Page 93 - merged.pdf

CHAPTER 3 THE MILLION-DOLLAR BUSINESS IDEA

business in a totally different way, you will find that you will
have NO DIRECT COMPETITION. Let me give you a real life
example.

For years, schools in Singapore hired external vendors to
conduct after-school enrichment workshops for their students.
Like any other industry, the competition for securing contracts
for school projects has become extremely competitive. There
are hundreds of players and each school receives hundreds
of fax proposals every week!

Vendors typically charge $10 per student for a 3-hour workshop
on topics such as ‘creative thinking,’ ‘study skills,’ ‘social
etiquette’ or ‘time management’ etc… When I entered this
market 10 years ago (under my previous company ‘Adam
Khoo & Associates (Asia),’ I knew that I had to position &
deliver my program in totally different way. If I offered the
same $10 per student for 3-hours package, I would be killed
instantly by all the competition.

Instead, I asked myself what the problem was with all these
3-hour workshops. What needs were they all not meeting?
The answer was ‘Impact & Sustainable Results’. The shortcoming
of these workshops is that within a 3-hour time-frame it is 1)
unrealistic to create any measurable change in attitudes and
2) students need more time to really master and apply the
skills taught. In fact, all too often, the workshops were being
conducted for the sake of having filling up the allocated
enrichment time. Students could not derive lasting benefits
from these workshops.

So, I decided to become the first training company to offer a
3 full-day program (8am-9pm) that would transform
students’ attitudes towards their studies, their family

84 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES