10 Classic Business Lessons to Make Money | Part 5 | Changing Perspectives & The Power of Giving

10 Classic Business Lessons to Make Money | Part 5 | Changing Perspectives & The Power of Giving

Business Lesson 9: Changing Perspectives.

Once, a man named Mr. Smith walked into a bank on Wall Street to borrow some money for a week. The bank agreed to lend but required him to provide collateral. So, Mr. Smith left his luxury car outside the bank as collateral. The bank took his car, processed the loan, and Mr. Smith went home.

A week later, Mr. Smith returned to the bank to repay the loan. The interest was only $50. The bank staff found it odd that Mr. Smith had plenty of money in his account. Curiously, they asked why he needed such a small loan when he had enough money. Mr. Smith simply replied, “The weekly parking fee on Wall Street is very expensive. Can’t find a cheaper spot around here.” This story helps us realize the importance of considering costs and benefits before starting any project.

Business Lesson 10: Business Wisdom.

Now let’s move on to another lesson about business wisdom. There was a man named John Doe who liked to drink a specific tea that cost $20. Whenever he bought tea from a newly opened store, the owner was always generous in giving him a complimentary portion of delicious tea. John used this high-quality tea to impress his customers. One day, while leisurely enjoying the free tea, John found it so wonderful that he didn’t want to buy the $20 tea anymore, no matter how expensive it was, because the store owner always gave him a better portion of tea for free. Within six months, John’s tea expenses increased tenfold.

So, the big question is: Is the tea shop owner running a successful business?

On the surface, he seems very generous in giving away good tea. But in reality, he has smartly utilized the power of reciprocity. By providing a little extra for free, he has connected with customers like John, who are now willing to spend more money than before. So yes, indeed, the tea shop owner is running a successful business by understanding the value of giving a little to get more. Sometimes, the best way to profit is by giving a little extra. That is Business Lesson 10: The Power of Giving.

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