Midas Touch - Trump, prosalgreavsunfma.gq - Ebook download as PDF File .pdf), Text File .txt) or view presentation slides online. and Why Most Don't. Donald J. Trump and Robert T. Kiyosaki entrepreneurial insights helped bring our vision of Midas Touch to life. Finally, we'd like to thank. We dedicate this book to William Zanker and The Learning Annex and applaud their commitment to financial education. Donald J. Trump. Robert T. Kiyosaki.
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Listen to the audiobook Midas Touch by Donald J. Trump, Robert T. Kiyosaki, John Dossett, Skipp Sudduth at Simon & Schuster. Also find audio excerpts. DOWNLOAD Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't By Donald J Trump, Robert T Kiyosaki [PDF EBOOK EPUB KINDLE]. Description In Midas Touch, Donald Trump and Robert Kiyosaki ask the question: What's an entrepreneur's most important job? The answer.
China shudders at the thought of their exports slowing and is horrified at the possibility of millions of unemployed workers. The U. The problem is that no government, neither ours nor theirs, can create real jobs. Only entrepreneurs can do that. Only entrepreneurs can see the future and bring it to liferisking, losing, and winning over and over. In the process, they create new industries and opportunities for people all over the world.
Another problem is that schools do not create entrepreneurs. Schools are designed to create employees. That is why people say, Go to school to get a good job. Most students, even graduates of MBA programs, go on to become employees, not entrepreneurs. Millions of students leave school each year saddled with massive student-loan debt, unable to find jobs. Today, too many people, young and old, are looking for jobs, or are afraid of losing their jobs.
We need more entrepreneurs who can create businesses and jobs. Since the market crash that began in , the biggest crash since the Great Depression, many have been waiting for the economy to come back.
The economy will come back, but it will not be the same economy. The old economy of the Industrial Age is dying, and a new economy of the Information Age is emerging. The rules of this new economy, an international economy, will not be the same.
And the old ideas from the Industrial Agejob security for life, pensions, benefits, and labor unionswill not be able to survive in our new Information Age. Many of todays Fortune businesses that were born in the Industrial Age will fade away. The Fortune companies of tomorrow will emerge from this crisis, led by a new era of entrepreneurialism and a new class of entrepreneurs.
This book is written for these entrepreneurs and for the people who want to become these entrepreneurs. This book is not about business. It is about what it takes to become a successful entrepreneur. As entrepreneurs, we share with you our thoughts and beliefs, our wins and our losses all accumulated over decades.
You will learn what makes us succeed, when 9 out of 10 entrepreneurs fail. We will share how we managed to go beyond success and wealth, turning our businesses into international brands, a feat many entrepreneurs dream of, yet few achieve. More importantly, we share with you what keeps us going when others give up, and why we seek greater challenges.
In this book, our second together, we share what gives us the Midas Touch, the ability to turn the things we touch into gold, and how you can have it too.
Weve divided this book into five chapters, each one rentr each opresenting one of the five fingers of the Midas Touch hand. In each chapter, following our individual stories, weve included a Distilling It Down section that delivers an objective review of the key points. Points to Remember Things to Do completes each chapter with action items you can apply to your own life. The five fingers represent the five key factors every entrepreneur dreaming of success must master.
These factors are not taught in school. The Midas Touch hand is the ideal metaphor to represent the attributes critical to entrepreneurial success. Master every finger, and youll discover the magic of why some entrepreneurs are wildly successful, and why most are not. The thumb stands for strength of character. Without it, entrepreneurs cannot withstand the inevitable failures and disappointments that come with creating something out of nothing.
Uncharted territory is full of dangers. The index finger stands for focus. Entrepreneurs must have the proper focus to really succeed. The middle finger, the longest finger, is all about the brand, which reflects what you stand for. Without a solid brand and a willingness to let the world know about it, you wont have the Midas Touch. The ring finger is about relationships: how to find a good partner, be a good partner, and build different types of relationships to achieve success.
