Assignment on get rich quick racket (business ethics)

What is get-rich-quick- rackets?

A get-rich-quick-racket scheme is a plan to acquire high rates of return for a small investment. The term "get rich quick" has been used to describe shady investments since at least the early 1900s.
Most such schemes promise that participants can obtain this high rate of return with little risk, and with little skill, effort, or time. Get rich quick schemes often assert that wealth can be obtained by working at home. Legal and quasi-legal get-rich-quick schemes are frequently advertised on infomercials and in magazines and newspapers. Illegal schemes or scams are often advertised through spam or cold calling. Some forms of advertising for these schemes market books or compact discs about getting rich quick rather than asking participants to invest directly in a concrete scheme.
It is clearly possible to get rich quickly if one is prepared to accept very high levels of risk — this is the premise of the gambling industry. However, gambling offers the near-certainty of completely losing the original stake over the long term, even if it offers regular wins along the way. Economic theory states that risk-free opportunities for profit are not stable, because they will quickly be exploited by arbitrageurs.

In other words, chances are great that you're not going to get rich quick. Best thing to do is invest the money you have wisely. Investing your money wisely can be the difference between a comfortable life and possibly moving up or staying right where you are. Quick is relative, and it depends on how quickly you want to get rich. A realistic quick would be five to ten years. Probably the best way to start making money is to become an Internet Entrepreneur.

The factors of business success?

• Having a written plan
• Appropriate financial resources
• Good location
• Knowing what customers want
• Knowing product demand
• Having a good coach or mentor
• Appropriate education
• Having good organizational and management skills
• Having good critical thinking skills
• Acquiring reliable informational resources

Ethical issue in Business: Get-rich-quick-rackets in business.

1. Ethics should be the same for the enlightened (ethical) as well as for the corrupt society.
2. Consequently entrepreneurs and business establishments have to favor government officials.
3. Bribery has become the most expedient means of business.
4. To make up for this extra-payment businessman hesitate to adopt different unfair means.
5. In the developing countries this is possible because the conical domination had left the societies in these countries backward, “stunted” and “ignorant”.

Get Rich Quick are everything for success in business

“Get Rich Quick opportunities.” The promise of instant wealth can be seductive. The only people who usually get rich from these quick money schemes are the ones who offer them. Goal should be to build a business that will last a lifetime. It may take ten or even twenty years.  But business could be the source of better financial security than your day job ever could have possibly been.
 

"Starting a successful business is not about making the quick buck."

 In a world where there is no longer any such thing as a traditional career path, where five or six career changes in one lifetime has become the norm for many people, starting your own business may be the best way to achieve security for yourself and your family.  But be aware, it will take time!  You cannot expect to establish security as a self-employed business owner overnight.

Starting a successful business is not about making the quick buck.  Actually, making fast money is contrary to starting a long-term, successful business.  It goes against building relationships with your clients and competitors, and tinkering with your concept over an extended period of time.  The more money you risk trying to get rich quick, the more money you can lose.

                                                                                                                                                                                                                                                                                                                                                                                           
The mindset of the self-employed business owner should not be geared toward making fast money.  It should be geared toward establishing a long-term business that will provide security for you and your family in good times and bad.  It may take several (e.g., three to five) years, depending on your product or service, to build your business and make it profitable enough to provide you with better financial security than any job you’ve had before.

Business owners get rich quick

Getting rich quick is one of the most common myths about owning your own business, although we would love that to be true. (A Google scan listed 7 million hits on “get rich quick”). And yes, you can find rare examples in which someone made money quickly and with little effort.

However, business owners generally report that business success involved hard work, headaches, time and often failure - maybe several failures - before their business survived and they achieved financial success. Also, your business often will require your personal financial investment before you will reap a reward.

Successful business owners typically scan the market for an idea and then determine if that idea is feasible using a market analysis and feasibility study. If you find a market exists, the next questions are: “Can you reach that market?” and “Can you make a profit?” Even then, the greatest rewards come if you have a solid distribution channel and you can stay ahead of your competitors with one or more competitive advantages; for example, more features, better prices, better service. Your success also may depend on developing and maintaining a strong brand for your company as well as individual products and/or services.

Reality: Profits rarely come quickly or easily, and business success may be measured in other terms such as doing what you want or meeting a need. EC1590

Get-Rich-Quick-Rackets Scheme in Bangladesh (MLM Marketing):
Many people have changed their lives through MLM or Multilevel Marketing. In MLM there is no middle man. So, both the company and the investors can enjoy maximum profit. Though MLM is new in Bangladesh, it is very much popular in developed countries of the world (though some countries are thinking about banning MLM activities as illegal). MLM is very much popular in our neighboring country INDIA.



Anyways, UniPay2U is a gold trading company. Here an investor buys gold for storage in a professional bullion vault. In Bangladesh, it is registered as a Private limited company under the name of Unipay2u Bangladesh (Pvt) Ltd. Unipay2u is originally a Malaysian company. After 10 years of successful business in own country, it has gained license to open seven wings over the world in Philippines, India, Bangladesh, UAE, Thailand, China, and Nepal.
In Bangladesh Multilevel marketing (MLM) companies are using Get-rich-quick-racket scheme. And with using this scheme MLM companies are become very rich and get success within a short time.








Problems of Get-Rich-Quick-Rackets Scheme
Conclusion:

REFERENCES:

1.     The world’s work, Volume22, (1911)

2.     S.A. Nelson.

3.     http://wiki.answers.com/Q/How_do_you_get_rich_quick

4.     http://www.google.com/

5.     www.wikipedia.org

         &

    

     SELF HANDOUT.