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CHAPTER 2 THE SUCCESS FACTORS OF MILLIONAIRE ENTREPRENEURS

aspect of the business, they would therefore know how to run
a business that does that technical work (a famous quote by
business guru, Michael Gerber).

In other words, they assume that just because they know how
to cook well, it means they can run a successful restaurant.
They assume that just because they can teach well, it means
they can run a successful learning centre. They assume that
just because they are great at cutting hair, they can run a
successful hair salon.

Nothing could be further from the truth. In reality, the chef
who may be great at cooking will end up opening a restaurant
and find out that he knows very little about marketing, branding,
managing and training staff. And he probably knows even
less about operations, cash flow management, accounting
etc… From being great at his job as a cook, he becomes
totally incompetent and lost as an entrepreneur.

What’s worse is that this Chef will probably spend most of
his time in the kitchen doing the operational work of
preparing food, cooking, tasting etc… (because that is what
he knows how to do). As a result, he will not spend essential
time on all the other important facets of the business --
like marketing, finance, brand development, customer service
and management.

Then even if the business grows, food quality will begin to
drop (he lacks the ability to recruit and train other cooks),
service standards will become inconsistent, accounts will be
in a mess, cash flow issues will emerge, employee problems
will start to occur, sales will start falling, costs will start rising
and soon enough the business will go bust! What I just
described is the typical scenario that happens to most people

SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES 59