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Why Entrepreneurs Get Ripped Off

ripped offWe got an e-mail recently. It promised us that we could make over $1,000,000 within the next 90 days by blogging.

Well, hey, we blog already … so why not? However, we were skeptical.

A very small amount of due diligence revealed a tremendous number of people unhappy with this service. It’s the wonderful thing about public customer service.

There is one underlying reason so many entrepreneurs-to-be get ripped off:

They are ruled by their emotions.

So they get caught up in the hype. Not because they’re gullible. Not because they’re lazy. Because they want to believe it.

We would all like to believe it. Because we would all like it to be true.

But it almost never is. Almost nobody gets rich quick. Lottery winners are an exception and it usually doesn’t turn out so well, even in that case.

Nobody has a proven way to easy riches. With scams, the only person who usually gets rich is the person running the scam. And they work pretty hard at separating you from your money.

So do the due diligence that’s required. Do a search with the name of the product or company followed by the word “scam” (e.g. get rich quick scam). And check out Ripoff Report.

Emotions are important in business, but logic needs to rule at the moment of decision.

Image in today’s post from stock.xchng

Anything I Can Do, You Can Do Better!

In Annie Get Your Gun, Annie Oakley and Frank Butler show their competitive sides as they sing the now well-known song Anything You Can Do, I Can Do Better.

With all due respect to Irving Berlin, the great writer of this song, we’re putting our own twist on it … anything I can do, you can do better!

A blooming mistake
Jim McCann was a social worker. He got a part-time job in a flower shop to make ends meet. A few years later, he started his own flower business. He made some money, but not that much. So he opened another shop. And then another.

Over ten years, he ended up with fourteen flower shops. One morning, he was listening to the radio as he got ready for work. He had a fresh idea – a nationwide flower service.

He found a bankrupt company which had stopped doing business several years earlier. Its only asset was a toll-free phone number – 1-800-FLOWERS. Now this was before the internet when ordering via telephone was huge.

He really wanted this phone number. So he agreed to buy the company and assume the debt. He figured their liabilities had to be pretty insignificant, since they hadn’t done any business for years.

After buying the company, he found out how wrong he was. It turned out they were $7 million in debt. His friends advised him to declare bankruptcy, but he pressed on. It took about five years to pay off the debt, but he did. And last year his little business sold over $750 million of flowers!

Learn from Your (and Our) Mistakes
So Jim McCann learned a valuable lesson about due diligence. But anyone who wants to buy a business can learn this lesson without having to go through a similar experience.

You can do anything better than me by learning from my mistakes so you don’t have to make them yourself. Learning from your mistakes is good; learning from mine is better. You’ll succeed faster!

Shared Success
With information so prevalent today, there’s another way our title applies. In many cases, it doesn’t make sense to hoard information, you’re better off sharing it.

The final step of mastering any craft is the desire and ability to mentor others. And an interesting thing happens as you do that … the people you’re mentoring may, at some point, start doing better than you.

Then the teacher begins to learn from the student. So the teacher performs better. And the student learns and performs better.

Anything we can do, we can do better! You both help each other grow.  

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Our bigg quote today is by the great Will Rogers, who said,

“A man only learns in two ways, one by reading,
and the other by association with smarter people.”

It’s the smart thing to do!

Next time, we’ll discuss how to have the discipline to invest even if you don’t have the discipline to invest. Until then, here’s to your bigg success!

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Jungle Love – Living With Coopetition

It’s Safest To Stick To What You Know

Leadership Lessons From Fallen Leaders

Lessons Learned From A Bankrupt Business Owner 

(Image by andresfib,CC 2.0)