Does IM a modern form of Gold Rush?

SuperRyan · 08-17-2009, 12:25 PM

Here is an interesting exerpt from Wikipedia about the Californian Gold Rush in 1849:

Although the conventional wisdom is that merchants made more money than miners during the Gold Rush, the reality is perhaps more complex. There were certainly merchants who profited handsomely. The wealthiest man in California during the early years of the Gold Rush was Samuel Brannan, the tireless self-promoter, shopkeeper and newspaper publisher. Brannan alertly opened the first supply stores in Sacramento, Coloma, and other spots in the gold fields. Just as the Gold Rush began, he purchased all the prospecting supplies available in San Francisco and re-sold them at a substantial profit. However, substantial money was made by gold-seekers as well. For example, within a few months, one small group of prospectors, working on the Feather Rive in 1848, retrieved a sum of gold worth more than $1.5 million by 2006 prices.

On average, many early gold-seekers did perhaps make a modest profit, after all expenses were taken into account. Most, however, especially those arriving later, made little or wound up losing money.Similarly, many unlucky merchants set up in settlements that disappeared, or were wiped out in one of the calamitous fires that swept the towns springing up. Other businessmen, through good fortune and hard work, reaped great rewards in retail, shipping, entertainment, lodging, or transportation.Boardinghouses, food preparation, sewing, and laundry were highly profitable businesses often run by women (married, single, or widowed) who realized men would pay well for a service done by a woman. Brothels also brought in large profits, especially when combined with saloons/gaming houses.

By 1855, the economic climate had changed dramatically. Gold could be retrieved profitably from the goldfields only by medium to large groups of workers, either in partnerships or as employees.By the mid-1850s, it was the owners of these gold-mining companies who made the money. Also, the population and economy of California had become large and diverse enough that money could be made in a wide variety of conventional businesses.

It really make me think of IM. What do you think?

mikestenger · 08-17-2009, 04:58 PM

Not sure if I fully agree but a good amount does make sense. The thing with IM is that even with all the competition, you can still, no matter when you come in, make a really good income. What matters is how you market and how you position your product/service.

Side note: You might have posted this question in the wrong forum ;-)

Paul Ho · 08-17-2009, 08:31 PM

Hey this is pretty interesting, never thought about it that way before.. I say yes it is similar in some ways but ultimately IM will be here to stay because of its many products and services and huge, virtually limitless market.

Web Prodigy · 08-19-2009, 01:22 AM

IM is the largest way of free communications in today world and it is making a lot of money like the first people that discovered gold in the XIX century.

Jack Chua · 08-19-2009, 01:34 AM

It can be related. Although in IM hard work and mind focus is very crucial and not to mention the right timing. As long as there is a good effort then IM can succeed. Plus a great product then nothing can go wrong.

08-17-2009, 12:25 PM	#1
SuperRyan Problem Solver War Room Member Join Date: Apr 2009 Location: Planet Earth Posts: 192 Thanks: 14 Thanked 71 Times in 17 Posts Contact Info	Does IM a modern form of Gold Rush? Here is an interesting exerpt from Wikipedia about the Californian Gold Rush in 1849: Although the conventional wisdom is that merchants made more money than miners during the Gold Rush, the reality is perhaps more complex. There were certainly merchants who profited handsomely. The wealthiest man in California during the early years of the Gold Rush was Samuel Brannan, the tireless self-promoter, shopkeeper and newspaper publisher. Brannan alertly opened the first supply stores in Sacramento, Coloma, and other spots in the gold fields. Just as the Gold Rush began, he purchased all the prospecting supplies available in San Francisco and re-sold them at a substantial profit. However, substantial money was made by gold-seekers as well. For example, within a few months, one small group of prospectors, working on the Feather Rive in 1848, retrieved a sum of gold worth more than $1.5 million by 2006 prices. On average, many early gold-seekers did perhaps make a modest profit, after all expenses were taken into account. Most, however, especially those arriving later, made little or wound up losing money.Similarly, many unlucky merchants set up in settlements that disappeared, or were wiped out in one of the calamitous fires that swept the towns springing up. Other businessmen, through good fortune and hard work, reaped great rewards in retail, shipping, entertainment, lodging, or transportation.Boardinghouses, food preparation, sewing, and laundry were highly profitable businesses often run by women (married, single, or widowed) who realized men would pay well for a service done by a woman. Brothels also brought in large profits, especially when combined with saloons/gaming houses. By 1855, the economic climate had changed dramatically. Gold could be retrieved profitably from the goldfields only by medium to large groups of workers, either in partnerships or as employees.By the mid-1850s, it was the owners of these gold-mining companies who made the money. Also, the population and economy of California had become large and diverse enough that money could be made in a wide variety of conventional businesses. *It really make me think of IM. What do you think?*

08-17-2009, 04:58 PM	#2
mikestenger Business Connoisseur Join Date: May 2009 Location: Cincinnati, OH Posts: 139 Thanks: 16 Thanked 38 Times in 33 Posts Social Networking Contact Info	Re: Does IM a modern form of Gold Rush? Not sure if I fully agree but a good amount does make sense. The thing with IM is that even with all the competition, you can still, no matter when you come in, make a really good income. What matters is how you market and how you position your product/service. Side note: You might have posted this question in the wrong forum ;-)
	-Mike Small business advice, life shenanigans & more Twehab - Twitter tips, Twitter tools, & news Like what I posted? Did it help you out? Thanks meh

08-17-2009, 08:31 PM	#3
Paul Ho HyperActive Warrior War Room Member Join Date: Feb 2008 Location: Planet Earth Posts: 194 Thanks: 12 Thanked 22 Times in 11 Posts	Re: Does IM a modern form of Gold Rush? Hey this is pretty interesting, never thought about it that way before.. I say yes it is similar in some ways but ultimately IM will be here to stay because of its many products and services and huge, virtually limitless market.

08-19-2009, 01:22 AM	#4
Web Prodigy Active Warrior Join Date: Feb 2009 Posts: 45 Thanks: 0 Thanked 4 Times in 4 Posts	Re: Does IM a modern form of Gold Rush? IM is the largest way of free communications in today world and it is making a lot of money like the first people that discovered gold in the XIX century.

08-19-2009, 01:34 AM	#5
Jack Chua HyperActive Warrior Join Date: Jul 2009 Posts: 235 Thanks: 19 Thanked 16 Times in 16 Posts	Re: Does IM a modern form of Gold Rush? It can be related. Although in IM hard work and mind focus is very crucial and not to mention the right timing. As long as there is a good effort then IM can succeed. Plus a great product then nothing can go wrong.
	Jack Chua Professional Appointment Setter