Did you know that out of every 10 businesses that begin 8 of them will fail in the 18-months? That is an astonishing failure rate! Still, even with that failure rate the chances of massive success associated with owning a business brings many start-ups every year hoping to expand and be the next big thing. I ran my window cleaning business for 10 years and then sold it for over $700k. Not bad for starting in a 1969 Dodge Dart and $50 in squeegees,buckets and poles. The interesting thing is that I tried other business ventures while running that company that I never should have touched.
One of them was a ponzi scheme orchestrated by a conniving Asian woman named Kalin Dao. You can read an article about it here. I hate to say it but I was one of the not-so-lucky suckers that lost a but-load of cash…$83,000.00 to be exact. I refinanced my paid-off vehicles and pulled money out of savings to do it too…yeah not so wise you think? Where did I go wrong?
- Um… gullible? my buddy tells me about a really cool trading company who invests in exotic precious metals and day-trading and for only a $5,000.00 finder’s fee I am allowed in. I felt so privileged! And can I say really dumb?
- Expensive. Even with my already successful company and getting out of debt I felt the need to get more debt to finance this already really bad business deal (which I had not done any due diligence on except for a fake account statement).
- Not my business. If you invest in something then make sure it is yourself, okay? I don’t invest in anything now unless I control it because I am going to care the most about it.
- If it’s too good to be true it just might… I unfortunately did not think that statement applied to me. With up to 1800% in promised returns I was flying high with enthusiasm and excitement! Boy was I to learn a hard lesson.
If you learn anything from this article it is to learn to believe in yourself and your own capabilities. Other people would like to exploit your talents and money if they can and promise you the world to get your trust. Don’t do it! Start a business you control and invest in only that one!