Would you build and live in a house that is not stable and can collapse over you any time? So why would you want that for your business?
You see, businesses, just like buildings, have to be stable. Otherwise they will fail fast and overnight and you will have something blame. There are many examples of poorly designed businesses with very weak single points of failure, yet people who start them do not realize how unstable their ventures are.
Here I’ll explain one of the business traps that many entrepreneurs fall in when plan and execute their ideas.
The truth is many people rely on some tricks, gimmicks and loopholes when they design their business model. In other words their business is entirely based and dependent on some trick, gimmick or loophole they know. This gives them some confidence of having hidden advantage (which is true) but basically makes their business weak.
Being in the internet marketing for years, I’ve fallen in this trap many times. We are all seduced by some new opportunities and tricks to make a quick buck.
At the beginning it seems very easy. If you take advantage of the tricky method in time you make some very good returns.
Then usually the competition gets enormous because other people get to know about the same tricks.
And finally the tricky method no longer works because either it’s too saturated or the one responsible for the loophole has closed it.
This happens in 99%+ of the cases.
In the online business world we hear about tricks and loophole really often when it comes to SEO, facebook, social media, PPC, affiliate programs, etc. All these are huge things that are probably not going away soon but the gimmicks there are proven to be temporary.
In the offline world the most common “start a shaky stupid business venture seducer” is the phrase “I know someone who can …”.
Don’t get me wrong, using tricks and taking advantage of loopholes can be part of your strategy. It’s not wrong to do it. But it’s really stupid to rely only on them and to make your business based on them.
If you don’t want to fail like an idiot, design a better business model.