Becoming A Pop Star With Zero Experience

Re:Becoming A Pop Star With Zero Experience by TamDenholm on Wednesday April 03, 2013 @06:21AM (#5485193)

I think one of the best points here is that you should exploit loopholes for your own advantage. Alex did this by allowing multiple song versions to be purchased so he could compound the sales that meant he didnt need as many people to buy his song. Tim Ferriss did it when he became a kickboxing champion by shoving his opponents outside the ring and essentially winning on a technicality.

Sure, these kind of things may be considered unethical and if a new guy came into my industry and rose to the top very quickly by exploiting a loophole after i've devoted years of my life to do it the right way, i'd be properly pissed off. But this option can act as a springboard into turning your ambition into real success.

I once heard a story, no idea if its true or not, of a guy that bought a chain of retail sports stores. He didnt have any real money, but managed to structure the deal to pay a small deposit and pay the remainder over time. What he did to raise the initial deposit was get a series of personal loans, house, friends and family, etc. He then bought the business by paying the deposit, then immediately sold off all existing stock as quickly as he could in sales and wholesale lots, giving the business a massive cash injection and revenue spike. That allowed him to pay off all his personal loans and pay the remainder of the money to the seller. He then got long term lines of credit from suppliers based on the long term good history the business already had, restocked and resumed normal operation, over time paying down the lines of credit and keeping the business on the good track it was already on.

My point being, is that you should always look for your competitive advantage.

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Re:Becoming A Pop Star With Zero Experience by fgsdfsdfsdf on Wednesday April 03, 2013 @07:13AM (#5485323)

The behaviour of the guy you talk about was incredibly irresponsible. Stretched that thin, the slightest hiccup could have brought the whole operation crashing down. Worse still, he wasn't gambling with his own money. His failure would have cost his friends and family, the suppliers who gave him credit, and, in his struggles to stay afloat, he likely would have ruined the finances and reputation of the business he took over. Lastly, in the event that he had failed, the original sellers of the business would end up with nothing but the initial deposit (and the pain of watching their hard built business run into the ground by an idiot).

It's also worth pointing out that the guy's plan of action was pretty stupid. If the suppliers had paid the slightest bit of attention, maybe even talked to each other a bit, they would have found out what he was doing, and refused his request. The long term good history of the business wouldn't count for anything if it became known that the owner was up to his eyeballs in high interest debt and had just sold off all his stock. I mean seriously, his plan hinged on the suppliers not noticing that all his stores were empty.

The story probably isn't true, but if it is, then it isn't something to aspire to. It's a story about a guy doing something very unethical (if not fraudulent). It's a story about a guy taking massive risks with other people's money in order to benefit only himself.

If your idea of competitive advantage is doing something that only helps you and harms others, then you shouldn't evangelise about it. For one thing, it can only hurt you in the long run if other people pick up your ideas and act this way.

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Re:Becoming A Pop Star With Zero Experience by TamDenholm on Wednesday April 03, 2013 @07:34AM (#5485399)

I agree with you, and perhaps i used a poor example, i was just saying that there is sometimes an alternative route, i'm not saying that you should take it though, but i think being aware of it would be valuable.

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Re:Becoming A Pop Star With Zero Experience by lucaspiller on Wednesday April 03, 2013 @08:29AM (#5485587)

I've heard a similar story before - at least the using loans to buy assets, and using those to get more loans bit. I can't remember who, but I think it was someone who is pretty famous (and wealthy) now.

I don't disagree with your reasoning, but I think your result is completely off the bat. The thing is sometimes you have to take big risks to get big rewards, and if you play it with enough of an edge you can win. Whether or not you think it is unethical or not right, in reality I think this is how a lot of businesses are actually run.

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