Robert Kiyosaki, is the author of number one personal finance book of all time ‘Rich Dad, Poor Dad,’ American businessman, Investor, motivational speaker, financial literacy activist, and Radio Personality. He is the founder of the Rich Dad Company and he has an estimated net worth of 80 million US dollars.
Kiyosaki grew up with two father figures: “poor dad” – his real father who died with bills to pay – and “rich dad,” who started with little before becoming one of the richest men in Hawaii. Both fathers were successful in their careers, worked hard their entire lives, and earned substantial incomes, but one always struggled financially. He observed some significant differences between them which led him to write the personal finance classic “Rich Dad Poor Dad.”
Here are 10 Success lessons from Robert Kiyosaki – “Rich Dad, Poor Dad” for entrepreneurs,
1. Change the way you think
It’s very important to change the way you think about certain things and to develop a healthy positive attitude. For example, while most businessmen have a very negative attitude towards tax collectors, Robert Kiyosaki uses them as a motivation to make more money.
2. Experience makes you smarter
Robert Kiyosaki started off without much money like most people and his first investment was a small 18,000 dollars condominium in Hawaii that earned him 25 dollars a month. Even though he did not make a lot of money from that deal, every time Robert Kiyosaki made another investment, he got smarter because experience makes you smarter. As the saying goes, experience really is the best teacher.
3. Stop saving money, hedge it
Though saving money is the conventional wisdom, it is important to remember that people who save money cannot keep up with the fluctuations in the value of currency, which tend to weaken their purchasing power. Instead, it is better to hedge money and anticipate such fluctuations by making wise investments.
4. Aim to acquire assets
A well-designed business always increases the number of its assets. If your business is focused on the acquisition of more assets then investors will give you money because you have a good business design.
5. Don’t be afraid of losses
You will never get ahead if you are afraid of losses. We were all taught in school that if we make mistakes, we are failures, but that is not real life. If you are afraid of making mistakes then you will always be unsuccessful.
6. Know what you are working hard for
It’s very important to know what kind of income you are working hard for. Most employed people work for earned income which is severely taxed by the government when they could be earning passive income on a regular basis, by embarking on entrepreneurship.
7. Design the business properly
A properly designed business does not require you to keep raising capital. Instead it has the ability to raise money automatically. No one will invest in your products, if you have a bad, poorly designed business.
8. Hard times bring new opportunities
Though fluctuations in the world economy may make some people feel depressed, it’s important to remember that hard times can also bring new opportunities. Robert Kiyosaki made a lot of money by investing in real estate that had become cheaper due to the economic slump.
According to Robert Kiyosaki, the word ‘FOCUS’ stands for ‘Follow One Course Until Successful.’ Once you set out on the path of entrepreneurship, you must stay the course and always remain focused on your goals.
10. The more you give the more you receive
Robert Kiyosaki believes in the Biblical principle; “The more you give, the more you receive.” Some people want to receive more but they are not giving anything. If you want to get more money you also need to work more and give more.