Doing business is tough

**New billionaire** · 10-30-2006 11:13 AM

Dear all,

I hope that I am not spamming here. I would like to say that making money is not easy. It is very very very tough. Same applies to doing business. It is tough.
Perhaps, you guys may feel that I am not optimistic but this is the truth. Getting the first order is very tough. We must be very determined with our goal. Doing online business is even tougher than conventional business. It is damn tough to get traffic. I understand that there must be ways to get the traffic but we may require to invest in advertising and the investment won't be small. Even there is traffic, it doesn't mean that the visitors will buy the products. Sometimes, we post here and there to create traffic, to lure customers, and etc.... we may encounter failure. However, we must overcome the feeling of discourage. We have to understand that we may succeed one day and the day comes closer and closer after a lot of failures.
If we decided to be an entrepreneur, we must devote most of our time to make the business successful.
Some newbie in business had been scammed a huge amount of money when they just started their business. Let me illustrate a real senario..... They owes the banks more than US$200,000 because they trusted the scammer. They invested all their money and even borrowed money from the bank to invest to the scammer that promised high interest given back to them....like HYIP Scheme.
After being scam, they don't even know that they have been scammed and they started off their online business. They quitted their job and give a big hope on the scammer. They never tried to put in effort in promoting their site because they thought that they can earned huge amount of money from the scammer. They went to pub, disco or clubs almost everyday because they thought that in future they will be very rich.
Until one day, they realised that they have or most likely been scammed as the scammer delay their payment for months. Too bad, it was too late as they quitted their jobs, owing the banks a huge amount of money, no savings and etc. Their only hope is that their online business will go up. After promoting their website for a month, they never get any orders. They tried their best to promote again, reduced the selling price until they got very little amount of margin. However, nobody buys.... not even one person.
The banks keep on chasing for their money. Credit cards, personal line of credit, personal loan and etc chase them by calling them. They have no cash on hand. What can they do?
Anyone of you,... if you have any idea what should they do,... mind to contribute here? Thanks.

**PeterBrown** · 10-30-2006 12:28 PM

I have lots of ideas! I just bought 7 domains and i will be developing some, keeping some and selling the rest :P

**bao** · 10-30-2006 01:21 PM

sorry to hear about this story.
are you one of those being scamed?

Originally Posted by New billionaire

Dear all,

I hope that I am not spamming here. I would like to say that making money is not easy. It is very very very tough. Same applies to doing business. It is tough.
Perhaps, you guys may feel that I am not optimistic but this is the truth. Getting the first order is very tough. We must be very determined with our goal. Doing online business is even tougher than conventional business. It is damn tough to get traffic. I understand that there must be ways to get the traffic but we may require to invest in advertising and the investment won't be small. Even there is traffic, it doesn't mean that the visitors will buy the products. Sometimes, we post here and there to create traffic, to lure customers, and etc.... we may encounter failure. However, we must overcome the feeling of discourage. We have to understand that we may succeed one day and the day comes closer and closer after a lot of failures.
If we decided to be an entrepreneur, we must devote most of our time to make the business successful.
Some newbie in business had been scammed a huge amount of money when they just started their business. Let me illustrate a real senario..... They owes the banks more than US$200,000 because they trusted the scammer. They invested all their money and even borrowed money from the bank to invest to the scammer that promised high interest given back to them....like HYIP Scheme.
After being scam, they don't even know that they have been scammed and they started off their online business. They quitted their job and give a big hope on the scammer. They never tried to put in effort in promoting their site because they thought that they can earned huge amount of money from the scammer. They went to pub, disco or clubs almost everyday because they thought that in future they will be very rich.
Until one day, they realised that they have or most likely been scammed as the scammer delay their payment for months. Too bad, it was too late as they quitted their jobs, owing the banks a huge amount of money, no savings and etc. Their only hope is that their online business will go up. After promoting their website for a month, they never get any orders. They tried their best to promote again, reduced the selling price until they got very little amount of margin. However, nobody buys.... not even one person.
The banks keep on chasing for their money. Credit cards, personal line of credit, personal loan and etc chase them by calling them. They have no cash on hand. What can they do?
Anyone of you,... if you have any idea what should they do,... mind to contribute here? Thanks.

**theBIGone** · 10-30-2006 01:49 PM

Is this story about you and your online store? If this story is entirely true, then you should forget about being an "entrepreneur" for a while and get yourself a job that you know is going to pay you. Pay off your debt as quick as possible; don't even put money in your savings. That would be your best choice. If for some reason you don't want to do that or can't, then I suggest filing for bankruptcy or ask someone to bail you out.

**theBIGone** · 10-30-2006 01:55 PM

Also, business is not easy. No one said it was going to be easy. All they said was you would make alot of money, right? Thats what everyone wants to hear. But the fact is you have to work at it. Educate yourself, go to school, work for others at first, and get experience. There are certain steps you have to take in starting a business wether it's a service or a product. You need surveys, studies, etc. You need these things to see if your product/service will sell.

**buynick** · 10-30-2006 03:02 PM

Contact the FTC, file for bankruptcy, and move on.

**theBIGone** · 10-30-2006 04:28 PM

Keep in mind that if you file for bankruptcy you cannot get any credit for 7 years, so it is in the U.S at least. Not sure of other countries.

**The Stealthy One** · 10-31-2006 06:37 AM

theBIGone, that is a little flawed actually. There are many financial organizations here in the U.S. that will indeed lend to folks who have filed for bankruptcy. The caveat is that the loans have a much higher interest rate, and the borrower has to do a bit more searching to find a lender willing to lend. But it is definitely possible for someone who filed bankruptcy to receive loans.

**New billionaire** · 10-31-2006 09:58 AM

Thank you so much for the input. I think they will fully appreciate you guys input. Do you guys think that there is any possibilities that they can earn back their money through their website business to pay off the debt?

**akula** · 10-31-2006 10:09 AM

no

based on their previous decisions, I do not see this couple making good decisions in the future

the situation would be differnt if an educated entrepreneur made a diversified bet on a speculative venture and came out wrong

I would have no problem assuming that this guy would eventually do better in subsequent ventures because he is educated enough to not bet the ranch on any one deal (or much worse, borrow money to bet a ranch they do not own)

this couple is not

their actions are signals that they do not have a contexual/educational background for selecting opportunities (i.e. getting swindled on HYIP), or the personal finance skills to manage their finances (i.e. borrow to spend what they don't have)

based on what little evidence I have, I am forced to conclude that this couple does not have skills to get out of the hole they are in, and they need to call in professionals

the worst decision this couple can make at this stage is to apply entrepreneurship/financial products to solve their problem, because they do not understand the nature of entrepreneurship or investments

guys like Mr John Symond can start a business to get out of bankruptcy - these guys are not John Symond