The Kind of Intelligence that You Need to Become A Successful Entrepreneur

Many people are not aware that there are seven types of intelligence. Most people believe that the intelligence known in school are the only needed intelligence to become successful in life. The three intelligence that are very known and appreciated in school are the Verbal-Linguistic, Logical-Mathematical, and the Spatial intelligence.

Before I elaborate these three kinds of intelligence, and before I give the other four intelligence, I want to tell you that at first I also believed that these three are the only intelligence that makes a person successful in life. I have the ambition to become a successful entrepreneur like Robert Kiyosaki and Donald Trump. They are the successful entrepreneur that I am trying to emulate. They made their businesses a world brand, they have high standards and high quality business ethics. They are bold and respectable when it comes to business and they are not afraid to tell the truth. And also, they had already achieved some of the things that I want to achieve. That's why I emulate and  respect them.

For those people who also wants to become a successful entrepreneur and make their businesses a brand. You should know what intelligence does it takes to become successful not only in business, but also in life. So let me share you what I have learned from Robert and Donald's book the Midas Touch about the seven intelligence and what is the most important intelligence to acquire when it comes to business.

The Seven Intelligence

Howard Gardner, developmental psychologist and professor of cognition and education at Harvard Graduate School of Education, developed the theory that there is not just one kind of intelligence but seven different intelligence. One of them, in particular, is essential to become a successful entrepreneur.

Verbal Linguistic

People who do well in school, the "A" students, are often gifted in verbal-linguistic intelligence. They are excellent readers and writers. They can quote famous writers and do well on essay exams. In business, students who do well linguistically may become lawyers.

Logical-Mathematical

These people love numbers and solving mathematical problems. They can give you the decimal equivalent of fractions faster that you can calculate it on your cell phone.

They are usually "A" students, and many of them go on to attain advanced degrees. Many remain in academia and become teachers, professors, and researchers. They may also work for universities, corporations, and government. Students who do well mathematically lean towards accounting, computer programming, or engineering.

Spatial

Those with this intelligence tend to favor the arts, go on to art school, and some become very successful artists. People with spatial intelligence often become architects, interior designers, graphic artists, and website developers.

As you may have already guessed, that many people believe that these first three kinds of intelligence are the only intelligence needed to become successful and to become rich. That's why many parents send their kids to school to acquire these kinds of intelligence. They believe that if their kids possess one or more of these first three types, their kids would get a good grade in school and could have more potential to get a high paying job with benefits. But if you can also observe, lots of them didn't succeed financially and still struggling in life. Only few of them are fortunate and succeeded financially.

Body-Kinesthetic

Most athletes are gifted with this intelligence. The most gifted and elite few may go on to become professional athletes or dancers. Some may lean towards the health or recreation business.

Musical

Students with this intelligence often dream of being a rock star or lead singer in a band. Some dream of playing with a symphony orchestra. They pick up instruments and gain familiarity quickly. They can hear music and almost magically know the notes they are hearing. People with this kind of intelligence are most happy when they are performing and will seek out careers in the musical performing arts.

I noticed that students who possesses Body-Kinesthetic or Musical intelligence are being misjudged as lazy easy going people and lacks ambition. Because many of them aren't interested in school doesn't mean they are not intelligent. They just have different interest, they are just being misunderstood I think.

Interpersonal

This intelligence is important for professional communicators, such as politicians, preachers, sales and advertising specialists. People with this talent are naturals at meeting and engaging new people, building relationships and winning friends. They are "people people."

I know some people with this kind of talent. I could say they are nice people, and I like them. They could easily please you and get your empathy. Although they might not have one of the first three kinds of intelligence, they could put themselves in a higher position because of the talent they have. There's nothing wrong with that, but sometimes, I feel they don't like some of the things they say and do.

Intrapersonal

While interpersonal intelligence is your ability to communicate with others, intrapersonal intelligence is your ability to communicate with yourself. People who possess this kind of intelligence have control of their own thoughts.

