Here in this book, I would like to share with you more about on "Entrepreneur".
Many people want to become entrepreneurs but always have some excuse for why they do not quit their job, excuses such as:
1." I don't have the money ".
2." I can't quit my job because I have kids to support ".
3 " I don't have any contacts".
4 " I'm not smart enough."
5 " I don't have time. I'm too busy."
6 " I can't find anyone who wants to help me."
7 " It takes too long to build business."
8 " I'm afraid. Building a business is too resky for me."
9 " I don't like dealing with employees."
10 " I'm too old."
These shows that for many people, the power of their excuse is more powerful than their dreams. The reason most people who want to become entrepreneurs remain employees is that they have some excuse that keeps them from quitting their job and taking that leap of faith.
Entrepreneurs Are different
1. When it comes to their Strategic Orientation:
PROMOTOR : Driven by perception of opportunity
TRUSTEE : driven by control of resources.
2. When it comes to Management Structure:
PROMOTER : Flat with multiple informal networks.
TRUSTEE : Formalized hierarchy with multiple tiers.
3. When it comes to Reward Philosophy:
PROMOTOR : Value Driven, performance-based, team-oriented.
TRUSTEE : Security driven, resource-based, job promotion-oriented.
An entrepreneur will grow the organization horizontally, which means "outsourcing" rather than bringing the work "in house".
An employee wants to grow the organization vertically, which means hiring more employees.
Many entrepreneurs will do their work even though there is no money.Many employees are passionate about their work only as long as there is a paysheck."
Competitive money is the type of money most people work for. They compete for jobs, promotions, pay raises, and against their business competition.
Cooperative money is achieved by networking instead of competing.
"Entreprenures learn to use other people's resources well."
Three part of Business :
One- is finding the right people.
Two- is finding the right opportunity.
Three- is finding the money.
The most important job of entrepreneur is to grab one piece and then begin to put the other two pieces together. That may take a week or it may take years, but if you have one piece, at least you've gotten started.In other words, enrepreneurs does not care if two out of three lights are red. In fact, an entrepreneur does not care if all three lights are red. Red lights do not prevent an entrepreneur from being an entrepreneur.
Have you ever noticed that software, such as Microsoft's Windows, comes in versions such as Windows 2.0 and Windows 3.0? What that means is that they have improved their product and now want you to buy the better vision. In other words, the first product they sold you was not perfect. They may have sold it know it had flaws, bugs and needed to be improved.
you may not want to wait for a product to be perfect; it may never be perfect.It just has to be "good enough." It merely has to work well enough to be accepted in the marketplace.However , if the product is so flawed that it doesn't work for its intended purpose, or otherwise does not meet marketplace expections or causes problems, it can be very difficult to reestablish credibility and a reputation for quality.
If Microsoft had waited for Windows to be perfect, it still would not be in the marketplace.
The Philosophy of an entrepreneur
- From a desire for security to desire for freedom
-Form s desire for a steady paysheck to the desire for great wealth
-Form seeing value in dependence to seeing value in independence
-To make my own rules rather than obey someone else's rules
-A desire to give orders rather than take orders
-A willingness to be fully responsible rather than say, " it's nor my job"
-To determine the culture of a company rather than try to fit into someone else's company cluture
-To make a difference in this world rather than complain about the problems of the world
- To know how to find a problem and turn it into a business opportunity
-To choose to be an entrepreneur rather than an employee
No More High-Paying Jobs
Most of us know that wages have not gone up for many workers. How can their wages go up when someone else is willing to work for so much less?
You may notice that some of the most famous CEOs are the lowest paid. Could it be because CEOs who are employees work for a paycheck and CEOs who are entrepreneurs work for some other kind of pay?
" The problem with studying for security is that the fear is always there, and if the fear is always there, then you rarely feel secure , so you buy more insurance and think of ways to protect yoursef. You always quietly worry, enen if you pretend you're succcessful and havenothing to worry about. The worst thing about living a life of security is that you often lead two lives- the life you live nad the unlived life you know you could be living. Those are some of the problems with studying for security. The biggest problem of all is that the fear is still there."
"Freedom Is More Important than Life"
Starting witht he right Mind-set
99% Failure Rate
Statistics show that 90% fo all new businesses fail within the first five years.
Statistics also show that 90% of the 10% that survive thw first five years, failbefore their tenth anniversary. In other words, approximately 99% of all start up businesses fail within ten years. Why? While the reasons are many the following are some of the more critical ones.
-Our schools train students to be employees who look for jobs rather than train entrepreneurs who create jobs and businesses
- The skills to be a good employee are not the same skills required to be a good entrepreneur.
-Many entrepreneurs fail to build a business. Instead they work building a job that they own. They become self-employed rather than business owners.
Many entrepreneurs work longer hours and are paid less per hour than their employees. Hence, many quit out of exhaustion.
-Many new entrepreneurs have a great product or service but don't have the business skills to build a successful business around that product or service.
"A poorly conceived business can fail whether it is intially successful or not"
"Hard work Covers Up Poor Design"
The problem is , if they stop working , the business breaks apart and sinks.
Just like that : "I'm so busy taking careof my business I don't have time to make more money."
So personally I would like to say that " We must learn , what entrepreneurs need to know to succeed. How to create , design, and build a business that grows with or without you and possibly makes you rich beyoud your wildest dreams.
What kind of business do you want to build?
Self-Employed Entrepreneurs
He have nothing against seif -employed entrepreneur, But he simply want us to know the difference between entrepreneurs who own business and those who own jobs.
Professionals and Tradespeople
He wanted us to know that many professional people such as doctors, lawyers, accountants, architects, plumbers, and electricians started a self-employed style of business based ona profession or a techinical trade.
The problem with this type of business is that there is not really a business to sell because there really isn't a business outside the individual owner. The business owner is the asset.
Mom and Pop Operations
As an Example , my mom's mom owned a little convenience store that the family took turns working in.
The challenge for groth in a Mom and Pop operation is nepotism. Often children don't share the passion for the business that their parents had or they don't have the entrepreneur dive to lead the business.
Franchises
Franchises are the type of business that typically face legal issues and often end up in Court. These fights are some of the most vicious fights in the business world.
The main reason for fighting is that people who buy franchise business do not want to run it the way the franchisor, the person who created the business, wants them to run it.
Another reason is if the franchise does not do well finacially, the financially, the franchiseee wants to blame the franchisor for the lack of business success.
Network Marketing and Direct Sales
The network marketing and direct sales industry is recognized by many to be the fastest-growing business model in the world today. It is also the most controversial. Many people still have a negative reaction, claimimg that many network marketing organizations are pyramid schemes.
In reality , the biggest pyramid scheme in the world is the treditional big business corporation, with one person at the top and all the workes below.
People who want to be entrepreneur s should consider joining one of these businesses before they quit their jobs. Why? Many of these companies provide essential sales, business-building, leadership skills not found anywhere else. One of the most valuable benefits from associating with a reputable organization is that it teaches the mind-set as well as the courage required to become and entrepreneur.
Mr Robert T Kiyoski said, if he was starting his entrepreneurial career all over again , he would be started with a network marketing of direct sales business, not for money but for the real world business training he could receive, training similar to the type of training his rich dad had given him.
Creative Entrepreneurs : Like Thomas Edison, Walt Disney, or Steve Jobs.
Private Company : closely held company, owned by just a few owners, and ownership interests are not vailable to the public at large.
Public Company : sells shares of the business to the public at large, most often through stockbrokers and other licensed securoty dealers, sells its share on the stock exchange like the New York Stock Exchange and operates inder much more stringent rules than private companies.
"A successful business is created before there is a business"
The most important job of an entrepreneur is to design the business beofre there is a business.
All too often, people ask business advice from people who have business experience as an employee but not as an entrepreneur.
-You start by being sure that you have the right mind set-that you think an entrepreneur instead of an employee.
-You do your homework- study the market, your target customers, and the competition.
-You identify the skills needed for a successful business in that market, and assemble a team of coventurers and advisors that provide the skills you need.
-You identify some advantage over the competition and ways to distinguish yourself from them in the minds of potential customers.
-You put together a business plan mapping out your route to sucess.
Legal foundation
-You choose a form of legal entity for the business that provides the best limitation of liability and minimizes taxes (refer to Garrett Sutton's Rich Dad advisor book Own Your Own corporation, Warner Books).
-You abtain all necessary license and permits , making sure that clear and complete written agreements are in place to avoid any future misunderstandngs.
-You put the appropriate legal protection i place so that you can sustain your competitive advantage.
One advantage of a franchise business is that it has immediate credibility (with, for example, lenders) because th systems have already been tested and proven to work by the franchisor.
Create a Business or Create a Job?
Many lawyers or accountants become so successful that their clients only want to do business with them. The more successful thay become, the less time they have. they own a job not a business.
If you can leave your business for a year and come back and find it stronger and bigger, you have created a big business, the a B quadrant business.
What is your personal reason for starting a business?
1.Why do I want to own my own business?
2. How badly do I want to own my own business?
3. At what level of play do I want to play the game?
4. At what level of play am I willing to extend myself to play the game?
5. Am I willing spend the time to learn about other successful entrepreneurs anf their businesses?
6. Am I afraid to fail?
7. Can I turn my fear of failing into a strangth that will help me drive the business?
8. Can I learn from my mistakes?
9. Can I build a team, or do I like to work by myself?
10. Am I willing to pay the price?
11. Am I willing to put in the time now to be rewarded later?
12. Am I willing to delay financial rewards until the business successful, or do I need a paycheck?
As you are naswering these questions, if you are still determined to start a business, take it one step further and ask yourself the fillowing questions:
* What have been your greatest successes?
* What have been your greatest failures?
* How many times have you worked for free?
* Would youwork for this company even if you were not paid?
* Are your family and friends emotionally supportive of your efforts in this venture?
* Are you willing to educate yourself in all the areas of the B-I Triangle (essentional components of asuccessful business-to be discussed and reviewed throughout this book)?
Today I would like to share about poor people, "it's more than financial, it is poor attitude toward the value of education, training, and preparing oneself to have a skill people will pay for."
Especially among the young educated people, they thought education guarantee to get a job, it is wrong because what I know is education give us knowledge what to do and how to do whatever we want in life, it doesnot guarantee for job security or from government's support.
We have to use that knowledge to lead our life the way we wanted to be. I always explain about it to whoever I meet with, especially to my fellows, Myanmar citizens, so that they have courage to pursuit whatever they want or should, regardless of whatever political situitation or government. I do believe our future is in our hand not on others.
Please give up your unhealthy thoughts and start work for you, your family, your heighbourhood and untimately for your country. We have to change our attitute and mindset from bottom to top. See the world, globalization has taken place, we have to go along with the it.
I also would like to share something more than your salary, job or work, wherever we live or work in whatever countries, we should look at the way of their business management, business strategies, technologies, human resourse management, how they do business, what is their technology management, etc. One day we should apply these in our own business, in our country, build the infrastructure, create jobs for the peoples in Myanmar and all over the world.
So what we need to do?
We need to look for the company's business structure, business practice, know how, public relation, which will give you the financial freedom one day instead of looking for a job security more than your salary.
There are many ways to reach your dream, so don't be discouraged if you can't yet see the way on your own.
The key to moving forward, even in hard times, is to let your vision for your life be guided not by what you can see but by what you can imagine. That's called having faith.
When we consider the future of social security and medical care, how intelligently we invest today will untimately determine not only how well we live but also whether or not we can afford to"
Mr Robert always say, Financial education creates wealth even with (especially with) a down economy...and it doesn't take money. Knowledge is the new money.
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