Featured Multimillionaire Entrepreneur #1: Goh Kai Kui, CEO of Goh Joo Hin
Posted by Sant Qiu in : News & Updates on November 10, 2009 , 4commentsThe 1st of the 10 featured multimillionaire entrepreneurs in our upcoming book, Niche Dominators: Success Secrets Exposed, is Goh Kai Kui, COE of Goh Joo Hin, a $110 million company that owns the well known brands like New Moon, Mili and many others.
He started from young, right from the bottom, and worked his way up the family business. When he finally took over the management, he introduced a series of innovations in his company and brought it up to the next level. Under his leadership, he turned Goh Joo Hin from a mere commodity trader into a global distribution and marketing company supplying 28 other countries including the Middle East, China, United Kingdom and Russia.
Goh Kai Kui, was awarded the Top Entrepreneur of the Year Award 2003 and also led his company on its winning streak, garnering prestigious business awards such as Enterprise 50, Singapore Prestige Brand Award–Heritage Brand Award Winner, Singapore Packaging Star Award, Superbrands and many more.
As a matter of fact, AC Nielsen reported that their flagship product, New Moon Abalone, is the #1 Best Selling Abalone brand in Singapore for the past 11 consecutive years.
He was happy to share his personal business strategies and experiences to contribute to back and benefit other entrepreneurs and business owners.
In our book he reveals how he elevate his company into an over $100 million business. He also talks about the importance of branding. A lot of people talks about branding without any real substantiation. Most of the time, they talk about branding in theory because it is such a huge and complex concept. But Kai Kui shares about branding from real experience with real results to prove it.
He explains the reason why branding is so important is because people have only split seconds to decide on which brand to buy. You don’t have time to explain your product’s features and benefits in front of your consumers. He further reveals some of his branding techniques.
He personally witnessed the huge impact branding can have. Normally a branding exercise will yield you result in one year or one and a half year. But in one of his early experimentations on branding exercise, he saw an immediate (as in within days) jump in sales. He shares the details of how he did it: the situation, the strategy he used (quite ingenious!) and why it worked. He also shares why differentiating is critical in achieving success.
In fact, he discloses a very rare insight on how he entered a new niche with very established and entrenched competitors. Many people told him that he was crazy to go into that niche. The competitors have been around for a very long time and are dominant in the market.
But he carefully analysed the opportunity and saw a gap that he could fill. (By the way, in another part of the book we share specific strategies on how to spot and evaluate opportunities) Based on the insight he got, he and his team came up with a very shrewd strategy to penetrate the market. It was a very bold but also very brilliant strategy. And within just a short period of time they managed to get a sizeable market share.
The niche? The Essence of Chicken (a health supplement product popular in Asia) market.
Frankly, that case study alone is extremely valuable and worth the cost of a full-blown seminar. But on top of that he shares more things such as why numbers are critical in business and how he uses numbers to run his business and many other powerful strategies and success secrets.
We definitely have learned a lot from Goh Kai Kui. The time we spent with him during the interviews to extract his story and strategies had been very rewarding. He is really rich with experiences and insights. And you’ll be happy to know we’ve captured a whole lot of that in the book. Personally, we think that anyone who read it will benefit tremendously from his open sharing.
Let us know what you think and leave your comments below.
Next: Another successful entrepreneur that is creating waves in the beauty industry.
How To Make Money With No Money
Posted by Sant Qiu in : News & Updates on November 2, 2009 , add a commentIt takes money to make money…
Making money with no money is cheating…
The rich gets richer only because they have money/capital to spend…
Excuse my French but what a load of bull crap!
That’s exactly the kind of mindsets or beliefs that are holding a lot of people back from actually making much more money than what they are doing right now.
So is it really possible to Make Money With No Money? Can you really make, not only money, but lots of money, starting with nothing? Absolutely! And it’s much easier and happening more common than you think. And you’re about to discover the secrets of how to do it.
