Do You Have a Million Dollar Idea?

October 23, 2009 by
Filed under: Book Reviews 

Before You Quit Your Job; 10 Real Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar BusinessBy Robert T. Kiyosaki (and Sharon L. Lechter)

I usually start my reviews with a summary of who the author is and what they have done. In the case of Robert Kiyosaki, most people have heard about him. Robert Kiyosaki is just about a household name, and if by chance you have not heard of him, you have more than likely heard of Rich Dad, Poor Dad. This was his first book and is what his business has been built on. As I have been working through my own moving from my corporate job to my own business the title of the book attracted me. Robert Kiyosaki has had a life that gives him the knowledge and an authority on this subject. He was in the Marines; he worked at Xerox, started a business that hit a level of high success and then within a short time failed. He started another business that was successful in promotional material for Rock Bands and radio stations, taught business seminars and then most recently and very successfully started the Rich Dad, Poor Dad company work where he teaches millions of people about money through his lectures, books and also through the CASHFLOW 101 game.

This book, Before You Quit Your Job; 10 Real Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business; goes over 10 lessons about starting a business. I was attracted to the title as I am working through a change in my own career of moving from a corporate job into my own business. This book definitely had some pearls of wisdom and it did create some self-talk within myself questioning whether I was really ready to take on this transition. In the beginning of the book Robert discusses some of the traits that are required for an individual who is moving from a corporate job to that of entrepreneur. The following is what he laid out – indicating that in order to make the transition an individual must have the following specific traits

1. Ability to change philosophy from security to freedom
2. Ability to operate without money
3. Ability to operate without security
4. Ability to focus on opportunity rather than resources
5. Having a different management style to manage different people
6. Ability to manage people and resources they do not control
7. Team and value oriented rather than pay or promotion oriented
8. Active learner – no graduation day
9. Generalized education rather than specialized
10. Courage to be responsible for the entire business

The rest of the book then wove these traits into 10 lessons that Robert teaches by utilizing the story around all of the steps he went through in his life, starting in high school and moving to his current success. Each lesson incorporates his examples and word of advice. Each lesson also pointed out 5 areas that one should have covered either within themselves or with partners or paid consultants. The 5 areas are product, legal, systems, communications and cash flow.

Lesson 1 A successful business is created before there is a business
Lesson 2 Learn how to turn bad luck into good luck
Lesson 3 Know the difference between your job and your work
Lesson 4 Success reveals your failures
Lesson 5 The process is more important than the goal
Lesson 6 The best answers are found in your heart…not your head
Lesson 7 The scope of the mission determines the product
Lesson 8 Design a business that can do something that no other business can do
Lesson 9 Don’t fight for the bargain basement
Lesson 10 Know when to quit

Something that is really great about this book is that Sharon Lechter, one of Robert’s partners finishes each lesson with some words of advice around the same lesson. Having a different perspective from a different point of view, helps teach the lesson in a different way – which can help reaffirm the lesson.

Some of the information is repetitive (quadrant and B/I Triangle) and I would say there is A LOT of tidbits of very useful information throughout the entire book. It is one to read, highlight and then pull that information out for future use. The information in the book showed me some reality around starting a business but was more than that as well. There were suggestions on how to start the business and what a business needs to have in order to be successful. It opened my eyes to some of the hard work and some of the gaps in my own knowledge and expertise and was also helpful in shining some light on reality. The only thing I can think of that would have been nice was to have some more suggestions on what to do in the certain areas if you weren’t strong enough.

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