Finally, the little finger is about the little things. Its not about simply mastering the details. You will see that little things can become big things that can set you on a course of exponential success. You will learn how to find the little thing that can become a big thing for your customers and for your business.
Each of these factors is important on its own. Together, when all the awareness, skill, learning, and knowledge are in your hands, thats when the true Midas Touch power really shines. And our world could use some entrepreneurial shine. In fact, to solve the global problems of unemployment and the lack of job security and financial security, the world needs more entrepreneurs. We particularly need more wildly successful Midas Touch entrepreneurs. Whether it grinds you down or polishes you up depends on what youre made of.
Anonymous Turning Bad Luck into Good Luck Robert Kiyosaki In early , I was in the Australian outback, far from civilization, on vacation with some friends, roughing it in one of the most beautiful parts of the world. It had taken me nearly a week to get to the remote campsite in Australia. One evening, my satellite phone rang. It was my wife Kim, who was back home in Phoenix. Guess what? Oprahs producer called, and Oprah wants you on her program in Chicago.
Thats great, I replied. But why me? She wants to talk about your story and your book, Rich Dad Poor Dad. Thats good, I said. Keep me posted. She wants you on her program in a few days. In a few days? I moaned. I just got here. Do you know how long it took me? Two days of flying and almost four days of driving. Cant we schedule it for a later date? Weve worked really hard to answer all their questions.
The producer even called rich dads son to verify that the story of your two dads was true. Theyre excited, and they want you now. Kim paused before continuing, Dont pass this up. Just turn around. Youll have new tickets waiting for you at the Sydney airport.
Six days later, I arrived in Chicago. Oprahs program was televised from her own studio, Harpo Productions. A lovely young assistant escorted me from the green room into the studio where Oprahs adoring fans were already seated. The room was electric. Oprahs fans were anxiously awaiting her entrance. For a moment, I forgot why I was there. I forgot that I was about to be on television with the most powerful woman in show business. I knew her television viewership was estimated to be over 20 million people in the United States alone, with syndication in over countries around the world.
Gazing around, I saw two chairs in the middle of the stage. I thought to myself, I wonder who the second chair is for? My heart froze as I realized the second chair was for me!
The room suddenly erupted with applause as Oprah took the stage. She was much more impressive in real life. After she said a few words to the studio audience and her television viewers, the assistant gently took my elbow and said softly, Lets go. I took a breath and thought to myself, Its too late to start practicing. An hour later, the program was over. The crowd applauded, and Oprah said good-bye to the world. Once the television cameras were turned off, she turned to me, pointed, smiled, and said, Rich dad, I just sold you a million copies of your book.
At that time, Rich Dad Poor Dad was self-published. This meant I did not have to share my profits with a publisher. Although Ive never been good at math, I did understand money. After expenses, I made a profit of five dollars on every book. It was a profitable day in many ways. As you probably know, fame can be much more seductive than money. Most publishers were polite, but simply told me they had no interest in the book. Two sounded like my English teachers telling me I needed to learn how to write.
One publisher said, Your story is preposterous! No reader will ever believe it. And an editor who specializes in financial books rejected it, saying, You dont know what youre talking about.
Of course, after the subprime crisis, millions of foreclosures, and all the homes that are worth less than their mortgages, I wonder if that editor would reconsider my message in Rich Dad Poor Dad. Taking the rejection in stride, Kim and I self-published 1, copies of the book and quietly released it at my birthday party in April From to , Rich Dad Poor Dad grew by word of mouth. Friends would hand it to friends, and friends would give it to family members.
The book slowly climbed its way to The New York Times bestseller list, the only self-published book on the list at the time. Oprahs producer called shortly after the book made The New York Times bestseller list.
Ten years later, in , I estimated that Oprahs push helped me sell over 22 million copies of Rich Dad Poor Dad in over countries. The book has now been translated into more than 50 languages.
That is the power of Oprah. Immediately after the show aired, the press came to call. Most loved the simple story of my two dads. A few were skeptical, critical, or condemning.