Most people have the impression that there are some kind of secretive, stealth or sly methods that only the elite or the rich knows. Well, they are right… or actually half right. There are “secrets” that help those people to be able to make money with no money. BUT they are open secrets that are available to anyone who is really interested to know them. They are literally in plain sight. However, the biggest secret of all: You have to be willing to take action and do it.
Before I explain further, let me share with you a story:
An investor died and left 17 highly valuable gold bars to his three sons. In his will, the investor stated that his oldest son should get 1/2, his middle son should get 1/3, and his youngest son should get 1/9 of all the gold bars. But the sons didn’t want to cut up any of the gold bars as they were more valuable at the current sizes. They spent a long time trying to figure out how to divide the gold bars according to their father’s wishes in vain. So finally, they offered a reward of $1 million for anyone who can help them divide the gold bars.
An entrepreneur heard the news, went to visit a friend and came to them. He gave them a solution that divided the gold bars according to their father’s will, without cutting any of them. Do you know how did he do it?
The entrepreneur went to visit a wealthy friend who owned similar gold bars and borrowed one for a 10% of the reward money. He then met the sons and told them that he would like to lend them the borrowed gold bar to make a total of 18 gold bars. So the oldest son received 1/2 of 18 which is 9 gold bars, the middle son got 1/3 of 18 which is 6 gold bars, and the youngest son got 1/9 of 18 which is 2 gold bars. Since 9+6+2 = 17, the gold bars were divided according to the father’s will. The entrepreneur end up with the borrowed gold bar.
The sons were happy with the solution and rewarded him the $1 million as promised. The entrepreneur returned the gold bar to his friend and gave him 10% of the reward, which is $100,000. So the entrepreneur walked away with a profit of $900,000. He just made money with no money.
Of course it was just a story. But it underscores the critical core principle of how you can make money with no money - you have to add value to others. That’s it. It’s as simple as that. As I said, it’s an open secret. The entrepreneur added value to the sons and he added value to his friend who lent him the gold bar.
So as long as you stick to this principle of adding value to others, you can make money even if you start with nothing. Don’t believe the myth about learning some special sly technique to “trick” others to get money for nothing that is promoted by some people.
Actually this “secret” of adding value to others is so commonly known that almost everyone is already doing it. Anyone who is working for a salary is already making money with no money isn’t it? They didn’t put up any of their own money, yet they received money for providing a service.
Ok, but you’re looking for a way to make MORE money FASTER, right? I hear you. Well, the core principle stays the same - add value to others. But there are several sub-principles that build on the core principle that will accelerate things. Following are just 2 of them.
Sub-principle #1: The higher the value is perceived, the higher the payout.
If the value is high, the higher the price will be, which also usually means that there will be lesser people who can afford it. Luxury products and services belong to this category.
Sub-principle #2: The more people can benefit from the value, the more the payout.
Most mass market product and services belong to this category.
However, the 2 categories are not mutually exclusive. It is possible to offer a high value product or service that will benefit the mass market. When you offer that, you will make money hand over fist because it will come flooding your way. An example of a product in this category is life-preserving medicine. It has very high value as it helps people stay alive. At the same time, the masses can benefit from it. That’s why pharmaceutical companies are usually very successful.
This is how a lot of successful entrepreneurs started. They think about the value that they can offer to a group of people and then they take action to make it happen. As you might notice, having money is NOT the critical ingredient in this. What is critical is having the idea or the plan - identifying a value-add product or service for a specific group of people.
When you have that, you can easily approach others who has the resources you need strike up a deal, just like the entrepreneur in the story did with his wealthy friend.
In our upcoming book Niche Dominators: Success Secrets Exposed, I shared a couple more specific examples on how you can make money with no money. Also, some of the entrepreneurs we featured also started with no money.
If you have some experience on how you made money starting with no money, just an idea or a plan, share with us here.
Next: I will share the profiles of the highly successful entrepreneurs we are featuring.
