(Houston, TX, USA)
Picture Of Lemons
My favorite life quote is my own:
"When life gives you lemons, slice them into smaller pieces and sell them at a profit."
A high school teacher I know made a major business error. He wanted to own his own business but over simplified the process and didn't do his research. Consequently, he ended up with 7000 units of merchandise. (His business was a wholesale distributorship.)
As he quickly discovered, the items he had purchased to sell...well, didn't. Since he had purchased the items overseas and there was no return agreement in place, he was stuck with about 6500 units taking up all the space in his garage.
I helped him brainstorm on what and how to sell the pieces he had. We had sales and shows for wholesale distributors, but sold very little. Finally, I asked him why they had to sell in batches of 1000. He said it was just his way of moving inventory quickly.
I suggested he sell individual units, and describe why they were unique and could not be found anywhere else. Since he didn't know what else to do with his entire inventory, he took my advice and sold out.
It was a good lesson for this teacher-stick to what you know and sometimes bigger is not always better.
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