Recent studies show that start-up businesses fail at an alarmingly high rate. This is the foundation for the fear that paralyzes would-be entrepreneurs, keeping them behind their day-job desks. Robert Kiyosaki, successful entrepreneur, investor and co-author of Rich Dad Poor Dad, offers new strategies that can potentially turn the start-up failure rate on its head.
While there are many books that tell you how entrepreneurs built their companies, Kiyosaki—for the first time ever—provides the steps would-be entrepreneurs need to take before they quit their jobs. He believes that a start-up business is destined for success or failure even before the new entrepreneur leaves his 9-to-5 job. And, while many people are convinced that the entrepreneurial path is the way to go, the fear of failing keeps them from taking the first step.
In RICH DAD’S BEFORE YOU QUIT YOUR JOB: Ten Real-Life Lessons Every Entrepreneur Should Know About Building A Multimillion-Dollar Business (Warner Business Books Trade Paperback Original/$16.95/Publication Date: September 14, 2005), Robert Kiyosaki, with co-author Sharon Lechter, reveals the ups and downs of becoming an entrepreneur through first-hand accounts of his own start-up companies, and shows how his earlier struggles provided the foundation for his hard-won financial freedom. What sets this book apart from other books on entrepreneurialism is how Kiyosaki courageously reveals his business failures and uses them to illustrate the ten key lessons that made him and The Rich Dad Company a worldwide phenomenon.
In RICH DAD’S BEFORE YOU QUIT YOUR JOB, Kiyosaki details the exciting – yet sometimes grueling – process of transitioning from employee to entrepreneur. He explains that it is more than simply changing jobs but rather a true metamorphosis that begins with a desire for more freedom than security. From knowing that a successful business is created before there is a business (Lesson #1) to understanding that success reveals your failures (Lesson #4), from learning how to turn bad luck into good luck (Lesson #2) to seeing that the process is more important than the goal (Lesson #5), Kiyosaki’s proven techniques and savvy insights will serve entrepreneurs well as they develop their own businesses.
Robert went from being a young and inexperienced entrepreneur in the Honolulu business community, to today owning a profitable real estate company, co-founding two successful public companies, and being at the helm of the Rich Dad Company—a financial education company with products in more than 44 languages, doing business in 80 countries, and with Rich Dad Poor Dad at its center (a book that has been on the New York Times and Business Week bestseller lists for over 4 years and counting). Having been in the trenches and coming out on the other side, Robert’s insight and perspective is invaluable for entrepreneurs at any level of experience.
he personal account of Kiyosaki’s entrepreneurial journey imparts hard-hitting advice, including:
- Too much success can kill a poorly conceived business. Kiyosaki explains how his Velcro surfer wallet business grew so fast that the business was a lot bigger than the capabilities of the three entrepreneurs who created the business. While celebrating his sudden success, Robert and his partners did not know that they were actually failing.
- The importance of protecting your intellectual property. When Kiyosaki pioneered the Velcro wallet business he didn’t consult a patent attorney. “Once we created the market and the awareness of this new product line, competitors came out of the woodwork and my little business was squashed… I had designed the business poorly before there was even a business.”
- A lesson on transitioning from employee to entrepreneur… learned by Kiyosaki during four days at a High-Performance Racing School. “The course did not focus on doing things right. It focused on making and correcting mistakes at higher and higher speeds. The process of going from street driver to racetrack driver required that I unlearn many things. The right things to do on the street will get you killed on the racetrack…The same is true with transitioning from employee to entrepreneur…what is right in one world is wrong in the other.”
- The entrepreneur must develop his or her ability to sell. “Basically I am a very shy person. Even today, parties and social events are painful for me. So knocking on the doors of strangers was a terrifying daily experience.” In four years, Kiyosaki went from being the worst salesperson at Xerox to consistently being number one. He did this by creating the opportunity to fail faster so that he could learn from his mistakes quicker. Kiyosaki volunteered to “dial for dollars” for a local charity at night to gain additional sales experience.
- The three types of money and how it determines who you partner with. Forming alliances with outside business partners is critical to the growth of an entrepreneurial company. However, you first have to know what type of money you are working for: competitive, cooperative, or spiritual. The Rich Dad Company works for all three but the company’s mission of “elevating the financial well-being of humanity” has resulted in not only an abundance of spiritual money but also a fine-tuned sense of which companies make the best strategic partners.
- The importance of having all five bases of your business covered. Kiyosaki often refers to the B-I Triangle, the Rich Dad business model that helps the entrepreneur assess the viability of a business. The five levels of the B-I Triangle include: product, legal, systems, communication, and cashflow—and a business must have all of the levels covered in order to be survive. Kiyosaki discusses how his own business ventures measured up to the B-I Triangle.
These and other compelling stories from Robert Kiyosaki’s career are shaped by never-before-heard advice from his rich dad and by “Sharon’s Insights” (savvy, hard-hitting strategies from Kiyosaki’s business partner and co-founder of The Rich Dad Company) into ten real-life lessons that every entrepreneur will benefit from. The result is RICH DAD’S BEFORE YOU QUIT YOUR JOB – a candid look at the exciting world of the entrepreneur, and what it takes to build a thriving business.