Entrepreneurship is often touted as a path to financial freedom and success. However, it also comes with its challenges and pitfalls, with scams being one of the biggest threats. According to the Federal Trade Commission, Americans lost over $1.9 billion to fraud in 2019 alone and nearly $8.8 billion in 2022. Business owners must stay on top of fake business deals to protect themselves and their businesses. In this article, we explore how entrepreneur Samier Chavez stayed ahead of scams.
Starting in Business
Samier’s journey started in a small city called Moorpark in California. He was raised in a financially secure home with two hard-working parents. Growing up, he played hockey and was raised Christian, which kept him active in his community. However, he was expelled for fighting and sent to a continuation school with around 120 students. This environment helped him deal with his ADHD, and he graduated with a 4.0 GPA despite struggling to achieve a 2.0 GPA in a bigger high school.
After high school, Samier tried attending college. He eventually dropped out to start his first company, where he screen-printed t-shirts for companies such as Microsoft, Urban Outfitters, Hot Topic, and many more. His hard work and commitment paid off, and he made friends with an older man who took him under his wing and taught him how to be successful. Samier and his mentor opened several companies together and became great friends and business partners.
The Importance of Quality Time and Health
Today, Samier focuses on the quality of his time and health, working only on projects that add more jobs to his country or are unique. He’s had to deal with being watched by the public, lawsuits, hard acquisitions, bad partnerships, and even being tricked. Because of this, he has become an expert at spotting and staying away from bad business deals.
- Research and Due Diligence
Samier tells business owners that they should do a lot of research and due diligence before making any business deals. Knowing who you are dealing with and understanding their track record is crucial. Check for reviews, testimonials, and references. Research their financial status, background, and history to ensure they are legitimate and trustworthy.
- Red Flags to Watch Out For
Fraudsters are getting smarter, and it can be challenging to detect scams. However, there are some red flags to watch out for, such as high-pressure sales tactics, promises of unrealistic returns, and demands for upfront payments. Samier advises entrepreneurs to be wary of deals that sound too good to be true and trust their gut instinct.
- Get Professional Help
Samier recommends that entrepreneurs seek professional help when dealing with complex business deals. It could be a lawyer or a financial advisor who can help you figure out how the deal works and spot any warning signs. Seeking help can save you time, money, and stress in the long run.
- Trust but Verify
Samier tells business owners to trust their partners and check everything they are told. It’s important to carefully review contracts and agreements and clear up any questions or doubts. Make sure that you agree to all the terms and conditions and that no hidden fees or clauses exist.
Conclusion
As an entrepreneur, staying ahead of fraudulent business deals is critical. Scams can harm your financial status, reputation, and credibility. It is important to do a lot of research and due diligence, watch out for warning signs, get help from a professional, and trust but verify. Samier’s journey has shown him how important it is to be careful and thorough when looking for and avoiding bad business deals. By following his advice, you, too, can protect yourself and your company from scammers.
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