Every time I heard or read those words, I chuckled. While it was true that I went from obscurity to world-famous in one hour, I was hardly an overnight success. In , I was 53 years old. For most of those 53 years, I was far from successful. Thomas Edison, inventor of the light bulb and founder of General Electric, once said, I havent failed.
Ive found 10, ways that dont work. Edisons quote summarizes why most people fail to become successful entrepreneurs. The quote also explains why most entrepreneurs fail to develop their Midas Touch. Simply put, most people fail to become successful because they fail to fail enough. Relative to the Midas Touch, the thumb represents your emotional maturity and strength of character. Without the thumb, the other four fingers lack the stability to handle the daily challenges, the ups and downs, wins and losses, that all entrepreneurs face every day.
What Do You Lack? Many people say that two things stop most new entrepreneurs: 1. The lack of capital 2.
The lack of real-life business experience From my own experience, I would add a Ge would third item: 3. The lack of emotional maturity and strength of character Of these, I believe the third one, the lack of emotional maturity and strength of character, is the main reason why people fail as entrepreneurs.
The world is filled with smart, well-educated, talented people who fail to develop their God-given talents or gifts. How often does the student voted Most Likely to Succeed fail to succeed?
Most of us know people whose lives are tales of woe, tragedy, or betrayal, who blame their failures on other people or on a bad start in life. We all know people who have great ideas about how to make millions of dollars, but are too lazy to get off the couch.
We all know people who live in the future, and fail to take action today. There are millions of people who want to change the world, but cannot change the conditions of their own lives. And we all know people who lie, cheat, and steal, and yet lie again to themselves, believing they are people of integrity.
Without the emotional maturity and strength of character represented by the thumb, most people are denied access to their Midas Touch. I also say, If I had known how hard it was going to be, I might not have started.
To give these budding entrepreneurs some brightness of future though, I usually add, Im glad I did not know, because if I did, I might not be successful today. I then begin to tell them about my failures, because failure was my path to success. Dont Read Any Further In the following pages, I will share a few real-life experiences about pain and failure. Why do I want to tell you about my pain and failure? The answer is simple. If my pain and failure discourage you from becoming an entrepreneur, then I have done you a big favor.
While almost everyone has the ability to become an entrepreneur, not everyone needs to become an entrepreneur. There are easier ways to live your life. Life and success seem easy for some people, but I do not know any of these people. As my rich dad often said, Success requires sacrifice. I have yet to meet a successful person who did not sacrifice tremendously for that success. For example, medical doctors pay a steep price in terms of time, money, energy, and relationships to become doctors.
So do most high-performance athletes, movie stars, music idols, political leaders, and social leaders. Success in business is no different. Sacrifice is the price a person pays for success. Unfortunately, most people are not willing to pay the price. It is easier to be average, comfortable, safe, secure, and live life just below success. And Im not sure about the former.
I am living proof of nong prooEinsteins insight. My stupidity is infinite. The following are examples of my stupidity when I started my first business called Rippers, a nylonand-Velcro surfer-wallet business, which grew into a big business.
To preface the story, I had started a number of smaller businesses before creating Rippers, but none had taken me to an international level as the nylon-wallet business did.
The interesting thing is that I did not want to be in the nylon-wallet business. I fell into the business through my stupidity. Story 1: A Fool and His Money As most people know, the number-one skill of an entrepreneur is the ability to sell, because sales equals income.
Since I did not know how to sell, I took my rich dads advice and got a job working for the Xerox Corporation at the age of 26, not because I liked copiers, but because Xerox had a great sales-training program.
Although I was not good in sales, I studied, practiced, took extra classes, and slowly but surely, after three years, was consistently one of the companys top sales agents and actually started making some money. There is a saying that goes: A fool and his money are soon parted. Well, I was the fool, and my money was soon gone. This is how I parted with my money. A friend called me to ask if I would invest in his company. My friend John had been a very successful entrepreneur emphasis on the words had been.
So I believed he was smart, successful, and would take care of my money for 30 days. So, I handed him the money, and he handed me back a promissory note.
