It is an unfortunate sign of our times, but entrepreneurs and senior citizens have something in common — they are easily identifiable targets for scam artists.

Both groups find themselves in an atmosphere of increasing economic uncertainty coupled with the reality of diminishing ability to impact events. From this perspective desperation springs and with it financial opportunities for wily predators. A person dying of thirst will pay a lot of money for a glass of water.

Fortunately both targeted groups can profit from applying a few basic rules and sticking to them.

The first is that if it appears too good to be true, it is. People claiming unrealistic returns on invested money or unrealistic results from a “revolutionary” sales program tap into an almost universal element of hope for improvement. They are clever enough to position their solutions as “logical” paths toward the realization of their victims’ dreams or solutions to their apprehensions.

These thieves are able to position their snake oil as an individualized solution that is not only the best, but perhaps the only solution to the current predicament. To a desperate person about to lose his or her home or business, this can be music to their ears.

The second rule to remember is the acronym TANSTAAFL: “There Aint No Such Thing As A Free Lunch!” Whether investing or running a business, sustained success is always founded on hard work and discipline.

While the vast majority of people seem to intellectually understand this, every day someone disregards the admonition and another scam artist makes off with their money. You have to ask yourself, “Why?”

I suspect that this occurs because every one of the suckers felt that this rule applied to everyone else but them. Their personal pride enabled them to believe that they could never fall victim to such an approach and their anticipated business benefits would accrue due solely to their superior business acumen. The names Madoff, Stanford and Ponzi spring to mind.

So what can we do, given that we all feel the need to take some positive action in this very turbulent time? How do we maintain a mindset open to new ideas without being sucked in to the trap of false promises?

First, make up your mind that you will make no snap judgments, no spur of the moment decisions for any new programs. If it is a good solution for today’s problems, and today’s problems are not going away tomorrow, then you have plenty of time for consideration.

Second, reach out to others whose opinions you respect and ask them what they think of it. The challenge here is one of personal ego. The logic of the small mind says that if I ask you for help, then this implies that I don’t know the answer; therefore you must be smarter than me. Isolated ignorance is a huge opportunity for scammers.

Finally, always try to tie the “solution” costs to the benefits that are being hawked. If it will do everything they say it will, then there is no risk to the seller by connecting the results to payments.

In this uncertain time, try a hefty dose of skepticism. It might just be the right medicine to help you hang on to your hard earned money.

John F. Riddell Jr., director of the Center for Entrepreneurial Growth-Hamilton County, writes each Tuesday about entrepreneurs and their impact on companies and the marketplace. Submit comments to his attention by writing to Business Editor John Vass Jr., Chattanooga Times Free Press, P.O. Box 1447, Chattanooga, TN 37401-1447, or by e-mailing him at business@timesfreepress.com