[Vominhhieu.com] - Adam Khoo - Secrets Of Building Multi-Million Dollar Businesses

Secrets of
Building
nlulti-Million
Dollar Businesses
ADAM KHOO
How TO TAKE AN IDEA FROM STARTUP
TOIN 18MONTHS...
WITH MINIMAL CAPITAL
National Best Selling Author of
Secrets of Self-MadeMillionaires

Secrets of
Building
Multi-Million
DollarBusinesses
How to Take An Idea from Startup to
A Million Dollars in 18 Months...With
Minimal Capital
Adam Khoo

Published by Adam Khoo Learning Technologies Group Pte Ltd10 Hoe Chiang Road
#01-01 Keppel Towers Singapore 089315
All right reserved. No part of this publication may be reproduced, storedin a retrieval system,
or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording
or otherwise, without the prior permission of Adam Khopo LearningTechnologies Group Pte
Ltd.
This book is sold subject to the condition that it shall not, by way of trade or otherwise, be
lent, re-sold, hired out or otherwise circulated without the publisher’s prior consent in any
form of binding or cover other than that in which it is published andwithout a similar condition
including this condition being imposed on the subsequent purchaser.
Copyright ©2008 by Adam Khoo LearningTechnologies Group Pte Ltd
ISBN: 978-981-08-1478-6
Cover, Design & Layout by: Seven Gallery Design & Consultant Edited by: Betty L.
Khoo Project Coordinator: Chris Shia Illustration by: Teo Aik Cher
Printedin Singapore
ABOUTTHE ILLUSTRATOR
Teo Aik Cher is an educator whose words and illustrations have been
featured in numerous publications. He has illustrated for Adam
Khoo’s best-selling books ‘Secrets of Millionaire Investors’ and
‘Nurturing the Winner & Genius in Your Child’; the Speak Good
English booklet ‘Speak Well, Be Understood’; illustrated and wrote
for the first and second Singapore Kindness Movement books. His
cartoons are also featured regularly in the Chinese Newspapers Lian
He Zao Bao where he has a weekly weekend column.
He is the author andillustrator of two best-selling books ‘Why Procrastinate?’ and‘Why Take
Action?’ which have been featured in Teenage magazine. He was also interviewed on 938
Live.
Aik Cher is also a Graduate of Conrad’s Wealth Academy Pattern Trader Tutorial.
He can be reached at teo.aikcher@gmail.com

Also By Adam Khoo
I Am Gifted, So Are You! Master Your Mind, Design
Your Destiny How to Multiply Your Child’s
Intelligence Nurturing the Winner & Genius in
Your Child Secrets of Self-Made Millionaires
Secrets of Millionaire Investors Clueless in Starting
a Business
DISCLAIMER
This book contains the ideas andopinions of the author. It is not a recommendationto purchase
or sell any of the securities, businesses or investment discussed herein. The author and
publisher are not stockbrokers, broker dealers, or registered investment advisors. We do not
recommend any particular stock, investment or securities of any kind. If particular stock and
investments are mentioned, they are mentionedonly for illustrative andeducational purposes.
Although we have made the best efforts to provide the most accurate and up to date
information, no warranty or guarantee is given regarding the accuracy, reliability, veracity or
completeness of the information provided herein. The author and publisher disclaim any
responsibility for any liability, loss or risk, which may arise as a consequence, directly or
indirectly, from the use and application of any of the ideas, strategies or techniques in this
book.
w
"Even since his undergraduate days at NUS Business School, Adam Khoo has passionately
pursued his entrepreneurial dreams. Today, he is a successful entrepreneur, a best-selling
author, and a well sought-after peak performance trainer."
This book captures the essence of entrepreneurship, integrated with Adam's real-life

Praise for ‘Secrets of Building Multi-Million Dollar Businesses’
experiences as a talented and versatile entrepreneur. He speaks from his heart and
conveys his ideas in a compelling and engaging way. Get ready to be inspired - I have no
doubt that anyone who reads this book, even if it is for leisure, will benefit tremendously."
Professor Bernard Yeung
Dean and Stephen Riady Distinguished Professor of Finance NUS
Business School
"Adam Khoo is an inspiring example of a serial entrepreneur, someone who has
succeeded with multiple ventures in a broad range of areas. This book provides clear and
practical advice that will inspire readers to consider liberating the entrepreneur within,
and will guide them on how to overcome the many challenges they will undoubtedly
face. An excellent starting point for all current and potential entrepreneurs. Strongly
recommended!
Professor Kulwant Singh
NUS Business School
"I am inspired by many successful entrepreneurs. Adam Khoo stands out. Adam brings
positive change in other people's life, yet making money out of it. This is the characteristic
of a true blue entrepreneur."
Thomas Fernandez
Chairman & CEO, PestBusters Pte Ltd
Best-Selling Author, Secrets To Dominate Your Niche
"Adam has the unique knowledge, experience and passion to coach anybody to become
successful in their business and their lives. This book is a must read for anybody who
wants to start a business".
Andy Ong
Chairman & CEO, ERC Holdings Pte Ltd
"Success in business takes passion, hard work and the right combination of business
skills. While many people take years of experience and trial and error to learn these
lessons, Adam's book gives you the priceless opportunity to learn the trade secrets of
successful entrepreneurs within the shortest period of time."
Douglas Foo
Chairman & CEO, Apex-Pal International Limited
Winner, Entrepreneur of the Year Award 2002

Praise for ‘Secrets of Building Multi-Million Dollar Businesses’
Adam Khoo is one of the most successful business leaders that I know today. Ever since
I met him at the Young Entrepreneurs Organization five years ago, he has impressed me
with his ability to capitalize on opportunities and turn ideas into highly profitable
businesses. This book will reveal to you the thoughts, strategies and actions that go
behind building any successful enterprise.
Ong Tze Boon
Chairman, Ong&Ong Pte Ltd
"I have known Adam for a number of years and every encounter or even playing golf with
him is always refreshing. He has the Charisma in attracting people to listen to what he
says and possesses great leadership."
Goh Kai Kui
Chief Executive Officer, Goh Joo Hin Pte Ltd
"If anyone knows how to become a millionaire through entrepreneurship, its Adam. As
an undergraduate not too long ago in my memory, he had shared with me his aim to
make his first million by the age of 25.
Today, he has surpassed that aim many times over. The lessons that he has learnt along
the way, along with the skills he has found useful in achieving his objectives, provide a
case study in the making of an Asian entrepreneur. This book should be a valuable
resource for those who dream to strike out on their own."
Dr. May Lwin
Division Head and Associate Professor
Nanyang Technological University
"Adam Khoo is an extra-ordinary young successful entrepreneur who has benefited from
the business school training he received at NUS. A very motivating person, Adam should
be congratulated for his willingness to share his thoughts on entrepreneurship and to
help the youth in Singapore and the region to achieve their dreams."
Yeo Keng Joon, MBA 1985 Co-chairman,
Startup@Singapore Member, NUS
Alumni Advisory Board

I ll
Acknowledgements
A Big Thank-You to All Those Who Have Shaped & Touched My Life
To my parents Vince, Betty and Joanne who have given me unconditional love and
support throughout the years. To my wife. Sally who has been my pillar of inspiration
and strength. To my two daughters Kelly and Samantha who make me smile everyday.
To my partner, Patrick Cheo, who has been sharing my vision and continually pushing
me to the next level. To my partners Stuart Tan & Gary Lee for joining me on this amazing
mission of empowering lives.
To my trainers Ramesh Muthusamy, Amin Morni, Melvin Chew, Danny Tong, Leroy
Ratnam, Freddy Gomez, Candice Koh, Woei Tang, Yuan Yee, Jeff, Webster Ku, Pamela,
Andrea Chan, Gopal, Ridhwan, Serene Seah, Adeline Wong, Ashok Menon, Joseph Ho
and Cheryl Tham and who keep bringing our programs to a higher level through their
passion and dedication.
who have tirelessly spent all their weekends and late nights working to build the
companies at an incredible rate. Especially to my dear friends Dolly Lee, Ivy Lim, Afdoli
Rahmat, Serene Quek, Siva, Andrew Ling, Katherine Sia, Rossana Chen, JD Lee, Desmond
Eng, Natalie Lim, Leonard Goh, Terence Yao, Irish Ng, Wandy, Fred Tan, Dr. Peter Yan,
Dr. Cheah Yin Mee, Queenie Lim, Pete Tan, Joycelina Fadjar, Yunike Wanti, Sherly Junita,
Henry Aw Yong and Lawerence akalawoo.
I also want to say a big thank you to my amazing Indonesian partners and directors like
Susanna Hartawan, Alien Tan, Sintawati Halim, Carmen Gomez and Anni Bahar. Thank
Yous also go out to my fellow Wealth Academy trainers Conrad Lim and Yeo Keong Hee.
Also to Ron Ianieri and Brett fogle of Options University.
Also to my friends Jovasky Pang, Gary Tan, Kenneth Wong, Dr. William Tan, Andy Ong,
Ong Tze Boon, Aaron Ang, Elim Chew, Douglas Foo, Sam Chia, Goh Kai Kui and Dr.
Dennis Wee.
This book is also dedicated to the hundreds of coaches who have volunteered their time
to continuously come back and coach for the Superkids™, 'I Am Gifted So Are You!™',
'Patterns of Excellence™' and 'Wealth Academy™' programs. We could not have done it
without you!
To all my principals, teachers & lecturers from Ping Yi secondary school, Victoria Junior
College and The National University of Singapore (NUS) Business School who have
played a tremendous part in shaping the person I am today. Especially to Prof. Wee
Chow Hou, Mrs. Lee Phui Mun, Mrs. Ng Gek Tiang, Prof. Kulwant Singh & Prof. May Lwin.
To my mentors and trainers who have helped me discover the true power within myself.
To my first mentor, Ernest Wong who taught me how powerful I really was. To my success
and wealth mentors like Dr. Tad James, Dr. Richard Bandler, John LaValle, Tony Buzan,
Brad Sugars, Robert G. Allen, Michael Gerber and Anthony Robbins all of whom have
taught me the invaluable strategies of wealth and success.
V

