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Resource Center > Article
Do You Have the Midas Touch?
21 Jan 12 Posted by: Kathleen C Lanza
in Featured Articles
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Love him or hate him, there’s one thing we all can agree on. Donald Trump sure knows how to make a buck, and he also knows how to rebound from seemingly insurmountable failure too. That being said, is it any wonder that his books are so popular―especially in this day and age when the prospect of taking control of our own job security and financial future seems not only appealing but more necessary than ever?


In his latest book release, Midas Touch, Trump joins forces with Robert T. Kiyosaki, the runaway best-selling author of Rich Dad Poor Dad, to provide insights on why some entrepreneurs make it big and why most of them don’t. Entrepreneurs, they assert, are different―they’re their own breed of cat if you will. And although what they are made of is not taught in school, according to Trump and Kiyosaki, it can be learned.


The book comprises five chapters, each of which represents one of the five fingers, which in turn there again represents one of the five key factors that every entrepreneur who dreams of success must master. “Master every finger and you’ll discover the magic of why some entrepreneurs are wildly successful, and why most are not,” the authors assure us.


So what are the five critical factors comprising the Midas Touch, and are they something you already possess or are doing well, or not? If you’re exploring the idea of starting your own business or franchise, you might want to consider each of them carefully at the same time that you are conducting your search for just the right opportunity.


Here’s a quick overview of what Trump and Kiyosaki have to say to get you started:


1. The Thumb: Strength of Character


This chapter explains that it takes true strength of character to make it as an entrepreneur, but what does that mean exactly? The authors boil it down to a few critical points. First, although there are various types of intelligence, entrepreneurs, they say, need intrapersonal intelligence the most. Successful entrepreneurs welcome feedback and accept sacrifice as an inherent part of the journey toward success, along with failure. Having school smarts and the relative street smarts it takes to make it in business today is not the same thing, and street smarts do not translate into arrogance, meanness, or being obnoxious or overbearing either. Trump and Kiyosaki go on to say that strength is all about having the right attitude, being disciplined and determined, and having the drive to make it. True Midas Touch entrepreneurs make mistakes. They even fail. Then they exhibit the strength of character it takes to pick themselves up, brush themselves off and get ready to go again.


2. The Index Finger: F.O.C.U.S.


F.O.C.U.S. stands for Follow One Course Until Successful, and the key to mastering this task is to think big picture. When it comes to owning your own business, specialization is not an advantage, the authors explain. “Entrepreneurship favors generalists,” they write. Unfortunately, the longer someone stays in school, the more specialized they often become. Successful entrepreneurs set a broader goal and aim high. They don’t get bogged down in the minutia, but rather recognize that their job is to lead. They hire specialists to get the job done if need be.


3. The Middle Finger: Brand


In order to have the Midas Touch, entrepreneurs must build their business into their brand, and their brand must be genuine. Trump and Kiyosaki are quick to point out that “A brand is not a logo. A brand is the promise you put out there and the experience you deliver.” Truly great entrepreneurs must have the courage to find their heart and put it into their brand. They have to be willing to spend money to make money. Perhaps most importantly, they have to be passionate about what they are doing.


4. The Ring Finger: Relationships


Partnerships are tricky. Not everyone, according to the authors, is meant to be one or have one. But done right, these relationships can be invaluable. If business owners plan for the end of a partnership going in, the good news is that they may avoid a bad thing before it even gets off the ground. Furthermore, when it comes to business relationships, it’s important that entrepreneurs approach other people with a sense of their needs as opposed to their own. Tax advisors, investors and anyone else the entrepreneur surrounds himself/herself with need to share his/her values, attitude and drive. If entrepreneurs foster strong and mutually respectful relationships with others, they will reap the benefits.


5. The Little Finger: Little Things That Count


Entrepreneurs need to discover the little things that their businesses can do well and that will have a big impact on their customers, and they need to keep it simple when it comes to execution. It’s also very important that they be generous and acknowledge those that have played a role in their success. Nothing in business is trivial. It all matters, according to the authors. As such, entrepreneurs need to hire wisely and serve as a source of inspiration to their staff. Anything worth doing is worth fighting for, they write, so business owners need to work hard to conquer any obstacles that get in their way.


It’s important from day one that entrepreneurs design a business that is “leverageable, expandable, predictable and financeable,” according to Trump and Kiyosaki. Furthermore, they write, those with the inclination and ability to become business owners must do so as the world needs more of them.  Their “most important gift to the world is jobs, security and well-being for others.”


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I had the pleasure of chatting with Shawn Pigg, CEO of Hotels Etc. for BusinessOpportunity.com's Podcast series that will be released very soon on our new Digital Platform.  Here is the transcript from that call for our regular RSS feed subscribers who get all of our posts first.

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