Spotting Opportunities Among Scams. Lesson Goals: For entrepreneurs to: –Better understand small business schemes and scams –Identify major types of small.

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Presentation transcript:

Spotting Opportunities Among Scams

Lesson Goals: For entrepreneurs to: –Better understand small business schemes and scams –Identify major types of small and home-based scams –Better evaluate the legitimacy of business opportunities Assessing Self Employment Skills for Success

Do I have a deal for you! Why are scams increasing? Increase in the number of Micro-Businesses 2000 – 22,931, – 27,361,179 From 2000 – 2005, new businesses starting with 1 – 5 employees grew at an average annual rate of 4.5%. Spotting Opportunities Among Scams

Watch out! You could: Lose money Damage your reputation Risk legal investigation Lose valuable time Spotting Opportunities Among Scams

Watch Out! Be skeptical of statements… “You can earn hundreds of $$$ working from home in your spare time!” “Only $29.95 will bring you thousands in earning power!” Spotting Opportunities Among Scams

Scamming Opportunities Assembly or craft work Envelope stuffing Internet-related Medical billing Multilevel and pyramid marketing Spotting Opportunities Among Scams

Scamming Opportunities Scams against businesses Seminars So-called franchises Vending machines and display racks Wealth-building Spotting Opportunities Among Scams

Business Opportunity Checklist Check out promoter Don’t judge a company on appearance Ask for disclosure document Watch for pyramids Verify claims in person Spotting Opportunities Among Scams

Business Opportunity Checklist Get it in writing Realize they are there to “SELL” Avoid making high-pressured decisions Check out sales, profits, and income claims Seek professional advice Be skeptical about “get rich quick” opportunities Spotting Opportunities Among Scams

Remember: If it sounds too good to be true, then it probably is! Spotting Opportunities Among Scams

Information and Assistance Federal Trade Commission United States Postal Service National Consumer League National Fraud Information Center Better Business Bureau State Agencies Spotting Opportunities Among Scams