We surpassed our break even point and started to make a profit at Kingston Trade Fair. Only 18 units were sold at the fair due to poor weather, it was freezing cold and raining. Not the ideal weather to sell a product which one of its main objectives is to keep a drink cold.
Nevertheless Simplex has officially made a profit! Our journey from rags to riches (Ha!) has been one hell of a ride. Lots of lessons have been learnt and news skills have been developed. Our endeavors have resulted in the following achievements:
- 100 Units Sold
- £283.16 Sales
- 47.2% Profit Margin
- Sold in 6 county’s (Spain, Pakistan, Dubai, Denmark, Norway & UK)
- 231 Facebook Likes
We still have a long way to go to make Aprils target of 200 units, but nothing is impossible. The biggest lesson I have learnt so far through participating in the Young Enterprise Award is perseverance and determination is the key to achieving your goals. In the months I worked my hardest the luckier I became.
It would have been easy to admit defeat when our products arrived from China and they were not 100% leak proof or when we didn’t win any awards as Kingston University product fair. But we persevered and our core objective to break even was achieved. Not only that we have made a profit, secured external shareholder capital, gained sponsorship and developed an original product that has not been sold in the UK.
I truly believe that this module has highlighted that the best way to improve and develop personal traits such as Self Belief, Passion ,Flexibility and Vision is to set up and run your own business. When life throws you lemons during your own business venture you learn how to make fantastic lemonade on your own, however when life throws you lemons in a corporate office job it takes 6 weeks for you to find out what someone wants you to do with the lemons.
Why You Should Own Your Own Business
There are literally one thousand benefits of owning your own business. The link below shows you a handful:
This module has taught me that setting up your own business is difficult, regardless of the scale or size of the operations. What makes the business is the individuals within it; there are certain traits that people need in order to develop a successful business.
A list of theses traits can be found below:
For me the biggest benefit of setting up your own business is the personal traits you develop and the personal development you can achieve. This surpasses the amount of money you can make, the sharper and better developed your entrepreneurial traits are the more money you will make.
“Do. Or do not. There is no try.” – Yoda, Jedi Master.