“Thank you for meeting with me today Dr. Jenkins.”
“Oh Johnny it is no problem.” Dr Jenkins said. “So what did you have questions about?”
“Well Doctor I want to pick your brain. How does somebody make money?” The King asked.
“Why are you asking me?”
“Well I know you went to college. And I figure you know about things like that.”
“People they get jobs.”
“I’m only 15 sir.”
“You could mow lawns.”
“That is small money sir.”
“Well one thing you could do is start out mowing lawns. And then build up your customer relationships. And then what you could do is have your friends mow the lawns for you and pay them for doing it. Then you would have yourself a lawn mowing business.”
“How much do you think I could make with something like that?”
“Well one of the main benefits is that you could make the money without having to do the work. The money would come into you and you would just be managing the business.”
“But how much could I make?”
“It is hard to say exactly. You have to have lawn mowing equipment. You have to make sure your employees show up for work. You will have to get paid somehow so you can choose if your employees will collect the money for you or if the customers will come and pay you.”
“If I had my guys take the money there is a good chance they would not give me all of it.”
“Yes that is correct. Especially if you are dealing with high school kids who really want some money.”
“So do you think it is good to be an Entrepreneur?”
“Well it can be risky.” Said Dr Jenkins. “You can control your destiny but you have liability for what you do. If your employees do a bad job, then your customers will be upset and then they will be upset with you. And if that happens then you can develop a reputation for not doing good work. In the business world, your reputation is very important.”
“Do I have an alternative?” Asked Johnny.
“Well, you can wait until you are 16. And you can work in some kind of restaurant and earn about seven dollars per hour. So, in four hours of work you would earn about twenty-five dollars because of taxation as well.”
“I think there must be a better way.” Said Johnny. “Do you have any more ideas?”
Dr Jenkins looked at King for a little while. “Let’s walk outside for a second.”
They walked outside onto the sidewalk.
“Alright Johnny you didn’t hear this advice from me, okay?”
“Okay.” Said Dr Jenkins. Then he continued: “The key I think is to exploit your customers. Try to think about the concept of Supply and Demand. Perhaps your market could be kids who are twelve and thirteen or maybe these kids are 15 and 16. All of them want things. They want things of different kinds and different forms. If you catch my drift. If you became the source from which all of these kids got their things, I think you could earn a large amount of money. There will be an element of sneakiness. And there could be parts that will not work right. And something that earns a lot of money may not be ethical. A boy like yourself needs to be creative as well. So here is my main advice Johnny. Think about what it is that your customers want and then be the guy who supplies it. And then, as you increase your profits … then you can grow your business and get bigger.”
Johnny looked at Dr Jenkins. He was very focused.
“That is my advice Johnny.”
“Thank you Dr Jenkins. That is very helpful advice.”
(End of Entry, DJ ROBO BISCUIT)