Image Credit Yasin Hassan
In this episode Cem and Wayne discuss some reasons why young people should avoid pyramid schemes when starting out on their entrepreneurial journey. We explain the psychology behind their appeal, why they’re gaining popularity in the current economy and how you, your friends and family can avoid losing time and your hard earned cash!
What you’ll hear
03:30 – Seeing people in pyramid schemes is heartbreaking
05:30 – What is a pyramid scheme?
08:35 – Don’t be fooled by the prospect of passive income
09:40 – The faux success illusion
12:00 – Your down-payment psychologically causes a commitment bias
13:45 – This isn’t YOUR business, you’re a glorified recruitment manager
16:55 – The techniques they teach you may well not increase your skills
17:45 – Who benefits from your hard work?
20:10 – The difference between pyramid schemes and entrepreneurship
22:00 – The passion of your business is incredibly important
23:00 – How are pyramid schemes different to affiliate marketing?
25:45 – is a pyramid scheme not just a franchise?
28:40 – Don’t miss out on the fun creative process of entrepreneurship
29:30 – Be mindful enough to do research
Question of the Week
Have you ever been approached to be part of a pyramid scheme?
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Questions for the podcast?
Post them in the comments below, we’d also like to know what you’d like to hear about in future episodes. Don’t forget to say Hello on Twitter @ckyildiz & @Wayne_ingram