Robert is a Japanese-American, self help author, businessman, mentor and investor. He is a founder of “Rich Dad” Company. He is a big advocate of financial literacy. “Rich Dad Poor Dad” is his the most selling book with more than 32 millions sale Globally.
If you want to be Rich, then follow his rules for success in business:
Focus on Being Consistent
Focus mean follow one course until success; mean be consistent, be throughout. Do same venture again and again until that point you master success in it. Don’t leave or don’t try to open more fronts until you reach at the top of your current business.
Don’t be Afraid of Losses
Our education system taught us failure is bad, they punish us on failure, but that’s not a life. Every businessman at some stage got busted, like Steve Jobs were expelled by Apple Board of Directors, Bill Gates was summon for creating monopolistic environment in country etc. Life and business are about going down and standing up, again and again.
Change the Way Your Think
Always pay yourself first and don’t be afraid to put others secondary. Use your obligatory expenses as your motivation to do more. As if you prioritize yourself 1st, then you will work or think about ways to generate such sum to cover your part and that expense part. That’s how you will free yourself of employee mindset.
Experience Makes You Smarter
Don’t afraid to initiate anything in life, as you won’t lose anything in the process. Either you win or you get smart experience for future, you don’t lose anyway. There is no loss cause, as you paid for better education, expertise and experience. May be this one time small bad experience can prove handful to avoid future bigger losses.
The More You Give The More You Receive
This sounds spiritual but this truly represents your business mind set. People wants more but don’t give or at least want to give more. Therefore, their life and business stuck in a cycle, they don’t grow. Giving more, create more opportunities to grow, open new avenues. Being the upper hand provides you leading edge on others in vicious cycle of retaining more.
Hard Times Bring New Opportunities
Hard times mean economic depression, high production costs, less facilities from Government, energy crisis, no startup eco system, less support from family or anything creating apparent hindrance. But that really doesn’t count if you able to see opportunities in those crisis. Like one example from my home town where one exporter’s shipment got stuck due to bankruptcy of one of their client. They built their e-commerce platform to sell this zero value stock. Which prove mega hit for them which subsequently lead them to become No. 1 clothing store in Pakistan.
Know What You Are Working Hard For
Work hard for cost effective incomes or as he say passive incomes, as these will generate more inflows with less obligations to pay. As a percentage to income, a Government salaried individual pays more than any billionaire business man in same country. Try to generate passive incomes those might be your video tutorials on YouTube or freelance skill, running side by side to your regular job or business.
Aim to Acquire Assets
This specific habit is a key to become richer and richer. Poorly designed businesses supported by liabilities won’t stand long. This habit of business asset acquisition, will make sure more inflows and hence increase product range and more solutions.
Stop Saving Money, Invest It
Saving is the highest risky habit by savers on ever declining value of paper currency. Put money on products that match with or remain above on inflation rates. Invest money on portfolios, to avoid drop down risk from one investment.
Design the Business Properly
Business is a combine set of lego blocks, in which every aspect is needed to be in line to make a perfect lego figure. This is possible that, you have good product or line of services but got fail to your competitor with less good product or services. As all components of business including HR, finances, production, sourcing, communication and marketing are important along with good products. Design self sustainable business model even with less market exposure, as this self sustainability will grow you and hence will open more avenue in bigger markets.