Robert said that intrapersonal intelligence is often called emotional intelligence. It is your ability to control emotions such as fear, greed, anger, sadness, and love. For example, when you're afraid, do you react and run, or do you talk to yourself calmly, responding rather than reacting? When angry, do you control your temper or blow your top, saying things you later wish you had not said? These are examples of a person's intrapersonal intelligence.

Robert added that intrapersonal intelligence is also called the success intelligence, since it is required for success with all other intelligence. He also stated that it is the intelligence that gives entrepreneurs the advantage in the world of business. Intrapersonal intelligence empowers entrepreneurs to do what most people are afraid of doing, or do not want to do. You probably know people who did very well in school, but fail to do well in the real world. One reason may be because they are gifted linguistically and mathematically, but they lack the emotional control, the intrapersonal intelligence, to handle the challenges of the real world.

Among these seven intelligence, intrapersonal intelligence is crucial for success as an entrepreneur. You don't have to be born with it, but if you weren't, you must acquire it.

Related books I recommend:

Everyone knows that high IQ is no guarantee of success, happiness, or virtue, but until Emotional Intelligence, we could only guess why. Daniel Goleman's brilliant report from the frontiers of psychology and neuroscience offers startling new insight into our "two minds"—the rational and the emotional—and how they together shape our destiny.

Through vivid examples, Goleman delineates the five crucial skills of emotional intelligence, and shows how they determine our success in relationships, work, and even our physical well-being. What emerges is an entirely new way to talk about being smart.

The best news is that "emotional literacy" is not fixed early in life. Every parent, every teacher, every business leader, and everyone interested in a more civil society, has a stake in this compelling vision of human possibility

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This book is not about business. It's about what it takes to become a successful entrepreneur. Donald Trump and Robert Kiyosaki turned their businesses into international brands. The two men share what keeps them going when most give up and why they continue to seek greater challenges. In this book, Midas Touch, they share what gives them the Midas Touch--and how you can have it too.

Thinking of starting your own business? Already have one and want it to grow? Then before you waste any more time or any more money, you owe it to yourself, your family and the world to discover and master the five points of the Midas Touch: 1) Strength of character 2) F.O.C.U.S. 3) Brand 4) Relationships 5) Little things that count

Order Midas Touch

Why Investing in Real Estate is Preferable to Many Types of Common Investments

Perhaps you are planning to invest in something to make a large chunk of money and I think that's a great idea. There are lots of ways you can invest your hard-earned money these days, in fact, I could give you some investment vehicle ideas. 

However in this case, I'll give you some reasons why investing in real estate is a smarter way to do than to invest in some types of common investments. Here are my comparisons: 

Some people save money in the bank. For me, saving your hard-earned money in the bank for the long term doesn't make any sense. Why? Because the return on secured investments is too low and the increasing cost of retirement is too high. More than half of all retirees 60 and older say Social Security is their main source of income. For me, that's sad!

Another reason is inflation. Let's say, you saved money in the bank and earned 2 to 3 percent interest, while the inflation rate is 7 to 14 percent. The money you have saved for years decreases in value. And that's why I always buy Robert Kiyosaki's opinion--that savers are losers. 

On the other hand, saving is still a nice idea if, your main purpose is to just save it for a while until you find another investment asset that would generate positive cash flow.

Securities such as the stock market, oil and gas investments, equipment leases, precious metals, and rare coins are less appealing to many savvy investors. Why? Because many of these securities is risky or you must hold them for lengthy periods of time before you see any rise in value. 

Wide fluctuations in the market also make it possible to lose all the money you invest--if you don't have financial education or you don't have a coach to teach you strategies on how to invest in such investment vehicles. I'm not saying don't invest in these kinds of investment vehicles, actually, these are great investment vehicles. What I'm saying is you have to know what you are doing. But still, for me, investing in real estate is more preferable.

So why real estate? Some of the wealthiest individuals in the 20th century made their fortunes in real estate. How? Real estate price have gone up on an almost an interrupted basis since the early 1800s. The only thing that has varied in the last 150 years or so in the amount of change each year. Periods of inflation and recession, and greater or lesser demand, have all affected the rate of increase in various times, but the long-term trend in real estate value has always been upward.

Like any business, supply and demand are the major factors that influence the price of real estate. When interest rates are high, the demand for homeownership goes down. This puts pressure on the rental market and causes rents to go up and rental occupancy rates to increase. In contrast, when interest rates are low, homeownership demand typically increases, causing home prices to increase.

Because of the interplay of this pattern, real estate will almost certainly continue to increase in value, over the long term. The rate of increase, of course, will vary based upon many factors.

Rents will probably go up in the years ahead at a faster rate than they have historically. That means using creative financing options, such as no down payment (which you can learn for free at www.carletonsheets.com), have the potential to create an even larger return on investment (ROI) for you.

Source: www.carletonsheets.com

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Are You a Rolex--or a Fake Rolex?

"A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well." -Jeff Bezos 

In the book, Midas Touch written by Robert T. Kiyosaki and Donald J. Trump, they explained the importance of a "brand," which reflects what you stand for. They said that without a solid brand and a willingness to let the world know about it, you won't have the Midas Touch (The ability to turn the things you touch into gold).

They gave a very realistic and clear explanation of what "brand" really means. But in this blog, I decided to share you how Robert understood what is the real meaning of a brand by his conversation with his Rich Dad.

Robert Kiyosaki and Rich Dad Conversation:

"When did you get the Rolex?" asked rich dad.

"I got it last week in Hong Kong," I (Robert) replied proudly.

"Is it a real Rolex?"

"Well, yeah," I replied hesitantly. "It's real."

With a smirk, rich dad grabbed my wrist and pulled the watch up to his face to take a closer look. "And how much was it?"

"Uh, uh, I got a good deal."

"How much was it?" rich dad asked again.

"Five bucks," I blurted out. "It's a fake Rolex."

"I thought so," said rich dad quietly. There was a long moment of silence. I could tell rich dad was collecting his thoughts.

"Why did you buy a fake Rolex?" rich dad finally asked. "Why didn't you buy a real one?"

"Because real ones are expensive." I answered.

"Do you know why pirates make cheap copies of an expensive watch?"

"Because of price? Because people want a bargain?" I offered up.

Shaking his head, rich dad asked, "Do you know how much the Rolex brand is worth?"

"No," I said, again shaking my head.

"Do you know what the Rolex brand stands for?"

"It means success," I replied. "It means you've made it. It means you've reached the top. At least that's what it means to me. That's why I bought a fake Rolex. I just wanted to look more successful."

"And what does a fake Rolex say about you?" asked rich dad, looking me directly in the eyes.

"It means I want to be successful," I replied. "It means someday I'll own a real Rolex."

"Try again," smirked rich dad. "It means you're a fake. Only a fake would wear a fake. That's what a fake Rolex stands for."

"But a real Rolex costs a lot of money," I protested. "I just wanted to wear a Rolex and I didn't want to spend that much of money on a watch. So I bought a five-dollar Rolex. Who will know the difference?"

"You will," replied rich dad. "You know the difference. Deep down you know what the Rolex brand is worth. You know what the brand means. That's why you are willing to be fake and wear a fake."

"I don't agree," I said. "Nobody can tell the difference. I know. I inspected the watch before I bought it. It looks real."

"But you know it's not real," said rich dad sternly. "You may think you're fooling most people, but you're not fooling yourself. It's what you're saying about you that is important. And right now what you're saying about yourself is 'I'm poor. I'm not successful and I can't afford a real Rolex. So I'll buy a fake because I am a fake.'"

"Why are you being so hard on me?" I asked. "It's just a cheap watch."

"It's more than a cheap watch," said rich dad impatiently. "It's a fake watch, a knock-off, stolen property. If you are willing to buy stolen property, what does that say about you?"

I still did not get why rich dad was making such a big deal out of a watch. I knew it was a fake. I knew it was a copy made by pirates. So what? What's the problem? Who am I hurting?

Continuing on, rich dad said, "If you are going to be a successful entrepreneur, you'd better know and respect a brand. If you are lucky, maybe someday you'll have a brand yourself. Maybe someday your business will become a General Electric, or Coca-Cola, or McDonald's. But if you are a fraud, your business will be a fraud. It certainly won't be a brand."

I did not agree with rich dad and I didn't like what he was saying, but I was old enough and wise enough to know to keep my mouth shut and let the message sink in. I didn't need any more of his wrath. But he wasn't done with my lesson.

"If you are not a brand, you're just a commodity. You're just a faceless product floating in a world of no-name brands."

"What is wrong with being a commodity?" I asked.

"Nothing, If you're happy being a commodity," rich dad replied. "It's the difference between Bobby's Burgers and McDonald's. The McDonald's brand is worth billions. Bobby's Burgers as a brand is worth nothing. Why spend your life building a business and fail to build a brand?"

Catching his breath, or maybe reloading, rich dad let his lesson on brand versus commodity rest for a moment. I understood he wanted me to respect brands and what they stood for. I understood he wanted me to one day be an entrepreneur who turned his business into a brand. He did not want me to become just an ordinary entrepreneur.

"Do you know that just the name 'Coca-Cola' is worth more that the company's entire business? The name is worth more than all the equipment, real estate, and business systems combined," said rich dad, doing his best to have his lesson on brands sink in. "No matter where you go in the world, Coca-Cola is a brand."

"So if I wear a fake Rolex I am stealing from Rolex. Is that what you're trying to say?"

Rich dad nodded his head, adding, "And buying from people who steal from Rolex says, 'I buy stolen goods. I stole someone's good name.' And who wants to do business with someone who is dishonest, cheap, sneaky, crooked, and a phony?"

"Only people who are also dishonest, cheap, sneaky, crooked, and phony," I reluctantly answered.

"If you found out your neighbor with the nice cars and the boat was really a criminal, what would you think of him"

"Not much," I replied. "I would avoid him."

"That same kind of judgment goes on in business every day." said rich dad. "Honest people do not do business with dishonest people. Your reputation is the foundation of your brand. Guard your reputation with your life. In business, your reputation is more important than your business." With that, rich dad extended his hand towards me, palm up.

I took off the watch and dropped it into the palm of his outstretched hand. Rich dad put the watch on the floor, placed his shoe on top of the watch, and crushed it. Because it only cost five dollars, it crushed pretty easily. I got it.

Source: Midas Touch, Pages 123 to 127

This book is not about business. It's about what it takes to become a successful entrepreneur. Donald Trump and Robert Kiyosaki turned their businesses into international brands. The two men share what keeps them going when most give up and why they continue to seek greater challenges. In this book, Midas Touch, they share what gives them the Midas Touch--and how you can have it too.

Thinking of starting your own business? Already have one and want it to grow? Then before you waste any more time or any more money, you owe it to yourself, your family and the world to discover and master the five points of the Midas Touch: 1) Strength of character 2) F.O.C.U.S. 3) Brand 4) Relationships 5) Little things that count

Order Midas Touch

Why Invest in Silver and Gold?

The Declining Dollar

Throughout 5,000 years of recorded history, silver has been used as a form of currency. It was the preferred unit of exchange in nearly every early culture worldwide, while gold was the designated store of value for kings and wealthy individuals. Whether a citizen, a Pharaoh or a King-everyone understood that silver and gold were real money.

In 1971, the United States cut its final tie to gold as a means to back our money, and we have since been living in a world dominated by paper money. The problem is that paper money, also known as fiat money, derives its purchasing power by nothing more than confidence in the ability of each nation to maintain a "prudent fiscal policy."

When our economy and markets become unstable due to political strife, massive government spending and other factors-as we saw all too clearly with the recent global financial crisis-the worth of paper investments can take a sharp nosedive. In fact, the value of the U.S. dollar has declined dramatically in recent years, and this trend does not look to be capable of changing. Today's debt-backed fiat(by decree) monetary system is a fundamental reason to diversify your savings strategy by saving in silver and gold.

Silver and Gold Are Time-Tested Financial Tools

The value of precious metals has risen consistently during the last 10 years, making them trusted investments through times of uncertainty and change. Silver and gold are nearly immune to the volatility of the U.S. dollar, and can offer exceptional price appreciation and profit over time. Considered by many to be the safest forms of money in the world, they are a time-tested way to protect your financial savings against an unpredictable future.

Protect Your Savings

Historically, silver and gold bullion have acted as a long-term store of value. Thus, they are considered an excellent way to preserve purchasing power.

For example, today it takes nearly the same quantity of silver to buy a gallon of gas as it did 40 years ago. Compare this to our current fiat currency, the U.S. dollar. Forty years ago, gasoline cost 35 cents per gallon. Today, costs over $3.50 mean our fiat paper dollars have, when it comes to gasoline, lost nearly 90% of their purchasing power over that 40-year period.

In order to preserve purchasing power, savings must be stored in a form of money that retains its value over time. Gold and silver are recognized around the world as the forms of money that cannot be created out of nothing. Unlike fiat currencies, which can easily have their purchasing power destroyed through inflation, these precious metals remain the most reliable forms of money today.

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Time is Money

Tips to Retire Young and Rich

In his book, Rich Dad's Retire Young Retire Rich, Robert Kiyosaki added 11 more tips to retire young and rich. 

Robert Kiyosaki: These are things I do on a regular basis. These are things that have assisted me greatly in retiring young and retiring rich. I trust they can also be of use to you. Always remember that the process of retiring young and retiring rich is primarily a mental and emotional process. Once you begin that journey in your mind and in your heart, the rest of you should soon follow.

1. Decide. Every day I get up and I choose who and what I want to be. I ask myself, "Do I want to live today as a person with a poor context, a middle-class context, or a rich context?"

Remember that a person with a poor context will say something like, "I'll never be rich." A person with a middle-class context might say, "Job security is important." A person with a rich context might say, "I need to increase my financial IQ so I can work less and make more money."

2. Find a friend or loved one who wants to go on the journey with you. I know that I would not have made it without my wife, Kim, and without my friends. Be sure to have friends who demand more of you, rather than tell you why you cannot do what you want to do.

Choosing the right friends or lifetime partners is very important to a successful life. If you have friends or family who are not committed to improving their financial IQ, life can be a long financial struggle, regardless of how much money you make.

3. Seek competent advice and begin building your own team of financial and legal advisers. Always remember what rich dad said, "Your most expensive advice is the free advice you receive from your financially struggling friends and relatives." Rich dad later expanded his statement to include financial advisers who do not practice what they preach or do not buy the investment products they sell you. Again, choosing the right people is a very important skill. People can be either assets or liabilities.

4. Set a retirement date. Sit down with your loved ones and your advisers, and set a date for your early retirement. If you will actually do this process and discuss an actual date with these people, your present context will begin to argue with your future context. It is a great and fun process to go through. You will definitely hear many different realities and different contexts.

Hold quarterly meetings with this group, and continue to discuss your early retirement date.

5. Write down a plan on a piece of paper once you have set the date for your early retirement. Put that plan on your refrigerator so you have to look at it every day. Update the plans as you progress and learn more and more.

Just because you may be poor today does not mean you have to be poor tomorrow. Becoming rich and staying rich requires a plan and the determination to follow it, one day at a time.

6. Plan your early retirement party. Be excessive and be lavish. Once you can retire early, money will no longer be a problem. Even if you do not achieve your goal, you will have great fun going through this process. And who knows? You might even have to throw that early-retirement party early!

7. Look at a deal a day. It costs you nothing to go shopping. The point is to do something every day to improve your financial intelligence for at least ten minutes a day. It may be something as simple as reading one article from the money or business section of your online news site, even if you are not interested in it. It will begin to improve your vocabulary. Listen to financial or business information recordings while you drive or work out at the gym. Attend a financial seminar at least once a year. If you do not want to pay for a seminar, just look in the financial section of your local newspaper, and you will find many free investment seminars. Even if yo do not learn anything, you are bound to meet other people just like you.

8. Remember that all markets follow three main trends: up, down, and sideways. Some markets go up, down, and sideways over years. Sometimes markets can trend up, down, and sideways in less than a minute. That is why, when someone advises you to "Invest for the long term," ask them what they mean. Ask them for a more detailed explanation. Most financial advisers are simply parroting what they have been taught by their sales manager, so they may have difficulty explaining what they say. 

If you want to get rich and stay rich, you must be aware of trends and have three different strategies for three different trends. I have met many people who made money on one trend, and went bankrupt when the trend changed.

9. Always remember that words are free. If you want to get rich, you need a rich vocabulary. Always remember that there are four basic classes of assets: business, paper assets, real estate, and commodities. Each of these assets uses different words. Each of these assets is like a foreign country with a foreign language. Begin to learn the vocabulary or the jargon of the asset class you are interested in. Once you learn the words, you will be better able to communicate to yourself and others in that asset class.

Words are the most powerful tools we have as human beings, so choose your words carefully. Always remember that there are two basic types of words:

One type is content words.

For example, "internal rate of return" is an important group of words, especially for real estate investors who use a lot of leverage to invest with. Internal rates of return are content words.

The second type is context words.

For example, when someone says, "I'll never understand internal rates of return," this person is describing their mental context about the content words.

Be aware of constantly improving your content vocabulary and watching your context vocabulary because words are the tools that power one of your most powerful assets--your brain. That is why I suggest you forbid yourself from ever saying, "I can't afford it," or "I can't do it," or "I could never learn that."

Ask yourself instead, "How can I afford it?" or "How can I do it?" or "How can I learn it?"

Remember that a big difference between a rich person and a poor person is simply the quality of their words. Your financial IQ begins with your financial vocabulary. So watch your words because words do become flesh and do become your future. If you want to retire young and retire rich, your words hold the key... and words are free.

10. Talk about money. If your friends don't want to talk about it, you may want to find a new group of friends. In my group of friends, we talk about money, business, investing, successes, and problems. Most of my friends are also very rich and do not have the context that talking about money is evil or dirty. Kim and I talk about money constantly. To us, making money, getting rich, and having an abundant lifestyle is fun. And we enjoy the game of money so we talk about money. We enjoy the game of money just as people enjoy other sports. Because we have money as a game in common, our marriage is closer, educational, exciting and fun. Money is a subject all people all over the world have in common, so why not talk about it?

11. Make a million dollars starting with nothing. One of the reasons I do not need a job or a paycheck is because rich dad trained me to make money from nothing. 

A classic example is the story of the McDonald brothers and Ray Kroc. Ray Kroc took a small hamburger stand run by two brothers and turned in into the very, very, very big worldwide business we know today as McDonald's. 

So the last tip is, with your loved one or friends who are on the journey with you, spend time together brainstorming how you can take an idea and turn that idea into millions of dollars, starting with no money or very little money. This process is like going to the gym for your muscles. This regular exercise strengthens your brain and gets it ready for the moment you make your move.

Retire Young Retire Rich is about how Robert and Kim Kiyosaki started with nothing and retired financially free in less than ten years.

Find out how you can do the same.

If you do not plan on working hard all your life, this book is for you.

Why not Retire Young and Retire Rich?

Order Rich Dad's Retire Young Retire Rich 

Robert Kiyosaki has challenged and changed the way tens of millions of people around the world think about money. With perspectives that often contradict conventional wisdom, Robert has earned a reputation for straight talk, irreverence and courage. He is regarded worldwide as a passionate advocate for financial education.

Source: Rich Dad's Retire Young Retire Rich: Page 448-462

Buy related resources:

Time is Money

Belief vs. Trust

I had just listened twice on the Richdad Radio Show archive a while ago at Richdad.Com and I had learned something valuable. The title of the show was Belief vs. Trust. It explained the difference between believing in God versus trusting in God. I realized that believing in God isn't enough. Trusting in Him is more important because our faith will be tested by it.

Does God want you to be rich, does God have a plan for you? 

Seriously, think about it. Many believe that wealth and spirituality simply can’t intersect, but can that be true? This week Robert and Kim Kiyosaki talk with Russell Gray (The Real Estate Guys) and Jay Massey about how they took their own “Leaps of Faith” that led them to their true calling. Learn the difference between “Belief in God” and “Trust in God”.

Click HERE to listen to the Richdad Radio Show archive (Original air date: November 30, 2013) entitled, Belief vs. Trust by Robert and Kim Kiyosaki with their guests Russell Gray and Jay Massey.


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Editor-in-Chief of Forbes magazine

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Time is Money

Make a Business Plan

The business plan, together with solid market research, is the foundation of any business. It also makes your business attractive to investors and lenders, who look at this document to see how viable your business would be in the long run, before sinking their investment into your venture.

Here are 7 steps to make your very own business plan:

Step 1: Name your business. 

The business name reflects the character of your business, so be very deliberate when choosing one. You can also come up with a separate name for your product or service, which could serve as your trademark. Be very careful when choosing product names for they determine the brand image and brand experience of your product. 

Step 2: State your mission.

Spell out the purpose of your business and its goals, including the product or service concept you plan to adopt. Keep the business goals and targets realistic, so as not to put off the reader (investors) with fantastic fanciful claims.

Step 3: Introduce the business and its management team.

Make a clear and complete description of the business and how you plan to start and operate it. State the rationale behind the business's establishment. Introduce the people--the--team--who will run or invest in it. Include a brief look at their background including prior professional and business experience, educational attainment, leadership skills, and personal resources.

Step 4: Elaborate on your product and marketing plan.

Discuss your product or service in detail, and how it would generate revenues for your business. Include here the following information: unique characteristics of your products, size of the potential market, suppliers, etc. Next, describe your market, and provide a detailed description of your potential customers [demographic profile and recent consumption trends].

Step 5: Illustrate your financial strategy.

This part should attract the most interest from your readers--show the flow of money into and out of the business, coming up with either a profit or loss for a particular period of time. Keep in mind that finance people will look at the numbers and analyze your projected performance ratios. Seek assistance from an accountant or a financial planner in preparing this section of the plan.

Step 6: Write the executive summary.

This section encapsulates your entire business plan for those who don't have time to go over the entire document--these are often the decision-makers who should be informed about the business. The executive summary is usually written last, after the entire document is completed, and it may appear at the start or at the end of the business plan.

Step 7: Go over the entire document.

Whenever it is possible, use charts and graphs to illustrate cash flows and projected return on investment.

Basic Parts of a Business Plan

1. Cover

2. Executive Summary

3. Table of Contents 

4. Information on the Company

5. Information on the Industry and Business Environment
6. Information on the Management Team

7. Marketing Plan

8. Financial Statements


Source: Entrepreneur Magazine: Page 73, December 2012-January 2013 Entrepreneur Philippines

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Why You Don't Get a Tax Break for Saving Money

I wondered why there is no tax break for saving money. But when I was reading the book I bought, the "Rich Dad's Cashflow Quadrant" written by Robert Kiyosaki, my question was being answered. 

I have read the explanations on page 134 to 136 of the book, and I decided to share it to you. Here's how Robert explained it:

Robert Kiyosaki: If you notice, you get a tax break for buying a house and going into debt, but you don't get a tax break for saving money. Have you ever wondered why?

I'm not sure either, but I imagine that one big reason is because your savings are a liability to banks. Why would they ask the government to pass a law that would encourage you to put even more money in their banks, money that is a liability to them.

They Don't Need Your Savings

Besides, banks really don't need your savings. They don't need much in deposits because they can magnify money at least 10 times. If you put $1 in the bank, by law, the bank can lend out $10 and, depending upon the reserve limits imposed by the central bank, possibly much more. That means your single $1 suddenly becomes $10 or more. It's like magic! When my rich dad showed me that, I fell in love with the idea. At that point, I knew that I wanted to own a bank and not go to school to become a banker. 

