Why some entrepreneurs get rich and why most don’t by Donald Trump & Robert Kiyosaki.
integrated Book Review of “Midas Touch” by Peter/CXO Wiz4biz
Robert Kiyosaki 1st Book won him the title of Financial Expert of 2011 from Go Banking readers. He, like many of the other experts on the list, rose to fame because of this book detailing his financial philosophy in “Rich Dad, Poor Dad” book.
What is a Midas Touch? “The ability to turn anything you touch into gold”. From a business perspective – as detailed by Trump & Kiyosaki, the Midas touch is the ability for a hopeful entrepreneur to become a successful entrepreneur. The capacity to turn any venture, into an extremely profitable one. T&K explain this ability with a hand metaphor, each finger representing a crucial quality or piece of knowledge that a person with the Midas touch possesses.
Five Fingers of the Midas Touch
1. THUMB, Strength of Character, is a core to being a successful entrepreneurs. To be honest, do you still need to build your character? I know that I’m short tempered, emotional, get bored easily, a dreamer & positive thinker. I still need to work on my bad character before I could move to be better one. Do you?
2. INDEX FINGER: F.O.C.U.S. (Follow One Course Until Successful) Most people have a good Focus, until the next distraction. I know to correct that, I learn to focus on one thing at a time, until you complete it or go as far as you can go – till you need more input.
3. MIDDLE FINGER: Brand. Do you have a Brand? I know who I am, what I want, but I have yet to define the real me to others. It’s easy to try to imitate another’s brand & marketing strategy. You need to research what Brand you’re going to show the world carefully – what your Product or Services stands for. (ie, refreshing Coke, Facebook sharing or Googles information.
4. RING FINGER: Relationships. Are you good at making & keeping relationships? Or do you think it’s easier just to stop the relationship – if its getting too difficult – rather than trying to fix it? You should show appreciation to your best friends – who support you, your beliefs, give you ideas and show me how to be a better person or product.
5. LITTLE FINGER: The Little Things That Count. For example, Dominoes knows that people wants pizza, and they can’t wait long because they are hungry. Therefore, they promised 30 minutes or less, or free pizza! Now that, is little things that counts. Even McDonald – which has dominated fast food – has a system is simple enough to attract the lowest educated person to operate them (ie, green kids in their 1st job). In your business, you should make it simple enough, so that it’s easy: 1) for your customers to find you, 2) to do business with you and get what they want &3) to solve a problem, if they have any in your product’s use.
Are you an Employee, Specialist, Businessman or Investor?
Robert emphasize that there’s four (4) Quadrants of Careers. [ E, S, B & I ].
· E stands for employee, which most of us have the mindset of – if you don’t have a business . Some of us evolve into . . .
· S, or small business or specialist (ie, independent professional – Dentist]. Few of S’s grow to evolve into . . .
· B, or BiG Business with > 500 employees. Even rarer to evolve to an . . .
· I, or Investor – where you’re using your own & other people money to grow your assets & worth.
“Points to Remember-Things to Do” List – is at the end of each chapter – which breaks down the most important points & Actionable steps, if applicable. Theoretically, you could just read the list at the end of every chapter and get the key ideas of the book, but I find the value of Midas Touch to be in the storytelling of real-life experiences. While it is nice to have concrete advice regarding how to be successful in business, it’s even more worthwhile when you can understand how those lessons have been applied by actual people with tangible results.
Is Midas Touch Worth Reading? Trump & Kiyosaki’s message is valuable to anyone interested in becoming an entrepreneur and succeeding in the business world. It’s refreshing to read about entrepreneurship from people who can offer guidance from a personal perspective. Both Trump & Kiyosaki recount the numerous mistakes they made in the past–giant mistakes–but emphasize the importance of learning from those mistakes and having the strength of character to see an idea or project through, no matter how many barriers, setbacks or failures come first. This a book written by entrepreneurs who have won, failed, & battled back – to win, again & again.” If you’re looking for a book about entrepreneurship written by people who have put theory into practice, Midas Touch is a worthwhile read.
Comments: What do you think of the Midas Touch principles here?