I was perusing the Rich Dad forums at lunch and came across a truly motivating "rags to riches" story by one of the members. He gives an overview of how he started a business that started as a trickle and turned into a stream, which he eventually sold for $1.2 million. He makes some key points along the way, which to me are better than the story itself. For example, many people are destined to fail before they even start because their defined purpose is not aligned with a true business model. Specifically, they ask themselves "What business can I start that will make me tons of money?" when they should really be asking "What business can I start that will fill a need for people?" His list of things he recommends are as follows:
1. Fill needs. Solve problems. And do it BETTER than your competitors.
2. Never stop learning - never stop educating yourself.
3. Stop asking yourself "How can I make money?"
4. Your time is valuable, so build "systems" to generate cash flow.
5. Attract businesses rather than people. [His reasoning is that people are more fickle with their money than businesses. Not sure I completely agree.]
6. Immerse yourself in an environment that will foster your growth. [IOW, remove as much negativity/"noise" from your life that will inhibit your success.]
7. Remain in control. [But don't let it control you.]
8. Protect your image and your assets. [Including intellectual property.]
9. Focus on one thing at a time. [Switching gears to other things will usually do more harm than good - stay focused on your task at hand.]
10. Leave "get rich quick schemes" for late-night TV. [This goes inline with the saying that just when you feel like quitting is when things start happening.]
11. Do something you enjoy. [Again, don't do it solely for money, but also for enjoyment.]
Tuesday, July 03, 2007
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