On top of that, the bank may pay less than one percent interest on that one dollar. In better economic times, it could be five percent and you, as a consumer, would feel secure because the bank is paying you something on your money. Banks see this as good customer relations because, if you have savings with them, you may come in and borrow money too. They want you to do this because they can then charge nine percent or more on what you borrow. While you may make less than one percent on your $1, the bank can make nine percent or more on the $10 of debt your single dollar has generated. Recently, I received a new credit-card offer that advertised 8.9 percent interest. But since I understood the legal jargon in the fine print, I saw it was really 23 percent. Needless to say, I took a pass.

They Get Your Savings Anyway

The other reason they don't offer a tax break for savings is more obvious. If you can read the numbers and see which way the cash is flowing, you'll notice that they'll get your savings anyway. The money you could be saving in your asset column is flowing instead out of your liability column in the form of interest payments on your mortgage. This ends up in the bank's asset column. The cash-flow pattern looks like this:

That's why they don't need the government to give you a tax incentive to save. They'll get your savings anyway in the form of interest payments on debt.

Politicians aren't about to mess with the system banks, insurance companies, building industry, brokerage houses, and others contribute a lot of money to their campaigns, and the politicians know the name of the game.

Source: Rich Dad's Cashflow Quadrant Pages 134,135 & 136
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Are You Ready For Social CRM?

CRM expert Brian Vellmure shares five questions to ask yourself or your management before going social, plus some pointers.

1. Are your customers, partners, and competitors participating in social media?

"If your stakeholders aren't there, don't bother (or, at least, don't prioritize it)." 

2. Are your core systems of record (CRM, marketing automation, enterprise resource planning) and related processes defined and optimized?

"If those fundamentals aren't in place, your efforts are better spent getting them ready so you can properly leverage social platforms and interactions down the road."

3. Does your business have a culture of sharing and collaboration?

"The likelihood of harnessing value from social CRM is arguably tied to an organization's culture being flat, open and collaborative."

4. Have you identified cases that align with your organization's core vision, strategy and objectives?

"The point is social CRM should serve as a toolkit of strategies, tactics and enabling technologies to help achieve real organizational objectives."

5. Is there already in-house competency and desire for engaging on social channels?

"The more folks within your organization that understand its power and how to leverage it, the more likely the initiative will provide tangible benefits."


Source:

Entrepreneur Magazine: Page 40-41, December 2012-January 2013 Entrepreneur Philippines 
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Putting the Social in CRM (Customer Relationship Management)

Customer relationship management (CRM) is a model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.

Businesses engage customers where they are. In this stage, it's in social networking sites. Because users behave differently online, traditional customer relationship management (CRM) strategies no longer work. Put the social in CRM and witness the many ways it promotes interaction and brand awareness.

Social CRM recognizes that instead of managing customers, the role of the business is to facilitate collaborative experiences and dialogue that customers value. It is "an integrated, overarching strategic approach for engaging customers regardless of where they are in the value chain."- IBM Institute for Business Value

TRADITIONAL CRM VS. SOCIAL CRM

Traditional CRM

• Assigned departments
• Company-defined process (Inside out)                                             
• Transaction (All about sales)                                                            
• Business hours                                                                                 
• Defined channels                                                                              
• Technology-focused                                                                         
• Businesses win through cost savings                                                     

                                                                                                        

Social CRM

•  Everyone
• Customer-defined process (Outside in)
• Interaction (All about the customer)
• Customers set the hours
• Customer-driven dynamic channels
• Strategy-focused
• Businesses and customers win through savings and a delightful experience

Are you ready for social CRM? Click HERE to find out.

Sources:

Entrepreneur Magazine: Page 40, December 2012-January 2013 Entrepreneur Philippines 
Wikipedia: http://en.wikipedia.org/wiki/Customer_relationship_management
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