I know we have all heard of the Legend of the King Midas whom the gods granted a wish that he could turn things into gold by touching them, well a part of the Legend says that He starved himself because all the food he touched turned to gold.
Another Legend says he touched his daughter and turned her into a statue of gold thereby making him so remorseful that he had to wish that the power be taken from him.
Metaphorically today people who have the Midas touch are seen as people who can turn any business into a profitable one.
Robert Kiyosaki and Donald Trump came up with another version of Midas touch for entrepreneurs that I would want to discuss right now.
They likened the Midas touch to a Palm, with each finger representing something.
The Thumb: Strength of Character
The Index Finger: F.O.C.U.S
The Middle Finger: Brand
The Ring Finger: Relationship
The Pinky Finger: little things that count
STRENGTH OF CHARACTER
Every entrepreneur has to build their character, their ability to withstand the troubles and failures that comes with entrepreneurship, an unfading hatred for greed, quick money gimmicks.
Use the beginning to build Financial intelligence; knowing how the market works and also emotional intelligence; learning the way your buyer persona thinks, their needs and how to connect with customers.
FOCUS
I love how each finger relates to the topic, how you use the index finger to point at things. Here every entrepreneur should focus on their goals, focus on solving the needs of their target, all team members have to be focused on the same goal. Although an entrepreneur should have an idea of almost every thing, but hire people to focus on specific functions
Long term goals should be part of the focus, have a copyright, a product without legal protection is every ones product.
BRAND
The tallest finger, that attribute of the business that makes you stand out. Your brand has to be worked on, it has to be genuine. People can spot a fake, your brand is the promise and experience you deliver,
Put your heart into your brand and invest in it(time,money, commitment and people).
Improve your public speaking and story telling abilities. (You’ll need them in the future)
RELATIONSHIP
Develop relationships in business slowly and end them quickly (Hire Slow and Fire Fast)
Every partnership has to be documented with clauses written down “expressly”
All agreement should be made clear, and consequences of a breach as well as an exit clause. (This should be done in the presence of a good Attorney)
Someone can be a good Person and not make a good Partner (Read this again slowly)
You become the best partner when you have the right experience, education and emotional maturity. When you’re a good partner the right deals will find you.
LITTLE THINGS THAT COUNT
You must recognise that you’re different from your Business, your business is a legal entity, it can sue and be sued. (You could be broke and your business is rich and vice versa)
It is easier to ask for money when you don’t need the money, don’t wait till you’re broke to source for finance.
Don’t sound desperate when asking for money even if you are(Lol)
Learn how to sell, Learn soft skills, Hire a coach, Be disciplined. HAVE EMPATHY!
DEAR ENTREPRENEUR WE ARE COUNTING ON YOU
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