About Adam Khoo
iv
Adam Khoo is an entrepreneur, a best-
selling author and a peak performance
trainer.A self-made millionaire by the age
of 26, heownsandruns severalbusinesses
with a combinedannual turnover of$20m.
He is the Executive Chairman and Chief
Master Trainer of Adam Khoo Learning
TechnologiesGroupPte Ltd,one ofAsia's
Largest Public Training Companies and
Education Group. He is also the Executive Director of Adcom Pte Ltd, and a director of the
Singapore Health Promotion Board(HPB).
Adamis also the best-sellingauthor of seven other books including 'I AmGifted,
So Are You!', 'How to Multiply Your Child's Intelligence', 'Clueless in Starting a
Business', 'Secrets of Self-Made Millionaires', 'Secrets of Millionaire Investors',
'Master Your Mind, Design Your Destiny' and 'Nurturing the Winner & Genius in
Your Child'.His books have consistently been placed on the National Best-Sellers
list and have been translatedinto six other languages.
Adam holds an honors degree in business administration from the National
University of Singapore. As an undergraduate, he wasrankedamong the topone
percent of academic achievers and became a pioneer in the Talent Development
Program, which is the university's gifted program. In 2008, he was conferred the
NUS Business School Eminent AlumniAward.
Over the last 15 years, he has trained over 355,000 stud ents, teachers,
professionals, executives and business owners to tap their personal power and
achieve excellencein theirvariousfields ofendeavor.
His success and achievements are regularly featured in regional media like the
Straits Times, the Business Times, the New Paper, Lianhe Zaobao, Channel News
Asia, ChannelU,Channel8, Newsradio938,The Hindu, TheMalaysian Sun,TheStar
and many more. 'The Executive Magazine' ranked Adam among the 25 richest
Singaporeans underthe age of 40 in 2007.

TABLE OF CONTENTS
A Big Thank You About Adam Khoo ii
i
iv
Chapter 1:
The Making of A Millionaire Entrepreneur
3
Chapter 2:
The Success Factors of Millionaire Entrepreneurs
35
Chapter 3:
The Million-Dollar Business Idea
69
Chapter 4:
Building a Business that Works...Without You
101
Chapter 5:
Multiplying Your Business Profits
129
Chapter 6:
How to Generate Millions in Sales and Profits
167
Chapter 7:
Building a Championship Team
199
Chapter 8:
Mastering Your Money
225
Chapter 9:
Growing Your Business Empire
263

THE MAKING OF
A MILLIONAIRE
ENTREPRENEUR

SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES 3
THE MAKING OF
A MILLIONAIRE
ENTREPRENEUR
CHAPTER
Do you have a burning desire to be your own boss; to create, to build
a winning team...to see your brilliant ideas turn into a blueprint for a
successful business?
Well, if you have this burning desire, thenIhave the skills, the real-time
experiences and the burning desire to show you how you can build a
multi-million dollar business starting from scratch.
It doesn't matter where you are in life right now. You may be a
professional in a group practice or institution; a middle, senior
manager or general manager or, you may even be a fresh graduate.
Or you could be the owner-manager of a small outfit and you are
looking for strategies to bring your company to the next level.
The best part is that you don't need to have a huge sum of money to
invest in your start-up business nor would you need a degree from a
prestigious university. Nor would you need to accumulate years of
experience inindustryor commerce.Theymayallhelp but they are not
necessary.
All you need to have is a mind open to learning, an insatiable desire to
succeed and the willingness to work really hard. If you are willing to
make these three commitments, then I can guarantee you that, in a
couple of years, you will be living your dreams.

CHAPTER 1 THE MAKING OFA MILLIONAIRE ENTREPRENEUR
J,
SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES
Intelligence, Hard Work, A Good Education and Years of
Experience As Senior Employee Are Not Enough...
So, why did I write this book? Well, in the last ten years, I have seen so many
people start businesses full of hopes and dreams, only to see them crash and
burn. And these were intelligent, hardworking and passionate individuals,
many of them with business degrees.
So, why did they fail? Well, simplybecause intelligence, passionand hardwork
are simply not enough to build a successful business. I have found that to
become a successful entrepreneur, you have to possess a specific set of
mindsets and skill sets. In the next chapter, I will share with you exactly what
these are and how you can begin to acquire them for yourself.
The majority of people fail in business because the mindset and skill sets
necessary to become a millionaire entrepreneur go against what we have
learned or have been conditioned to believe from school and at the work
place.
For example, in school and at the workplace, most people are conditioned to
blame something or someone in the hope of not being BLAMED, shamed and
punished, when something goes wrong. As an entrepreneur, the buck always
STOPS with You. Unless you take a hundred percent ownership and
responsibility for everything that happens, you will never have the
power to create the successful business you want.
In schooland in the workplace, we are also conditioned to believe thatfailures
and mistakes are unacceptable. After all, if you fail or make a mistake, you are
scolded, ridiculed or

A
even punished. And yet, daring to make mistakes and daring to fail is the key
ingredient of being an entrepreneur. Millionaires believe that failures lead to
learning experiences that eventually lead to success. They believe that unless
they take action and make mistakes, they will never know what works or
doesn't work. People who are so afraid of making mistakes or failing will not
last three months running a business!
In schooland inthe workplace, we are rewardedwhenwe conformto the rules
and culture that has been set. We are taught in school that there is only one
right answer and it is found it the textbooks. We are told to 'do as you are
told,' 'don't question,' 'don't rock the boat,' 'don't act smart' etc...
And yet, the only way you can beat the competition and succeed in business
is to think differently; to challenge and break the norms (of, 'this is the way it's
always been done') and to even create new rules (within legal & ethical
boundaries ofcourse), of doing business.
In business, doing whatever everyone does and following the crowd will see
you go bankrupt really fast. Innovating a new and better way of doing things,
one that no one has ever done before is the X factor that will make your
business a success.
This is why it is not uncommon to see people with PhDs and Masters Degrees
fail in business while many college dropouts like Bill Gates (Founder of
Microsoft), Larry Ellison (CEO of Oracle), Steve Jobs (CEO of Apple), Richard
Branson (CEO of Virgin), Anthony Robbins (World's #1 Success Coach) and
Michael Dell (CEO of Dell Computers) become creators of billion dollar
empires.
I amdefinitelynot implying that having a formaleducationis bador thatbeing
anemployee firstis notuseful. In fact, I think that going to college is extremely
rewarding and useful. I also believe that working for someone else first will
allow you to learn from other people's experiences and accelerate your
learning curve. This is precisely why I chose to finish my business degree at
NUS and excel in it at the same time.
However, what I am saying is you must not allow your mind to be conditioned
with some of the limiting beliefs and attitudes that a formal education may

J,
6 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES
bring. As you work for someone else as an employee, avoid thinking like an
employee and getting into the employee's mindset. Instead, think and work
like the boss...as if you own the business.
In the table belowIhave illustrated the difference betweenthinking and acting
like an employee and thinking and acting like an entrepreneur.
Employee Mindset Entrepreneur’s Mindset
Finds an excuse or something to
blame when things go wrong
Takes responsibility for mistakes
and change to make things
better
Just do my job. Everything else
is not my problem
Everything that affects the
business, affects me. Everything
that affects the business is my
concern
Fearful of making mistakes and
failing
I dare to venture & accept failure
& making mistakes because that is
how I learn
Follow the crowd. Do what
everyone else does and you
cannot go wrong
Challenge the norm. Think and
do things differently. Better to
perish in attempt than languish
in mediocrity
Wait for things to happen and
then react. Don't act smart and
spoil the market.
Makes things happen. Thinks
ahead and takes the
initiative...thinks of problems as
Challenges
Likes the comfort of familiar
routines/tasks and hates to change
Relishes constant change and the
challenge of making things better
- even turning adverse situations
around.

A
In order to fully benefit from this book and to become a millionaire
entrepreneur, youhave to emptyyour mind and unlearn some ofthe Attitudes
and Beliefs you have learnt at school, university or from working for someone
else. (Unless that someone is a dynamic and successful employer.) Only when
your mind is freshand opento learning, canyouthendevelop the millionaire's
mindset!
My Journey As A Millionaire Entrepreneur
So, how did I get to be where I am today? Many people are often awed at how
I managed to make my first million by 26, become financially free at 30 and,
by 34, build a portfolio of over seven businesses, spanning seven countries
and grossing over S$30 million annually.
People often ask me questions like, "How did you start with no capital?" "How
did you develop the mindset and the skill sets?," "Where do you get your
drive?" and "Where did get your ideas" and " How did you get started?"
In the rest of the chapter, I would like to share with you how I got started, the
lessons I learnt along the way and how you too, can use this blueprint for your
own success.
Born Rich Or Poor? Does It Make a Difference?
Do you think it is more advantageous to be born into a rich family? Well, if
you think, 'Yes,' know that in the New York Times Best-Selling book, 'The
Millionaire Next Door,' researcher Thomas J Stanley, PhD found, after
interviewing 500 millionaires in the United States, that a person's economic
background had little do to with his/her ability to become rich.
In fact, out ofallthe millionaires interviewed, lessthantenpercentstarted with
money that was given or inherited. More than ninety percent came from
middle income or even poor families.
Poverty Creates Hunger,
Builds Fighting Spirit & Ignites Drive
I believe that both worlds offer advantages, but different advantages. When
you are born into a poor family, you are more likely to develop the hunger,
fighting spirit, and motivation to give yourself and your family a better life.

