Man who shared ‘money making secrets’ online shocked as competitors flood market
Young was earning around £700,000 a year, working from home with just his laptop, in some kind of unskilled position that needed no training. In an apparent act of philanthropy, or a misguided attempt at recruiting business partners, Young went online to tell millions of complete strangers his secret. Shortly after posting on multiple web sites ‘The Home Working Secrets They Don’t Want You To Know’, Young suddenly found his fortunes took a nose dive. With barriers to entry low, suddenly millions of competitors flooded into the same market that Young had previously had all to himself.
It was a mistake anyone could make, says business analyst Gina Sharpe, author of Don’t Tell Anyone My Secret Formula Will You, a business bible that is the talk of Wall Street and currently top of the New York Times best Sellers list. “Which of us, on discovering a lucrative niche that nobody else is on, but which requires no great skill, could resist the temptation to share the news with all our competitors?” says Sharpe. But Sharpe has some counter intuitive advice that top businessmen have known for years. “If you give your secrets away, they ain’t valuable any more,” says the tough talking broad. What does she mean by that? All will be explained in her follow up book: The Business Secret They Tried To Hush Up.
Experts are now questioning what made Ken Young make this terrible strategic mistake. “I was onto such a good thing. I found a company that would pay me hundreds of thousands of pounds for a repetitive task that needed no great skill or effort. I suppose it went to my head and I thought I was untouchable,” says Young.
He soon discovered how transient success can be. But he remains philosophical. He has a book coming out and Hugh Grant is set to play him in a heart-warming British comedy from Handmade Films. As one door closes another doors opens, and recently Ken Young was appointed to a top post that could see him pulling the levers of the economy. He’s going to be an advisor to Ed Balls.Click to send this story to a friend
Posted: May 25th, 2014 by ronseal
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