POWERFUL FERENGI RULES OF ACQUISITION
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WHAT ARE THE FERENGI RULES OF ACQUISITION?
Entrepreneurs in all parts of the world have some common goals if not all. Or should we say, ''in all universes''? Rule number 2 on Ferengi rules of acquisition states:
“The best deal is the one that brings the most profit.”
This widespread goal is what makes the extraterrestrial Ferengi race from Star Trek Universe. Similar to human entrepreneurs, the Ferengis were portrayed as beings with the sole aim of making most profits. Ferengi rules of acquisition acted as the foundation of every Ferengi business transaction. Through the Star Trek series, they set many realistic goals for non-fictional humans. The Ferengi rules of acquisition are an ideal guide to entrepreneurs today. Keep reading to find out how!
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FERENGI RULES OF ACQUISITION: LESSONS FROM NUMBER 3
There are above 230 Ferengi rules of acquisition. Each one of them holds a particular guideline for human entrepreneurs to follow. One such fundamental rule states:
“Never spend more for an acquisition than you have to.” - DS9 The Maquis, Part II
Analyzing the rule from human business philosophies, the Ferengi had it quite right. Capital is one of the most important things to a business. Excess spending can misbalance the whole budget and cause losses. The Ferengi way instructs entrepreneurs not to make said mistake. That being the primary teaching, the rule can be interpreted and applied in many different ways.
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INTERPRETING THE FERENGI WAY: HOW TO APPLY FERENGI RULES OF ACQUISITION TO BUSINESS?
The third rule of acquisition discussed instructs to ‘never spend more than needed'’. Ding so and properly distributing budgets can be vital to a business. But it is also a given at the same time that a business has many expenses. Let's take marketing budgets as an example since they tend to be quite extensive. Most businesses consider traditional outbound as the most effective and spend tons on it. But that’s not so true. Outbound in the form of advertising, promotions, PR can count in the ‘excess spent.’ It is because inbound marketing is the better option given. In the form of SEO, blogging and social media marketing, it has been gaining more popularity. 84% of inbound marketers quote upper funnel resources to be rising in significance. It also helps a business improve return on investments by hiring freelancers. Blog-focused marketers have statistically enjoyed 13x higher revenues as well.
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HOW DOES THE FERENGI RULES OF ACQUISITION ASSIST ENTREPRENEURS
A push in the right direction is what can lead a business to amazing successes. Ferengi rules of acquisition were the creation of a fictional race. They have continued to guide humans in the right direction. We at Sociallyin have been hosting free webinars. We aim to help you understand Ferengi rules of acquisitions and help you run your business. After all, the Ferengi way to do it is the right way. Join our webinar today! Get connected with us and learn from our experts!
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