Page 67 - merged.pdf

CHAPTER 2 THE SUCCESS FACTORS OF MILLIONAIRE ENTREPRENEURS

our marketing and distribution strategy regularly (i.e. entering
the Singapore schools market), we would not be the
market leader in personal development training in Asia.
Another competitor would have caught up and blasted us
away to oblivion.

Successful entrepreneurs know that it is impossible to maintain
their position in the market today by doing the same thing
year in, year out. Your business is either expanding or
contracting. It is either growing or going downhill. The reason
is because every factor around your business is changing by
the day. Customer’s expectations increase constantly,
competitors improve constantly, employees work habits change
constantly and so forth. So if you keep doing business the
same way, you are not maintaining the status quo, you are
slowing dying and will eventually be replaced by a better-
run business in your field.

Now that you know the three major components of the
Entrepreneurial Mindset, let’s focus on the skills set required
for success.

II. The Entrepreneurial Skills Set

What is also critically important in building a successful
business is to have the entrepreneur’s skills-set. The main
reason why the majority of business owners fail (over 90%)
is because most people who start a business have no idea of
how to build and run a successful business. They lack the
critical skills sets.

Then, why do they start businesses? What makes them think
they can succeed? Well, what kills most people from the start
is an assumption they all make. And it is a ‘fatal’ assumption.
They all assume that as they know how to ‘do’ the technical

58 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES