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MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested - Investment - Nairaland

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MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by dont8(m): 3:26pm On Jan 26, 2017
MMM is trending here in Nigeria. Every week, I get an average of five invites across all social media platforms to join the MMM ‘movement’. In the unlikely event that you have not heard of MMM, having just emerged from a cave to miraculously run into this article, MMM is a platform which in summary claims to operate a mutual aid programme requesting participants to provide money to others and promising returns of 30% of such monies after 30 days.

It is a global platform touted as a Ponzi scheme (as it obviously is) and reported to be operated by Sergei Mavrodi, a Russian jailed in his home country in the late 1990’s when his earliest schemes ripped Russians millions of Dollars and led to multiple suicides.



Sergei Mavrodi

The Nigerian adaptation is an ingenious creation displaying an understanding of the culture, beliefs and thought processes of the typical Nigerian. Its model stands out as a lesson for all entrepreneurs looking to push their products into new markets.

Apart from these lessons however I have had the opportunity to discuss the platform with colleagues and there seems to be no debate on the status of the platform as a Ponzi Scheme as it does tick all boxes. See here for hints.

Regardless of its status as a Ponzi scheme however, I still get people telling me how it is still a useful source of quick cash before it crashes. For the following reasons, this position as pragmatic as it sounds does not quite resonate with me and, I believe, a lot of entrepreneurs out there trying to build a product.


Promise of big money consistently with little work




Entrepreneurs know that there are of course things that you can do to make money without having to work all that hard. But, it’s just not possible for everyone who joins a business to be able to make so much returns without working. Making money takes work. Entrepreneurs also know that NO business on earth can consistently provide such returns. Businesses have ups and downs simple.


The Principle of value

Real entrepreneurs understand that real wealth is generated from the creation of value and not from instantaneous windfalls resulting from concocted trade-offs. They understand the paradox of the lottery winner…money minus value does not equal wealth.


Understanding Money

Real entrepreneurs understand that money is really not valuable in itself. It is valuable because people agree to make it a medium of exchange for REAL value. Its utility lies in its use as current (hence currency) for the movement of value thereby obviating the need for barter. A system running merely on the exchange of money for profit is nothing but a SCAM. Participating in such a system like that only lends credence to the scam.


Not an investment




I have heard people liken the MMM system to investing in shares. The comparison is laughable. When an investor buys shares, he is taking real risks to contribute into an entity that undertakes in the creation of some sort of value.

Investing in shares takes careful thought, analysis, and assessment. He does not expect consistent returns. By buying shares, the investor expresses faith in the vision of the company and faith in the management to execute the vision. It takes knowledge to avoid serious burns. So NO, MMM is not comparable to investing in shares.


The issue of focus

Entrepreneurs are busy trying to create and perfect systems, solve problems, devise innovative answers to challenges. They are bound to look at a get rich quick scheme as a mere distraction in terms of the time and resources to be expended into chasing a venture that provides no ultimate value addition to themselves or the society.


The moral question

If you are sure that a system is a scam propped up by the resources of naïve but trusting participants being manipulated by experienced “confidence men” with an uncanny understanding of human greed and a history of taking advantage of it, would you still support it with your money?
The understanding of risk

The understanding of risk

Proponents of the scheme tout the cliché; “Nothing ventured, nothing gained” because it paints the contrarian picture of a daring risk taker. Entrepreneurs however understand the difference between gambling and enlightened risk taking. A gamble is taken without the understanding or control of the variables which determine the desired outcome.





Investing involves enlightened risk taking premised on an understanding of key variables and a reasonable grasp of possible eventualities. If I commit to give my money to a scheme over which I have no control, because of returns of which I have no sight, I am not investing, I am gambling.

The times are hard. Nigerians are seeing the MMM scheme as some sort of saviour from the harsh realities of the current recession despite the obvious signs that it is not. To all those who cannot resist the temptation of quick easy cash, please proceed with extreme caution. To all those who do not participate in the scheme as a matter of principle, know that you are not alone.



Source

61 Likes 4 Shares

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by Datevilme: 3:43pm On Jan 26, 2017
That's why its re-iterated over and over that people should use their spare money...meanwhile, check my signature...

To the poster below, i wanted to reply you o, but i just looked at your pic and laughed it off...

6 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by eezeribe(m): 4:05pm On Jan 26, 2017
The poster above me is high on ponzi schemes and the one below is also high on bitcoin.
Both of them are chasing shadows

10 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by benuejosh: 4:55pm On Jan 26, 2017
True talk. Although it's not just Entrepreneurs alone. Even those who are not Entrepreneurs may have similar reasons.

4 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by dont8(m): 5:01pm On Jan 26, 2017
Datevilme:
That's why its re-iterated over and over that people should use their spare money...meanwhile, check my signature...
Funny thing is, I never knew a time would come that I'll not only comment but create a thread on MMM because I've tried as much as possible to refrain from making comment before they term me an enemy of progress.

I've watched closely and saw figures being bandied around and thought those figures were somehow exaggerated, so it came as a rude shock when my brother told me yesterday that he 'invested' #200,000 in the scheme.

25 Likes 1 Share

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by dont8(m): 5:02pm On Jan 26, 2017
benuejosh:
True talk. Although it's not just Entrepreneurs alone. Even those who are not Entrepreneurs may have similar reasons.
You're right bro, it's just a common sense if you ask me.

7 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by Datevilme: 5:23pm On Jan 26, 2017
dont8:
Funny thing is, I never knew a time would come that I'll not only comment but create a thread on MMM because I've tried as much as possible to refrain from
making comment before they term me an enemy of progress.

I've watched closely and saw figures being bandied around and thought those figures were somehow exaggerated , so it came as a rude shock when my brother told me yesterday that he 'invested' #200,000 in the scheme.



Wow, for his sake, hope the scheme lasts long enough for him to recover his money...

4 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by dont8(m): 5:51pm On Jan 26, 2017
Datevilme:


Wow, for his sake, hope the scheme lasts long enough for him to recover his money...
That's just my prayer right now.

He drives Uber and he's been having issue with the car's engine and other related issues and needed money, reason he confided in me even though he knows I don't support such scheme.

1 Like

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by 1Rebel: 6:13pm On Jan 26, 2017
Lol. Seun has shown these MMM people pepper. Cameroon pepper grin grin

12 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by kolnel: 6:13pm On Jan 26, 2017
Anybody in his right sense will ask what the cash is being used for and where the 30% comes from
It's not rocket science
It's only greedy assed indolent people that fell for the mmm crap

21 Likes 1 Share

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by DirtyGold: 6:13pm On Jan 26, 2017
phkka1:
Any day you don't write on MMM you will not sleep well. A day is coming when you will look for where to hide in shame. Watch out.

What's tha business?

2 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by NameChecker: 6:14pm On Jan 26, 2017
It's a pity even graduates fell for the scam.

After they will the govt. for being unemployed not
knowing that they are just gullible

1 Like

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by soberdrunk(m): 6:14pm On Jan 26, 2017
Mmm just exposed the major problems of Nigerians which is "greed" and "ignorance" . If you went through six years of 'secondary' school and four-ten years(depending on your course and strikes) of university and you lost money to MMM, report to the army barracks nearest to you and tell any soldier you meet that he/she should do you a very big favor of "drilling" some sense into you.......... angry angry

Ps-There is no 'legal" buisness anywhere on this planet that can give 30% profit in two weeks or one month with you doing absolutely nothing angry angry

32 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by Nobody: 6:14pm On Jan 26, 2017
MMM matter again cool

In as much as I sympathize with those that lost their money........

But anytime I remember how they used to call non participants "mumu" few months ago, I will just smile cool

8 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by TheNextAce: 6:14pm On Jan 26, 2017
grin
Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by AntiWailer: 6:15pm On Jan 26, 2017
another MMM post ?
Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by phkka1(m): 6:15pm On Jan 26, 2017
Any day you don't write on MMM you will not sleep well. A day is coming when you will look for where to hide in shame. Watch out.

5 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by josephine123: 6:15pm On Jan 26, 2017
hmm
Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by leofab(f): 6:15pm On Jan 26, 2017
Hmm

15 Likes 3 Shares

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by AWONEYAN(m): 6:16pm On Jan 26, 2017
MMM is not an investment
Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase.
Proverbs 13:11 KJV
http://bible.com/1/pro.13.11.KJV
For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
1 Timothy 6:10 KJV
http://bible.com/1/1ti.6.10.KJV
Don’t be naive. There are difficult times ahead. As the end approaches, people are going to be self-absorbed, money-hungry, self-promoting, stuck-up, profane, contemptuous of parents, crude, coarse, dog-eat-dog, unbending, slanderers, impulsively wild, savage, cynical, treacherous, ruthless, bloated windbags, addicted to lust, and allergic to God. They’ll make a show of religion, but behind the scenes they’re animals. Stay clear of these people.
2 Timothy 3:1‭-‬5 MSG
http://bible.com/97/2ti.3.1-5.MSG

The one who loves money is never satisfied with money, Nor the one who loves wealth with big profits. More smoke. The more loot you get, the more looters show up. And what fun is that—to be robbed in broad daylight? Hard and honest work earns a good night’s sleep, Whether supper is beans or steak. But a rich man’s belly gives him insomnia.
Ecclesiastes 5:10‭-‬12 MSG
http://bible.com/97/ecc.5.10-12.MSG


