12 Oct Learn From These Risky Business Ventures
Over the years, there have been some crazy business ideas, and they all have one thing in common. When they’re introduced to the market people laugh and then they look foolish. Stupid, crazy, risky business ventures succeed all the time. If you don’t believe us, check out these wonderfully risky businesses that paid off big time for the owners. There’s a lesson to be learnt from each and every one.
Let People Play How They Want
A dating website based around the idea of having an affair might not seem like a big deal now. Particularly when, if we’re honest with ourselves, we know that’s what most people use Tinder for. But when Ashley Madison first set up shop, it was new, it was exciting, and many people thought it was a certain failure. Unfortunately for the naysayers, the owner made a killing. The website still receives 1.8 million viewers a month. Can you imagine what they are making through sponsored content alone? Interestingly the site was started by a happily married man so there are two things to learn here. First, you don’t have to share customer likes to get them to buy. Second, there’s demand for everything if you know how to market it. In this case, it was sexy imagery a tagline people couldn’t resist and the ability to pay discreetly by credit. Using high risk merchant accounts is always a good idea to ensure people can pay for your product how they want when they want.
Investing Everything Can Pay Off
It seems crazy to think that there was a time when TY wasn’t a successful brand. It’s hard to imagine that the entrepreneur behind beanie babies was laughed at the first time they were introduced. But he was, and it wasn’t until much later when people realised their mistake. His idea of hard pellets inside the toys was so new and radical people couldn’t believe customers would want to buy them. Skip to the nineties and beanie babies were the must have Christmas wish list item. They are still popular to this day, and the company is worth billions. The owner invested everything he had into the idea from day one so sometimes betting it all on black does pay off.
Long Term Plans Are Overrated
Do you need a long-term plan for your business to be a success? It depends on how big you open. The owner of pet rocks found this out when he decided to introduce an alternative to a fluffy animal in the home. The pet rock was a crazy idea, but it paid off with millions in sales in the first few months. After that, the owner was able to sell the company and profit again. If you want to more recent example of short term success, look no further than Pokemon Go. The incredibly popular app won’t be a winner forever. It won’t even be still be popular by the beginning of next year. It’s already peaked. But when you’ve already made hundreds of millions, who cares right?
We hoped you learn something from these examples. It just shows that there are no set factors that shape a great business idea. Business Ideas