Heard of the One Pound Challenge?

by Startacus Admin

One Man, One Pound, One Year...

That is the intriguing tagline that accompanies Alan Radbourne's website myonepoundchallenge.co.uk - and admittedly we were intrigued.

Post contacting Alan to find out more about his challenge and Alan also becoming a Startacus member, we thought what better way to find out more about his plan to see how much money he could make from an initial £1 (hence the myonepoundchallenge website name), than by asking Alan to introduce himsef to all you good folk and to explain all about his yearly venture...Over to Alan to explain all...

"Hello! I’m Alan and last summer I graduated from Loughborough University having studied Geography and Sport Science. Like most finalists I was really unsure what I was going to do with myself after graduation, entering the big wide world is a daunting thing.

Until one day I had an idea… My One Pound Challenge.

The One Pound Challenge is an exciting project that aims to inspire, encourage and equip people in business and with their personal finance through the development of a business over one year just from an initial £1 investment. On the 1^st June 2013 (just two days after my last exam) I began with £1 in my hand and a year ahead of me to see what can be achieved.

Despite having never studied business or finances before, the idea comes from my simple desire to manage my student finances well by exploring and trying money-making and saving ideas, this developing into a keen passion for small entrepreneurial businesses.

The aim of the One Pound Challenge is primarily to discover what can be achieved in one year with just a £1 investment. Additionally, the project will aim to provide inspiration for people to become good with their money, encouragement for people to step out and not be afraid of failure, especially if looking into going into business, and equipping people with practical and honest financial tips from my experiences.

So far the challenge is going well. I have turned my £1 investment into a little over £14,500 within 9 months, learning a lot about business (and myself!) along the way.

One of the big lessons I have learnt so far is that despite having a low investment figure anything is still possible if you are willing to work hard and put yourself out there. Many of the jobs I have had have not been too desirable (e.g. car washer, cleaner, light bulb changer…), but the key is that my business investment from accepting such jobs has gone from £1 to over £14,500 in just 9 months, which is now a more investable figure and I have not had to take out risky credit or give away a share in my start-up.

I hope the originality of the challenge will captivate your imagination, that the story will inspire you to take a bold step upon graduation or in the next stage of your life, and that the practical advice I provide will encourage you to manage your finances well.

If you would like to find out more about the One Pound Challenge you can check out my website, follow me on twitter, like on facebook or read my latest blogs.

Cheers Alan and we wish you all the best for the remainder of your challenge and look forward to hearing more about your exciting story. 

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Published on: 18th March 2014