Page 143 - Midas Touch

marketing, finance, or business law. He is not a student of business, and
his business and employees suffer for his lack of business education.

Unfortunately, he thinks he is good at business. No one can tell him
anything.

When he wanted to become a part of one of my start-ups, we turned him

down. He is a good person, but we did not feel he would make a good
partner. I have found this phenomenon especially true with medical
doctors and accountants. They feel they are good business people because
they did well in school and run their own practices. Unfortunately, I have
found that doctors or lawyers who are good at business are the exception
rather than the rule. Hence, they make poor partners.

5. Inexperienced good people don’t get invited into the best deals.

Since most people have never been part of a successful entrepreneurial
venture, most people are not invited to join in the best deals. They may be
invited into bad deals, deals no one else wants, but the best deals are not
offered to them first.

Once you achieve success as an entrepreneur and have a good reputation,
everyone wants you to join them. In other words, the more successful you
are, the more success chases you. If you have some money but have no

real-world experience and no success as an entrepreneur, the SEC
(Securities and Exchange Commission) laws prohibit you from investing
in the best, most profitable, and tax-favored investments.

The SEC recommends, and often requires, good people who are
inexperienced to stick with savings, stocks, bonds, and mutual funds, even
though these investments are among the riskiest, highest-taxed, and
lowest-return investments in the world.

Priceless Relationships
Rich dad often said, “Business is easy. People are difficult.” I would say
this is true for me. Over the years I have met some horrible people, as well
as many wonderful people. I have met great people like Donald Trump, the

Dalai Lama, Steve Forbes, and Oprah Winfrey—people I would never
have met had I not started my first business and continued on, learning
from my mistakes after the business failed.