Managing Business Risks
I have a certain way I think about businesses. When we're talking about business risks, there is no reason to go into a business with risk, with any risk but your time. That is somewhat controversial, because people look at businesses to have some sort of risk. It comes down to that they are risky if you don't do your proper research. You have to ask yourself, why are you doing business online? It's easier to do and the research stats are all at your finger tips. You can find out about a business so much before you risk one red cent.
Trading systems are interesting too. You can back test a lot before putting your money into the market. The way you do things is the way you do things. With trading systems, it's all about how much money you will have come in at the end of the day as a direct result of your trading system. It's no different than gambling, because you have to have a system for each in order to be successful.
At the moment I get to actually putting my money into it, I make a plan. You might not have the right structure for it, but at least you know that. What I do know is that for a system to be truly tested, you have to test it in the heat of the marketplace. That goes for any market you talk about, trading, gambling etc.
It's the basic example of someone that I know who was a crafty guy that did a great deal of banner advertisement in his particular niche. We were talking about hot traffic trends. It's funny because I remember doing all this stuff in the past, so it was like taking a trip back into time. He did really well in what he did, but it's a game that you have to play with using your own money. It's not the same as free traffic. You have a certain amount of money to play with in your business.
This is what we are working with. I'll be paying X amount of dollars over the course of a year. I would obtain Y amount of impressions. It really looks like a good deal. It also helped that it was a PR 7 website and he even got a link back to his own website. It looked like a good deal all around.
This is what I said to him. This looks good on paper, so why not write them and ask them for a free trial. We would sign up for 12 months where we'd have a one month option to try it out and if we didn't like the results we could cancel our plan. They never went for the deal we made, but there is no sense in not trying to ask. That is how you get to certain levels in business. It's all about taking business risks in stride.
by: Jimmy Cox
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