Published Date: March 21, 2014
Students in Satish & Yasmin Gupta College of Business Assistant Professor Greg Bell's Global Entrepreneurship class don't typically expect to be challenged to actually do entrepreneurship, according to Bell, but the result fits the school's mission to provide experiential education.
"The $10 challenge is a simple project, but it gives students a lot of good experience in building a business with few resources under tight time constraints," said Bell.
Business majors Lorena Luis Gomez Sandoval, BA '14, and Fabiola De Anda, BA '15, (at right) earned a profit of $300 from their initial $10 investment by selling roses, chocolate and balloons before Valentine's Day.
"The hardest part so far has been collecting the payments," said Sandoval. "It is really hard to go out and remind your friends or classmates or acquaintances that they still owe some money."
The rules of the challenge stipulate that each team of two students starts with $10, and Bell must approve the good or service for sale. Once the product was approved, students had about three weeks to sell as much as they could. They were not allowed to sell to family and were required to document all sales.
"We both come from entrepreneurial families," said Sandoval. "We have learned a lot from watching our parents' efforts; there have been great successes and some failures, but ultimately that has formed the way we think, the way we relate to people and the way we see business."
Other successful ventures included crafting and selling button earrings, prank phone calls and grilled cheese sandwiches.