J,
People who are born poor usually have the 'I have nothing to lose' mentality
and they are also invariably street smart. This is a trait so necessary to
becoming an entrepreneur. This is why most of the richest people in the world
-- like Bill Gates, Richard Branson, Steve Jobs, Warren Buffett (the world's
richest man) and Sam Walton (founder of Wal-Mart)-- were born into very
poor or middle class families.
On the other hand, if you are born rich and given all the money, toys and
luxuries you desire, it is not surprising that you will lack the hunger and
motivation necessary to endure the challenges and hardships that building a
business will certainly bring.
Why The Rich Get Richer & the Poor Get Poorer..
.Mindset
At the same time, being bornrichcertainlydoes have its advantages. However,
it is not the money that dad or mum gives you that makes the difference. The
difference lies in the beliefs that you tend to develop when surrounded by
financial success.
If you are born into a family where your father earns a few million dollars a
year and you live in a mansion, then you are more likely to form the belief that
'this is the norm' and that 'making millions is indeed possible.' The standards
your family has set will tend to affect the standards you set for yourself. You
will come to expect having the very best that money can buy, for yourself.
However, if you are born into a poor family where everyone around you (your
role models) never finished school, had lowly paid jobs, never owned a car or
lived in small government flats, then you may form certain limiting beliefs like,
'If no one I know has broken out of their poverty cycle, how can I?,' 'Cars and
nice houses are out of our league and for other people to have.'
Kids who are born poor also tend to sometimes model and learn poor habits
from their parents like 'spending and not saving', 'gambling,' 'dropping out of
school,' 'wasting time.' These are the habits that will keep them, and their
children and children's children, living in poverty!
So, how do people like Warren Buffett, Steve Jobs or even a Sim Wong Hoo

A
(CEO of Singapore's Creative Technologies) who were born into poor families
develop the beliefs to dare to dream big? Well, while their poverty gave them
the burning desire to seek a better life, they also looked outside of their
families to other role models, the rags-to-riches tycoons who gave them the
belief that becoming a billionaire was possible!
So, if youhappento be bornina poor familyand youare dissatisfiedand even
frustrated with all the things you lack....GOOD! Use this dissatisfaction to be
the driving force behind building a better life for yourselfand your lovedones.
At the same time, don't let your family's standards define your own standards.
Just because everyone around you is not making a million dollars a year does
not mean that you cannot do it. Look and find role models who have done it
from ground zero and set your standards alongside theirs.
Best of Both Worlds - Born to a Rich But
‘Stingy’ Father
So how about me? Well, I can say that I was given the best of both worlds. I
was born into a fairly wealthy family. My father, uncles and aunts are either
professionals or successful business people. They live in landed properties -
bungalows or condos-have club membershipsand mosthave more thanone
car. A couple of them have flashy sports cars too - which certainly spurred me
to act on my dreams.
It all gave me a belief as an impressionable teenager that 'making money is
easy' and that 'being a millionaire and living in a bungalow is normal.'
So what prevented me from turning into a playboy and a spoilt, lazy goofer
who thinks that the whole world owes me a living? Well, I have my dear old
dad to thank for this. My father had seen many of his rich friends give their
kids everything they wanted and in the process kill their hunger and
motivation for success. My dad knew some of his friends' sons who, at the age
of 40, had failed in every business they had started with dad's money, and still
depended on their parents for a living.
So my dad went to the other extreme! He gave me much less pocket money
than my cousins got from their parents (he gave me just enough to cover a

J,
meal and a drink) and insisted that I had to make my own money if I wanted
to buy anything else.
To be honest, I hated it at the time and found it totally unfair. Why was it that
my cousins' parents bought them loads of toys, computer games and comics
and my cheap skate father would not buy me anything! What made it worse
was that I knew that my father had the money, so I couldn't understand why
he was being so stingy with his one and only son.
In fact, my dad's famous last words were, 'If you want it, earn it for yourself'
and 'do you think your father prints money?' My father also made it very clear
to me that I shouldn't expect to get a cent from him in the future and that if I
wanted to continue to live the good materiallife thatIhad grownup to expect,
then I had better work really hard, like he had. "If you screw up your life, don't
expect me to bail you out! Nobody owes you a living," was what he said.
Learning the Most Important Skill of
Entrepreneurship...The Hard Way
Although I hated the way my father brought me up at the time, now looking
back, I think it was what planted the seed that would make me one of the
youngest self-made millionaires in Singapore.
While I had the privilege ofbeing broughtup inanenvironmentof wealthand
possibilities, my Dad instilled in me the dissatisfaction of not being able to get
what I wanted easily (he made me take the bus while his extra Mercedes Benz
SLK sports car lay in the driveway) and the hunger to one day be able to
achieve material success, for myself.
In my teen years, I was obsessed with Star Wars movies and wanted so badly
to buy all the Star Wars action figures and battleships. But, my dad wouldn't
give me the money so, feeling totally frustrated, I decided to make my own
money.
It was this frustration of not having enough money and the desire to get what
I wanted that drove me to start working during my school holidays. I was 14
at the time. I got a job from my classmate's father who owned a large
stationery shop in the business district. So, everyday, during the school

A
holidays, I would be lugging around a suitcase of stationery samples and
making cold calls all over the city. The hours were long - I would be traipsing
from office to office for eight solid hours. There was no fixed pay and I was
paid solely on commissions, based on sales that I made.
It was really tough work and pretty scary at first. I was rejected by eight out of
ten receptionists (some of them were pretty nasty), they wouldn't even let me
talk to the purchasing managers. And, even when I did get to make a
presentation to the manager, I would only be able to make a sale to one in
five. I could go for two days sometimes before making one small sale.
In a nutshell, I was not convincing enough and lacked the confidence and
conviction to close. The problem was that I felt uncomfortable with selling. I
felt uncomfortable about asking people for money, especially people who
were old enough to be my father.
Determined to make a thousand dollars (that was my goal) by the end of the
holidays, I knew that I had to master the art of selling. So, I started reading
books on selling strategies by gurus like Zig Ziglar and Brian Tracy. I learnt
techniques like 'prospecting,' 'making a powerful first impression,' 'NLP
persuasion techniques,' 'closing' and 'handling objections.'
However, there were two powerful lessons I learned from that foot-slogging
experience and they were lessons that would change my results and destiny
forever.
The first lesson was that rejection was part of the game. If you want to make
a sale, you have got to be rejected an average number of times. For example,
if it took ten 'NOs' for me to make a sale and earn a commission of $100, then
each'NO' was worth$10. Once I overcame thatfear ofbeing rejected,Istarted
taking massive action, knocking on every office I could find.
The second powerful lesson I learned from these books was that if you don't
like the idea of selling, you will never ever be rich. To achieve ANYTHING in
life, you have to get out there and sell!
If you want to land a lucrative job, you have to be able to sell yourself during
the interview. If you want to get a promotion, you have to sell your ideas and

J,
yourself to the top management. It is not always the smartest and the most
hardworking person who gets the promotion. Rather, it is the person who is
able to sellhimselfto his bosses. The reasonwhythere are so manyindividuals
with Masters degrees and PhDs who never become rich and successful is
because they don't know how to sell.
What dawned upon me was that the greatest salespeople in the world were
politicians and CEOs! The person who ends up President of the United States
(or any country) is not the smartest person around (look at Bush), but it is the
person who is best able to SELL themselves and their ideas to the people
around them.
To become a successfulentrepreneur, youhave to learnhowto sellyour vision
to your employees, you have to sell your business model to investors, you
have to sell your brand and products to your customers.
So, how did I overcome my discomfort with selling and how CAN YOU do the
same? Well, Ichanged myperceptionaboutwhatselling was allabout. Initially,
I had the wrong perception that the person who sells something gains at the
expense of the person buying.
Then, I realized that if you sell a product or a service that truly adds value to
people's lives, then it is a win-win situation. You are helping that person solve
a problem, meeta need or achieve a goal. Atthe same time, youget rewarded
for the value you have created for that person.
I know several highly successful insurance agents who became life-long
friends with their clients - because they gained their clients' trust for life by
selling them genuine products and providing very good and continuing
services.
Once I began to shift my mindset and apply all the selling strategies I had
learnt, I boosted my closing rate to 25% and ended up making over $2,500 in
commissions. Notbadfor a 14 year-old! Iboughta whole lotofStar Wars toys
that month (including the Millennium Falcon and the At-At). It was the entire
experience that made me into a super salesperson, a key ingredient to
becoming a millionaire entrepreneur.
r ^

A
Millionaire Entrepreneur Life Lesson #1:
Learn to Sell and Overcome Rejection
Making Money By Turning Problems into Opportunities
My second entrepreneurial experience and lesson came the next year when I
was 15. At the time, it was the rave for manyofmyfriends to go to 'Tea Dances'
organized by the hottest discotheques around.
As discos in those days barred under 21-year-olds from their premises,
because they sell alcoholic drinks, these canny establishments held afternoon
'tea dances' where no alcoholic drinks were served. The problem was that
many of us had to skip school to go to these tea dances and moreover had to
pay a high cover charge of $12 to gain entry.
I knew that if there was a disco thatwould allowteens to enter in the evenings,
with a lower cover charge, the place would be packed. Suddenly, a flash of
inspiration went off in my head. 'What if I could organize my own disco? I
would have lots of fun, look really cool in front of all my friends, and make
money at the same time!'
Being so determined to be part of the hot disco scene, I had nosed around
and got to know mobile disco companies that set up disco lights, sound
systems and provided DJ services. I called up several companies and found
that the going rate was about $300 for an evening. After much sourcing, I
found a friend who lived in a condominium(within the area ofmyschool) who
was willing to let me use their function room for the event, for a slice of the
profits.
Once I secured the venue and the mobile disco, I used my IBM-compatible
computer to print out flyers and posters to advertise the event. I then printed
out tickets (priced at $6 each) and assembled a sales team to go out to all the
schools inthe vicinity and selltickets to the teens there. My salespeople would
get $2 for every sale and I used all the strategies I had learnt in selling to train
them to hit their targets.
For my first event, we had 300+ teens paying $8 each who discoed the night
away. I collected over $2,400. After deducting the cost of the mobile disco, my
friend's share of profits for the venue and sales commission to the team, I
made a profit of $700!

