How Success, the Lousy Teacher, Turned a Good Business Into a Scam

Most people think that all scam programs have been scams from the first day they started working. This is not true. When your business is doing good and makes lots of money, sometimes a mistake can turn your business into something that people call a scam, although you never wanted to become a scam. This is one of the risks that having a business can have. When a business owner doesn’t have enough intelligence to foresee the long-term outcomes of what they do, they will be trapped in such a vortex that sinks the business and the business owners.

Please let me give you an example. In 2018, I joined a German company called Karatbars. They sold 24-karat gold bullions. They had been working since 2011 and had been doing really good. Everyone was happy with the quality of their gold and the services they offered. I bought lots of gold from them and received all of them on time through FedEx. I even took a sample of their gold to a professional jeweler to test. He confirmed that their gold was a high quality 24-karat gold and he would buy all I had whenever I wanted to sell.

However, the story didn’t finish in a good way. Once they made lots of money through a proven and legitimate way and offering high quality products and services related to physical gold, they decided to make shortcuts to make more money faster. So, their excessive success made them think that all the steps they take will be as great as their previous steps and will make them more money. That’s why I said their success, as a lousy teacher as Bill Gates says, turned their business into a scam:

Success is a lousy teacher. It makes smart people think they can’t lose. —Bill Gates

Past performance is not a guarantee of future success. If you have been successful even for decades, once you decide to take a new step, you must have exactly the same sensitivity to analyze what you want to do, as if it is the first step you want to take and you cannot afford to lose anything. This is what most of those who succeed in some stages of their business don’t consider.

So, Karatbars decided to make more money. Their past performance made them think that they will always be successful. Therefore, while they had been doing great with gold as a tangible and valuable product, they decided to make money with cryptocurrencies too, whereas they had no experience and knowledge in these sectors. Some crooks joined them and made them think that they would make billions if they focused on cryptocurrencies, whereas it was a trick from the first moment, and those crooks were after stealing what the company had collected until that time. The owner wasn’t enlightened enough to understand this to refuse to change his focus from gold to cryptocurrencies.

Long story short, they lost everything while they had been hiding their failure and also the fraud that was done in the company. They kept accepting gold orders whereas there was no gold and money anymore and everything was stolen by those crooks. As a result, they stopped sending the orders and paying the resellers’ commissions. It has been several years since they owe me 39 grams of gold while I have even paid the shipping fees. Now, everyone knows Karatbars as a scam that took lots of money for a long time but never sent the orders.

Even if you have been successful for decades, you should always be as careful, precise and obsessive as the first day, otherwise you will lose the game. I have so many other examples. A good and honest company can turn into a scam or even a Ponzi scheme with just one mistake. Yes, many Ponzi schemes haven’t been a Ponzi the first day they started working as a hedge fund or investment firm. They really made profit and paid their investors from the profit they made, while the investors’ principals were also intact. But again, their lousy teacher (success) made them take some wrong steps while they thought they would never lose just because they had been successful for years. As a result, they lost lots of money as well as the investors’ funds, but instead of being honest to let their investors know the bad news, they hid the crash and kept taking money from new investors to pay the old ones, which is the definition of a Ponzi scheme. So, the other lesson here is, if you have failed, you should be brave enough to announce it honestly, instead of pretending that you are still doing great.

“Success” is a dangerous emotion that can take all we have achieved down the drain in one go. Even governments that have too many business and economy specialists get fooled by their past performance and take some horrible steps that destroy their economy. I have some good examples but will share them later, so as not to make this article too long.

We should never think that we are skilled and experienced enough that we will never lose, just because we have been doing good for a while. Traders will learn this lesson the hard way. When they succeed to grow their money for a while, their “success” makes them think that they are the best traders who will always win. That’s exactly the time they will wipe out the whole account.

Let’s not allow our emotions to make us lose everything we have already achieved.

We achieve our goals, not immediately, but slowly and surely!

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By Vahid Chaychi

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