As you may have already guessed, he did not have the money. I told Stan to download more product so we could ship it to our retailers, said John, but Stan paid off some old bills instead. Now we have no product, no money, and no profits. If Stanley had bought materials like I told him to, I would have the money to pay you.
While Johns explanation made business sense, I had a bad feeling in my gut. I should have said something, but I bit my tongue and bought his story. In reality, I believed his story because I needed to believe it. I needed to believe John. If I didnt, I was afraid I would not get my money back. Obviously, Stanley, the CPA, did not know my rich dads lessons. But it was not only Stanley who was in the dark. Most people do just what Stanley did. They work for money, then pay bills, and save what is left over.
This is why most people live paycheck to paycheck.
Entrepreneurs must know how to spend money to create more moneyspending time and money on marketing, advertising, and sales promotions and offering sales incentives to sale representatives. In times of crisis, for example, times when sales are low and income is low, most people tend to do what Stanley didsave money, or pay bills. This generally spells disaster. In a crisis, a time with low income or low sales, smart entrepreneud.
When the sales start coming in, then they can pay bills and pay back the money they borrowed. During the global financial crisis which began in , most people are doing what Stanley did. They are cutting back, paying off debt, and trying to save money. This conservation of cash causes the economy to slow even faster. Businesses and individuals following Stanleys course of action may not recover when the rest of the economy does. They will be far behind the businesses that were spending and moving forward during bad times.
Story 2: History Repeated When I asked how I could get my money back, John told me that the only way to get it back was to give him more money. Now you may think that I would have been smart enough not to fall for this line, but I did.
As you may have already guessed, the money was gone as soon as I handed him the checks. So how do you raise money? The answer is: You have to practice. In my Xerox sales training, I was taught to make cold calls to get 10 leads. Out of those 10 leads, you get one sale. To raise money for John, I wrote up a simple business plan, created a small promotional flyer, and began knocking on doors.
Same sort of thing as with XeroxI made cold calls until I reached my goal. At the time, Johns company was selling soap on a rope, shaped like a microphone, for people who like to sing in the shower. I found investors for his company. Let me restate it: The ability to sell is an entrepreneurs most important skill. If you are not good in sales, then you must find a partner who is. As my fear went up, as is the rule, my intelligence went down. I was too nave to know that it was stupid for me to be raising money and promoting products for a business that was mismanaged.
I was unknowingly participating in a little Ponzi scheme, a smaller version of Bernie Madoffs billion-dollar scandal.
Thankfully, I eventually paid back the money. Slow and steady always wins the race. There are few grand slams in life, and promoting a business or an idea takes time. His brilliant idea was for me to join his company, make the money back, and help him save his company. And guess what? I took him up on his offer. So I worked hard at Xerox during the day and, after work, I crossed the street to Johns office in downtown Honolulu to work on a plan to save his business.
Its the number of hours worked for free that defines entrepreneurs and separates them from employees. The number of hours working or practicing for free also determines the level of success you will have in anything.
For example, professional golfers invest years in study and practice before they get paidif they get paid. That is why it is best to keep your daytime job and build your business in your spare time.
You may think otherwise, but you just might be working for free for a long time. This is where the idea for the nylonand-Velcro surfer wallets came into being. Since we were surfers and sailors, we already used nylon wallets. We sewed the wallets ourselves out of old sails from yachts. John thought these wallets would be hot sellers. He was certain nylon wallets were going to be the product that saved his company.
Although I was not as certain as John, we began working on our business plan and soon we were the first in the nylon-wallet business. The benefit of this whole experience was that I was learning to design, package, manufacture, and market a completely new product. The lesson was expensive but, in hindsight, priceless. Even though I would not want to relive any of it, this horrible experience is what led to the creation of my CASHFLOW board games, which continue to generate passive income today.
