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CHAPTER 3 THE MILLION-DOLLAR BUSINESS IDEA

extended workshops like I have (remember my talking about
the trade secret earlier on?)

A Unique, Sustainable, Competitive Advantage:
The Third Ingredient

So, you can see that in order to become one of the best in
your field, you have to conduct business in a totally different
way. When I talk about being different, I am not just talking
about having a different brand name, having more snazzy
ads, lower prices or slightly modified versions of the same
product/services. All these perceived differences that companies
attempt to create are superficial and not powerful enough to
keep the competition at bay.

What you must create for your business is a ‘unique and
sustainable competitive advantage.’ A competitive advantage
is a special way of doing business that sets you apart
from the competition. However, for it to be effective, it has
to be unique and sustainable. What this means is that it
must be an advantage that cannot be easily duplicated by
your competitors.

In my business, my competitive advantage is our team’s
delivery of life transformational programs. This cannot be
easily duplicated because many of my strategies & methods
are legally protected by copyrights and trademarks. In
addition, my unique method of program delivery is extremely
difficult to learn. My trainers are among the top 1% of speakers
in Asia (we usually turn down 100-200 applicants before
finding one that meets our rigorous standard) and they are
required to undergo 14 months of training before they
can do the job.

86 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES