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Letters by a modern St. Ferdinand III about cults

Gab@StFerdinandIII -

Plenty of cults exist - every cult has its 'religious dogma', its idols, its 'prophets', its 'science', its 'proof' and its intolerant liturgy of demands.  Cults everywhere:  Corona, 'The Science' or Scientism, Islam, the State, the cult of Gender Fascism, Marxism, Darwin and Evolution, Globaloneywarming, Changing Climate, Abortion...

Tempus Fugit Memento Mori - Time Flies Remember Death 

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Friday, November 4, 2011

The Midas Touch by Kiyosaki and Trump.

The technology of being an entrepreneur.

by StFerdIII


The Midas Touch was actually a curse visited upon King Midas of rich Phyrgia, by the deities to show the ruin of rampant greed, egoism and conceit. Midas killed his own daughter and was starving to death because everything he touched turned to gold. Begging mercy for his sins of excess, he was saved by Dionysius. The title is thus incongruous with what two master entrepreneurs want to teach the reader. Leaving that fact aside we can say that for the 10 % of the population which will become entrepreneurial this is a pretty good book by two men who are experts in the fields of business development, sales and marketing.

Most people should never become an entrepreneur. The word says a lot. Entrepreneur is dervied from the French verb 'entreprendre' or to 'undertake or make' and this verb was used by at the least 15th century to mean someone who undertook a business venture or a commerical act of independence and risk. Kiyosaki who wrote 'Rich Dad Poor Dad' and the idea that your house is not an asset [a book and phrase made famous by Oprah], and who has had a number of successful retail, consumer goods, real estate and now mining businesses clearly states that most people will fail at 'entreprendre'. Trump the master of the deal, communication and negotiation in high end real estate, suggests that if people are too formally trained and educated they will never acquire the Midas Touch. Kiyosaki a determinedely average student concurs. Much of what they have to say is common sensical and relevant.

Here are some interesting highlights from the book.

Worthwhile quotes

  • Success comes from failure, not from memorizing the right answers”.

  • Possibly the most important skill entrepreneurs can have is to turn bad luck into good luck.”

  • One of the greatest attributes you can have is an intense sense of responsibility.”

  • If you are not a brand you are just a commodity.”

  • Focus on Assets not money.”

Key issues to be successful

-'Midas Touch' indicates a framework represented by the digits of your hand. Thumb: character, Forefinger; focus  Middle Finger; branding, Ring Finger; relationships, Little finger; doing the little things right. 

-Most entrepreneurs fail due to a lack of capital, lack of experience [and a mentor]; lack of will to sacrifice.

-Keep your daytime job and build your 'dream' on your own time.

- The poverty of education and the dictum that you must never take a risk, memorize, restate answers and conform. These attributes do not lend themselves to entrepreneurial success.

-The need for an intrapersonal intelligence and the ability to control your emotions, fears, thoughts and actions.

-Do not become overly specialized as a entrepreneur in one area [example being the best forensic accontant around, you do not develop the other necessary skills in business, marketing, sales, product development, IT etc.]

-Learn leadership skills. Kiyosaki and Trump both served in the military. Kiyosaki was a US Navy fighter pilot – a job that less than 1 % of pilots ever attain. They both say that their military experience and taking orders was mandatory to learn how to lead men.

-People work harder and smarter when they are held and trusted to be accountable.

-Building a brand not a commodity, is essential to creating a Midas Touch, meaning the development of assets [not liabilities], which produce revenue and profit streams. Examples including real estate, intellectual property, systems revenues, copyright income and any other business model which is replicable, manageable and has the ability to generate cash flow from both its business model, and its brand.

-Focus on building these assets not maximizing your income. This will change your mentality in how you build and manage your business.

-Focus or concentration on the business model and making it work is an obvious essential that most entrepreneurs simply fail to grasp. They don't focus, they don't innovatve, they don't have market knowledge and they don't have the right mentors, partners and capital base.

Most entrepreneurs do not realize that wealth does not come from work, but from the assets they build.”

-Where others see dead-ends the entrepreneur sees an opportunity. It is a unique view of the world, of money and of opportunity. But without focus and the Midas framework, this positive attribute might not amount to much.

The book is a good repository of information and easy to understand frameworks which help explain how some entrepreneurs have been, or can be successful. Like all such books it must be taken with a grain of salt. Each case example of business greateness is fairly unique and more interesting than any conceptual framework which even the best teachers can elucidate. But unlike most popular business books, the Midas Touch is practical, real and relevant. It is a good read, because you learn as you go. 

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