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Silent Sales Machine Radio

#21 Is buying low and selling high online immoral?

Silent Sales Machine Radio

Jim Cockrum

Onlineincome, Ecommerce, Business, Fba, Entrepreneur, Entrepreneurship, Provenamazoncourse, Careers, Amazon

4.8805 Ratings

🗓️ 2 January 2017

⏱️ 42 minutes

🧾️ Download transcript

Summary

Description
Is the act of buying widgets for $10 and selling them for $80 a MORAL and valuable service or not? It's certainly one of the lowest hanging fruit business models of our time and many people in our community are succeeding wildly with this model, but is "buying low and selling high online" a VIRTUOUS business model or is it "price gouging"? Let's talk about it! (for details on this biz model see episode #6)

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Come discuss this episode with Jim and SSMR community on FB here
https://www.facebook.com/groups/mysilentteam/permalink/1169930496456392/

Transcript

Click on a timestamp to play from that location

0:00.0

This is a crazy simple business model, my friend.

0:04.1

Jim keeps telling me I can get paid just for taking random widgets off a shelf in a store

0:08.8

and moving them to Amazon or eBay.

0:11.6

Sign me up.

0:13.0

But wait, is that even ethical?

0:15.0

I can't wait to hear how Jim explains this one, and then I'm going shopping for deals.

0:20.5

I'm looking forward to this one,

0:21.9

my friend. Now here's your host, Jim Cockrum. Hey, welcome back. I'm your host, Jim Cockram. This is

0:30.2

Silent Sales Machine Radio, and I am super excited today about a topic that I've had bouncing

0:35.5

around in my head because I run into a lot of people

0:38.5

in our community that struggle with this issue. And maybe you struggle with it and you don't

0:42.1

even realize it. And today we're going to fix it. Because until we fix this one little issue

0:48.3

that you may not even realize is bouncing around in your brain, you simply can't succeed

0:53.9

to your full potential. And the issue we're

0:56.5

going to tackle today is simply this. Is arbitrage a morally virtuous activity? Now, some of you

1:05.8

may not even know what I just said. Let me break it down into plain English, real clear. So you can

1:09.8

enjoy this discussion and

1:11.5

debate. There'll be a link below or wherever you see the show notes for this show. If you go to

1:17.3

Silentjim.com, you can always see the show notes for every show. Let's talk about it there.

1:22.9

But here, let me put it in plain English. If I go into a retail store and they have widgets there for $10 a piece that are selling for $80 on eBay or Amazon or Facebook marketplace or wherever I might turn around and flip those for a profit, we call that arbitrage if I buy them for $10 and sell them for $80.

1:45.8

Have I provided any value to anyone? Have I actually put a valuable service out there to the world that I can be

1:52.1

proud of? Is it morally virtuous to take a product from point A to point B and make a profit in

...

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