Rich Dad / Robert Kiyosaki Blog

September 20, 2009

Rich Dad Article – Don’t Fear Failure

Filed under: Articles, Mistakes — ~ @ 5:04 am

Don’t Fear Failure

By Robert Kiyosaki

One of the reasons so many people don’t become entrepreneurs is because they’re afraid of failing. They’re afraid of making mistakes. They’re afraid of losing money. But if people can’t overcome these psychological fears, they’d be better off keeping their day jobs.

In the early 1980s, when my first major business failed, I thought I was the stupidest person in the world. Being flat broke and getting calls from creditors made me wish I had never wanted to be an entrepreneur. I even wanted my old job back.

But instead of condemning me for failing, my rich dad gave me one of life’s most important lessons: “You’re fortunate to have failed. You now have the opportunity to learn how to turn bad luck into good luck. If you can do that, you’ll have a life of more and more good luck.”

Here are three key points for turning bad luck into good luck:

    Don’t blame

– When my rich dad asked me what went wrong, the first thing I did was blame my partners and the economy. He immediately said, “Never blame anyone for your failures.””But it was their fault,” I replied.Shaking his head, my rich dad said, “If you blame someone else, you’ll never learn from your mistake. If you blame, you give your power away.” Remember, there are no victims–only volunteers. And you volunteered to become an entrepreneur.

    Meet new partners

– My rich dad said, “In every bad deal, I have always met good people. Some became new partners.” Still hating two of my partners, it was hard for me to understand this statement, yet I took my rich dad’s advice and began sifting through the wreckage.Today, one of my best friends came from that business fiasco. In the ruins of other business failures, I met my current partner in real estate and another partner in my franchise business. If not for the failures, I wouldn’t have met those fellow entrepreneurs and gone on to make millions of dollars with them.

    Study your mistakes

– “Mistakes are priceless,” my rich dad told me. “Study them, learn and profit from them.”Again, this lesson was hard to hear. Being angry and broke, I wanted to run from my mistakes. But rather than run from my failure, I went back to my factory, studied my mistakes and resurrected the business.
This is how I turn bad luck into good luck. Remember, making mistakes and becoming smarter is the job of an entrepreneur; not making mistakes is the job of an employee.

Advertisements

September 9, 2009

Kiyosaki Interview – The biggest skill I have is making mistakes

Filed under: Articles, Interviews, Mistakes — ~ @ 3:10 am


I just want to say I think these interviews/articles are very important. Many entrepreneurs have failure occur in their business venture, sometimes because of poor decisions, sometimes because they believed in others words and other times because of simple bad luck (like the GFC!), so during these very hard economic times – keep pushing forward!

Best-Selling Author Robert Kiyosaki: “The biggest skill I have is making mistakes.”
Tuesday, September 8 2009

Stephen Key

Robert Kiyosaki’s best-selling book, Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money – That the Poor and Middle Class Do Not!, has sat on my nightstand for a number of years. Within it, Kiyosaki advocates bold entrepreneurship and personal conviction as a means to achieving financial success and freedom; simply working as an employee will never generate significant wealth. Rich Dad, Poor Dad has been enormously successful. What advice does Kiyosaki have to give now?

“There’s an assumption that once one has achieved a certain level of success, everything is easier. Not true! I face the same dilemmas and struggles today I did 30 years ago. It’s only the paradigm that has shifted. The way I perceive these problems is different; there’s a different sophistication level. But the lessons I learned as an entrepreneur working on a Velcro and nylon product decades ago are still relevant,” Kiyosaki explains.

Before becoming a best-selling author, Kiyosaki was a product developer. He counts his inexperience and naivete at that time as a blessing. “If, at the time, I knew how much I did not know, I would have never started. I would have stayed in the Marine Corps, done my 20 years, and collected a paycheck. It’s a great thing I didn’t know,” he says with laughter.

It’s the fearless acceptance of the mistakes he made (and, according to him, continues to make) as a result of that naivete that has allowed him to be so successful. “I blundered along then and I often feel like I’m blundering along now. What’s changed? I have smarter advisors,” he reveals.

But as intelligent as they may be, Kiyosaki’s advisors aren’t responsible for his willingness to try and try again. “The biggest skill I have is making mistakes. I’m pretty much an expert now. In the corporate world, if you make mistakes, you’re fired. But in the entrepreneurial world, if you’re not making mistakes, you’re not learning. I enjoy making mistakes. As far as I can tell, every mistake is accompanied by a priceless lesson. I’ve built my life around these lessons.”

While most people avoid fear rather than seek it, Kiyosaki adheres to a different principle. “If I don’t have butterflies in my stomach, there’s no sense working,” he says.

Kiyosaki can explain his perspective on failure and fear in numerical terms. Simply put, the number of failures you experience is a reflection of the degree to which you’re putting yourself out there. And having the courage to put yourself in a position to fail will ultimately lead you to success. If you never try, you’re never going to fail. But more important, you’re never going to succeed. “The biggest problem wannabe entrepreneurs have is believing they’re going to ‘do what they love’ — but really, a big part of being a successful entrepreneur is doing what you don’t want to. And failing is part of that.”

Although Kiyosaki admits that the economy is “terrible,” he doesn’t view it as an impossible climate. “If you don’t make someone else money, they’re not going to give you their money. This principle is true in any economic climate. Show your client how you’re going to make them money. It may not be as easy now, but it’s possible. Get creative,” advises Kiyosaki.
But don’t, he says, talk too much. “Most people overpitch. We have two eyes, two ears, and one mouth. Observe body language and act accordingly. Most salespeople talk too much — don’t.”
Stephen Key is a successful award-winning inventor who has licensed over 20 products in the past 30 years. Along with business partner Andrew Krauss, Stephen runs inventRight, a company dedicated to educating inventors about selling their ideas and the skills needed to succeed. You can listen to the weekly radio show on inventing. Get In The News, list your invention to have media outlets find you for news stories.

Create a free website or blog at WordPress.com.