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Student entrepreneurs master the Internet market
John Pham and Bryan Hammond earn more money in a month than the average college student earns in four years of college.
Pham, a junior, and Hammond, a freshman, are full-time undergraduate students in the Whittemore School of Business Economics. They both live in the dorms. They both eat in the dining halls. They both have pretty typical collegiate social lives. They both try hard to be as "normal" as possible.
And they both own and run their own, separate Internet businesses and make enough money to pay for their education, plus a lot more.
Pham makes his mark
Pham created Azurik, Inc., a company that buys technology products in bulk and sells them on eBay, as well as to large companies like Dell, IBM, Sony and Canon.
Pham started the business in part with money he made in 1996 when Microsoft bought the rights to a Web site he had created with his AOL screen name so they could market an Xbox game by the same name. The rest of the money was a loan from his father, who owns his own chemical and manufacturing engineering company.
He admits it wasn't easy to get the business started.
"The problem is, when you're young, not a lot of people trust you with a lot of money," Pham said.
He makes about $50,000 in revenues a month on eBay sales alone and another $25,000 through consultations and sales to corporations, but he wants a degree to fall back on.
"My friends don't appreciate all my hard work," he said. "They ask for money like it's nothing to me-they don't realize how many hours I have to put into this. If you slack off at all and lose touch with your customers, you lose business."
Pham uses his credit cards for so many business purchases that he was offered an American Express Centurion card, also known as "the Black Card." This credit card cannot be applied for. It is offered to credit card users who spend more than $150,000 annually.