Learning from Failure: Tough Business Lessons from an Iconic Entrepreneur

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Metal ManufacturerThe writer of the “Rich Dad, Poor Dad” series Robert Kiyosaki made his first fortune with his idea, the surfer Velcro wallet. Unfortunately, this business went bankrupt because of several factors. Since you are reading this, you most likely have a product that has a great chance of being popular and you’d like to capitalize on it like Kiyosaki did with his. Take note of these pointers that even he took note of when he put up his next ventures.

Outsource Production – Admittedly, Robert Kiyosaki is no wallet maker but he is a great salesman. By outsourcing the production of his item, he can focus on his strengths which would involve promoting and marketing his product. The same can be said of you. And even if you can expertly reproduce your product, you should focus on sales and distribution to keep that cash flow coming. Find a manufacturing services company then discuss contractual projects with them to start you both off.

Get Intellectual Property Protection – Kiyosaki wasn’t able to get proper intellectual rights protection for his surfer wallet so other companies and businesses started releasing their own versions of the product. It’s basically one of the major reasons why the company went under. Don’t make the same mistake and invest in protecting your idea intellectually as soon as possible.

Cost-Cut Wisely – When your business is in the red, you can easily mistake economizing as a viable solution. But, it’s really just a matter of what you should invest in first. Copyrighting your product and selling and promoting it will require finances but they will also give your profit if done properly. Focusing on increasing your sales and protecting your idea should be prioritized otherwise you won’t have the money to continue productions.

Of course, there are the standard qualities of every successful businessman that you should practice passionately. Remain patient and persevering and always keep moving forward. After all, business bigwigs other than Kiyosaki, such as Virgin’s Richard Branson and Microsoft’s Bill Gates, do swear by these virtues.