My Notes on The Business of 21st Century
The author Robert T. Kiyosaki, starts with few excerpts of his early life wherein he talks about his rich dad (his friend’s dad), poor dad (his own dad) and their teachings and impact on his life. He lets us understand the life he has led so far, and how, his adamant take on changing his life made him who he is today, and why we as readers should read this book “The Business of 21st Century”.
S = Self-employed or Small-business owner
B = Business owner
I = Investor
Part 2
The second part “One Business—Eight Wealth-Building Assets” is basically what this book is all about because it is one thing to talk about concepts and theories and another to talk about a practical approach or a solution to financial freedom. Here we are introduced with network marketing as a way to start. John Fleming, a friend and a person with 45 years of experience in network marketing helps us visualize the benefits of network marketing or multilevel direct sales. He explains, how the requirement of capital, makes the transition to B/I quadrant challenging and how network marketing leverages your time and not money instead. He also differentiates it from sales, as this is based on duplication rather than excellence or distinction. He talks about assets that generate income as opposed to active income (The income that one has to work/spend his time on). Finally, we get to explore 8 benefits or pros of network marketing but in doing so he terms them “assets”:
- Author and John both explain how it provides one of the most practical business education which cannot be learned at any business school. One can get a financial education too as this is never taught. As John explains key essential elements of real-world education:
- An attitude of success
- Dressing for success
- Overcoming personal fears, doubts, and lack of confidence
- Overcoming the fear of rejection
- Communication skills
- People skills
- Time-management skills
- Accountability skills
- Practical goal-setting
- Money-management skills
- Investing skills
- Here he talks more about how it helps you develop soft skills and changes your approach to life as a whole and makes you a better person.
- Since it involves a network, the author here shows how it can help you make real connections with like-minded people, who would help you develop, as your goals are similar and not conflicting.
- The author shows us the power of the network and how powerful it is because of Metcalfe’s Law
- v=n^2
- Network’s output grows exponentially and not linearly.
- Here author talks us through the how’s and why’s of network marketing. He explains the power of duplication the essence of a scalable business and cites examples of Henry Ford and Edison for creating networks through simple and duplicatable designs.
- He also talks about leadership skills and their development through network marketing. He explains how helping and motivating others to achieve their goals creates a leader inside of you.
- Here the author gives his mantra of wealth creation and separates the idea of wealth and money. Wealth is measured in time and not money. Following is his four-step path to financial freedom:
- Build a business
- Reinvest in your business
- Invest in real estate
- Let your assets buy luxuries
- Finally, the author stresses the value of dreams and also models different types of dreamers. He talks about how network marketing is an ideal path to start living a dream instead of just dreaming, though he stresses on this not being the only one.
In the final section titled “Your Future Starts Now”, the author finally sets us free with a knowledge and few things to care while pursuing this path (i.e. entering into network marketing business).
Who’s running the ship?
Does the company offer a proven plan of action?
Does the company embrace both business skills and personal development as a regular part of its educational and training programs?
Does the company have a strong, high-quality, and highly marketable product line that you can be passionate about?
Read here for the things to keep in mind. The author also tells us that it takes no degree, no resignation from a regular job, no genius but plain honesty to achieve real wealth. He tells us how network marketing is a democratic way of wealth creation and it takes only persistence and sincerity towards one’s own dream to achieve it. He hopes for the readers to take a small step towards their happiness as real wealth creation is not just about money but the quality of life.
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