Never try to run a business you don’t understand

Advice from The Accountinator


I’ve seen one or two deals that offer systems to get rich quick.  Too many of these are on the web.  It sounds enticing.  Work two hours a week from home, and soon you’ll earn a few thousand dollars a month until you can quit your day job.

I’m all for getting rich quick.  I’m also all for getting rich slowly.  However, I don’t think anyone can build a business without first understanding it, not to mention putting in really hard work.  To run a business, you must fundamentally understand how it makes money:

“I’ll tell you why I like the cigarette business. It costs a penny to make. Sell it for a dollar. It’s addictive. And there’s fantastic brand loyalty.” – Warren Buffett, Barbarians at the Gate.

Duty Free @ Schipol Airport
Who are your customers?  What are the products?  How do you make the products?  How much do they cost to make?…

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