Midas Touch is a book written by Donald Trump and Robert T Kiyosaki, a writer of a best seller book titled: Rich Dad Poor Dad.
This book is divided into 5 important components i.e. Character, Focus, Brand, Relationship, and Little Things that Matter. Each of this components is represented by our fingers. A thumb represents a character and little finger represents little things that matter in life.
A character is required for an entrepreneur. One of the most important aspects is an intra-personal skill. We have to learn from others and inputs given to us. In the journey, we have to sacrifice. Being an entrepreneur requires power and endurance from practice. We have to rise and rise again after we fall. That is very important. That is why character is represented by our thumb.
Follow One Course Until Successful. That is focus. Too many times, people is trying to change direction or adds new ventures altogether too soon. What is important is to stay on track until we are successful. Then, we can try new venture or new business. We have to stay on track and persevere until our business is very stable and systematized so that they do not need the founder any more. Always aim high. Think big. Learn from other entrepreneur. Learn the business languages. You do not need to understand everything in detail. What you need is to have a general knowledge on every aspect of your business.
The goal is to build a brand, not only a business. A brand is not just a logo. A brand is a promise that you offer and experiences that you give to your customers. People buys with their heart and justify the purchase with their mind. If you do not want to invest in your brand, it may not be improved. In addition to that, we have to learn how to speak before public. It is a very important skill to show our business to other people and to convince our customers. This is especially important to a service providers such as consultant, lawyer, and doctor.
Not everyone is able to be your partner and not everyone needs a partner. However, a partner that has different skill than you can be very useful. You need an investor to improve. That is why maintaining a good and healthy relationship is important. You are heavily affected by the people around you. The better the people, the better you will be. Be selective. Be a partner to people who understands values, attitude and your motivation. Design a plan to end a partnership before you even begin it.
Find little things that matter a lot to your business. Be generous in giving your energy and success. Invite others and compensate them for their efforts. You have to be able to work as a team. There is nothing as a small matter. Everything counts. Therefore, recruit wise people and inspire your team with your vision. Think high. Aim high and go for it. You will be shocked on what you can achieve. Do not postpone. Be a continuous learner. Design your business from the beginning so that you can leverage it, expand it, predict it, and is feasible to get financing from financing institution. To be an entrepreneur is a positive thing. Remember that by being an entrepreneur, you create job post for others.
Business is about system. When you have the system, the business can operate. That is why there is another aspect to business, which is franchise. You can franchise the system that you have so that other people can use it for their interest. If you do not have a proper system, the business will stuck or may die slowly. Surely, if you do not have a system, you as the founder or owner, have to supervise it regularly. That is not good, especially if you intend to have multiple businesses. Therefore, focus on standardizing the system, so that every aspect of your business can run without you.
This book also gives positive advice to self-employed professional such as lawyer, doctor and consultant. A professional has to find a way to leverage their profession so that they create more than one source of income. Even further, they can create a real business that can run without them. Accordingly, they can obtain money from many sources even when they sleep as a passive income. It is a 180 degree of what they are doing as a professional, where their presence is expected, and they can get income only if they work. That will surely motivate me! Thanks Donald and Robert.