Written by: Robert Kiyosaki
And
Why Generosity is the Key to Success
People who want to be entrepreneurs often approach me. They say, “I have a great
idea and product. What does it take to be successful?”
I tell them that it’s a good thing
that they have a great idea and product but that is just the beginning. In
order to be successful, you must have eight integrities, which I show them in
my B-I Triangle.
The eight integrities are:
1.
Mission
2.
Leadership
3.
Team
4.
Product
5.
Legal
6.
Systems
7.
Communications
8.
Cash flow
Generalists vs. Specialists
Specialists only focus on one aspect
of the B-I Triangle, and because of that, they make poor entrepreneurs.
Students who graduate with a degree
in product design seek jobs at the product level of the B-I Triangle.
Students who graduate from law school fill roles at the legal level of
the triangle. Those with degrees in engineering or computer science tend to
focus on jobs at the systems level of the triangle. Students who receive
degrees in marketing focus on jobs in the communication section of the
B-I Triangle. And students who receive a degree in accounting typically find a
job at the cash flow level of the triangle.
Successful entrepreneurs are
generalists. One reason why entrepreneurs, like Steve Jobs and Bill Gates,
leave school is because they did not want to be specialists; they hired specialists.
Generalists must be mission
driven, have strong leadership skills, and surround themselves with a
smart team, often “A” students with experience in the real world.
Why entrepreneurs fail
There are three primary reasons why
most small businesses fail. They are:
1.
The entrepreneur does not have all
eight integrities in place. For example, most new entrepreneurs focus on
product. They may have a great product, but are likely deficient in some or all
of the other seven integrities.
2.
The entrepreneur is a
mono-professional. The saying “Birds of a feather flock together” applies here.
For example, attorneys get together with other attorneys to form a business
such as a law practice. Or techies get together with other techies to form a web
company. Again, they may be smart professionals, but they will lack
professional strength at the other seven integrities.
3.
The entrepreneur lacks a sense of
mission. You will recall that, among the Seven Intelligences, emotional intelligence and a sense of mission is essential in
carrying an entrepreneur through the ups and downs of starting a business.
Generosity is the key to success
Contrary to popular belief, many of
the most successful entrepreneurs are generous. If you look at the B-I
Triangle, you will see that to start a successful business, a B-quadrant
entrepreneur must provide jobs.
Most students come out of school looking
for jobs. They need a job because schools don’t teach students how to satisfy
one of Maslow’s basic needs, the need for Safety. That is why most “A” students
work for “C” students.
Building the eight integrities takes
financial education
Without financial education, many
people are financially desperate, needy, and greedy. Financial education, the
kind of financial education that transforms both the mind and spirit, opens our
eyes to other points of view.
If you want to be an entrepreneur,
you must become a generalist who hires specialists. Begin today learning about
all eight integrities in the B-I Triangle and building relationships with those
that specialize in each.
Most of all, focus on building your
mission and finding specialists who are inspired by that mission. Being an
entrepreneur is above all being generous. If you build a great company, you create
great jobs for talented people, and you will solve problems for your customers
and clients.
Don't hesitate. Join our
free, financial education community here to learn more about what it
