Perhaps there are monopolies in almost every industry one can imagine. Even when one company does not necessarily have a complete monopoly they may share the market with some other large companies to control the marketplace and fix the price for a product or service. Products and services do not need to always be tangible.

Domain names and hosting service providers are a form of non-tangible products and services. These virtual items, which seem only to exist electronically are very real. Nowadays internet advertising comprises the majority share of advertising space for marketing of products and services. Due to many consumers owning a smart phone or other cell phone, tablet or laptop, many purchases occur online. Goods can be shipped and delivered by courier or mail.

We are not here only dealing with technological products or services being bought online. Supermarkets sell non-perishable goods online and in some cases even offer free shipping of the purchased items. Other supermarkets may levy a small delivery fee, which may be waived if the order is greater than a set amount.

It matters if any type of commodity is bought or sold and even more so it matters who sets the price for it. In the realm of intellectual property; as is sometimes the area of trademarks and copyrights; domain names are big business. How large you ask? Trillions of dollars are spent yearly on domain names (website urls), which may consist of a few to many letters. That is correct, major money is being spent on words. Why has this phenomenon emerged as a supersized industry? Perhaps due to the purpose or function of the right domain name containing within it a great phrase or keywords, which are regularly searched for on the Internet.

Every opportunity to put products in front of consumers is worth its weight in gold. There are many domains that sell for more than bars of gold. Some domain names can fetch more than $20 million or even more. Whatever the market will bear it does so and does it quite well. Who regulates and monitors what is going in the marketplace of cyberspace?

There are registries that create domain extensions for domain names and registrars who sell the domain names and there is an oversight organization for Internet names. But who is really minding the store? Is the domain industry monitored as are stocks and commodities? A domain name is really a commodity, because its value can increase with the passage of time and due to the scarcity of the phrase being available on a popular extension. Domain names can initially be sold for as little as $1 and amass to be valued at over $1 million dollars or more. A commodity that can almost instantly appreciate one million times its value just by being purchased and containing the right phrase or combination of letters is a ‘hot commodity’.

Is it reasonable to allow this industry to be self-regulating? Registries can set the price(s) for their extensions and registrars can mark this price up. Moreover, domainers (investors who buy domain names to resell or flip) can buy a domain for a few dollars and them immediately list it for sale for thousands of dollars. Does the government, securities commission or any other organization monitor this industry for price-fixing or insider trading? An inside trade could occur in this type of scenario. A certain domain extension is set to released and registrars notice that certain words are being excessively searched. Thereupon realizing this phrase is popular the domain name is taken out of reach for the public to purchase and the domain is relisted as a premium domain. Who would notice? No one is minding the store in the realm of cyberspace!

Like a mirror of your reality, he will project a crystal clear image, which is really only an empty shell. The confidence man weaves stories into believable truths. He will proclaim he has earned large sums of money and sell you on how you can too! All that is required is for you to give him all that you have to share in his wealth.

Similar in nature to a Ponzi scheme or pyramid scam, he layers his stories of fanciful fiction high upon a hill of beans. Fools are taken in by the swift demeanor, skillful prose and focused gaze of the confidence man.

There is even a theory that explains how fools or unsuspecting people are taken in by the ploys of the confidence man.

The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants.^[1] A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price.^[2][3][4] In other words, one may pay a price that seems “foolishly” high because one may rationally have the expectation that the item can be resold to a “greater fool” later.[i]

Confidence schemes were made famous in the movie Matchstick Men. In this film the confidence man is made to seem as a loveable character by portraying him as a loving father. First among the features of the swindler is the style factor. Dressing well and always being the process of creating or growing a business are the telltale signs of a scammer. How can one always be creating a new business? It is the seemingly constant growth process that lures the potential partner in.

If a business is in growth mode, then everyone wants to join in to reap the future rewards. Even companies utilize this sham process, in continuously posting job vacancies in store windows. By always seeming to be in hiring mode, the mask of growth is proudly worn by these businesses.

