02/02/2023
THE VALUE OF INFORMATION
In the book, Hustle Harder, Hustle Smarter, 50 cent (Curtis Jackson) shared a very interesting story about a sneaker shop owner who was struggling with getting business.
The sneaker shop owner mentioned that his business was struggling due to a bad location.
When 50 cent asked what he was going to do with the 100+ stock of sneakers, the sneaker shop owner said he was just going to pack them in the garage until he figured the next move.
At this point 50 cent realized that his son Marquise loved sneakers and he planned to send them to a warehouse near him and start selling them online.
So, 50 cent asked how much the sneaker shop owner was willing to sell the sneakers if someone was willing to buy them off from him.
The sneaker shop owner said that he was willing to sell all his sneakers at cost (the actual price he got them without any profit).
50 cent bought the sneakers, sent them to the warehouse near his son Marquise, posted them online and they sold like hot cakes.
Some people might ask why 50 cent didn't just advise the shop owner to sell his sneakers online since he knew that's what he needed to do.
But that's the value of information.
Information is the game changer. You can be selling the same item but your friend might have better information on target market, cost efficiency, distribution, or marketing strategies.
And that information is not cheap. I know some people think information is cheap. Information is not cheap. No wonder Billionaires don't write books.
If you think information is cheap, consult McKinsey & Company.
