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Advice for the Entrepreneur: Lee’s Tip #268

Lee's Tips,Seller Resources

Good poker players know when to hold ’em, and they know when to fold ’em. But either way, when they make that decision — usually within a few seconds to a minute — most of the time, they take a risk. The only time they know for sure they have a winning hand is when they have “the nuts”. That’s when poker players know they have the highest hand possible and that no one can beat them.

It’s the same with small business owners, except you’re holding merchandise instead of playing cards. Using a combination of your system plus your intuition can get you through this challenge.

Holding on to inventory is tricky. When should it be sent to the discard pile? Experts disagree on when to fold ’em, so it’s up to you to make decisions based on your own needs and sensibilities. Some sellers give listings a time limit: for example, 60 days or one year. Some don’t like to carry much inventory at all. Others keep certain rare and/or unusual items listed forever, waiting for the right buyer.

Consider the case of Weazie the texidermied weasel, who was listed for more than a year. Finally Weazie sold for $200+! Her seller just knew there was that one right person. She used her intuition. Use yours for certain rare or otherwise special items, along with a regular system for more commonplace stuff, and you’ll be fine.