How to Make a Million Dollars in a Competitive Business


Growing up as a young guy, I loved motivational
speaking and I love to be one of the successful motivational speakers, but there’s a problem
and that problem is obvious; everyone is a motivational speaker these days. So, how do you become successful in a field
where everyone is claiming to be the best? I did something very creative and I believe
this same strategy I used can be applied to any other industry out there and make you
successful in any competitive business. In today’s video, I’ll be sharing with you
how you can make a million dollars in a competitive business. If you’re new here, consider subscribing so
that you won’t miss other interesting videos like this. Why is it hard to make money in any business? I think the best way to start this video is
to ask ourselves, why is it difficult to make money in a certain business? Well, the answer to that is very simple; competition,
competition, and competition, because if you’re the only person selling what you’re selling,
then, you can increase your price as much as you want and you can make as much money
as you want but sorry, such world doesn’t exist. Now that we all agree that competition is
the reason why most businesses may not make as much money as they want, let’s ask another
question; What causes competition? I think this is a good question to ask. What do you think causes competition? Well, competition exists in the first place
because more and more people have the skills or information to do what you are doing. We must understand this, so let me repeat
myself; competition for whatever you’re doing increases
simply because of more and more people acquire the skills, education or get information to
make them qualify to do what you’re doing. Take for instance in the year 1980, the number
of the companies that were producing computer in the world could be counted with your five
fingers and that means that if you needed a personal computer, you better buy Apple
and HP. Today, nobody even has any idea as per the
numbers of people who are making computers. Reason is because the skills and information
to make computer increases, the competition increases and so it is in every industry. How to beat the competition
You’re so lucky if you’re Jeff Bezos because when you started your E-commerce site in the
year 1995, nobody in the world knew we would ever buy anything from the web. You’re so lucky if you’re Bill Gates because
when you started Microsoft in the year 1975, nobody even knew what software means except
you and your prodigy staff. Unfortunately, not many of us will hit the
ground when others are sleeping, so we have to figure out how to beat the competition
if we really want to make a lot of money. The simplest answer I can give you is; get
more skills. Let me explain this with my story which I
used to start this video. You see, when I started dreaming of becoming
a motivational speaker, I noticed that everybody in the world claims to be a motivational speaker. I know very clearly that I can never succeed
in any field if I’m to be just another man, so I needed to have what most motivational
speakers don’t. So when I studied most motivational speakers
in my country, I saw that these guys are readers who speak. I mean, the reason why they are motivational
speakers is that they read a whole lot of books which most people don’t read and because
they know so much than most people, they, of course, have messages for most people and
that’s why they become motivational speakers. To beat these people, I not only read as much
as they do, but I also went to the real world, build a business from the scratch, hire people
in the real-life and went through the hell that’s involved in building a company. With my over one decade experience as an entrepreneur
with a lot of failures and a few successes, now, I’m preparing to pursue a career as a
motivational speaker and as much as I know in my country, only a few people can compete
with the combinations of the skills I have. Robert Greene said, “The future belongs to
those who learn more skills and combine them in creative ways.” That’s the key and I seriously hope that you’ll
get this right. You see, no matter what your business is,
the early stage may be easy because only a few people know about your business but as
more people get to understand the potential in a particular business, more and more people
get in and the number one weapon these people use is price. You and I know that business needs a lot of
money to run and remain profitable but when every newcomer comes up to fight with price,
how can anyone make reasonable money? That’s why Uber is still unprofitable after
a decade of inventing a new way of traveling around. The future belongs to those who learn more
skills and combine them in creative ways Avoid Being Jack of all Trade
One important thing I should state at this point is that acquiring more skills doesn’t
mean that you should become a jack of all trade. It’s in fact, the opposite of that. You don’t want to go and learn engineering,
accounting, and law at the same time. Instead, you want to sit down and make a list
of about three skills that are very related and helpful to your present business which
most of your competitors may not think about. It’s the combinations of these skills that
will make your business different from that of your competitors. Sometimes, these skills may not necessarily
be hard skills like accounting or engineering. What separates you from your competitors may
be your deeper understanding of human psychology which makes you understand how your customers
think and how they want to be served. What separates you from your competitors may
be your leadership skill, which makes you attract quality people who in turn make quality
contributions to your business. What separates you from your competitors may
be your empathy, your ability to feel what people around you feel and then deal with
them the way they will appreciate most. Take for instance; more than 90% of the people
working with me don’t have the mandate to resume to the office at all. These people can work in the evening, afternoon
even at night. They have absolute liberty to have a day off
or even two days without having to tell me. Because we structure our business in this
way, we expect that people working with us are likely to be happier than people working
for other people in our industry. This way, we can retain quality people for
a longer period and we can even increase productivity because in my city, for instance, most people
waste 3-5 hours to get to work and return every day. If our staff have the whole 5 hours to themselves,
I don’t think they will find it hard to be productive. I mean, the ideas as per what you can do are
limitless and so, you have to think, think and keep on thinking about how you can have
the skills which other people in your industry don’t have, so that you can make the kinds
of money they don’t. Know your enemy
I studied the autobiography of Henry Ford a few weeks ago and I wasn’t surprised to
know that Ford bought every car his competitors make. He not only buys those cars, but he also drove
them, even in public. The reason why Ford bought and drove every
car his competitor made was simple; you have to know your competitors as much as you know
yourself if you want to succeed in business. The Chinese war strategist, Sun Tzu said,
“If you don’t know yourself, you’ll lose all the battle. If you know yourself and don’t know your enemy,
you’ll win half of the battle. If however, you know yourself and know your
enemy, you’ll win all of the battles.” This is as true in war as it is in business. Knowing your competitors is an additional
skill that can help you to make more money than everyone else because you can’t kill
who you don’t know. The future belongs to those who learn more
skills and combine them in creative ways. The conclusion of this video is this; if you
want to make more money than everyone in your industry, you must be able to sit down and
analyze 3-7 important and related skills most people are too lazy to acquire and go after
these skills. Your ability to combine multiple related skills
is what will give you an unbeatable niche which will lead to your ability to charge
higher prices and make far more money than most people in your industry. The future belongs to those who learn more
skills and combine them in creative ways. Thank you very much for watching our videos. We’ll like to give you another interesting
video for you to enjoy next but before then, our team will be very happy if you can like
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9 thoughts on “How to Make a Million Dollars in a Competitive Business

  1. You can become a millionaire by helping one million people.
    Solve a problem of one million people. They will help you to become a millionaire.

  2. It's all about picking something and sticking to it for the long-term. Being patient is the key to succeed, Great video. Love from a small youtuber 🙂

  3. Your voice sounds different from the past videos. Sounds more 'white'. I hope trollers/bigots didn't cause you to change it. It was just fine the way it was 😀.

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