Page 30 - Midas Touch

honest, well-educated who lack emotional maturity and strength of
character. They turn into criminals when things do not go their way.

In my life, I have not lost anything to violent crime. I have lost the most
money to people who did well in school. They were smart people who
believed they were the smartest people on earth and could never make a

mistake, nor admit to making a mistake. This is not intelligence. This is
arrogance, a tragic character flaw. An arrogant person cannot take
feedback, learn, change or correct in a fast-changing world. They get left
behind.

One of the most important lessons taught at military school is the ability
to take feedback. On the first day of military school, feedback is truly in
your face. It was amazing how many very smart young men cracked, cried,

and quit simply because of this in-your-face pressure.

Entrepreneurs are always taking feedback, especially from their
customers, bankers, workers, and sales force. Without straightforward
feedback, entrepreneurs cannot make sound decisions.

If the entrepreneur is surrounded by “yes-people” or “butt-kissers,” the
business is in very big trouble.

The Mentor Difference

All public companies listed on the stock exchange are required to have a
board of directors. So should you. Even if you have nothing but an idea, it
is important to have good advisors. At minimum, you should have three
advisors: a CPA, an attorney, and a mentor. Your mentor should be
someone who is a successful entrepreneur in the business you plan on

entering. For example, if you want to start a restaurant, talk to successful
entrepreneurs who started their own restaurant and ask them to be your
coach or mentor.

Both Donald and I had a coach and a mentor. We both had rich dads who
were entrepreneurs.

Many new entrepreneurs make a big mistake by asking for advice from a

successful employee, rather than from a successful entrepreneur. There is a
world of difference between the two.