Before you “QUIT YOUR JOB”

About the Author

Robert KiyosakiInvestorRobert Toru Kiyosaki is an American investor, businessman, self-help author, motivational speaker, financial literacy activist, and financial commentator.

Born: April 8, 1947 (age 66), Hilo, Hawaii, United States

Nationality: American

Education: United States Merchant Marine Academy

Achievements: his books rich dad poor dad was the seller on newyork times

The books starts with its USP where the author writes that he had been through lots of book for entrepreneurship but it was all written by some professor and experts and not by any entrepreneur.

he found all the hardship missing through which one entrepreneur has to go

This books gives you the proper insights of entrepreneur journey and the quality of decisions to be taken which might go the either way.

Entrepreneurs vs. employees

Promoters are driven by perception of opportunities. Trustees by control of resources.Promoters’ management structure is flat with multiple informal networks.Trustees formalized hierarchy with multiple tiers.Promoters are value driven, performance-based, team-oriented where, trustees are security driven, resource-based, job promotion-oriented.

A successful business is created before there is a business

Rich Dad’s quote: “Losers quit when they fail. Winner fail until they succeed.”

BI triangle: Three sides: Mission, Team, Leadership.

Stacked from bottom to top: cash flow, communications, systems, legal, product.

Learn how to turn bad luck into good luck.

Two reasons why entrepreneurs fail: afraid of failing, do not fail enough. “In today’s rapidly changing world the people who are NOT taking risks are the risk takers.

People who are NOT taking risks are falling behind. Commit the process: 1. start the business2. fail and learn, 3. find a mentor, 4. fail and learn, 5. take some classes, 6. keep failing and learning, 7. stop when successful, 8. celebrate, 9. count your money, the wins and the losses, 10. repeat the process.

The best answers are found in your heart not your head

Stronger mission wins in business and in wars

A mission is about who you do your work for. It’s not about working for yourself.

“Your mission starts at your core, in your soul, felt in your heart, and spoken through your actions – not just your words.”

Design a business that can do something that no other business

can do1.Clearly define the mission, goals, and vision of the company. 2. Find the best people and forge them into a team. 3. Strengthen the company on the inside. 4. Expand the company on the outside. 5. Improve the bottom line. 6. Invest in research and development. 7. Invest in tangible assets. 8. Be a good corporate citizen.

How to expand a business: 1. replicating the entire B-I triangle. 2. Franchising. 3. Taking the company public through an IPO. 4. Licensing and joint ventures.

 How to find good customers

Be choosy. Rich Dad’s 3 tips about dealing with people. 1. “Pain the shrude factor, 2. “hire slow and fire last.” 3. Two kinds of communicators: when unhappy, one would come

talk to you face to face, the second one would stab you on your back.

Gross margin: 4. finance the rest of the B-I triangle. 5. determine the price of your product, 6. Product and price determine your customers. 5 P’s: product,

person, price, place and position.

  Know when to quit

1. Check your attitude. Need to love the business. 2. Get as much experience as possible on five

levels of B-I triangle. 3. Always remember that sales = income. 4. Be optimistic as well as brutally honest with

yourself. 5. How are you spending money? 6. Start a business to practice on. 7. Be willing to ask for help. 8. Find a mentor. 9. Join a entrepreneur network. 10. Be faithful to the process.

How is this book related with Indian management thoughts?

Indian management has always been in the favor of new ideas.

This book has the very essence of CROSS CULTURAL influence.

Robert Kiyosaki is a fourth generation Japanese origin American investor born and brought up in Hawaii USA

Indian management has been greatly influenced by this cross cultural phenomena

My review

This book has a very good impact on the mind of potential investor

Some of the concept is little difficult to understandfor those who reads it for the first time

The best thing about this book is the real approach and not tailor made material

Robert Kiyosaki has made an exceptional effort of interviewing 15 entrepreneur which has great driving force of motivation which makes this book worthreading.