MAKE MONEY, ACTIVELYSHARE.COM — Monkey business is a bad business strategy, learn how to avoid it.
Among other business strategies, monkey business is one of the most cunning types of financial strategies ever invented. On the surface, monkey business looks like business in general. However, secretly the people behind it will take too much profit to the detriment of consumers.
Check out the full discussion from ActivelyShare.Com about what monkey business is and tips so you can avoid the pitfalls.
What Is Monkey Business?
Monkey business is a term that comes from the word “monkey” and “business”. In summary, monkey business is a business strategy by harming other people or consumers in order to satisfy personal interests.
The mention of monkey business refers to the behavior of monkeys who go or run when they have succeeded in obtaining profits or food. Just like the monkey analogy, monkey business actors are usually irresponsible and disappear immediately when the profits are achieved.
Although forbidden, the monkey business strategy is one of the most popular business strategies in the world. The perpetrators are not always individuals, but can also be more than 2 people, even one community.
The features of monkey business are as follows:
- Actors promise big profits with little effort
- Business involves the movement of large amounts of money, for example fraud under the guise of travel savings, insurance, investments, and so on
- Business victims will usually get abnormal profits at the beginning, so they are tempted to put more funds
- Unclear business objects, have unreasonable prices that can suddenly rise due to certain conditions
7 Tips To Avoid The Monkey Business Trap
After knowing what monkey business is, next, let’s find out how to avoid the monkey business trap so that you don’t feel disadvantaged. More about tips for avoiding monkey business are as follows.
Don’t Be Easily Trapped
Monkey business usually lure its victims with the multiple profits. The first tip to stay away from the monkey business trap is not to be easily tempted by the lure of multiple profits. This is because monkey business actors usually always promise high profits to attract potential victims. After the victim is ensnared by the lure, the perpetrator will take the money and disappear for various reasons.
Avoid The FOMO Syndrome Temptation
Avoiding getting FOMO syndrome are tips to avoid the next monkey business trap. FOMO ( Fear of Missing Out ) is excessive worry if you are not able to follow a trend. People who are easy to FOMO are usually easily trapped in monkey business.
For example, currently there is a trend for agate, then you are willing to buy at a high price. Even though the agate does not have a great use, but you spend a lot of money to get it.
Understand How Businesses Generate Profits Before Using Products
Tips to avoid monkey business is to understand how businesses generate profits before using products. Be a savvy customer by analyzing and understanding how the business is working to make a profit.
Do not let you only see the promised profit without knowing the business process is running. So you can assess whether the business offered is still in a reasonable stage or has led to things that smell like monkey business.
Avoid Transactions With Unusual Items
The fourth tip to avoid the monkey business strategy is to stay away from transactions for unusual items in the practice of buying and selling. One of the characteristics of monkey business is that the products offered are not fair and only experience price increases under certain conditions ( bubble economy ). No matter how high the price, you should not be trapped in transactions of these kinds of goods.
Always Check The Legality Of The Institution Before Transactions
Checking the legality of the institution before the transaction is an important thing to do so as not to be deceived by monkey business. One of the characteristics of monkey business is that there is no legality so they dare to take irresponsible actions.
By checking the legality of the institution’s law, your security as a consumer will be better maintained. Because when something bad happens, you can solve it through legal channels.
Ensure Institutions Have a Positive Track Record An Equally
important tip in avoiding monkey business is to make sure the institution has a positive track record. Try to see the history of transactions and business, whether it is clean without problems or has a bad experience. If the institution has a negative history, then it is very likely that the problem will reoccur with you as a victim.
Deepen Financial Literacy
Finally, tips to stay away from monkey business is to have financial literacy. With knowledge related to finance, you will be wiser in responding to problems and offers that require large funds. So that you can measure the potential risks and benefits before deciding to spend a lot of money in a business.
Lessons From The Monkey Business Phenomenon
The main thing that can be taken from the monkey business phenomenon is a critical and skeptical attitude towards various offers of financial development through various products or methods. Monkey business can trap someone with the lure of high profits which actually almost makes no sense when viewed from economic logic. This can be for example from the example of a large investment interest, or an unreasonable price spike.
Almost all economic commodities on the market have a tendency to rise or fall slowly. So, if there is a drastic increase in a short time, it can be predicted that the increase is only caused by a temporary trend and will decrease in a short time as well. For this reason, as speculators or economic actors, we must be vigilant and take into account the risks rather than being blinded by mere profit projections.
It should be noted that the unreasonable price increase for some of these commodities was due to the speculator’s game that fried the price so that it became expensive and scarce. In addition, the impact of monkey business is the loss that may be experienced by traders.
LIPI researcher Yuzammi said that the prices were unreasonable and many people misjudged the plant. Especially because this plant is not a rare plant and can be obtained easily. So that way, it’s better when facing the monkey business phenomenon, someone doesn’t get carried away by hysteria by buying commodities whose prices are indeed rising.
Unless you really have a hobby to maintain or become a collector of these commodities, then there is nothing wrong with buying them. However, make sure the decision to buy is based on careful consideration. If you are not sure to buy, it’s better to use your money to save or invest in other things that have more prospects in the future.
That’s the discussion from ActivelyShare.Com about what monkey business is and tips to avoid the traps! Monkey business is a violation that can cost victims up to hundreds thousands to millions of dollars. So make sure you are careful every time you are asked to invest/buy investment products that are not uncommon.