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SELECTED PRESS RELEASE:
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posted on:
7/20/2012 4:40:30 AM EST
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The Hidden Jewels…
storage wars, risk reward, knowledge, experience, loss, profit, business principles
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One of my favourite shows is a reality program called “Storage Wars”.
Basic concept is simple – the 5 main characters attend auctions of “abandoned storage units”. They have 5 minutes to check what is inside the unit but are not allowed to enter or touch anything. The auction is real (there are always lots of bidders), and the contents of the unit were placed there by people who have failed to keep up their payments.
The main characters use their experience, knowledge and “drivers” to select a unit they will bid on and to set a maximum price. Each has different reasons for bidding on a unit but the all have a common goal – to make a profit. The whole point is to pay a price for a unit that is lower than the value of the items they can resell elsewhere.
Do they always make a profit? No. Do they generally make a profit? Yes. Do they make great profits? Sometimes.
I relate to this show because it has parallels to online marketing opportunities.
When we enter the world of online marketing we are generally overwhelmed by the number of opportunities that are available. We have very little experience or knowledge of what we are actually doing other than a “drive” to make money online. Our reasons for being there are driven by our own specific circumstances – but like everyone in online marketing we want to make money.
Initially we may select an opportunity because it looks good – without really knowing what it is all about and what we actually have to do, or how to go about it. But we learn. Indeed we may find that the first opportunity is not what we really want and guess what – we may lose some money.
It’s at this point that you have to make a decision – do you say the whole “online marketing system is not for me” or do you learn from the experience and apply your acquired knowledge to selecting a more appropriate program? The unfortunate reality is that many people quit the business and blame the industry (as a whole) for losing money.
In Storage Wars, a couple of the characters were new to the storage auction business. And they bid for units they should never have bid for, and often paid more than they made. Did they enjoy losing money? No. Did they quit? No. Why? Because they knew that this was a way to actually grow their core business and that they needed to acquire the experience and knowledge to become successful “bidders” to generate profit.
Isn’t that the way we should approach our industry? Accept that we may make a “poor decision” early on and learn from it. Don’t criticise the industry – use the knowledge to make a better decision next time round.
I also enjoy the approach of some of the characters on the show. They will bid for a unit for no other reason than it “feels good”. There will be no evident value in the unit, but there are signs that there are some “hidden jewels” in there – the “big win” so to speak. In effect, they’re using experience, knowledge and an appreciation of “risk/reward” to buy a unit. Does it always work out? No. But on balance they win more than lose and reap massive rewards for taking risks.
This is also like our industry where some individuals will seek out and participate in new programs that are in pre-launch. Many people are risk averse to entering “new opportunities” but then wonder how some people make “great money”. The reality is that many (not all) of the “big money earners” are those that adopted a risk/reward approach. Sure it could fail, but if they do it often enough then they are more likely to find the “hidden jewels”.
So if you ever have doubts about our industry because your first opportunity failed, or you seem to be spending more than you’re earning, just remember that sometimes you have to “lose” before you begin to win – but when it happens those wins will more than cover the losses. You have to learn the business first and apply your knowledge and experience.
And if you want to find the “hidden jewels”? Well sometimes you have to take a risk to gain the big rewards.
If you are looking for a passive program with an amazing payout program then check out the Golden Path bit.ly/LgxvZL
If you are seeking a program built on tools, training and business building benefits then Neucopia could be what you are looking for bit.ly/N9s0XH
If you are someone who has always wanted to get in at the beginning then Paradigm Shift is the program for you bit.ly/M40OM1
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 | | Thanks for sharing, Bruce! There are hidden jewels everywhere if we just keep looking for them & don't give up. GO IBO!
God Bless! |
| | |  | | Hello Bruce, great blog & beautifully written. thanks for sharing! Have a nice day! |
| | |  | | Bruce, you've written another great blog. It highlights something people going into business (large or small) must be conscious of: the drive to get through the ups and downs. This is something my kids call: "Keeping it real" (and something I've started to say the older I get LOL). Have a blessed weekend, my friend. |
| | |  | | Another great article Bruce, I love the way you compared the dynamics of the TV program to online marketing and the risk/reward approach. If one is going to let one loss run them off, they don't need to be in this business, their skin is too thin. TB&L G+1 my friend. |
| | |  | | Great comparison of the show with online marketing! Nice post Bruce! |
| | |  | | Thanks Bruce, so happy to see that you are willing to share your jewles with true believers. A great blog post! Have a nice weekend. |
| | |  | | Bruce, I am so glad that I took that "calculated risk" and found the jewels! |
| | |  | | I enjoyed reading your blog Bruce! |
| | |  | | Sometimes there is a need to take a calculated risk to find the "hidden jewel". |
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