"When life gives you lemons, make lemonade"- an old saying
IN March 2013 issue of Entrepreneur I read the story Shine on about Josh Opperman. In the story Josh had given a $10,000 ring to his fiancee. One day when he returned home he found out that she had left him and left the ring behind.
I am sure this was a hard experience to go through but Josh did something unusual about it. He took the ring and tried to get his money back. He was offered 35% of its true value. This was not acceptable to Josh so he started a business online to re-sell engagement rings.
Why did I think this was interesting? Well, it made me wonder how many businesses can be created off the idea of re-selling something of value for which the original seller will not offer close to true value for. I always thought that driving a car off the lot and it being worth $2000 less is pretty sick.
A business could be very successful if they would just split the difference with the seller. If an item is bought for 10000 and they can only get 4000 for it then if you split the difference (10000-4000=6000 then 6000/2=3000) and can offer that person 7000 they would purchase from you. Even if you offered them 6000 and you pocketed the 1000 they would sell to you instead of the original seller. You can then re-sell it for 7000.
I think the idea is powerful. Now the trick is to figure out a business to use it.
Today's question is:
"What can you re-sell for others?"
IN March 2013 issue of Entrepreneur I read the story Shine on about Josh Opperman. In the story Josh had given a $10,000 ring to his fiancee. One day when he returned home he found out that she had left him and left the ring behind.
I am sure this was a hard experience to go through but Josh did something unusual about it. He took the ring and tried to get his money back. He was offered 35% of its true value. This was not acceptable to Josh so he started a business online to re-sell engagement rings.
Why did I think this was interesting? Well, it made me wonder how many businesses can be created off the idea of re-selling something of value for which the original seller will not offer close to true value for. I always thought that driving a car off the lot and it being worth $2000 less is pretty sick.
A business could be very successful if they would just split the difference with the seller. If an item is bought for 10000 and they can only get 4000 for it then if you split the difference (10000-4000=6000 then 6000/2=3000) and can offer that person 7000 they would purchase from you. Even if you offered them 6000 and you pocketed the 1000 they would sell to you instead of the original seller. You can then re-sell it for 7000.
I think the idea is powerful. Now the trick is to figure out a business to use it.
Today's question is:
"What can you re-sell for others?"
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