What It's About
Today's listener has an idea. Hopefully, it isn't fraudulent.
Notes from Chris
Episode 1918
It’s not often that someone calls in and says, “Am I running a pyramid scheme?” … but that’s basically what we’ve got here. Hey, it’s a safe space! Better to know up front if your idea might not pass muster. So what exactly is our brave caller trying to do? Let’s see if we can figure it out based on the information they provide. Good times!"I have an idea: I want to create a fashion review network that gives out points to people who post in an app. The points can convert to real money, and the more people use the app or refer their friends, the more points they’ll receive … which of course can eventually turn into money. My friend, however, told me that this is basically a pyramid scheme. I've always liked Egypt … but I don't want to do anything shady or unethical. So I thought I'd ask you: is this idea actually a pyramid scheme? If so, what are the characteristics that cause you to think that?"Listen to today's episode to learn more...
SEE ALSO:
- Foreign Correspondent Launches Career App: A globetrotting journalist builds financial independence through a career-coaching app aimed at promoting gender equality.
- Game on! Seahawks Fan Kicks Off Six-Figure Sports App: When faced with the possibility of not being able to enjoy his favorite football games, this sports fan creates an app to solve the problem. Four years in, it earns him a full-time income in exchange for 30 minutes of work each week.
- Army Veteran Makes $650,000 Advertising Apps: A Wisconsin native hits the jackpot with his smart approach to blogging, bringing in multiple six figures with nearly zero overhead costs.
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