J,
It was then that I discovered that it was possible to build a business model
with no money down. After all, I only paid the mobile disco company and my
salespeople from the cash I collected from the ticket sales.
I also learned that the opportunity to make money from a business venture is
all around us. There are opportunities to make money everyday! Finding that
opportunity involves looking at a problem or an unmet need and finding a
way to solve it for people. In this case, the problem was the fact that there
were many teens who wanted to go to a disco in the evenings, but there were
none available.
r ^
Opportunities to make money are all around you.
It involves identifying problems and needs and
finding a way to solve it.
L. A
With the success of the first event, I went on to run disco parties three times
a week during the school holidays. I eventrotated venues between the North,
East, South and Western parts to reach out to students in all the different
schools. My main role was in networking and getting contacts of students in
different schools who were keen to be my promoters and sales agents and to
find people who were willing to rent me their condominium function roomfor
the event. In that single five-week holiday, I made over $9,000!
Starting My Own Mobile Disco
After organizing over 18 disco parties, I began to observe and learn how the
mobile disco companyoperated.Ithelped thatI chatted a lot with the DJs and
found out how they got started.
I then got my second inspiration and this was to start my very own mobile
disco company. All I had to do was to use some of the profits I had to buy a
second hand sound system (complete with turntables, amplifiers, speakers
etc..) disco lights, smoke machine and a couple of records to start off with. So
with a $5,000 investment and three partners I roped in, Creatsoul
Entertainment was born.

A
I would then spend weekends and myholidaysprovidingmobilediscoservices
to university functions, birthday parties, school prom nights, private karaoke
parties and small company functions. We charged just $300-$500 for an
evening gig and I was reaping $2,000- $3,000 a month in profits. We got our
clients mainly through word-of-mouth and referrals.
When my clients required additional music or lighting equipment beyond
what I had, I would rent them from a company called Razes Entertainment
(one of the larger event management and disco equipment rental companies
at the time), whose Boss I became quite friendly with. I think the fact that I
came from a neighborhood school (Ping Yi) and not a posh school helped as
I could talk their Hokkien-Singlish lingo with a convincing accent.
The $13,000 A Night Breakthrough
After running my mobile disco outfit for a year, I experienced a breakthrough
that gave me the next two millionaire entrepreneur life lessons.
One of my classmate's uncle had heard about my mobile disco services and
wanted me to quote for his company's annual dinner and dance. So I went
down to his office after school to meet the people in charge of organizing the
event.
At first, the organizing person got a shock when they saw that a 16-year old
(it didn't help that I looked young too) was proposing to manage their annual
dinner and dance. I just smiled and, with all the confidence I could muster, I
said, "I am pleased to meet you. I am the manager of Creatsoul
Entertainment." I didn't blame the whole committee for having an extremely
worried and skeptical look on their face.
As usual, I started off the meeting with my standard questions like, "What are
your requirements for the event and what is your budget?" The client
proceeded to tell me that the event

J,
was for all 400 of their staff and that they required entertainers, a powerful
emcee to play stage games, disco and stage lighting and confetti cannons.
They even wanted a retro-60's theme with props, decorations and authentic
backdrops!
When they told me that their budget was $9,000 for the event, my jaw almost
dropped. At the time, the biggest event we had ever staged had a budget of
only $500! I had no idea of how to manage or to pull off such a huge event
and certainly did not have the expertise or manpower. Nor did I have any
pictures in our portfolio to show similar events that we had done in the past.
This was something they requested for.
At that moment, I could have chosen to admit that I could not manage the
event and politely excuse myself. Instead, my positive mindset prompted me
to sayYes' firstand thenfind a way to getthe job done. So, Iputona confident
look and said, "That's sounds like a great idea! We'll do an excellent job for
you!" So, I took down notes of all their requirements and set up another
meeting to present my proposal and professional fees.
So how was I going to get all the manpower, expertise, equipment, props and
entertainers to pull off such a huge show? My company had only four people
(including myself) and we were full-time students. We certainlydidn'thave the
money to hire people or make a deposit for all the equipment necessary.
When You Are Committed and Resourceful Enough,
There is Always A Way

A
Then, I hit on the idea of leveraging on the success and track record of Razes
Entertainment. I knew they had the experience and equipment to pull off such
a huge show. I leveraged on the relationship I had built with the managing
director, Jack, and made him a deal.
People Are Your Greatest Wealth Resource. It's Not What
You Know, It's Who You Know.
I told him that I had the opportunity to help his company make $4,500 from
one event. I explained that I had the connections to land a lucrative corporate
dinner and dance deal worth $9,000 but did not have the experience or track
record to seal the deal.
I convinced Jack to loan me his head sales manager and also his account
manager. This experienced duo would do the razzle dazzle presentation for
me. I also asked Jack to lend me his company's portfolio of past events to
show my potential client.
However, small-gig Creatsoul certainly could not just pass off big-time Razes
Entertainment's portfolio as our own! With Jack's permission I had to 'doctor'
the presentation portfolio; it had to carry my company's name card (which I
had to print for them) and stick my company's logo on it. In return, I would
use all of his company's resources to run the event, and we would split the
profits 50-50! We shook hands and it was a win-win deal.
A week later, I went down for the presentation to the client with my 'dream
team' following behind. Picture this lanky 16-

A
year-old student heading a presentation team comprising the head sales
manager, account manager, Emcee and props designer (of Razes
Entertainment) but all carrying my Creatsoul Entertainment name card for the
day! What helped was that they were all in their late 20s and early 30s, which
gave my company the mature yet savvy look we needed.
The best part was that the sales manager gave such an impressive
presentationthathe convinced the clientto raise the budgetto $13,000. When
the whole event was over, the client was really happy with the outcome and
my company made $6,500 in profits for putting the deal together.
The great thing about this experience was that I and my student team learned
how to coordinate and put together a large- scale event and, moreover, we
now had a huge success story to put into our own portfolio.
The days ofdoing small$350-$500 gigs wereover.Fromthenon, our student-
team went for corporate deals, no less than $3,000 a night and built our name
in the entertainment industry.
The key lessonIwould like youto learnfromthis experience thatIjustnarrated
is that you can massively accelerate your success when you learn to synergize
and leverage on the success ofother people or organizations.
The Power of Leverage.
Accelerate Your Own Success By Leveraging On
The Success of Others
From Idiot to Gifted!
You may be wondering how I managed to run a disco business and juggle my
studies at the same time. Well, this is a completely different story and it is the
story of how I started my second profitable business with no money down.
Ever since I was in primary school, I had been an underachieving, below
average student. When it came to studying, I was extremely lazy and
unmotivated. The reason why I hated school so much was because I found it
really boring (I could not keep still for more than five minutes). I was
particularly'hopeless' attwo veryimportantexamsubjects -Mathand Chinese

- and found myself forgetting whatever I had learned, soon after being taught
it.
So, I spent all my time fooling around in class and getting into fights. As a
result of playing computer games, watching TVand not doing any homework,
you would have rightly guessed that I kept failing my tests and exams.
Things really started to get bad when I was expelled from St. Stephen's School
in primary three. Although my mother managed to get me into a reputable
new school (Ngee Ann Primary), I started playing computer games and
watching TV after school, neglecting homework and studies. I did so badly for
my Primary School Leaving Exams (PSLE) that I was rejected from all the six
secondary schools that my parents had chosen.
Instead, I was posted to a new neighbourhood school called Ping Yi that no
one had ever heard of. Initially things got worse. Keen to play around, I
instinctively gravitated to unmotivated and mischievous students like myself.
I started smoking and failed five out of eight subjects. By the end of my first
year, I was ranked 156th in the entire secondary one cohort of 160+ students.
Then, the turning point in my life came. In 1987, my desperate parents sent
me for a motivational camp for teens where I was exposed to the life
transformational methods of the Psychology of Success, Neuro-Linguisitic
Programming (NLP), and Accelerated Whole Brain Learning.
Once it tweaked on me (just 13-years-old) how powerful these methods were,
I became obsessed with reading books and mastering strategies by Anthony
Robbins (the world's #1 success coach), Stephen Covey (author of '7 Habits of
Highly Effective People') and Tony Buzan (the inventor of Mind Maps).
I learnt that achieving success was all about having the right mental attitude
and modeling the success strategies of role models. From having a limiting
belief that I was 'stupid' and a 'slow learner' (which is what I had been
repeatedly told by teachers and tutors), I started to form the belief that I had
the potential to become a top student and achieve anything my mind could
dream up.