Let me not bore you with plenty references.....Nothing pays more like hard work and remember it's blessings of God that makes rich without adding sorrow.... Rather than going into an unsustainable financial pyramids scheme why not form a cooperative kind of group and help your self with a business related returns, not a progammed macro that grows only on computer and mature on Tuesday night . Why do we have this formula to calculate simple or compound interest... Principal x Rate x Time.... Every sustainable investment grows with time and not an unrealistic 30% and other unsustainable referral bonuses

15 Likes 1 Share

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by Dannidom(m): 6:16pm On Jan 26, 2017
I thought they said MMM is back and stronger

5 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by iwezor1(m): 6:17pm On Jan 26, 2017
Make 40k with 8k in less than 2weeks, system regulated ,for more info contact zero seven zero six one five nine six nine zero two
Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by infogenius(m): 6:17pm On Jan 26, 2017
So much talk about MMM.
The jobless guy needs the cash and
not stories.
The struggling business man needs MMM
Who doesn't need it?
Real entrepreneurs. Ok
Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by Nobody: 6:18pm On Jan 26, 2017
nairaland mods using MMM to drive traffic, we've had enough , MMM is dead and buried. it should be confined to the dustbin of history.
Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by superfelix: 6:18pm On Jan 26, 2017
cool

1 Like

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by Nobody: 6:19pm On Jan 26, 2017
MMM egosigo anyị ndị bụ ndị amamihe na kwa ndị bụ ndị gụrụ mahadum mana onwere ihe tọgbọ ha n'uburu m'oli grin cool grin

5 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by Nobody: 6:20pm On Jan 26, 2017
Do it wit yah famili tongue
iwezor1:
Make 40k with 8k in less than 2weeks, system regulated ,for more info contact zero seven zero six one five nine six nine zero two

10 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by ukanaukana(m): 6:22pm On Jan 26, 2017
GIVE IT TIME

When your friends comes and tells you, I warned you not to join MMM now you see your money is lost,
please,
GIVE IT TIME.

When your DL calls you to shout that he/she wants their money cos you referred them, smile and
GIVE IT TIME.

When your green Mavro is above #500,000 and all you can GH is #31000, #15000 or you can't even GH,
GIVE IT TIME.

When the person that want to PH to you refuse to do so because they are scared and do not understand the current challenges, why not
GIVE IT TIME.

When a guider that is suppose to encourage participants discourages them with nonchalant attitude and you wonder if that person is truly a guider CHILLAX!
GIVE IT TIME.

When you come across a FakePOP, know that the issues will be resolved within 48hours and Uploader of #FakePOP will be permanently BLOCKED. But
GIVE IT TIME.

When all you encounter is technical glitches/errors/limits you are encountering now are as a result of the testing and partial deployment of the New Model. So,
GIVE IT TIME.

The much anticipated New Model is completed, approved and ready for full deployment in days. The wait is almost over. Still
GIVE IT TIME.

Time tests the pessimistic and optimistic participants:-

Time tests and authenticates it Good and Bad Guiders:-

Time test those that use spare money and all their money to PH:-

Time, a good tester.

Don't say that the new community you joined is better than MMM until you have,
GIVEN IT TIME.

Quote me...
Consistency with time is the true test of Efficiency.

Time is a TESTER.

Time is an AUTHENTICATOR.

Time is a REVEALER.

TIME IS STILL A MATTER.

TIME IS ALL MMM REQUIRES.

Thanks for giving this long post Time...

When you share with your DL and they didn’t reply or reply with insults
GIVE THEM TIME.

*Together we can change the world with Time*

7 Likes 1 Share

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by Dongreat(m): 6:23pm On Jan 26, 2017
Shameful when the deluded participants keep saying it's a risk taking investment knowing fully well that the 30% profit is unexplainable. Greed and gullible are two concoction brewed the show evidence of man stupidity and idiocy and unfortunately the educated are not spared.

Well thank God I no longer get endless notification of MMM from my friends as they are mourning their losses. As for me I would go into the background with a tall glass of mango smoothies, wearing a fendora hat and a ray ban wayfarer, smiling. Why, because I told them so.

4 Likes

Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by Mesutlewy(m): 6:24pm On Jan 26, 2017
But when will u guys leave MMM alone ?
Re: MMM: 7 Reasons Why Real Entrepreneurs Are Not Interested by Mmadu111: 6:24pm On Jan 26, 2017
dont8:



Source




You'll never get tired of carrying MMM matter on your head like gala hawker...continue ooo

4 Likes

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