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THE
MILLION-DOLLAR
03BUSINESS IDEA
CHAPTER

The first and most commonly asked questions that
aspiring entrepreneurs have is, “What business should I
go into?,” “What kind of business should I start?” or
“What is the hottest industry – the one where I have the
greatest chance to succeed in?”

Find and Ride the Latest Business Trends?

In finding the answers, some people look for the latest trends
and attempt to jump onto the bandwagon for some fast profits.
“Where is everybody making money right now? Let me do
the same thing!”, they say. The problem with going into trendy
businesses like bubble tea, doughnut shops, specialized coffee
shops or massage spas is that these trends just don’t last.

After a while, hundreds of copycat businesses will pop up,
driving prices down and eroding profits. Eventually, as the
fad fades, the hot demand will decline and those businesses
without a strong competitive advantage will be stranded with
hundreds of thousands of dollars in debt, and be forced to
close down.

Hope to Create a Revolutionary Product?

Some people think that the best way to start a successful
business is to invent a revolutionary product and create a
new market for it. The truth is that most businesses that begin
with revolutionary products often fail!

SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES 69