Story 5: Stress and Fear John was wrong. The nylon-wallet business was not hot. We were now in more debt than before, and we were going broke faster. Out of total desperation, I showed John and Stanley an idea for another new nylon product, this time a product I had designed. John and Stanley were surfers and sailors. I liked running. Runners had a problem: Where do they put their key, an ID card, and some money while theyre running?
Running shorts had no pockets and sticking all that stuff in your shoe or sock wasnt an option either. So I came up with an idea for a small mini-wallet that attached to the shoelaces of a runners shoe. Now completely broke with maxed-out credit cards, we launched our Rippers Shoe Pocket for runners at the New York sporting-goods show. Believe it or not, that product became one of the Hot New Products of the Year in the sportinggoods industry.
Entrepreneurs must learn how to handle stress and fear. Stress and fear must motivate entrepreneurs to become more creative, learn faster, and increase their knowledge about people and business.
In other words, entrepreneurs must be very fast learners and seekers of new knowledge, innovation and ideas. Fear is the entrepreneurs motivation to learn.
If fear paralyzes you, keep your daytime job. What this really means is that business grows only if the entrepreneur grows. Story 6: Holding The Bag Soon we were shipping wallets all over the world. Although we were internationally successful, our company was still going broke. We had much more cash flowing in, but even more cash was flowing out. In a last-ditch effort, John asked me to raise even more money, which I did.
John and Stanley smiled and thanked me. A few days later, I was in Chicago at a sporting-goods trade show, selling Ripper products. At the end of the show, I called Honolulu to report my results. Jana, our receptionist, answered the phone. She was crying. Whats wrong? I asked. I hate to tell you this, but John and Stan closed the company today. They took what money was left, and I believe they left town.
I dont know where they are. If I did not have a heart attack then, I will never have a heart attack. The shock that went through my body was like being hit by a bolt of lightning.
I felt like someone had kicked me in the guts. That phone call was the beginning of the descent to one of the lowest points in my life. Over and over again, I asked myself, How could I have been so stupid? John and Stan were gone. Their debts were paid off. I had no job, no business, no home, and no wife. She left me once the money was gone, when I sold our condo to pay off the credit cards so I could use them again. I had hit the wall. I could not go any further.
I could feel my life forces draining out of me as I asked myself, How could I have been so stupid? Rich dad had repeatedly warned me about doing business with John and Stanley. He often called them clowns or con men. The problem was that I did not want to listen to him, so I ignored his words and warnings about John and Stanley.
Rich dad said, A con man can only con you when you want something for nothing. Sitting alone in my small hotel room in Chicago, I began to let rich dads words sink in. I began to ask myself, What did I want for nothing? If I could figure that out, I could find out why I had been conned.
I wish I could say I found a definitive answer. But so far, over the years, the answer I found for myself is, Im lazy. Thats why I am conned. A few examples of how laziness contributes to being conned include: Employees who believe in job security Voters who vote for politicians who promise to look out for the voters best interests Investors who believe their financial planners advice to invest for the long term in stocks, bonds, and mutual funds People who believe that getting good grades in school assures them of job security for life Desperate people who fall for pitches like, download my book and become a millionaire overnight, or Take this pill and lose 10 pounds without exercising Anyone who believes the following statements to be true: o We dont need money.
We can live on love. As long as you live with your parents. Or get struck by lightning.
This claim cost me millions. It must not be very safe then. Youre in trouble. I am sure you can add your own favorite con jobs to this list. Instead, he would say, Children do not know what hot means until they touch the stove. So, he let me touch the stove. His real lesson was: You do not know what you do not know. Entrepreneurs learn quickly. He would say, The moment a person quits his job and becomes an entrepreneur, what he does not know will immediately appear.
One reason why 9 out of 10 businesses fail in the first five years is because the entrepreneur becomes overwhelmed by what he does not know.
It is what he does not know that destroys the business, even if he did well in school.
Con Men Are Great Teachers Rich dad used to say, The moment you begin your business, the con men and women will appear. He did not say con men or con women are bad. In his mind, con men and con women appear to do you a favor, to teach you lessons you need to learn. This is why he often said, Con men are great teachers. He also added, Just dont become one of them. He taught me, One of the most important jobs of entrepreneurs is to protect their employees from the real world.
