Robert Kiyosaki is a renowned writer, his most famous book is Rich Dad, Poor Dad. It is a book about finance and how to make wealth. Robert’s wisdom has helped millions of people from entrepreneurs, investors, and everyday individuals in creating true wealth and gaining financial freedom. With his help many people were about to break their 9 to 5 routine and create unimaginable wealth. Kiyosaki currently has a networth of $80 million and he has decades of experience when it comes to managing finances and businesses. Today I’ll tell you Top 5 Lessons Every Entrepreneur Should Know from Robert Kiyosaki.
5 Lessons Every Entrepreneur Should Know
Kiyosaki, a self made millionaire has taught the world how to make money. In his book he has left some great lessons for entrepreneurs that will help them in managing their business and make their business successful. These lessons aren’t just words, but the real life experiences from Robert’s life when he was creating an empire for himself. Here are the top five lessons from Robert Kiyosaki that every entrepreneur should know:
1. Change the Way You Think About Money
The very first thing that Kiyosaki asked was a change in mindset. A new perspective and a transformed mind is very important if you want success. Most people are often told to fear taxes, avoid debt, and play it safe. This is a general belief, however, as per Kiyosaki this belief system is the root of all financial struggles.
Robert in his book Rich Dad Poor Dad says that instead of seeing the taxes as a burden one should see it as motivation to earn more money. He asks entrepreneurs to get proper financial education as this is the only antidote to all their fears.
Kiyosaki says that by just shifting their mindset from scarcity to abundance entrepreneurs can open their creative doors. They can find revolutionary solutions to wealth-building and other issues.
2. Acquire Assets, Not Liabilities
The one of the best things that Robert told in his famous book Rich Dad Poor Dad was the difference between the assets and liabilities. He says that assets earn for you whereas liabilities make you earn.
For entrepreneurs this idea is great. It asks them to focus more on business building rather than investing in flashy experiences. Robert argues that one should aim at acquiring long term assets such as stocks, intellectual property, real estate and businesses. The goal of these assets should be to generate a stable and strong cash flow for you over a period of time.
3. Don’t Be Afraid of Losses or Mistakes
Kiyosaki says that the fear of failure is one of the biggest obstacles that is holding the entrepreneurs back right now. If you’re afraid of losing then you’ll always play safe and will never go ahead. If we talk about the traditional education system, then the mistakes are penalized, however for entrepreneurs it is important to make mistakes.
As if you take it head on, the mistake becomes an invaluable lesson that would help you to succeed. For example, Kiyosaki invested in a small condo in Hawaii. This was his very first investment and generated him only $25 per month as passive income. However, this experience was an important factor that made him confident and helped him in making smart deals in future.
So, if you’re an entrepreneur then you should be open to learning by doing, open to take risks and most of all willing to act even in risky situations. This way you can come on top of your fear and increase your overall experience.
4. Design a Business That Works Without You
Kiyosaki says that a good business is self sustainable. It doesn’t need constant cash infusion or the intervention from the owner in order to survive. A well designed business survives and works on its own. The goal here to set-up a mechanism that creates income for you automatically and grows at its own pace sustainably.
As per Robert, businesses that simply replace some jobs are no good. Instead the entrepreneurs should focus on creating a system that allows businesses to scale automatically. Now this can happen any way be it through automation, franchising, partnership or licensing.
You should focus on creating a machine that works for you, rather than making you work for it or worse only working Nexus for you. As per Kiyosaki this system here is the true foundation to your health generation. If you want to truly get financial freedom you’ve got to stop trading time for money. As an entrepreneur, focus on creating a system of business and assets that generates money for you without your intervention.
5. FOCUS: Follow One Course Until Successful
New entrepreneurs are full of excitement and new ideas. They want everything , however these distractions can lead to failure or subpar results. Kiyosaki says that distractions can be quite deadly and to deal with this he came up with FOCUS acronyms – Follow One Course Until Successful.
Entrepreneurs are full of new ideas and innovation, however they sometimes have a tendency to jump from project to project if the progress is slow, they get discouraged. However, they forget that consistency is the key to success, if in order for their efforts to be fruitful, they need to put targeted actions in one direction.
It doesn’t matter what you’re doing, be it launching a startup, growing a product, or investing in real estate, you should follow your course through in order to see some results. This is the kind of discipline and focus that you need in order to be a successful entrepreneur.
Robert Kiyosaki’s lessons aren’t just some words or theory, they are time tested and real life experiences that have helped thousands of entrepreneurs in making wealth. Owing to his ideas and lessons many people have turned around their life and changed the way they approach people about money.
As a new entrepreneur you should learn these 5 lessons from Robert Kiyosaki. It is not about just making money but about getting real financial freedom.
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