Three of Robert’s books, Rich Dad Poor Dad, Rich Dad’s CASHFLOW Quadrant, and Rich Dad’s Guide to Investing, have simultaneously been on the top 10 best-seller lists of The Wall Street Journal, USA Today and the New York Times.
In this Q&A interview with Alex Pirouz, Robert Kiyosaki discusses what it takes to be successful in business, the No 1 skill every entrepreneur should learn and the five qualities required by every entrepreneur in order to become successful.
What does it take to be a successful entrepreneur?
It takes ambition and the desire to truly master the art and science of becoming a successful entrepreneur. And in my opinion ambition is far more important than brains, because if you have ambition you can always hire good brains.
What is your number one rule of thumb in business?
The more people we serve, the more money we make. It’s as simple as that
Do you think it is easier now than when you first started?
Well, first of all, it’s never easy; but in this day and age technology and the internet have made access to global markets a lot more accessible.
What is the number one skill an entrepreneur should learn?
I think it’s raising capital for their business. In today’s world you have to be so damn good for people to give you money, you need to be proven because there are simply too many unethical people out there. Most entrepreneurs do not know how to do this and are therefore limited in how much they can grow.
Do you think there are generic qualities required to be a successful entrepreneur?
Me and Donald (Donald Trump) have put together, based on our experiences, five qualities that all successful entrepreneurs require which combined gives them the Midas Touch. The first quality every entrepreneur needs to possess is strength of character. In business, many times an entrepreneur is tested, and as you become more and more successful the more you are tested, so how you show up as a person is a good indication of the type of entrepreneur you are.
The next quality is the ability to stay focused. F.O.C.U.S means Follow One Course Until Successful – the emphasis here being on Until Successful. Most entrepreneurs fail because they lack the strength of character and the ability to stay on course until successful.
The third quality is relationships. Whenever you find a struggling business, a bad marriage, or an investment gone bad, you will find a bad partner. This does not mean the person is a bad person. It just means they are a bad partner, the wrong person for the task. Working with the right partners is essential to becoming a successful entrepreneur because at the end of the day you can’t do a good deal with a bad partner.
The fourth quality is an entrepreneur’s ability to build a brand. Many entrepreneurs work hard building a business, but only a few build a brand. Building your business into a brand is essential in developing the Midas Touch. For example, the Coca-Cola brand is worth much more than all the building plants, equipment, and capital goods making up the business.
The fifth and final quality comes down to getting the little things done. Too many entrepreneurs think small and fail to focus on the little things that count.
What should an entrepreneur look for when bringing on board a new business partner?
In a partner you are looking for someone with synergy, a person who shares the same values and mission, and can bring something to the table that you do not have.
What is the number one skill you possess that has allowed you to succeed in business?
I would have to say personal development. It has taught me to be truthful to myself and other people. I always seek professional help from my list of advisors and occasionally I see a therapist because to be an entrepreneur you have to be nuts.
Why did you decide to be an entrepreneur?
I decided to be an entrepreneur because I didn’t want to be limited by how much I could earn and essentially I didn’t want to be poor. Every year my wife and I set goals on how much money we want and over time we have realised that to earn more you have to give more.
Robert’s latest book co-authored with Donald Trump Midas Touch: Why Some Entrepreneurs Get Rich – And Why Most Don’t by Donald J. Trump and Robert T.Kiysosaki, Plata Publishing, is available at all good book stores.
Alex Pirouz is the founder of RIDC Advisory Pty Ltd. A Business and Sales Advisory firm partnering with Australia’s largest and fastest growing companies to further increase their revenue. Visit www.ridcadvisory.com.au for more details.Subscribe to the Podcast