“Rob a bank!” This is one of my responses to the question, “How do I make money really fast?” It’s one of the questions that I come across quite a lot. The traditional way of robbing a bank is probably not so easy though. You need to physically train and ensure that you also have inside info and also how you will successfully get away…just like they show us in movies.
So, one of the ways that I believe one can make quick money is getting into fads – the important thing is not even about the product or service itself, but more about timing. If you are good in timing, then you can probably be quite successful in making quick money – very risky though. You have to be good in timing your entry as well as your exit. Exiting is probably even more important than entering – if you stay too long after the hype has died out, you risk being burnt.
You also have to know that you are an opportunity-based entrepreneur – you are not there for the long run, you get in with the intention of getting out. Unfortunately, many people get into fad businesses with the intention of being there for the long run, without seeing that the product or service has passed its maturity stage and is on downward hill.
If you aren’t sure about your timing abilities, it’s probably best to stay out and let the fads pass – let those who are confident about their timing and have done adequate research dive in and score – it’s probably a skill that they have harnessed over time, and they probably have the liquidity to back it up.
You might be a different type of entrepreneur – maybe a mission-based or passion-based entrepreneur. Your strategy is going to be very different from an opportunity-based entrepreneur – your products or services should talk to the type of entrepreneur you are. Although, I believe timing is important in any type of business, if you are not an opportunity-based entrepreneur you will probably have more time to assess your decisions. You could have more time to test if products or services you would like to introduce would work or not.
So, if you don’t have the ability to assess fads, staying away will probably be a wise choice – in most cases, the hype sounds like they will last for a very long time and at times you may begin to be convinced that they will be around for eternity – that’s the strength of their intensity. Just when you start believing in them, that’s when they are probably beginning to decline. But don’t frown at those who chase them – they probably know what they are doing.