A
I started applying powerfullearning techniqueslike Whole BrainNote Making,
Super Memory, Speed Reading and Creative Thinking skills to my studies and
the results were spectacular. From the bottom of my school, I rocketed to
become among the top 20 students within a year and among the top 10 the
year after that. Eventually I scored 7 'A's for my 'O' levels and got into Victoria
Junior College, one of the top junior colleges in Singapore.
After scoring straights 'A's for the A- Levels and getting into the National
University of Singapore's Business Administration
faculty, I was later ranked among the top one percent of academic achievers
and was one of the pioneer students in the university's Talent Development
Programs (equivalent to the gifted program for schools).
I was able to learn so fast after applying the accelerated learning techniques
that I finished my four-year honors degree in just three years, and was placed
on the Dean's List every single year.

I Am Gifted, So Are You!
Needless to say, everyone, teachers, friends and family were amazed at how
an unmotivated and 'hopeless' student like myself, once rejected by six
secondary schools, could get ranked among the top students in Singapore!
I started getting lots of requests from family friends who wanted me to coach
their children to achieve successful grades. So I started to give private tuition
while I was in the University (while juggling my Mobile Disco Business and my
own studies).
This was when I discovered my passion for sharing ideas and teaching. When
the students I was coaching started to get motivated and turn their grades
around, it gave me a wonderful feeling inside!

A
It was then that I felt that my mission in life was to share the secrets of success
with as many people as I could. So, I spent three months writing a book
teaching students how to succeed in school and in life.
Within six months, 'I Am Gifted, So Are You!' became a National Best-Seller
and branded me as a learning expert in Singapore.
My Million-Dollar Business Idea...
Zero Capital, but Lots of Intellectual Property.
Then a new business idea struck me! It was one that I knew would make me a
millionaire within just a few years.
I knew that there had to be thousands of students out there who were once
like me. Students with the potential to succeed but who had given up on
themselves simply because of their past failures.
I knew that if I could teach them the right mindset and strategies, they too
could unleash their fullest potential and achieve exceptional results. I also
knew that parents, and even principals, would be willing to invest lots of
money to help their students and children to learn these methods.
In chapter 3, I am going to show you how you can discover opportunities in
the market and how you can leverage on your unique passion and talents to
develop your own milliondollar idea.
So, at the age of 22, I registered my second business, 'Adam Khoo &
Associates.' This was a business that would provide motivational and
accelerated learning for students.
I used the marketing skills I had learnt in my NUS business course to design
brochures and name cards and targeted my first group of customers,
Singapore schools!
The sales skills Ihad learntbackinthe days whenI sold stationeryreallystarted
to serve me. I became a super salesperson, visiting the HODs (Head of
Departments) and Principals of schools and selling them the idea of taking on
my program for their students.

The first school that bought my proposal was my very own alma mater,
Victoria Junior College. The HOD allowed me to sell my 2-day workshop to
the students through a 2-hour preview to be held in the school. I convinced
the students that I would be able to show them exactly how to develop a
powerful memory and the right study skills to score straight 'A's for their 'A'
Levels and make it into the University.
The response was overwhelming. Over 300 students signed up for my $80
workshops. After I finished the workshop, I realized that I had made over
$24,000 in pure profit for just three days work!
Charged with the confidence of success, I went full force into marketing my
program to many schools in Singapore, charging students $20 for a one-day
workshop and packing my workshops with a minimum of 100 students each
time. As an undergraduate, I was making close to $2,000 a day, more than
what my college professors were earning! By the age of 26, two years after
graduation, I had created a net worth of over $1 million by successfully
investing the money I had earned through my training and mobile disco
businesses.
At this time, I realized that it was possible to start a milliondollar business with
zero capital. All it took was looking for opportunities within problems to be
solved, being highly resourceful and using the power of leverage!
Building a Multi-MillionDollar Business System
The next major breakthrough I experienced was making the transition from
self-employed to business owner.
The majority of entrepreneurs in the market are not really business owners.
Rather, they are self-employed professionals. When you are self-employed,
you are generally a one-man show, selling your time for money. In other
words, you have to be constantly the one who is making the product or
providing the service. Without you, the company does not exist.
The problem with being self-employed is that there is a limit as to how big
your company can grow. Since you are doing all the work and have limited
time and energy, there is a limit to the amount of sales and profits you can

A
ever generate.

The worst part is that you can never take a holiday or retire. The moment you
stop working, the company cannot function.
I wanted to make sure I did not fall into the same trap that befalls most
entrepreneurs. In fact, I found out that most people in the education and
training business were one-man shows, never making more than $500,000 in
sales a year.
So, I started reading books and attending seminars on how to build a true
business that could spawn into a multi-million dollar empire that would
continue to grow way after I was gone.
One of the most powerful lessons I learnt from Michael Gerber (a world
renowned business coach) was that a business is a money-making machine
that works with or without you! If the business can only function with you
working in it, then it is not a business, but a job that you own...a job where you
are merely employing yourself.
So, instead of just focusing on running more and more workshops by myself,
I focused on building a business that was to become Asia's leading provider
of personal and professional development, education and training.
I incorporated Adam Khoo & Associates (a sole proprietorship) into Adam
Khoo Learning Technologies Group Pte Ltd and roped in an old school friend,
Patrick Cheo, to be the CEO who would manage the business operations while
I and my other partner Stuart Tan (another great trainer) focused on
A Business is a Money-Making Machine That Works
With or Without You

A
building the brand and training up other trainers that could replicate our
success.
Together we focused on building three things. 1) Building the brand, 2)
Building a business system that could be replicated in different markets and
3) Building the right team of people to run the business. In chapters 4-6, I am
going to teach you exactly how you can do the same for your own business.
Building a Successful Business Involves
1) Building a Brand
2) Building a Business System that Can Be Replicated into Other
Markets
3) Building the Right Team to Run the Business
The outcome? Within five years, we leapt right over our competition and
established ourselves as market leaders in six different market segments. In
the first segment, we became the leader in providing personal development
seminars to the general public in the area of wealth management training,
Internet marketing, children and teen programs and NLP training.
The other market segments include corporate training, educational
institutional training (for teachers & students), publishing, e-learning and
enrichment tuition centres.
With over 100 employees in 6 countries, we manage to generate over $20
million in sales and train over 67,000 individuals annually. Building a business
that works independently of my time not only gives me the freedom to do
what I love (which is writing books like this, investing and

A
giving keynote speeches), but also allows me to expand the business to touch
the many lives that I could never have done on my own.
In addition, building a business that works with or without me also enables
me to build a multitude of other related businesses such as event
management, advertising and digital printing. And seeding them all over the
region.
This is exactly what you must and will learn to do for your business as well.
It is Time For You to Write Your Story
Now, it is your turn. Remember that this book is not about what I have
achieved, but it is what you can achieve for yourself. Your success story is
about to be written and the journey starts now.
What Do You Want Your Business to Do For You?
Even before we go into how to start building a business, you must be very
clear as to what you want your business to do for you. Why do you want to
start this business? What is your primary motivation?
Once you know your purpose for having this business, you can design and
build the business in such a way that it meets your purpose.
Building a successful business is also a very long and tedious process, which
is why many people give up half way. In order to succeed, you must have a
very strong level of motivation and drive to make it work...no matter what.
So what will give you this motivation and drive? The answer is a compelling
reason. I call it the 'WHY.' The WHY behind wanting to make the business
succeed. I have found that most entrepreneurs who succeed are those who
had the strongest 'WHYs' and making money is, by itself, certainly not reason
enough.
You must have a far stronger reason that is much closer to your heart. For
some of entrepreneurs, their WHY was to touch the world through their
products and services. For example, Anita Roddick (founder of the Body Shop)
was highly motivated to succeed because her personal mission was to give
the world an alternative to buy body care products that did not harm animals

J,
and the environment. Money to her was secondary.
My main motivation for starting Adam Khoo Learning Technologies was to
give people a life-transforming experience and to give them the opportunity
I had of realizing our fullest potential and achieving our dreams. This mission
of mine continues to be far more motivating that just making the money to
buy a bigger house or a bigger car.
I have found that when you have a strong enough WHY, you will have the
conviction and determination to find the HOW. When you want something
badly enough and have a compelling reason to achieve it, you will always find
a way.
The HOW Without The WHY Creates No Power
However, I can give you all the strategies, methods and howtos in this book,
but without the WHY, I doubt you will ever fully put it into action. So, I want
you to take at least five minutes to write down, in the space below, all the
reasons whyyouwantto be anentrepreneur and whatyouwantyour business
to do for you. Please do it now before reading further.
Why do you want to be an entrepreneur? What do you want your
business to do for you?
Get Ready to Learn and Take Massive Action
So, do you have a strong reason to make your entrepreneurial dreams come
true? Are you fully focused on what your business will do for you? Great! In
the chapters to come, you are going to learn exactly what it takes and what
you need to do to build the business of your dreams.
However, the most important message I have for you is this. Having more
knowledge by reading this book will not create results. It is in applying this

knowledge, following through and taking massive action that will create
results.
So, do not just read this book passively. Instead, I encourage you to fully
participate in all the exercises and to immediately apply what you have learnt.
Remember that it is in taking action that you set in motion a new chain of
events. It is in taking action that you start to move forward to your goals. See
you in chapter two.

