The Multimillion-Dollar Business Idea: An Entrepreneur’s Guide to Success

The Multimillion-Dollar Business Idea:

An Entrepreneur’s Guide to Success

First Edition © 2023 by Dr. C. Kouacou

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher.

Print ISBN: 978-1-66788-811-8

eBook ISBN: 978-1-66788-812-5

Table of Contents

Foreword by Dr. Penton

Foreword by Dr. Hammond

Preface

Acknowledgements

About the Author

What Experts Think About This Book

Notes From Editor

Introduction

CHAPTER 1: The Business World Today and Its Challenges

CHAPTER 2: Why Do You Want to Create Your Business?

CHAPTER 3: Assess Your Business Environment

CHAPTER 4: What Is a Business Idea and Where to Find It?

CHAPTER 5: What Causes Businesses to Fail?

CHAPTER 6: The Dilemmas of the Entrepreneur

CHAPTER 7: Metrics to Evaluate the Feasibility of the Business Idea

CHAPTER 8: The 12 Steps to Create a Successful Business

CHAPTER 9: The Multimillion-Dollar Business Idea

CHAPTER 10: The Successful Business Owner

CHAPTER 11: The Exceptional Manager of the 21st Century

CHAPTER 12: Think Critically

CHAPTER 13: How Do Managers Make Decisions?

CHAPTER 14: Strategies to Attract Customers

and Tactics to Retain Them

CHAPTER 15: What Is a Proposal and How Do I Write It?

CHAPTER 16: Do You Know How to Write a Feasibility Plan?

CHAPTER 17: Write a Winning Business Plan

CHAPTER 18: Fine-Tune Your Managerial Capabilities

CHAPTER 19: Fine-Tune Your Oral Presentation

CHAPTER 20: Crafting Winning Strategies

CHAPTER 21: Your Marketing Plans

CHAPTER 22: Appraising Employee Performance

CHAPTER 23: Managing Operations Performance

End Notes

Appendices

List of Figures

Figure 1: The First Apple Computer in 1976

Figure 2: Apple Computer in 2022

Figure 3: Companies’ Business Environment

Figure 4: SWOT Analysis Template

Figure 5: Application of the SWOT Analysis to a Restaurant

Figure 6: Model of the COVID-19 Virus

Figure 7: 15 Metrics to Evaluate the Marketability of a Business Idea

Figure 8: 12 Step-by-Step Business Creation Guidance

Figure 9: Characteristic Traits of Critical Thinkers

Figure 10: The Process to Make Sound Decision

Figure 11: Components of a Business Proposal

Figure 12: Components of the Feasibility Plan

Figure 13: The Components of the Business Plan

Figure 14: The Hiring/Job-Seeking Process

Figure 15: Performance Appraisal Form

Figure 16: Key Areas of Performance Measurement

Figure 17: Organizational and Operational Performance Appraisal

List of Metrics

Metric 1. Evaluate your Profile as a Business Leader/Manager

Metric 2. Evaluate Your Knowledge of the Business Idea

Metric 3. Evaluate the Adequacy Between Your Profile and the Business Idea

Metric 4. Measure Your Chance to Succeed

Metric 5. Quantify Your Intellectual Knowledge

Metric 6. Calculate the Financial Cost

Metric 7. Conduct a SWOT Analysis of the Business Idea

Metric 8. Measure the Risk

Metric 9. Assess the Seven Ps

Metric 10. Conduct a SWOT Analysis of Your Competition

Metric 11. Evaluate the Market

Metric 12. Assess the Business Location

Metric 13. Assess the Personnel

Metric 14. Determine the Legal Form of the Business

Metric 15. Determine the Laws, Regulations, and Policies

Foreword by Dr. Penton

Dr. Kouacou and I have worked together on an education program designed to guide students to the ideal career pathways they may choose after graduation. Many of the students envisioned creating their own businesses. However, as much as they desired to create their own business, some had no idea of the business they wanted to create. Others had ideas but did not know where to start. A few stated that financial resources would be their greatest hurdle. A group of students expressed a great fear regarding the increasing number of businesses that fail.

As a business scholar, Dr. Kouacou discovered a platform that gives prospective and veteran entrepreneurs the guidance needed to succeed in business. He includes in his book many techniques needed to remove the hindrances entrepreneurs may face while being a business owner.

The Multimillion-Dollar Business Idea accomplishes this goal.

Causes and solutions of business failure

One of the major reasons people do not want to start a business is that they fear failing. Throughout this book, the author elaborates on several strategies and tactics to mitigate the risk of failing. The author also provides helpful tips that can be used to overcome impeding hurdles. Reading and implementing them will take your business to the next level.

The following chapters introduce practical and pragmatic solutions to business failure. Read and implement them to take your business to the next level.

What causes businesses to fail?

The dilemmas of the entrepreneur

Metrics to assess the feasibility of the business idea

The successful business owner

The exceptional manager of the 21st century

Strategies to attract customers and tactics to retain them

Generating a marketable business idea

The major obstacle prospective entrepreneurs face is identifying a business idea that will make a profit. An idea is the first resource an entrepreneur needs to create a business. The idea is what the entrepreneur will sell to earn a profit. This book teaches different avenues to generate feasible and marketable business ideas. The major innovation of this book pertains to the metrics developed by Dr. Kouacou to assist entrepreneurs in assessing the marketability of their ideas even before investing their money or time. By implementing the suggested metrics, the prospective entrepreneur will determine the chance of the idea to succeed.

The absolute necessity to acquire knowledge

Dr. Kouacou believes that business is about knowledge. Therefore, he wants The Multimillion-Dollar Business Idea to be a fountain of knowledge where businesspeople draw the necessary knowledge they need to leap into the arena of successful entrepreneurs. Entrepreneurs are encouraged to embark on an educational journey that will help them achieve their goals. The chapters listed below plunge the entrepreneur deep into the universe of knowledge required to give them a competitive advantage over other entrepreneurs.

The business world today and its challenges

Why do you want to create your business?

Assess your business environment

Crafting winning strategies

Your marketing plans

Appraising employee performance

Managing operations performance

About the author

This book is written by a man who spent his entire life learning about business and giving it back to the community through volunteering, consulting, and teaching. His students and clients identify him as a caring person who does not see failure as an option in business.

Dr. Kouacou earned a doctoral degree in business administration and various certificates in finance, project management, and coaching. Currently, he is a full-time professor of corporate finance and international economics. Additionally, he consults and coaches entrepreneurs. With his academic and professional experience, Dr. Kouacou has accumulated a wealth of knowledge that he feels compelled to share with others. Remember, business is about knowledge.

The bottom line

Many entrepreneurs make minor progress in their business ventures and find it difficult to defeat challenges. In a context of fierce competition, many businesses are embroiled in constant struggle and face serious difficulties in thriving. Knowledgeable entrepreneurs who possess the key success factors thrive. Henceforth, there is no need to shut down your business venture. Read this book and implement its content, and your business will have a good chance of success.

If you want to start a business, if you just started, or if you are a veteran businessperson, The Multimillion-Dollar Business Idea can help in your journey.

Prosperity has no limits.

—J. Penton, Ed. D.

Foreword by Dr. Hammond

Running a business is a demanding process that requires a lot of energy, endurance, and most importantly, knowledge. Success is not something that just happens by chance: successful businesspeople work hard and educate themselves in the best strategies for success. As I was reading this book, I was fascinated by all the different strategies that Dr. Kouacou (Dr. K.) has developed for businesses to excel and succeed. I agree with him that failure should not be an option. There are strategies out there that can help businesses succeed, and it’s up to the entrepreneurs to know and apply them.

Dr. K. brings his expertise to the business world to provide solutions that are not only feasible but also practical and pragmatic. This book is the manifestation of what he is passionate about professionally. He is dedicated to excellence and perfection in his work and believes that success comes from hard work and determination. He also believes that every entrepreneur should strive to maintain the progress they have made so far.

Working with Dr. K. on various projects has been a privilege, but the one that really showcases his skills is the financial restructuring project for a non-profit organization. Dr. K. was able to completely rethink the organization’s finances and design a system that would promote accuracy, traceability, and transparency. This system allowed the finance department to know exactly where the organization’s money was at any given time and whether they were achieving its financial goals. The system was so effective that it convinced me of Dr. K.’s ingenuity in financial matters.

In The Multimillion-Dollar Business Idea, Dr. K. captures the strategies he developed from his long and successful career as a business professor and professional to show readers that success in business is possible. You will benefit from the numerous tips and tricks featured in each chapter, all of which are designed to help you live a successful life as a business owner.

I highly recommend The Multimillion-Dollar Business Idea by Dr. K. to any aspiring entrepreneur. The book is full of valuable information and guidance that can help entrepreneurs on the path to success. I have the utmost respect for Dr. K. and the knowledge he has imparted in this book. All the chapters are very insightful and useful. I recommend this book to anyone wanting to start their own business.

The Multimillion-Dollar-Business Idea is essential reading for any entrepreneur who wants to be successful. The book has been read and reviewed by prominent scholars, and its content is validated as being capable of guiding entrepreneurs on the pathway to success. I have the highest regard for Dr. K. and the knowledge he conveyed in this book. All the chapters passed my litmus test. Would I recommend a book to entrepreneurs? I recommend The Multimillion-Dollar Business Idea by Dr. K.

—Y. Hammond, JD

Preface

Purpose

In my life, particularly in my career, I have seen many entrepreneurs lose all their investments and plummet into depression. I talk to students every day who are eager to create their business but do not know how or what idea to implement. As a consultant to entrepreneurs, I have noticed that many do not know how to put together the multiple pieces needed to create a business plan. I have seen many businesses that have failed. Some of them are damaged forever and will never recover again. The world of business is a world of war, where the strongest swallows the weakest. It is a world of no pity. Nonetheless, the game plan to win does exist. You just have to know how to implement the game plan very well, and then victory will be possible. I am very sensitive to the social conditions of humankind. Every businessperson should be equipped with the necessary knowledge and strategies to succeed.

The Multimillion-Dollar-Business Idea is the response to the numerous questions without answers a businessperson may face. The book addresses the struggles entrepreneurs encounter in running their business ventures. This book appears as the guide that will take entrepreneurs to success.

Audience

People like to refer to business gurus like Bill Gates, Jeff Bezos, or Warren Buffet as icons in business. Although the examples and lives of these prominent business leaders can motivate and inspire, this book aims to give readers the pathway to write their own stories as successful entrepreneurs. The Multimillion-Dollar Business Idea is intended to assist entrepreneurs, whether they are novices or veterans, in their journey to creating a successful business. This book also provides college and university students with practical strategies they can employ to sustain an intellectual debate about business. Lastly, this book is for business consultants to provide their clients with practical and pragmatic strategies to grow their businesses.

Acknowledgements

This book could not have been written without the support and encouragement of my son, Joel, and his wife, Victoria. Their presence at my side has been a source of motivation. I have also benefited from spiritual support from my brother and sisters, Gaston, Agathe, Angele, and Beatrice, which I am truly grateful for. I cannot forget the thousands of dedicated students at Saint Leo University, Belhaven University, and Columbia Southern University. My interactions with them have enriched my knowledge and opened many pathways of reflection on how to orient this book.

All my infinite gratitude goes to Dr. E. Jones, Dean of the College of Business at Columbia Southern University, for reviewing this book. The comments and recommendations made by Dr. Jones enhanced the reliability of the content of this manuscript.

I’m particularly indebted to Dr. J. Ready, a full-time professor at Columbia Southern University. As the subject matter expert, Dr. Ready has positively influenced my work through his constructive feedback and guidance, which has improved the quality of this book.

I would have made a major mistake if I had silenced the support I received from Dr. J. Penton. Although I was serving at Newton High School as a business technology teacher, Doc, as I call her, has given me a sample of true mentorship. She guided me step-by-step until I became mature in my role as teacher. I owe Doc special thanks for editing this book and providing her invaluable feedback.

I acknowledge the constant support and prayers of Dr. Y. Hammond. Dr. Hammond is and remains a spiritual pillar. Her prayers and encouragement increased the speed with which this book was written. I am grateful for her insightful feedback.

I’m particularly grateful to Shavon Cooper, who has always believed in my vision and ideas. The constructive feedback given by Shavon has propelled this book to a higher standard.

Finally, I’m most grateful to you for taking the time to read this book.

About the Author

Dr. Kouacou currently serves as a full-time corporate finance and international economics instructor at Columbia Southern University. Prior to his teaching tenure, Dr. K. had long international corporate experience. From 1995 to 2005, he served as a law-office employee. In this position, he helped numerous companies develop competitive advantages and increased their market shares. From 2006 to 2014, he served as operations manager at a logistics company. This position gave Dr. K. the opportunity to apply his educational knowledge. His leadership abilities helped the company reduce employee turnover and increase