A Must-have Habit to Turn you Into a Millionaire During Recession

How do you view recession, when the country experience two consecutive negative growths in its GDP? Is it a crisis or scary event to you, or do you view this as an opportunity? Interestingly, if we translate the word “crisis” into Chinese, it means opportunity in danger OR dangerous opportunity. Do you perceive recession as an opportunity in danger OR it is simply a negative event you definitely want to avoid?

According to Adam Khoo, a young millionaire in Singapore, to be a millionaire, ones need to equip themselves with certain habits. One of the habits he shared in the Secrets of Self-Made Millionaire is that to be a millionaire, you need to be a Proactive Person who can go out and find opportunities instead of waiting for things to happen. In other words, YOU NEED TO MAKE THINGS HAPPEN, EVEN DURING RECESSION.

Now, I’m going to share with you a real story of how a millionaire builds his business empire during recession. During Asia economy crisis in 1997, many entrepreneurs just pray that the bad time to pass as soon as possible without doing much in improving their business or sales, however, there was one guy that actually did something different from ordinary entrepreneurs and not only led to survival during the Asia economy crisis, but also expanded his business empire and grab more profits than ever before.

Ron Sim, the CEO of Osim International (a company that produce luxury massage chairs) was born in a big and poor family. He displayed his entrepreneurial skills by the age of 9, earning 50--80 cents a day selling noodles on the street after school. Over the years, he gained a lot of business experiences.

As most of you may know, , during the recession, a peak where businesses are likely to declare bankruptcy, where most consumers are more concerned about their most basic needs, what should Ron Sim do to make more sales for his high-end product during recession?

Instead of praying for miracles to happen in Singapore, he opened the new market in both Hong Kong and Taiwan. Guess what? He made a fortune from abroad and OSIM’s made 30% higher profits than the time before economy crisis.

Today Ron Sim owns 52.4% of OSIM, giving him a net worth of $255 million. If he was reactive and just waited for miracles to happen during recession, he would not have achieved business success today!

Notable Quotes from Ron Sim
""I never believe that there is a good time, or a bad time. I think it's really a function of yourself."

"Be it bad time or good time, I think it's a matter of how resourceful you are, how courageous you are, how driven you are, to prove yourself."

"I've always told my staff, that it's okay to lose. In fact, we should sometimes feel the agony of loss. But the agony of loss should be the source of the fighting spirit that will spur us to want to win, that should help us to really fight back and move on."

"I think I was pretty lucky to be born in a poor family. When you start low, there is no baggage of fear of failure and humiliation."

"I always believe that entrepreneurs are bred by circumstances -- where there is hunger, where there is despair, where there is desire. In my circumstances, I had a chance to be born poor. And that, in my opinion, fuels a lot of hunger, a lot of despair, a lot of desire to make things good and right."

"They thrive because they have guts. They take risks to go into uncharted ground to manage people and issues. You need to be willing to accept the challenges, instead of sighing, 'So mah huan (inconvenient), don't come to me."

"You can pick up theories and formulae from books. Those are the tangibles. But they only work if you have the intangibles - leadership and courage."