now you should be truly convinced that your idea is something that deserves a place in the top quarter of the internet.

Hopefully you already know some people online, but if not that may be an issue. Remember that signing up for a survey site might be easy, but it won’t be as fun or efficient as this idea is. If you put the time into connecting with smart nerds and geeks, you’re going to be able to use this method forever. Each day that you work on building up your ‘network’ will bring even more money to you for future ideas you have.

 

The Introduction

Once you’ve been talking with a bunch of people online, you’ll know who is the real deal and who is just all talk. You’ll know which guys and gals are willing to invest money in internet projects and which ones are just along for the ride. You will also know who has a lot of connections, and who will help you out for free. Remember to keep your integrity and respect intact – Never sacrifice that for money.

Knowing this, you should pitch your idea in a casual conversation with some of your net-buddies. You don’t want to make it seem like you are specifically asking them for money, but you’ll want to mention your need to raise money to continue the project. Whether it’s for hosting, development or something else, you can raise money if you have a good idea.

Remember, not everyone (even regular investors) is going to love your idea, but that’s okay. By now you’ll have a list of people you can pitch your idea to. If your idea is crazy and solid, you’ll be fine.

 

The Negotiations

If you are content with £100, then you can disregard this – But if you want more than £100 in the future, you need to listen up. Don’t give up a large (or any) amount of your company. Many investors will ask for a piece of your startup. However, if possible you should offer a return. For a £100 investment, you’ll give them £125 back in 3 months. That’s something I would personally offer, and something as an investor I would accept. Call it a teaser, but that investment return is easy to follow through with.

 

Lastly, you need to realize that the whole £100 (or more) may not go directly in your pocket. The investor is not handing you cash, they are supporting your idea by giving you the funds to follow through with it. However, this will bring you more money than surveys or any other silly web “methods” for earning an “income”. Furthermore, with a good idea you can raise enough money to quit your day job and fully work on your project until it’s complete and ready to show the investor(s).

Written by Will Passmore

Will Passmore is a freelance writer, entrepreneur and a 19 year old guy heading to college in the Fall. He currently works for multiple websites, creating content, and also has a few projects of his own. His latest endeavor is creating a Minecraft server, and a supporting website.