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CHAPTER 3 THE MILLION-DOLLAR BUSINESS IDEA

To help you to find creative solutions and a new way of doing
the business you are in or intend moving into, you can use
the MACES technique. In fact, I would say that most companies
innovate new solutions based on applying MACES to existing
products/ services or businesses. MACES is an acronym that
stands for:

M- Magnification or Minifying
A- Adapt to a Different Context
C- Combination
E- Elimination
S- Substitution

Let me give you some examples of businesses that have used
MACES to create their competitive advantage.

1) Magnifying/ Minifying

Magnifying and minifying as the term implies involves taking
an existing product/ service and making it bigger or smaller.
Borders built their brand and competitive advantage by
positioning themselves as the biggest bookstore with the largest
selection of books. They took the traditional bookshop and
applied magnification to it.

The same technique was used by convenience store operator
John Thompson. Many people were frustrated that most
convenience stores did not open before 10am and were
shut after 7pm (in most US cities). There was no way they
could get essential home supplies or groceries out of the
usual operating hours. John Thompson saw this and magnified
the operating hours of his convenience store to become
the first of its kind to be open 24 hours. 7-Eleven is now a
worldwide brand.

92 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES