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CHAPTER 3 THE MILLION-DOLLAR BUSINESS IDEA

program, how to generate leads, how to price your program,
how to get people to sign up, how to deliver the program well
etc… You may have a passion for presenting seminars like
me, but if you don’t have this specialized knowledge (which
took me years to acquire), you will not be successful.

Similarly, I may have a passion for good food (and it’s hard
to find a Singaporean who isn’t crazy about food) and
daydream about going into the restaurant business. However,
I know that I lack the specialized knowledge of how to get the
right location, how to get the best suppliers, how to get the
best cooks, how to create an enticing menu, how to create an
attractive ambience, how to manage my costs, how to price
my dishes etc… If I were to open up a restaurant, I know that
I will have little chance of success, no matter how successful
I am in the education business.

So, I strongly advise you to only go into a business where you
have already acquired specialized of the industry. If not, it
may take years of trial and error and hundreds of thousands
of dollars in losses before you find out what works. And I am
sure you don’t have the time and the money for that.

You may be wondering how you can acquire this specialized
knowledge. Well, there are only two ways. The first way is
to work for one of the market leaders, for at least 1-2 years.
By working for the best, you will have the opportunity to
learn the best practices and strategies within a very short
period of time. In fact, I would say more that 90% of successful
entrepreneurs worked for a successful company, before
starting their own company in that very same business.

The same goes for me. Before I started Adam Khoo & Associates

80 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES