Business Lyceum
e-Letter
Practical
Instruction in the Arts and Sciences of Making Money
MAY 2000
Greetings & Salutations:
This month's issue was prompted by my ol'friend and Attendee
Ron Gershen when he wrote:
"Consider the following as a topic for your e-letter:
"Don't do deals that can't be done!"
I don't mean deals that can never be done, I'm talking
about, within your lifetime?
How many times have you heard a so-called finder/broker
(whatever) talk about the deal/project he or she has been working
for the past year and a half. Every time I hear this only
one question comes to mind: WHY? How many deals could they
have put together within that time frame working on things that
made sense instead of things that make no sense. Ahhh,
but if they only knew the difference.
You know, I almost added that you could write a book about
that. If you haven't, I know you must have covered it completely
in at least three books already. If you brought this out
and expanded upon it in your inimitable style, I believe it would
be of enormous benefit to your readers and potential customers.
As always Jim, should you or your team get caught or captured,
ISF will claim insanity and leave for Bolivia with suitcases
full of old credit cards and very little cash.
I used to want to grow up to be just like you. But
now that I'm 64, I've come to realize that I will never make
it to the year 2641 to reach such a lofty goal.
Say "Hi" to DeLores for me."
In Response:
Wouldn't it be wonderful if I could get that message across
to the vast multitude of business wannabees out there in the
business wonderland - but - illogical hope springs eternal in
the misinformed and uninformed minds of beginning business hopefuls.
In my Finder's Fee course ... the bible of the Finding industry
... I have a short chapter entitled, "No Fee Possible,"
which details the kinds of Finder's Fee opportunities that CAN
NOT be done; except by the most professional of professionals
(already in the industry). But, as you may have already
guessed, there isn't a week goes by that I don't hear from some
beginning finder who is trying to do one of the deals I have
specifically named as a "No Fee Possible" deal.
Right now, some of you readers may be asking...
"How can I tell that a deal is not doable,
unless I try to do it?"
In order to keep away from undoable deals, there are three
pieces of advice I have always given to business beginners ...
and I have just added a fourth to the list.
First -- Never trust your own, personal opinion
of a deal or business.
If you have never been involved in the kind of deal or business
you are considering, you DO NOT "know" enough to say,
"This won't work." -- You can not judge any kind of
deal or business based upon your own, personal lack of experience.
Over the years, I have watched countless business people step
over dollars ... chasing dimes ... simply because they wouldn't
do what needed to be done. They have depended upon their
own misinformed, or uninformed, opinions to keep chasing non-existent
rainbows.
Second -- When you begin in any deal; or business,
ASK for advice from someone who is already SUCCESSFULLY involved
in that business or industry.
Notice I said "SUCCESSFULLY involved." -- Beware
of those who "haven't made any money, yet, but know someone,
who knows someone who did."
Successful business people love for you to ask them about
their particular business or industry. It massages their
egos. If YOU find them worthy of asking, they must really
be somebody.
IF the people who are "SUCCESSFULLY involved" in
that business or industry explain to you "why" your
business or deal won't work, you are better off abandoning the
idea; rather than chasing a non-existent rainbow. -- Of course,
if all they can say is "it won't work," without telling
you "why" it won't work, ASK someone else.
Third -- If you are entering into a deal, or
business, because you have "read" only ONE book,
report, article, course, manual, or whatever, about that particular
kind of business, DO NOT do anything until you've found, and
read, at least 3 more books, reports, etc., about that business.
Reading, and depending upon, only ONE source of information
(especially in business) leaves you at the mercy of the PERSONAL
opinions, foibles, misunderstandings, and other psychological
manifestations of that ONE author. -- It may also be (as
happens all too often) that the author is writing about a one-time,
lucky accident that couldn't happen again in the business community
in a thousand years.
By reading a variety of books, reports, articles, courses,
manuals, etc., about the kind of deal or business you are considering,
you will at least have input from a variety of writers ... one
of whom may have actually "done" what you want to do.
Because ...
It used to be that those of us who wrote about "how to
do business" did so from our own personal, practical, hands-on
experience. (I am one of the few survivors of that generation.)
-- Today, over 99% of the "how to do business" information
on the market is written by research writers who have never "done
it" ... they've only "read about it" and rewritten
what they have read.
Look at the "Internet Marketing" books on the market
today. -- You may have noticed, as I did in December last year,
that they are the same old stuff, over and over and over and
over ... each one just another rewrite of the one before.
(I didn't make any money on the Internet until I threw them all
away and followed what my own, personal "experience"
had taught me about marketing.)
Which brings me to the latest addition to my "advice
to beginners" ...
Fourth -- When the only "SUCCESSFULLY involved"
business people you can find in a specific deal or business are
only successful because they are selling information about "how
to" be successful in that business, DO NOT believe anything
they say ... unless (shame on you) you are going to be rewriting
and selling the same misinformation.
In other words, when all of the books, reports,
articles, courses, manuals, etc., about the kind of deal or business
you are considering (without exception) say exactly
the same thing, you can bet your bippie it is a "get
rich from rewriting and selling the same information" business.
By the way, if you ever see a book, report or manual written
by ME about "how to get rich on the Internet," you
can bet your bippie it will be AFTER I have gotten "rich"
on the Internet.
For those of you who might not know, Ron Gershen is the founder
and Chief Executive Officer of the "International Society
of Financiers" -- an organization of professional
lenders and brokers.
If YOU happen to be involved in the "Financial Industries,"
contact Ron to learn all about the "International Society
of Financiers" and the many benefits of membership.
-- Let the world know you are a professional. Join the
society and display your credentials.
Ron Gershen
Attendee Needs Assistance!
"I have a contract to write a book. It is from
a company that has 7000+ visitors a day and is growing.
