I Got Caught Red Handed
Stealing candy from your mom isn’t a long term viable business model. But when you’re 13, it’s a good introduction to the world of supply and demand, inventory, sales psychology, and hustling. Not to mention, I was making some money!
(If you missed the beginning of the story from a few days ago, click here.)
But one day I made a mistake, and my little venture was dead in its tracks.
What was the mistake?
I didn’t have a good cash management system. What I had was a pile of cash and coins stored in an empty box of airheads. Where did I keep it? On the floor in my bedroom, in plain sight.,Until one day, it wasn’t. You see, my mom doesn’t go for this kind of tomfoolery.
One day I came home, and the box was empty. The cash had been reclaimed by its rightful owner (my mom). And I was told in clear terms, that’s the end of the candy business for you. Why hadn’t I just put the box in a drawer or something? What a stupid mistake!
And while it seems like a juvenile tale, this experience has stuck with me all these years.
Because in business, as in life, simple missteps can bring the whole ship down (or at a minimum, set you back substantially).
I’ve made a lot of them, and I’m going to tell you about ‘em all over the coming weeks.
But there’s one thing that can often overcome missteps. It’s something I learned from my dad when he started his first business. And it’s something I bet you know a thing or two about as well. More on that next week!
This story is part of my journey. I’ll be sharing a lot more like it with you over the coming weeks. I hope you’ll find it entertaining, but also be sure to look for the lessons that you can pull away and apply to your business!