How to create a one million dollar business

By M.Farouk Radwan, MSc.

How to find business opportunities

The fatal mistake most people make when they attempt to start a business is that they begin with the idea in their minds then try to force it into the market while they should have studied the market first to know what idea can fit it.

In other words when you attempt to start a business you need to look in the market before you look inside your mind for ideas. I live in Egypt where the majority of citizens are muslims. The Islamic religion is against interest payment and instead it encourages people to lend money to others as business partners and not as creditors who demand a cost for the money they lend.

Because of that need you should expect to find an Islamic bank that doesn't pay interest but that pays a share of the profit made as a result of the investmenet of your money.

Now believe it or not, in Egypt there is no bank that does this even the ones that call themselves Islamic banks!

Did you get the message yet? you have around 70 million people willing to put their money in an Islamic bank but there are no Islamic banks in the country!

If you started such a business in Egypt, even if you weren't a Muslim, then i wont wonder if you made one billion dollars in no time.

How to create a one million dollar business

in 2006 i was eagerly searching for information about depression and self confidence online but i didn't find anything useful, simple and to the point.

I wondered how come can't i find useful and easy to understand information on the whole web and this is when i decided to be the source of such information. I started 2knowmyelf in 2006 and because so many people had the same problem the site boomed. Last year's sales were north of 250,000 US dollars.(see the Ultimate guide to becoming rich)

That's also the same reason why many people who attempted to mimic the site failed. Simply because the market gap that was there was already filled when 2knowmyself was created.

I make a decent income online but when i attempted to start a site that teaches people how to make money online it didn't take off. The reason is that there are so many people who already filled that gap so even if i have amazing content there is almost no place for it now.

Find the market gap

Remember the last day you were pissed off because you didn't find a certain service?
Remember the last time you were really annoyed because you didn't find the product you were looking for in the market?

That same unpleasant moment is the one that can help you start a one million dollar business. In each country or city people have certain problems that have no solutions. If you managed to find any of these problems then you are already half way to building a successful business.

The next time you complain about the service at a restaurant think of starting your own restaurant with better service. There are lots of products out there that really suck and once you find any of them you can make sure that you found your 1 million dollar business.

I have managed to become a self made millionaire at the age of 28. This didn't happen by chance because i already wrote that goal down five years before i accomplished it. Becoming rich is not about luck, starting big or being intelligent but its all about having certain beliefs about money and life.

In The Ultimate guide to becoming rich i will teach you everything that you need to know in order to become rich.

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