They've sold thousands and thousands of books. My subject
is internet auctions. There is a Resource Guide with the
book and I will be happy to list any of your readers who might
have merchandise that auctioneers could sell. Or, someone
might have information that might help auction folks. I thought
you might want to put this in your e-letter."
So ... if you have anything to list in her Resource Guide,
or if you know anything about "internet auctions,"
let her know, today. -- Contact: Sydney Freeman
Q&A
Q: Attendee Robert
Provencher wrote to ask:
"I just read your newsletter. very good and credible
message. OK, I'll take you up on your generous offer to ask for
your opinion on something. I've always wanted to work at
home, doing my own thing and setting my own hours. I run
a successful photography studio and am well respected in the
community but I'm getting tired of "serving" people
day in day out. I always had a hankering for marketing
and love the idea of selling information. I'm gearing up
to create a site (thus found your info useful) and am working
on selling a directory on the Caribbean (beautiful place, ever
been??...zillion go there every year and spend billions) and
I think there is a market for people that would want to buy info
on how to "escape" the rat-race and move there... they
may never do it, but they may want to at least look into it.
My question to you -- What do you think of the idea and
how it best be marketed? I have been collecting tons of
info and resources and started working on the directory already.
Thanks a bunch!"
A: About your Caribbean
Directory ... for over 8 years, I published the "Offshore
Banking News" and received literally hundreds, upon hundreds,
of such directories for review. So, you are entering a
field with lots of competition - but - why not capitalize on
your talents.
Since you are a photographer, a "pictorial" directory
of the Caribbean would be a good idea. NOT the customary
photos of pretty places, pretty people, pretty sites -- instead,
a "photographic road map" of the various islands. --
Street shots with the actual names of the businesses. -- You
don't know how many times I have visited one of the islands and
tried to find an address. With a photo road map, I could
have identified the building I was looking for by referring to
the picture in the book.
Oh well ... it's just an idea, for what it's worth.
Q: Attendee Sean
A. Carpenter asked:
"I purchased the "The OFFSHORE ENTREPRENEUR"
in hopes of finding a good bank account for a IBC. I was hoping
to find one that offered a high interest rate paid daily,
or even monthly. I was also hoping to find a account that
would allow the directors to use a debit card internationally.
All I have been able to find are banks that require a large
fee to be paid, or a large amount to just open the account. I
enjoy reading your news letter, and hope to find a answer someday.
"
A: Go to your local Public
Library and ask them if they have a Directory of International
Banking? There are a number of them by different
publishers. If they don't have it in your library, ask
them if they can borrow one from the District or Regional Lending
Library.
When you get to look through the directory, pick the countries
in which you think you want to open a bank account. Write
down all of the bank addresses (the library won't let you take
the directory out of the building). -- Then, just contact those
banks to see which one will give you the best deals.
Q: Attendee Dan Bergevin
wanted to know:
"In my line of work I am often confronted by broker-dealers
who offer to pay sometimes substantial commissions to refer my
clientele to their firms. However, I have been notified
by a broker associate of mine that this practice is illegal under
certain unspecified SEC regulations. I have been unable
to discover what these regulations are or what they specifically
prohibit, thus I have been unable to become duly licensed (if
this is even possible) to add this service as a profit generator
in my standard operations. So my question is this: how
can I become licensed to receive commissions from brokerage firms
based on client referrals? -- Thank you for your attention to
my concern."
A: There is a discussion
of the Finder's Fees in Securities at this page ... you will
have to follow through with the discussion to get all of what
it says.
http://www.washlaw.edu/seclaw/msg00060.html
By the way, getting a Securities Broker license requires that
you go to one of the schools sanctioned by the S.E.C. and then
pass their test which, I have been told, ain't as easy as you
might think.
Well ... that's it for this month. -- In order to make every
issue responsive to YOUR needs, please send me your questions;
or tell me what sources or resources you need to build your business;
or give me any thoughts you want to share with your fellow members.
Believe it or don't ... I ain't a mind-reader. -- If'n you
doesn't tell me what you need, I may never touch upon the information,
sources or resources you need.
This is your publication for you to use to your benefit ...
I am just your moderator.
Until next month, keep well ...
J.F. (Jim) STRAW
Old Man of the Business Mountain
Thoughts For The Month!
"It's not what you look at that matters, it's
what you see." -- Henry David Thoreau
"You can't depend on your judgment when your
imagination is out of focus." -- Mark Twain
Can you stump the old master? -- Betcha can't!
Over the past 40 years (man and boy), I have made bundles
of money in direct selling, service contracting, wholesale merchandising,
entertainment (I was a professional Trumpet player, vocalist
& Radio Announcer), freight forwarding, import/export, retail
merchandising, warehousing, real estate, electronics manufacturing,
finder's fees, closeout merchandising, financial brokerage, business
consulting, steel fabrication, gold and coal mining, offshore
banking, mailorder, writing, and publishing. -- That being the
case ...
No matter what business you're in ... whether you're just
starting, well on your way, or at the top of the heap ... I've
probably been where you are, done what you are doing. -- So ...
Anytime you have a question about 'how' to do something
in your business - or - if you have any comments about
anything I've said in issues of this e-Letter; or if you want
to add your 2 cents worth ... just "ask" me or "tell"
me.
Send your Questions, Comments or 2 Cents Worth to ...
with "Question" - "Comment" -
or, "2 Cents Worth" in the SUBJECT.
If I, personally, don't have an answer to any question you
may ask, I will contact some of the professionals in your field
of endeavor (I will probably know one or more personally) to
get the real 'skinny' for you.
You can read about my personal adventures in the wonderful wonderland
of business at:
aboutus.html
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Copyright - 2000, J.F. (Jim) Straw. All rights reserved.