Midas Touch: Why Some Entrepreneurs Get Rich - And Why Most Don't

Midas Touch is written by best-selling authors, Donald J. Trump and Robert Kiyosaki. In this book these two authors have revealed some key qualities of true entrepreneurs. This book is for those people who are already entrepreneurs and want to become better entrepreneurs or for those who are in the process of becoming entrepreneurs.What will you learn from this book?This is a very fascinating book, full of interesting stories taken from the life of the authors. You will learn a lot by reading these stories. This book is not written by college professors, this book is written by true entrepreneurs who have learned some key business lessons by winning, failing and rising back from bottom, again and again.You will learn why some entrepreneurs get so much rich while others find difficult even to survive. How these true entrepreneurs sell massive products and services to costumers to make a lot of money, How they create a lot of jobs for others even in this kind of tough economy?S
chools do not create entrepreneurs, Schools are designed to create good employees. If you want to become an entrepreneur, you should learn business lessons from true entrepreneurs.In this book, Donald and Robert have described 5 essential qualities that every entrepreneur must acquire.1. Strength of Character2. Focus3. Brand4. Relationship5. Little things that count1. Strength of CharacterStrength of Character is the most important quality of a true entrepreneur. It is the ability to keep going when going gets tough. The authors give examples of many successful people who faced many failures and disappointments but never give up. The famous inventor Thomas Edison failed 10,000 times before inventing the light bulb. Edison said, "I haven't failed. I've found 10,000 ways that don't work."Entrepreneurs need to work 24/7 during their initial working years, they should understand that sacrifice and hard work is the price one must pay to become successful. The authors advise to ke
ep your day time job and build your business in the part-time. You must keep learning and growing everyday, business grows only if the entrepreneur grows.2. FocusFocus is the ability to concentrate all your thoughts on the work at hand. Focus is power. F.O.C.U.S means follow one course until success. You need to clearly define your goals and then concentrate all your thoughts and awareness on those goals until you achieve them.When starting business, many entrepreneurs set some goals and try to focus on them but when the going gets tough, they lose focus and quit. They try to find easier ways to survive.Robert described that when he got married with Kim, they both set goal to get $100 a month cash-flow from their investments, they focused on that goal till they achieved that goal then they set bigger goal of $1,000 per month and then $10,000 per month. They kept learning, growing and increasing their goals.3. BrandThis chapter starts with an interesting story of Robert. When
Robert was young, he bought a fake branded watch for five dollars. His rich dad told him that "Only a fake would wear a fake. You think nobody would know the difference between the fake and real one but you know the difference, you should not fool yourself. You have bought a stolen property."From that day Robert never bought anything fake. He respects other brands. Robert and Donald agree that to create a brand you need to focus more on giving than receiving and you need to make good relationships with your costumers. A brand is not a logo. A brand is the promise to serve your costumers in the best way possible.To create a brand you should ask these four questions to yourself.Why do you do what you do?What problem do you want to solve?Who or what is your competition?Why should people choose your products over others?4. RelationshipPeople, Products and Profits, these are three most important words in the business world. Robert starts this chapter with these words, "You can't
do good deal with a bad partner." A bad partner may not be a bad person. A bad partner means the wrong person for a particular task.The advice is that you should try to become a good partner by becoming a student of human nature and business. You should work diligently. When you become partner, you should focus on win-win principle. A good partner works extremely hard, loves what he does, and works to achieve some well-defined team goals.Sometimes your partners will not agree with you, it just means that you should come out of disagreement with a better idea. You need to think about what they want instead of thinking too much about what you want. In this chapter authors have explained two tips on raising money.5. Little things that countTo become a good entrepreneur, you need to think big and focus on small things that count. Employees work hard but they think small, this the reason their world becomes smaller. The authors have given some examples of little things that coun
t.Domino's pizza - delivery in 30 minutesWal-Mart - low pricesFederal Express - Overnight shippingRich Dad - Financial education in simple languageTry to find out the little things that can make big difference in your business.Final thoughts on this bookIf you want to become an entrepreneur then this book is a must read for you. If you are working on your business without a vision and these 5 skills then you are delaying your success. This book will inspire you to take responsibility to discover your true purpose and become an entrepreneur that creates jobs. The world is counting on you.About the Author

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