What will you risk to pursue your China dream?
go site I am reading a book at the moment that defines what makes small companies big successful ones. It’s called The Breakthrough Company by Keith McFarland. Keith has researched highly successful companies in his pursuit to understand how everyday businesses become extraordinary. He examines whether there are specific traits associated with mega success.
buy modafinil uk pharmacy One particular point he makes may have relevance to our readers in the midst of a start up import business or who are looking to expand their supply chain to China. This point relates to ‘the psychology of betting. He quotes Pug Pearson, a World Series Poker Champion;
The real thing to know is that folks will stand to lose more than they will to win. That’s the most important percentage there is. I mean, if they lose, ‘they’re willin’ to lose everything. If they win, they are usually satisfied to win enough to pay for dinner and a show. The best gamblers know that.
Let’s examine the first part of this statement, ‘folks will stand to lose more than they will to win’.
From my experience, there has never been a truer statement when it comes to new importers looking to start their business by sourcing from China. I see and hear about so many of them, prepared to risk their money and their dream of owning a successful brand in pursuit of making quick profits and huge margins by going to China on their own. They don’t do due diligence, they send their money to ‘supposed’ suppliers they find on the internet and refuse to engage lawyers to help protect their assets.
I regularly ask myself why? Why would you risk or gamble everything when everybody is telling you ‘there are big risks in sourcing from China unless you engage professional help’? I guess this comment by Pug and observation by Keith finally answers my question, people are willing to lose more than they are to win!
Naturally there is more than one moral to this story, but I will let you read the book yourselves to find out what it really takes to turn your company into a major success story.