How Do You Make Money And Succeed In Business?
56101
Business
Nov 21, 2007
ayrhaven
How Do You Make Money And Succeed In Business?
I've been to so many businesses and I've discovered that when you are in the right business, every one hour of effort you make millions of dollars. If you are in the wrong business, the wrong industry, you can put in a hundred thousand hours of effort, and no money will come in. So you must be in the right industry, in the right business. There are just certain businesses that are really hard to make money and certain businesses which are really easy to make money. A criteria which is very important is market size. There must be a market for the product. There must be a huge market. It must be something that if not everybody, a lot of people will want and need the product. Like for example, every time I pass by an antique shop, I ask myself who goes into the shops? I know there are people who buy antiques but it's just not mass appeal. It's so hard to sell that one white elephant. I remember the last time I was browsing in a shopping mall. Someone started an insect shop. I asked myself this question. How many people would like to go in there and buy a dead insect? Sure and soon enough it closed down. My cousin started a shop selling Star Wars toys. It closed down. Reason being the market is just not big enough. It's got to be something which is big enough. I always believe that you should never go into a business unless you can be number 1, number 2 or at worst, number 3 in the business. You know why? Because any industry you enter is so competitive, that everyone is struggling just to survive and it's only the few who are making money. So if you cannot be the top 3, don't go into the business. The reason why my company is making a lot of money is because, in the kids' motivational market, we are number 1, Let me give you a few examples to further illustrate this point. Shichida is number 1 in brain-based learning for little kids, which is not my category for my own business. If I were to enter the fray, we will get killed by them because they are number 1. Another example is Dell who is number 1 in the direct selling of computers. Dominoes Pizza, in the States, they are doing very well because they are number 1 in delivery, and Pizza Hut is number 1 in the sit down arena. Swatch is number 1 in colour watches. There are many cosmetics shop around but Bodyshop is number 1 in natural cosmetics. The point is that you must be number 1. Now, some people say, is it difficult to be number 1? By the way, I learnt this from Jack Welch. He said if you cannot be number 1 in the business; don't go in there because you are not going to make money. Remember, in order to succeed and make the most money out of your business, you have to make sure that your service or product has got a great demand or market appeal for it. And not forgetting, you have to be at the top or be among it in order for your business to thrive and succeed.
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE bonus CD '6 Ways To Achieve Anything In Life' at Paving The Way To The Top.
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