A
THE SUCCESS
FACTORS OF
MILLIONAIRE
ENTREPRENEURS
THE SUCCESS
FACTORS OF
MILLIONAIRE
ENTREPRENEURS
CHAPTER
Now that I have gotten you all excited about the great things you can
achieve growing a successful business, let me bring you back to earth
with some hard facts.
n
x
>
___ I .............

J,
CHAPTER 2 THE SUCCESS FACTORS OF MILLIONAIRE ENTREPRENEURS
Researchhas shownthatabout40% ofallbusinessesfold-upwithinthe
first year of starting. A staggering 80% of businesses fail within the first
five years and, of the remaining 20% that make it past the five-year
mark, over 80% of that 20% will fail by the tenth year. In other words,
less than10% ofbusinesses thatstartup ever succeed beyond 10 years.
Many people look at these statistics and say to themselves that with
only a 10% chance of success, they are better off staying in their job for
the rest of their life. It would be a lot safer! After all, they can never be
smart enough or good enough to be in that small minority.
Staying As An Employee Only Gives You the Illusion
of Security
First, let me tell you that staying in a job for the rest of your life is not
as safe an option as it used to be. In fact, it is much riskier as you have
no control over your own destiny and your security and future wealth
lie solely in someone else's hands.
In the past, companies (especiallyMNCsand the government) provided
an iron rice bowl. As long as you did as you were told and stayed loyal,
you would getpromoted up the ranks untilyou retired at55, where you
would be assured lifelong security with a good pension. In the past,
seniority and loyalty was rightly rewarded.
Today, working for someone else only gives a false illusion of security
for the short term. Because of globalization and intense competition,
no company can guarantee you your job or your income for the next
five years, let alone for the rest of your working life. When you start
your career in any company today, you will become less and less
valuable as you grow older.
By the time you pass your mid-forties, there is a high chance you will
get retrenched; this inevitably happens when your company sees a
need to cut costs during tough times or undergoes a merger or an
acquisition. After awhile, your bosses will realize that they can replace
you with someone cheaper, younger and willing to spend their
weekends and nights at the office. Remember that even if you are a

A
senior manager or vice-president at an MNC earning a six-figure
income, you do not own your job or the right to your income. It can be
taken away from you at any time. In other words, your security and
destiny are in someone else's hands. So, there is no real security in
working for someone else.
On the other hand, when you are in business for yourself, you are the
captainofyour owndestiny. Your securityand freedomlie solelyinyour
hands. I have always felt that I would rather be the one driving the bus
of my life than let someone else be the driver.
Becoming A Successful Entrepreneur is Not Only
Possible, It is Achievable.. .When you Know How!
Secondly, being among that 10% of successful entrepreneurs
is not only possible _____it is very achievable, when you know
how! I believe that no matter who you are, like me, you have every
chance of being the successful minority if you follow the critical
SUCCESS FACTORS.
The reason most people fail in business is not because they lack a
superior IQ. It is not because they lack luck or a special talent. The
reason for all these failures is simply because they are making the same
mistakes over and over again. These are mistakes you should not make
when you read this book and apply its principles.
Critical Success Factors are the Entrepreneurial
Mindset and Skills Set.
After starting so many successful businesses (and unsuccessful ones
too!) and consulting for hundreds more, I can tell you that success in
business has nothing to do with your age, nothing to do with your level
of education, little to do with how much capital you have and very little
to do with luck. It has to do with two main critical success factors that
anybody can learn.
The critical success factors are I). Entrepreneurial Mindset and II).
Entrepreneurial Skills Set. Let's focus on the first factor now.

J,
I. The Entrepreneurial Mindset
The first thing that sets successful entrepreneurs apart is their mindset,
or the way they think. I have found that time and again, millionaire
business owners think very differently from the rest of the crowd.
When mostpeople are givenmoreworkto do, theysee it as a problem.
When an entrepreneur is given more work to do, he sees it as an
opportunity to learn and grow from it. When a person with the
employee mindset is sent for training, they often see it as a waste of
time. The millionaire sees it as a valuable investment. When most
people look at something challenging, they think of all the reasons why
it cannot be done and avoid it. The person with the entrepreneur's
mindset sees the same thing as thinks of all the ways it can be done.
Our mindset is the most important key to our success as a business
owner. In fact, I would say that your ability to succeed in business is
70% psychology and 30% strategy. This is because your mindset affects
everything else. Your mindset affects your thoughts, which affects your
behavior and actions, and these ultimately affects the results you
produce. Here are three essential mindsets of a millionaire
entrepreneur.
Mindset #1: Take Responsibility& Ownership
The mindset that all great entrepreneurs share firstly, their attitude of
taking 100% responsibility and ownership for whatever results they are
getting.
Whenever I ask most business owners why their business is not as
successful as it can be, I usually get these responses:
"I can't find good people."
"There are too many competitors."
"The economy is soft" or "the industry is tough."
"People are just not spending. "
"I don't have enough capital."
"If only I had more money, things would be different."
"My partner is the problem."
"I have been down on my luck."

A
"I just don't have the time to focus on marketing"
"I don't have enough experience" or "I'm too young" or "I'm
too old"
The problem with all these reasons is that they are all aimed at blaming
something or someone else. The majority of people (those with the
employee mindset) tend to give themselves lots of excuses and blame
everything and everyone, except themselves, when things go wrong.
Theyblame the economy, the government, competition, badluck, lousy
staff, disloyal and difficult customers for their lack of success. They also
tend to give themselves all kinds of excuses like not having enough
time, not having enough money, not being good with numbers or not
having the right connections.
Blaming Others Robs You Of Your Power
As long as you have the mentality of giving excuses and blaming
something else, you will NEVER succeed in business. Why? Because
blaming something means that there is nothing you can do about it. It
robs you of your power to take action and get the results you want.
For example, if you blame the bad economy for your drop in sales, then
it means that the 'economy' is controlling your business's success. And
since you cannot change the economy, it means that there is nothing
you can do about it. As long as the economy is bad, your chances of
success are zero.
People with this 'Victim's Mindset' always proclaim that it is not their
fault and they find themselves failing as soon as the circumstances
don't match their expectations.
Taking ResponsibilityGives You Power
and Control
So, are millionaire entrepreneurs successful because everything is
going their way? Are successfulbusiness ownersfound onlyinbooming
economies, industries and rich countries? Do all successful business
owners start off with lots of capital? Are they blessed with the most
motivated and hardworking staff? Are they gifted with special luck? We

J,
know that the answer is a resounding 'No'.
In fact, many of the most successful and enduring entrepreneurs in the
world started off in the worst of times and with all the odds stacked
against them. When Soichiro Honda started his company (Honda) after
World War II, Japan was facing an oil crisis and twice the Americans
bombed his factory. A few years later, his factory was destroyed for the
third time... by an earthquake.
When Fred Smith started Federal Express (FedEx), his planes were
almost repossessed twice by the finance companies because he didn't
have the money to pay the installments.
Within every bad economy or battered industry, there will always be
companies thatare booming. WhenRichardBransonwanted to go into
the airline business, everyone told him that the industry was tough and
that most carriers were losing money. And yet, Virgin Airlines became
highly profitable and tookmarketshare awayfrommarketleaderBritish
Airways.
When the circus industrywas contracting and mostcircuseswere losing
money and going out of business, Circus De Sol was experiencing their
highest growth in history.
Howis this possible? Itis because the owners ofthose companiesnever
allowed circumstances to control their fate. Their thoughts and actions
allowed them to retain the power to change their environment and
their results.
If There Is Something Wrong With The Business,
There Is Something Wrong With the Owner
Millionaire business owners believe that if there is something wrong
with their business, it is only because there is something they are doing
or not doing right. They believe that they have a 100% control over
their business's success and profits.
They believe that if they have problems with their customers, it's
because they don't understand customer-relationship management. If
they have a problem with sales, it's because they don't understand

A
marketing. If they have money problems, it's because they don't
understand finances. Similarly, if you have operational problems, it's
because you don't understand operations. If you have employee
problems, it's because you are not doing the right things in their
recruitment, training and retention.
By taking responsibility over your results, you are acknowledging that
you are creating it, either directing or indirectly. This means that you
have the power to change it. People with this leaders' mindset believe
that 'For things to change, I must change first.'
How I Took 100% Responsibilityfor My Results and
Changed My Fortune
Let me share a personal example with you. In 2002, I launched the
Patterns of Excellence Program (POE), which I had developed with my
partner Stuart Tan. POE is a personal excellence program, which uses
NLP strategies to help individuals to develop the mindset and
communication skills needed to achieve the success they want. The
program was timely as the country was undergoing a recession, and
many people were looking for ways to upgrade their skills in order to
stay competitive in the job market. At the same time, many people who
were experiencing the toughtimes, were indesperate need ofseminars
like mine that could give them the motivation and confidence to
overcome the challenges they faced.
However, when I ran my first free talk to introduce people to the
program, it was a huge failure. After spending $6,000 on
advertisements and another $600 on hiring a function room in a the
hotel, only one person signed up for the course (out of 120 prospects
who attended the free talk).
Shortly after this bruising experience, I held a debrief session and my
staff gave me all kinds of reasons why they thought the program did
not sell. One commented, "Ithink it is because ofthe recession. Nobody
will pay $2,000 for the course during these hard times."
Another said, " I think it is because you look too young (I was 28 at the

