For those people wanting to start and grow a major business this could be the most important book they will ever read. In The Midas Touch the reader has the opportunity to gain the experience and advice of two of the worlds most prominent businessmen on becoming a successful entrepreneur.
Donald Trump started out building skyscrapers in New York City. Since then he has grown his business into an International company. In addition to building really big structures, he also builds golf courses including at least one in Scotland. Talk about having moxie: he built a golf course in the land where golf began. He also has the extremely successful television programs The Apprentice and Celebrity Apprentice. His name appears in the business news on a daily basis.
Robert Kiyosaki founded and developed the Rich Dad Poor Dad brand and media company. His investments in real estate and energy have been highly successful, and his books have sold over 30 million copies. Together these two offer readers a plethora of experience and information.
Midas Touch is the second book co-written by these two. Their first book, Why We Want You To Be Rich (2006) predicted the 2008 economic collapse, and provided many of the talking points for the 2012 Presidential election. It also explained why being an entrepreneur is the best career to become mega rich.
They decided to use a hand to symbolize the Midas touch, and each finger represents an aspect of successful entrepreneurship. The book contains five chapters, one for each finger. An entrepreneur must incorporate all five to grow a successful large company. They consider a large company one with over 500 employees.
Trump and Kiyosaki start the book with the thumb. It represents strength of character, emotional maturity, and sacrifice. In this chapter they discuss the personality and intelligence characteristics an entrepreneur must possess to become successful. Being an entrepreneur is not for everyone, and they try to dissuade people from following this difficult career path unless the person has all five characteristics.
The forefinger represents F.O.C.U.S. – Follow One Course Until Successful. In this chapter they detail the elements of business structure, and the role of the entrepreneur. They explain that while a good product or service is important, it is one of the least important aspects of a business. Lots of companies offer a good product, but still fail because they lack focus.
The middle finger stands for the company’s brand. Without brand recognition, a company cannot become extremely successful. Brand represents a “promise and experience” to the consumer. People pay more for a brand they trust. An entrepreneur must be true to the brand and himself in order for the brand and company to remain successful.
In chapter four, they discuss relationships, and appropriately they use the ring finger. They talk about the relationships between the entrepreneur, investors, employees and customers.
A really important section of chapter four discusses making the pitch. They teach you how to get investors interested in your company. To start a company, an entrepreneur needs capital, lots of money. It may take years to get the company profitable, and other people’s cash is needed to keep the company running.
Last but not least are the little things. The little finger represents the little things that count. They give a company its competitive edge. An entrepreneur must be a lifetime learner to maintain the edge. While an entrepreneur often specializes in one thing, the product. They must know everything about running a major company including accounting, taxes, and business law.
Midas Touch contains large amounts of useful information from two leaders in the business world. They each have over 40 years experience in entrepreneurship. They both have also had some failures to go with their successes. They learned from their mistakes and they offer new entrepreneurs the chance to learn from them as well. People will want to read this book a couple of times to make sure they captured all of its useful information.
Note: After this book was published, August 2012, one of Kiyosaki’s companies, Rich Global LLC declared bankruptcy after losing a court case to the Learning Annex.
Photo Credit:Donald Trump by Gage Skidmore