3F. Family, Friend and Fools: Moving Forward….

Week 49.2  3F. Family, Friend and Fools: Moving Forward….

In some of the entrepreneur talk, the concept of 3F was introduced. One of the popular questions asked is from whom do we get our customer or funding? The answer is 3F, family, friends and fools.

However, something very peculiar in Precious Metal is that most of the investors are unable to convince their family and friends to agree on buying physical precious metal. The only want they able to convince is someone who they don’t know. According to my sales statistic: 0% family/relative, 1% friends and 99% someone who I don’t know.

It’s also good to reduce 3F to 1F as one can maintain their friendliness relationship among their friends and relative.

How do one move forward from here?

Studies had shown that people will only come if there is a system in place.

Example 1: Let date and then have baby. Thus, nobody will come.

Let date, then get MARRIED, then have baby. Lot of people will come.

How will the system in place for Precious Metal in the future look like? I ‘m not sure but it must be cheap, reliable and flexible for general public to participate. Certainly it will require a lot of effort from various parties. I guess being profited from the sales of precious metal, seller should start some form of initiatives.

Cheap: Must not be limited to those who have physical store for buy and sell. Hopefully, every investor can sell.

Reliable: Some mechanism need to be in-place to prevent fraud and most importantly prevent Buyer/Seller backing off from their agreed deal.

Flexible: Certainly there will be liquidity problem when everybody tried to sell and some inadequate stock problem when everybody wants to buy. Some form of efficient pricing like stock market should be in-placed to allow easy disposal of precious metal at a fair price.