By this he meant that the world of business is one of the most hostile, vicious, and dangerous environments you can work in. One of the lessons I haw. I was anxious to learn this lesson. I had seen my own dadwho was an honest, hardworking, and well-educated teacher and administratorbecome raw meat once he left the safety of the school system. He had run for lieutenant governor of the State of Hawaii as a Republican. He lost the election and became unemployed in his early fifties. Taking his life savings and retirement money, he downloadd a famous ice cream franchise and lost everything.
Simply put, he was safe as long as he worked for the school system, a system he had been in since the age of five. The moment he stepped outside the system in his early fifties into the real world of business, he was eaten alive. In less than a year, he lost everything he had worked for his entire life. This is why emotional maturity and strength of character are essential in the world of entrepreneurship.
Most entrepreneurs fail because they simply do not know what they do not know, and they fail to fail fast enough to discover those things they need to know. In other words, success comes from failure, not from memorizing the right answers. This is why so many so-called smart, well-educated people, like my dad, do not do well in business. They are smart in the world of the classroom, but are not smart in the world of business. The Definition of Success Is Different Success in the world of the classroom means not making mistakes.
The opposite is true in the world of business. If you take a look at most MBA programs, the focus is on minimizing risk and not making mistakes.
This is why so few MBAs become entrepreneurs. Most get their MBA with the hope of becoming highly paid employees. The same is true with law school and accounting graduates. They are trained and paid to not make mistakes. To be successful in the world of entrepreneurs, especially in the early stages, a person must learn to fail, correct, learn, apply what was learned, and fail again.
This is also the path to developing your Midas Touch. This is why I started by listing my mistakes in the nylon-wallet business. This is why I respect Donald Trump. The first book of his I read was The Art of the Deal. The next book was The Art of the Comeback, an even more powerful book because he pointed out to the world his mistakes, what he learned, and how he came back.
That showed me his strength of character. Turning Bad Luck into Good Luck Possibly the most important skill entrepreneurs can develop is the ability to turn bad luck into good luck.
To do this requires emotional maturity and strength of character. We all make mistakes. Mistakes are important because, when we fail, we have the opportunity to discover and develop our emotional maturity and improve our strength of character.
One of the reasons I believe John and Stanley failed to grow from a bad experience is because, instead of facing their troubles when times got tough, they lied, deceived, and ran. In other words, when times got tough, their true character appeared. When bad things happened, they turned bad luck into worse luck.
Im not saying I put myself above them. I will never be on a short list for sainthood. Although I was raised in a great family, I did not always reflect my parents high ethical and moral values. I was a good kid in high school, never drinking or doing drugs, but I could not wait until I left home. The moment I left, I did my best to do the exact opposite of what my mom and dad told me to do.
A number of times I should have gone to jail. In my process of becoming an entrepreneur, I had to return to my mom and dads values, which meant I could no longer lie, cheat, or steal, especially when I was in trouble.
Here are just a few opportunities that I seized to improve my emotional maturity and strength of character. When I lost the investors money, my rich dad encouraged me to go back to them and apologize. I then agreed to pay them back. It took almost six years to fulfill my commitment. Rather than run from disaster, rich dad advised me to rebuild the company.
With my brother Jon and my friend Dave, we sifted through the wreckage of Rippers and rebuilt the business. I learned more about business by facing my mistakes and rebuilding the company than I ever would have learned by running away.
I realized that I had to learn faster. Because I was lazy, I didnt do well in school. Today, although still a poor student and poor reader, I continually read books and articles about business and attend seminars. Here are a few of the things I have learned: Inside every mistake is a gem of wisdom. One of my best teachers, Dr.
Buckminster Fuller, today considered one of the worlds greatest geniuses, stated, Mistakes are only sins when not admitted. Whenever I find myself upset about a mistake, I take responsibility for it, even though I would rather blame someone else.
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