J,
time). Most of those in audience were in their 30s and 40s and they
don't believe that you have enough experience." Finally, another
colleague commented, "may be your luck was not there tonight".
I did not act on any of the reasons they came up with because, to me
they were merely excuses and diverting blame for our failure. The fact
is, I cannot change my age nor looks, nor can I change the economy.
And it's totally pointless to blame the lackof 'luck'. Why focus on things
you have no control over? They will only rob me of my personal power.
Instead, I told myself that the reason they did not sign on there and
then was because I did not present the program in a way that was
appealing enough. I took full responsibility for the results. After getting
feedback directly from my customers, I found that there were three
main reasons that stopped them from buying. There was 1) a lack of
urgency to upgrade themselves, 2) the fear that the program may not
work and 3) they were not clear about how the strategies would benefit
them.
So, I revamped myslides and mypresentation, rananother series ofads
and held another free talk. This time, I demonstrated how learning NLP
strategies could help them to create greater value in their career,
become a persuasive communicator and increase their income. I
removed the fear factor by giving a 100% money back guarantee and
created a sense of urgency by throwing in a free bonus worth $500 if
they signed up immediately. Guess what? This time, 13 people signed
up; a conversion rate of 13%, out of 100 prospects who came. As I
continued improving my sales pitch, my sign ups kept increasing until I
ran my first program profitably with 50 participants. Since then, over
2,000 participants have attended this life transformational program.
Life Throws the First Curve Ball:
Dealing With Business Challenge #2
Then, in 2005, economic growth took off and the stock and property
market started to boom. From a depressed period when
unemployment, pay cuts and retrenchment were high, the labour
market had become very tight and people were in hot demand, being

A
paid high salaries. Guess what happened? The enrolment for the POE
program started to decline.
Peopl e were now so busy with their careers that they could not afford
the time to attend the four-day program. Another common reason
given was that people felt that there was no longer an urgent need to
upgrade their skills since they were doing well and their incomes were
increasing. As people did better in the tight job market, POE slipped
down from their list of priorities.
At this time, I could have chosen to blame the good economy, rising
incomes and busy schedules for the downturn in my POE program. But
again, blaming doesn't increase my business and profits!
Instead, I decided to take responsibility that what I was offering the
market was not relevant anymore. I would have to create a new series
of programs that would be more relevant to the current market
situation. Since the stock market was booming and people had excess
disposable incomes to invest, I figured that I should focus on offeri ng
wealth management and investment programs instead.
The change in strategy paid off. Wealth Academy, Wealth Academy
Trader, Wealth Academy Forex and Wealth Academy Options sold like
hot cakes and generated revenues 80 times that of the POE program!
If I had chosen to blame outside factors and not take any personal
responsibility, we would have missed out on the opportunity to
massively increase our sales and profits. We would still have been stuck
with running our unprofitable program.
Life Throws a Second Curve Ball: Dealing With
Business Challenge #2
Let me share with you another business challenge that I had to turn
around. For many years, I have been running my extremely successful
and popular Superkids and 'I Am Gifted, So Are You!' holiday programs
for students in Singapore. In the past, students had a full month of
holidays in June and December. Parents were more than willing to send
their children for a five-day program that would improve their attitudes

J,
and school grades, rather than see them waste their vacation time.
Therefore, the market for holiday programs was booming and
extremely profitable.
As the years went by, schools themselves began to arrange more
holiday activities for their students. Now, it is not uncommon for a child
to go backto schoolalmosteveryother day, during the schoolholidays,
for makeup classes, sports competitions, club meetings, enrichment
programs, excursions and so on. Did this affect the sign ups for my
holiday programs? You bet! Now parents were finding it increasing
difficult to send their children to my five-day programmes, as it would
clash with their school activities.
This trend affected many of my competitors and forced many of them
to scale back their business and lose money. Some even had to close
down. Guess whatmostofthese business owners weredoing?Blaming!
Theywere blaming the schoolpolicies and activities for destroying their
lucrative holiday businesses.
I knew that the way to succeed was to again take responsibility that the
holiday programs I offered were not as appealing to the market as
previously. Instead offighting the schools, Idecidedto create a 'Schools
Division' and assemble a sales team to market my program directly to
the schools.
Since the schools are getting their students to go back for enrichment
programs, I might as well be the company that runs these programs on
behalf of the school. Again, the business decision was a highly lucrative
one. Within 4 years, one in four schools in Singapore engaged my
program for their students (a 25% market share) and again the revenue
I generated from the sheer volume was much more than what
I originallyachieved. Fromtraining 2,000students inSingapore, we now
train over 36,000 annually through the school's programs.
So again, I want to emphasize that a business's success depends
entirely on the decisions and actions that YOU (the owner/manager)
make, and it is a complete a waste of time to seek reasons outside of
your control for your business's results.

A
For Things to Change, I Must Change First
If you are currently running a business that is experiencing lots of
problems, see them as challenges. Rise to these challenges if you want
to make a significant improvement to your sales and profits. The next
exercise will help you do just that.
In the first column under 'Blame,' write down all the reasons that have
stopped your business from achieving its goals. What have you blamed
it on in the past? Uncommitted employees? Too much competition?
Government regulations? Maybe even the bad economy?
In the next column 'Taking Responsibility,' I want you to write down
how you can take responsibility for the results you are getting. In other
words, how have you created the situation from your decisions and
your actions? Remember that once you acknowledge the part you are
playing, you will have the power to make the change.
In the last column 'taking action,' write down what new actions you can
take immediatelyto change your result. Letme demonstrate howIhave
used this exercise to help one of my clients to turn his business around.
How Taking Charge Helped Alex Turn His Business
Around
During one of my entrepreneurship seminars, a participantcommented
that he could not find good people to work for him. "If only I can find
better people, my business would be a lot more successful", he
complained.
When I asked him to explain further, he said that everyone he hired
would be enthusiastic at first, but would lose their motivation after a
couple of months. He also said that his people were inefficient,
inconsistent and never took any initiative. Finally, he said that when he
did find someone who was good, they would leave after a couple of
months.
I explained that, as the boss, he was responsible for the way his people
turned out. If he wanted his people situation to change, he had to
change first. As expected, he got really defensive initially and could not
understand how he should be responsible for his employee's lack of

J,
motivation, initiative and loyalty.
After an in-depth discussion, I began to understand how he ran his
business and managed his people and revealed to him how he was
unknowingly creating these problems.
The reason his staff were inconsistent and inefficient was because he
did not have a rigorous selection process to identify the right people to
fit the job. He did not spend enough time sourcing for, interviewing
and testing his potential employees. His company also had no
measurable standards and key performance indicators nor the
necessary training to ensure that the people they hired knew how
things had to be done.
The reason the staff were not proactive was because he made all the
decisions and was not open to listening to suggestions and encourage
employee empowerment.
Finally, the reason his good staff kept leaving was because they were
not rewarded or appreciated for doing more than the rest. There were
no incentives and little growth prospects.
I shared with him that if he wanted to attract and retain excellent
people, he had to first be an excellent manager. He had to create the
business environment, systems and remuneration structure that
excellent people would want to work in.
Once he took responsibility for his people problems, He then decided
on a set of new actions to take to create a top-class team. He decided
to:
1) Implement a rigorous interview and selection process so that only
people with passion, ambition and motivation would be hired.
2) Write down a system of performance standards and communicate
it consistently to his staff through regular briefing & training
sessions.
3) Implement a variable remuneration structure where staff that
performedabove expectationsand initiated newprojects would get
profit sharing and quarterly bonuses.

A
4) Interview his staff once every quarter to find out their goals and
needs and to also give them feedback of their performance.
The results he saw were nothing short of amazing. The attitude and
behavior of his staff went through a major transformation. They started
to become a lot more motivated, efficient and proactive in doing their
work. Employee morale went up and this attracted even more
motivated people to join the company. And, as a result, his customer
satisfaction and sales started breaking new records.
So, now it is your turn. Take as much time as you need to examine your
business and use the following worksheet to turn blame into action.

J,
Have you done the exercise? Great! Before moving on to the next
section, take a look at how my past clients have done this exercise.
Blame Taking Charge New Actions

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Mindset #2: Failure Leads to Success
Once you have the first mindset, the second mindset you must possess
is the attitude to manage failure, setbacks and massive frustration.
Whatstops mostpeoplefromstarting a newbusiness, innovatinga new
product or entering a new market is the fear of failure. At the same
time, frustration and hopelessness in the face of setbacks is what kills
most entrepreneurs.
And yet, experiencing failure, frustration and setbacks is all part and
parcel of being an entrepreneur. In the process of building any
successful business, you will go through times of failure, rejection and
intense frustration. Things rarely go according to plan or work out the
way you would expect them to. Successful entrepreneurs all have the
Blame Taking Charge New Actions
Competitorsare
undercutting pricesand
takingmarket share
I am not offering a unique
competitiveadvantage I will create an innovative
way to offermy product/
service that will set me
apart fromother
competitors
Customersare not loyal I have not built a strong
relationshipwith my
customers
Create a Customer
Relationshipmanagement
(CRM) programanda
loyalty program
The market is getting
saturated
I have not opened up new
markets Start openingupbranches
regionally andmarket on
the Internet
Customersdo notknow
about us
I have not focusedenough
efforts on sales and
marketing
Build a sales team and
develop an advertising
campaign
I have no money to
advertise
I have not exploredlow
cost advertising
channels-I must do this
now.
Learn how to advertise in
low cost/ freemediaspace
- like Blogs,chatrooms,
Youtube etc...