[i] https://en.wikipedia.org/wiki/Greater_fool_theory

Perhaps you feel a sense of obligation to tip, based on a standard practices in the food and beverage industry, which promote a gratuity of 15% or so. Some restaurants and bars include this set gratuity on bills. What if you want to leave a higher tip amount, would you need to justify or explain so doing? Can you in good conscience leave lower tip amount, if you are displeased with the service or food or beverage you received?

We know that servers – whether they are waiters, waitresses or bussers – rely heavily on tips to balance their income. They are paid low salaries from restaurant or bar owners. Therefore, can one choose not to tip? If one does not tip, for whatever reason, is one wrong is so doing?

It is likely that one will receive poor service or no service if one returns to the same eatery or bar, if one is known to be a cheapskate who does not tip. Even if one received poor service, one should still tip their server and choose to not return to that establishment again, or to request a different server for their next meal at the same place.

Possibly, one can be assured of the highest standard of service if one tips their server at the onset of the meal. It is not uncommon for patrons to tip a host or hostess, upon entry into a bar or eatery to be ensured a great seat or favorite table. This being the case, it is not bizarre to tip a waiter or waitress at the start of meal to ensure that one will get the best service. One could also send a tip to the chef or cook to promote confidence in the preparation of one’s meal and ensure its expedient creation. One can tip bussers at the start of the meal to encourage swift service for water and drink refills and bread basket replenishments, as well as for prompt clearing of dishes throughout the meal.

Be a good tipper. Tip in advance of your meal or upon entry in a bar or eatery. Tip more than the industry standard. Tip in cash for easy tip pooling of servers.

If you purchase Web Design or Digital Marketing services from an offshore provider, then you or your company may save money initially, but may conversely pay big time later on. Every person needs to earn a living. While professional service providers may reduce their prices to gain new clients, they are only willing to do when they have few or no clients. It is in order to become a competitive company that business will offer a discounted rate on fees. Once the company is stable and has a credible roster of clients the company will likely bill at rates that are the norm in the industry.

The same scenario could be said to be accurate for manufacturing. Big automotive companies are well known to outsource the production process for building a vehicle. Parts will be made individually in countries where unions are not strong or non-existent. Wages will likely be lower when no union is present to adequately represent the needs of workers. Therefore, parts will be produced at lower cost than if made locally. The cost of materials may or may not be cheaper if outsourced. Workers will be the main focus in this exploration of business practices.

Eventually less developed countries, which lack a strong union presence, will become more developed and the cost of wages will grow to be on par with local standards. This theory is applicable to all types of services, including production of parts and onsite complete manufacturing of products. There must a reason why only the manufacturing of parts is outsourced, while the completion of the production process is retained locally. Perhaps because the standards for a quality product are only ensured by local workers and local technology, using exemplary quality control practices.

To outsource a production process and / or a service for Web Design and Digital Marketing is a temporary fix to a broken issue of project management on a global scale. If salaries of top executives were perhaps on par with their work responsibilities, then more money would be available to be used to support the salaries of local workers to produce quality products in the country where the products will be purchased. The same model could be applied to any service.

Survival in business requires that one be savvy at investing, direct in negotiations, exercise precision in every transaction. To be heartless and ruthless may not sound nice. But are business professional who exhibit these traits successful in commerce?

Let us take an example of prospecting a potential client. If the client tells you that they are not interested in your products or services at the present time, but that they want you to follow up with them at some set time and date. Imagine that you do follow up as agreed only to be told that the client will let you know if they are interested in doing business and will contact you when ready to proceed with deal. Due to the shyness or lack of business savviness of your prospective client you have lost time and banked on receiving money that was not every possible to acquire. Did this person steal your mind? Perhaps, only if you really invested your mind in the possibility of a deal.

