People who destroy entrepreneurial value are the scum of the earth
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Re: People who destroy entrepreneurial value are the scum of the earth
#2If you enter into a contract, knowing the details, that's your responsibility. They are not 'scum' for making the offer. And the people who take them up on it are not necessarily 'stupid'. Obviously, some of their clients are very happy.
At this point, you don't even have any proof that they have unhappy clients.
Re: People who destroy entrepreneurial value are the scum of the earth
#3If you enter into a contract, knowing the details, that's your responsibility. They are not 'scum' for making the offer. And the people who take them up on it are not necessarily 'stupid'. Obviously, some of their clients are very happy. At this point, you don't even have any proof that they have unhappy clients.
If you enter into a contract, knowing the details, that's your responsibility. They are not 'scum' for making the offer.
Your second statement doesn't follow logically from your first. They can be "scum" even if I'm responsible for my actions. Perhaps we just have different perspectives, but I believe that if you spend your time trying to rip off people who don't know any better, you're destroying value. The fact that they agree to it doesn't absolve you of any responsibility. If I sell a car with a critical defect that I fail to disclose to the buyer under the assumption that it's their responsibility to get the car checked before they buy, I've done something wrong. I wouldn't want someone to do that to me, and it's not right for me to do it to them.
Further, it's not at all obvious that some of their clients are very happy, but the collection of blog posts, magazine exposés, BBB complaints, and lawsuits is sufficient evidence for me that they definitely have unhappy clients.
EDIT: I don't have any proof of this, but from the conversation I had and the research I did, I highly doubt that the people forking over $32k have "all the details". This sounds to me exactly like any other high-pressure exploitative sales seminar.
Re: People who destroy entrepreneurial value are the scum of the earth
#4Sadly I have often seen the type of people mentioned in the article as the one considered "entrepreneurs" and are often the ones saying we need more entrepreneurs. When I was a teen, its all I saw and developed a strong aversion with all things related "entrepreneurs", it just seemed like a moral license to screw people and not care.
If it creates that perception for other people growing up, they really do a disservice to the world!
Re: People who destroy entrepreneurial value are the scum of the earth
#5I'd be curious who actually gets taken by scams like this.
I know 2 kinds of people who own businesses, those who worked their butts off for years building them themselves and those who inherited them from their parents. I've noticed a disproportionate number of the inheritors who have taken family money that took 40 years to amass and have lost it in a year or two. Founders and builders that I know seem to be much more wary of "get rich" scams. They know what it takes to be successful; they've already done it themselves.
Ryan, I'm guessing that you questioned this because you built your own. But would you have been more receptive if you had inherited Daddy's business and wanted out to "live the good life"? Just wondering.
Re: People who destroy entrepreneurial value are the scum of the earth
#6I'd be curious who actually gets taken by scams like this. I know 2 kinds of people who own businesses, those who worked their butts off for years building them themselves and those who inherited them from their parents. I've noticed a disproportionate number of the inheritors who have taken family money that took 40 years to amass and have lost it in a year or two. Founders and builders that I know seem to be much m…
Ryan, I'm guessing that you questioned this because you built your own. But would you have been more receptive if you had inherited Daddy's business and wanted out to "live the good life"? Just wondering.
If only I had the chance to find out :)
Re: People who destroy entrepreneurial value are the scum of the earth
#7If you enter into a contract, knowing the details, that's your responsibility. They are not 'scum' for making the offer. And the people who take them up on it are not necessarily 'stupid'. Obviously, some of their clients are very happy. At this point, you don't even have any proof that they have unhappy clients.
If you're business depends on your customers not figuring out what you actually do then you shouldn't be in business.
Re: People who destroy entrepreneurial value are the scum of the earth
#8I think adwords & blogging and other actually effective forms of advertising are upping the amount of pressure on people who sell worthless things. I get called almost every day with someone who tries to sound like a customer to keep me on the phone long enough to sell me something. There's an air of desperation where we're finding out that some companies who were profitable before the recession are not actually adding value when you need to justify their services.
Re: People who destroy entrepreneurial value are the scum of the earth
#9name of the business is? jason at calacanis dot com if you don't want it public.
Re: People who destroy entrepreneurial value are the scum of the earth
#10Is this Generational Equity (http://www.genequityco.com/Conferences.aspx)?
PS: Ryan, is putting a big HN submit button and begging for an upvote a little too much, or is it how "the games needs to be played"?
edit: more stuff from the disclaimer from Generational Equity seminar, that I really hate (of course it's in small print). See how well it matches the post:
Generational Equity does accept clients or customers that may later prove to be unviable or unmarketable
Please be advised that no particular buyer has expressed a specific interest in your business.
Generational Equity does not conduct a detailed or sophisticated screening process for its potential customers
Only after a customer relationship is established can Generational Equity assist in identifying the value of your business
If you read between the lines, it says, in plain English: you must pay us first, then we'll tell you that no one wants to acquire your company, but hey, we told you so, despite our sales pitch to the contrary.