J,
ability to stay calm, optimistic and confident. They take
disappointments and frustrations in their stride and strategise on how
to turn things around.
This is why many people who are conditioned by the education system
to think in one way, to look for model answers and to expect perfect
results usually fail as entrepreneurs. I once read an article in the
newspapers which reported how a student from a top Junior College
cried when she scored 7 'A's for her 'A' Levels. She was so disappointed
that she did not get an 'A' for her scholarship paper as that would give
her the perfect 8 'A's she was aiming for.
When I read that article I felt extremely sorry for that student. Not
because she missed her 8th 'A', but because I know that if she was not
able to handle sucha smallimperfection, she would never be successful
in any career or business. She would not have the emotions to handle
the much bigger setbacks and disappointments that come before
success.
I believe that before we can succeed in anything, we have to first learn
to fail, make mistakes and deal with setbacks. Success never takes a
straight line. If you study the paths of all successful entrepreneurs
(including my own), you would see that all of us had to go through
many setbacks before ultimately achieving our dreams.
While building Disney, Walt Disney went through near bankruptcy
twelve times in the country's historybefore establishing itas the largest
and most successful entertainment company in history.
Donald Trump also went through near bankruptcy twice in his career as
a real estate builder before achieving worldwide fame as the host of
The Apprentice.
Lim Tow Yong, founder of Emporium was declared a bankrupt at the
age of 72 with debts in the millions. He later started a new company
and made back his fortune at the ripe old age of 82.
When Sim Wong Hoo started Creative Technologies, his first product,

A
the Cubic 99, was a huge failure. It was after multiple product failures
that the successful Sound Blaster propelled his company to the billion-
dollar league.
Nine years after Steve Jobs started and successfully built Apple
Computers, he was fired from his own company by the very CEO he
appointed. To make things worse, the following company he started
(NeXT computers) also went down in flames. It was only after a string
of major setbacks that Steve Jobs built Pixar (the most successful
animation studio in the world) and returned to bring Apple back from
the verge of bankruptcy, onto become one of the most successful
technology companies in the world. And the list goes on...
Why Failure Leads to Success
So, why is it most entrepreneurs go through a series of failures

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before theyachieve their greatestprize? Ibelieve the reasonis because,
in order to succeed in business, there are certain key distinctions and
lessons that must first be learnt.
In the world of business, lessons do not come in textbooks (like in
school), but they come in the form of failures. By failing in something,
we now know what doesn't work. Constantly learning what does not
work and changing our strategy will eventually lead us to what works.
After all, success comes from exercising good judgment. Good
judgment comes from experience. And experience often comes from
making bad judgments....and paying the price!
Of course there are always things we can do to minimize these failures.
The trick is to learn from other people's experiences and other people's
mistakes. This is why it is so importantto read biographiesofsuccessful
business owners in order to gain the insights they have gotten, after
years oftrialand error. However, no matter whatlessonsyoulearnfrom
books and mentors, the greatest lessons you will learn will come from
the university of life or the 'School of Hard knocks.'
The Secret to Overcoming Failure & Frustration
So, how do millionaire entrepreneurs develop the mindset to handle
failure and frustration? Are they fearless, emotionless people with
extraordinary confidence? Of course not! Anybody can learn to do this
when they adopt the right mindset.
From my personal experience, I can tell you that entrepreneurs are
afraid of failure as much as anybody else. They too feel like giving up
in times of great difficulties. The secret is in the way they define failure
to themselves.
Most people tell themselves that they have failed the moment they do
not get the results they expect. They feel so bad about their 'failure'
that they dare not set any more goals for fear of being disappointed
and failing again. It's like the junior college girl who felt like a failure
just because she got 7 'A's instead of 8 'A's. If I had defined failure in
this way, I would never have had the courage to continuing taking
action to build my business to where it is today. I would have felt like a

r
failure and givenup whenonly one personsignedup for the firstcourse
I ran (the Patterns of Excellence Program).
I would also have givenup and conceded failure whensevenpublishers
rejected the manuscript of my first book, ' I Am Gifted, So Are You!'
There Are No Failures. There Are Only Learning
Experiences
On the other hand, entrepreneurs believe that when they don't reach
their outcomes, itis not considereda 'failure,'buta learning experience.
They learn from the experience, and change their strategy until they
succeed. They believe that the only way they can possibly fail is if they
give up. If they don't give up, then they have not failed.
As a result, entrepreneurs have this 'never say quit' attitude because
they don't want to fail. Many successful business owners also believe
that the greatest failure comes from NOT taking action. Not doing
anything is the greatest failure you can experience.
r ^
" You Miss 100% of the Shots You Never Take"
- Wayne Gretzky, World's Greatest Hockey Player
L A
Have Faith. It Will Pull You Through the Toughest
Times
It is also veryimportantto have the beliefand faiththat things will work
out when you are committed enough to find a way. Without belief and
faith, you will never have the inner strength to overcome all the
challenges that lie in the path of success. In studying the mindsets of
the world's greatest leaders and entrepreneurs, I have found that all of
them have the belief that everything happens for a reason. That, when
adversity strikes regardless of all the efforts they have put in, there is
always a blessing indisguise. This beliefgivesthemthe strengthto keep
moving forward when others quit along the way.
Of course, the good news is that in this book, I will share with you the
most powerful lessons that you need to learn to minimize your failures

A
and to accelerate your journey towards success.
Mindset #3: Constant & Never Ending Innovation
Why is it that 80% of companies that are able to survive the first five
years of business will usually fail in the next five?
The reasonis becausemarkets andeconomies are changing sofastthat
what works in business today may not work three to five years later. If
you have the mindset of constantly doing things the same way and
maintaining the status quo, you will soon be out of business.
Successful entrepreneurs are engaged in constant and never- ending
improvement. They are always finding ways to innovate and improve
their business operations, marketing, products and services. They know
that if their business is notimproving and growing, itis dying. Bill Gates
(founder of Microsoft) once remarked that the key to succeed in
business is to innovate
and make yourself obsolete. If you don't make yourself obsolete, your
competitors will make you obsolete.
This is why the moment a software like Windows is released, Microsoft
is already working on the next version and upgrades like Windows 98,
Windows 2000, Windows NT, Vista and so on. Bill Gates knows that the
moment they stop innovation, another company will create an even
better software and take over their customers.
This is exactly what has happened to companies that did not change
fast enough. Back in the 1990s, the top selling mobile phone was
Motorola. Motorola produced the best-designed and technologically
advanced phones. Everyone, including me, bought a Motorola phone.
Back in 1994, its global market share was 60%.
So, where is Motorola today? Their market share has plunged all the
way down to just 9.5% recently (2008) and their mobile phone division
made a loss of US$418 million in the first quarter of 2008. What
happened? Well, when the world changed from Analog to Digital
technology, Motorolacould notmake the transitionfastenough. Atthe
same time, Nokia and Sony Ericsson happened to innovate even better

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designed and more user friendly handsets (with superior software) that
captured Motorola's market share and profits.
Do you know which is the first search engine on the Internet? Is it
Google? Yahoo? MSN? The answer is none of them. The world's first
search engine is Alta Vista. Many of you may never have heard of this
brand simply because it has an obscure site that very people go to.
Needless to say, the company that was once a market pioneer and
leader has joined the trash heap of business failure. Again, what
happened was that the founders believed (arrogantly) that their search
engine was the best, and there was no need to change what was
working.
This left the door wide open for Yahoo! to come in and snatch away
their leadership position. Then what happened next? Well, Yahoo! was
too slow to extend their service range and innovate their advertising
services and this allowed Google (one of the newest Internet search
engines) to slip in and take away 70% of the market share, leaving the
remaining 30% to be fought over by the other search sites. In today's
ever-changing marketplace, a companythatis the marketleader today
could be bankruptfive years downthe road, iftheystop innovating and
finding new ways of doing things.
Instead of seeing this fact as a threat, see it as a fantastic opportunity.
This means that your fledging company has the potential to take
become market leader in your field, and maybe even put the current
leader(s) out of business! The key is to find a way to serve their
customers even better than they can!
So, let me emphasize again that unless you keep innovating and
changing the way you do business, you will soon be out of business. I
can tell you that if I (and my team) did not grow our business and enter
new regional markets like Indonesia, China, Thailand, India and
Malaysia, we could be out of business today!
Our company's monthly overheads are about $500,000 and Singapore
accounts for only 50% of our sales and profits. If I did not constantly
focus on creating new programs (i.e. the Wealth Academy and Internet

A
Marketing Academy series), writing new books (two a year) and
reviewing and changing our marketing and distribution strategy
regularly (i.e. entering the Singapore schools market), we would not be
the market leader in personal development training in Asia. Another
competitor would have caught up and blasted us away to oblivion.
Successful entrepreneurs know that it is impossible to maintain their
position in the market today by doing the same thing year in, year out.
Your business is either expanding or contracting. It is either growing or
going downhill. The reason is because every factor around your
business is changing by the day. Customer's expectations increase
constantly, competitors improve constantly, employees work habits
change constantlyand so forth. So ifyou keep doing business the same
way, you are not maintaining the status quo, you are slowing dying and
will eventually be replaced by a better- run business in your field.
Now that you know the three major components of the Entrepreneurial
Mindset, let's focus on the skills set required for success.
II. The Entrepreneurial Skills Set
What is also critically important in building a successful business is to
have the entrepreneur's skills-set. The main reason why the majority of
business owners fail (over 90%) is because most people who start a
business have no idea of how to build and run a successful business.
They lack the critical skills sets.
Then, why do they start businesses? What makes them think they can
succeed? Well, what kills most people from the start is an assumption
they all make. And it is a 'fatal' assumption. Theyallassume thatas they
know how to 'do' the technical 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

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