The above example may seem silly. But it illustrates the main point being put forth, which is should one decided to put one’s emotions into business dealings, then one will always lose, at some point in their commercial career.

While the characters in Ayn Rand’s Atlas Shrugged and other objectivist novels may seem heartless and robotic, true capitalist’s practice this mindset regularly to stay immune to the many diseases running rampant in the realm of commerce!

Being direct and to the point may seem blunt and rude in one’s interpersonal communications, but it is acceptable when money is at stake. Better to offend the feelings of another by being direct and to the point, then to risk misleading another; including oneself. One must weigh hurt feelings against an empty pocketbook.

Keeping your bank account in the plus is more valuable than worrying about minuses in social graces in the business arena. Be diligent, scrupulous and thorough on all terms of a business deal. Have all terms in writing, to be reviewed often prior to signing. Even for small deals, one should utilize the services of a competent lawyer. Surely, being cheap is very expensive!

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Is it a good idea to put all information about a business in a code? If you want potential customers to be able to show up at your office or production location, then it is perhaps alright to include the geographical or ‘brick and mortar’ address in the QR code. If you want potential customers to find your company on the World Wide Web, then you would want to include your website address in the Code. You could also include text that contains a brief synopsis of your business operations and a tagline or promotional text.

Every person, just like every business, also has a QR Code or Bar Code. Everyone has an identifier by which they are known at first glance. There are a few set characteristics by which one is categorized, defined and also evaluated. One’s economic standing, ancestry, ethnicity, appearance and personality all shape the perception others have of oneself. At one glance one is ‘sized up’ and processed in people’s minds.

Other factors can also determine the impression one leaves on others, such as; how one greet others, the inflection or projection of one’s voice, one’s posture and the stride of one’s step. One can walk in so many varied ways that there are more than 60 styles of walking.[1]  Everything about oneself provides an explanation of who one seems to be, either in actuality, or least in the mind’s eye perception that others have about oneself. Does one’s self-perception affect or influence how others see oneself? Does charisma play role in one’s self-estimation and in the valuation of one by others?

Your calling card to the world is your QR Code. How you look and how you speak – even more than what you say – may speak volumes about who you are in the view of others. Be sure that you know your QR Code and be certain that you are display the characteristics you want to be read, at first glance / scan.

[1] http://www.dailywritingtips.com/60-synonyms-for-walk/

This made me wonder: Why is there not a Domain Name Stock Exchange where shares could be sold in Domain Names and Websites on a common market? Also, real time valuations of domain names could be posted on a ticker tape across the screen or be retrieved through search. Links to various WhoIs? databases that list who owns domain names and the registrar’s where they are housed could be posted on the main page of the portal. 

As well, a directory listing of Domain Name Brokers could be contained on a set page of the website. Marketer’s of Domains, Web Designers and Graphic Designers could advertise their services on the website and / or also be included on a directory page. The Domain Name Exchange would, in essence, be a virtual stock exchange and warehouse of domain name, as well website services.

Domain names are a form of virtual property that exist digitally, but are still and address for businesses to market their products and services to potential and regular customers. As such a medium of business communication, domain names require brokers and agents to be sold and / or leased. It amazes me that there is, not as yet, a portal such as Domain Exchange or platform where Agents and Brokers can list and promote domain name and website properties to the public.

Domain names are big business. Some domain names have sold for many millions of dollars, while other domains sell for hundreds of thousands of dollars, almost on a daily basis. While there are high prices for exclusive domain names, high commission rates can be earned by broker and sales agents who would manage the sales transactions for these items. Traders who would buy and sell domain names on behalf of clients to amass and liquidate portfolios could also earn substantial commissions on trades.

There needs to be a Domain Exchange, similar to a stock exchange where domain names could be sold in real time. Pre-registration and priority pre-registration of generic Top-Level Domains is a similar process to futures trading for commodities. Who will develop the Domain Exchange? Perhaps you will be the next internet innovator.