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Sunday, June 19, 2011

Today's Business & Economics Chapter

 
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Business & Investing
Monday June 20, 2011
Get Rich Click!: The Ultimate Guide to Making Money on the Internet
by Marc Ostrofsky
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Whether you are looking to earn $100 a day or $100,000 a year, this book will teach you how. more info »

 

Change creates opportunity!

When one door closes,

another opens.

Whenever there’s major change in any market or industry, some people make a lot of money – and others lose money. What makes the difference? The winners have three weapons that give them a strong competitive advantage:

Information

Knowledge

Understanding

In the last 18-24 months, simple, easy-to-use “tools” have emerged allowing ANYONE or ANY BUSINESS to easily and quickly play the “get rich on the Internet” game that was previously enjoyed by “the geeks” of the world. NOW is the time!

The changes now occurring are long term, dramatic . . . and getting faster! More money than ever before is now changing hands, and the pace will be speeding up over the next few years. This pace is driven by the Internet, and it’s happening in every business in the world today, regardless of the industry. The doors are wide open! A LOT OF CASH awaits those that learn, understand, and play in the new economy.

My goal for Get Rich Click is to show you how thousands of people – aged 7 to 77 – are making money, and how I, too, have managed to create, grow, sell and still own more than my fair share of “Internet based” businesses. All of them are profitable in their respective markets. Some make a few thousand dollars a month, some make a few hundred grand a year and a few make millions of dollars every twelve months!

Making money is exactly like war. It is a very competitive environment. The winner of a war is the side with the best information, knowledge and understanding of the terrain they’re on and the opposition they’re facing. Just as in a war, your business needs “intel” in order to succeed and make money. You need to know everything you can about:

The Buyers
The Sellers
The Products
The Services
The Competition
The Supply Chain
The Distribution Channel
The Methods others used to win
The Methods others used that failed
The financial methods used as leverage to grow faster
The most efficient ways to buy, sell, create, outsource and network

My father was a professor who taught MBA students. He knew success was all about knowledge. He used to say, “I simply give them more knowledge so, hopefully, they make fewer mistakes. THEY WILL MAKE MISTAKES, but with the information I give them before they get into the game, they will make their mistakes sooner, learn from their mistakes, and move ahead.”

The Minefield Game

I heard about this game at a recent conference I attended. Two teams are challenged to simply get across a path of 30 marked steps. Five of the 30 steps are “mines” – when stepped on, they light up. The player has to go back to the beginning and start over. The goal of the game is to see which team can cross the minefield the fastest.

Let’s imagine how this game might look . . . Both teams start out the same way, not knowing which steps were “mines.” The first player from Team #1 moves ever so slowly on the first step, then the second step, and so on until he hits one of the hidden “mines” under step #5. He must now start over, knowing next time to avoid step #5. The next player from Team #1 now crosses the first 4 steps, and then gently steps over the fifth one. This cautious approach continues until the player hits the next “mine” at step #12. Then the next team member begins, knowing to avoid the two previously mined steps.

It seems simple enough. But Team #2 approaches the game very differently. The first person RUNS across the steps until hitting the mine on step #5. The next person then RUNS across the first four steps, jumps the fifth one, and RUNS until hitting the mine under step #12. The next team member RUNS past the first four steps, jumps over #5 and #12, until they hit the next mine as soon as possible.

Needless to say, Team #2 won. The difference was that Team #2 knew they had to “FAIL FAST!” They knew that they would hit the mines, but if they learned from those mistakes fast enough, they would win the competition.

The analogy is clear. In the supercompetitive world we live in, learning from others’ successes as well as from their failures is an essential element of success. Otherwise you’re doomed to relive the problems others incurred in the past.

As my dad said, we will all have failures along the way. It’s failing fast, learning from that failure, and getting back in the game that makes the difference between winners and losers.

We live in a new world of “intellectual property” – where the Internet and “mindshare” (like owning the right domain name) are the new real estate. Whether or not we’re playing a Minefield game, we are definitely playing “The Mind Field Game” in the age of the Internet.

– Marc Ostrofsky

 
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Get Rich Click! is a comprehensive source of information from one of the world's most successful Internet entrepreneurs.

 
 
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