My Entrepreneurship Story

My entrepreneurship story goes back to my sophomore year of high school. This story involves two of my friends. We were just hanging out one night watching basketball and were intrigued by the fact that shoes are such a big deal for individuals that are interested in basketball. So we decided to look up the limited edition shoes that come out constantly. That night we really found out how crazy these limited edition shoes that come out are, shoes ranging anywhere from $150 to the thousands of dollars. From there we had the idea of looking at eBay to see how much the resale price is for a shoe that was around $200, it ended up being a rare shoe that had a lot of spark behind it, and I don't remember the exact price but it was more than $150 in profit people were getting. We thought this was insane, little did we know, that wasn't much compared to some other resale profit margins. So we thought, how can we get in on this profit. We researched for the next few days and found the websites that track which shoes are coming out and which sites they would be sold on. This gave us our starting point for which we thought would be a fun little business. Next we found out how we would gather the money and how we would split the work load, because it was definitely a work load. I had a good amount of money saved up to buy a few pair of shoes myself if I wanted to, which gave us a good starting point since my friends did too. So we looked at the schedule for the shoes that would be coming out in the near future and we would track whether they would be very sought after or not. This gave us an idea of what our resale margins would be, which also would let us know if it was worth it to buy and ship the item. We divided up the job three ways: shipping and selling, research, and buying. All of these being key points to the business that we had just started. Buying was definitely the most intricate part of the business, because you are literally competing against others to see who can buy the shoes the fastest. Over a few months we turned a very good amount of profit but it was definitely a hard business with a lot of boom and busts throughout it. Through the months, each of us had preferences on the shoes that we were attracted to, many of the shoes had a story behind being released. My favorite one of these was the Jordan True Blues, which had a cool story about Michael Jordan wearing them. Here is a picture of them:

I hope you enjoyed my entrepreneurship story. The reason that I am enrolled in ENT 3003 is because I wanted to delve deeper into the side of business within my major of Sport Management. In the future I hope to be able involve myself in some sort of business along with wherever my career may lead me. I felt as though ENT 3003 would help me in establishing some good cornerstones to what entrepreneurship is and how an individual can be a better one.