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The Business of the 21st Century: Review
Robert Kiyosaki, author of the best-selling “Rich Dad, Poor Dad” series of books, has just released a new book. This is a review of the latest book ’21st Century Business’.
He introduced the book:
“In The Business of the 21st Century, I’m going to show you why you need to build your own business and exactly what kind of business it is. But it’s not just about changing the type of business you work with; it’s also about changing you. For you I can show you how to find what you need to grow the perfect business, but to grow your business, you have to grow too.”
The premise of this book is that you can still experience success in business. Despite the current “tough times” due to the worldwide financial crisis, luck will happen.
But the qualification is that you should choose wisely.
The current reality is that American workers are competing with workers from every country in the world. Many of these workers are happy to do the same job for a tenth of your current wage (or less)!
For this reason – and many other economic factors – we live in an era of unprecedented unemployment levels. Rates are often associated with “The Great Depression” but that is not a fair comparison.
Although the percentage of unemployed people may be similar to the level of depression, we live in a completely different world. Levels of education, technology and mobility are a hundred times more advanced than in the 1930s. And yet, millions of Americans are unemployed – or “underemployed” and working in jobs far below their education and experience. This is especially true of “baby boomers” who are much less likely to match their old jobs.
Robert Kiyosaki touches on this reality in his description of “The Cash Flow Quadrant”. They say that all income earners fall into one of four categories, or the four corners of “The Cash Flow Quadrant.”
There are four sections:
Staff: These people are looking for a good job with benefits. They are 100% at the mercy of their owners, who are at the mercy of global competition. The goal is for every employee to have some money left over after paying all their expenses.
Self Employed: These are small business owners and sole proprietors, characterized by “mom and pop” stores and service providers. Unfortunately, many displaced workers who try to open businesses find themselves “buying” a 100-hour-a-week job. They also quickly learn that when they stop working, they earn.
Business Owner: These people understand that maximum earning potential can only be achieved by leveraging the efforts of many. A business builder creates a “machine” that operates around the clock, without their direct input at every step of the process.
A major difference in a business owner’s wealth creation ability is the legal and ethical ability to record expenses on a “pre-tax” basis.
And the fourth quarter is investors. The investor has acquired enough wealth that their money now “works” for them! This is the goal that all people strive for, if they want to reach the point where they can “retire” someday. Unfortunately, the majority of Americans today will never be able to retire without making drastic cuts to their lifestyles.
According to Kiyosaki, business owners and investors represent less than 20% of the productive population. More than 80% of workers are not free to dictate their own schedule – they are tied to their job or their store.
Robert Kiyosaki advises that everyone’s goal should be to be a self-employed business owner. He then writes why network marketing is “the business of the 21st century” for these reasons:
1. Network marketing is the easiest business model to transition from employee to business owner. You can start part-time and transition to full-time. Additionally, the cost of entry is very low – usually as little as a few hundred dollars.
2. Network marketing is a system that provides leads with a vested interest in your success. These leaders – and the marketing systems available – also provide extensive training to help you succeed. In most cases, these training resources are available for free or at very low cost. Tip: Buying the accumulated wisdom of successful people is always less expensive than repeating their mistakes!
3. Network marketing provides the most effective means of promoting a product – that is, using personal relationships to provide recommendations. (Today these recommendations extend to thousands of “friends and followers” online)
4. Network marketing leverages the efforts of dozens, hundreds, and thousands of other people. All of these people are working on their business but also creating a stream of residual income for you.
5. Network marketing provides almost limitless opportunities to expand your knowledge and develop your personal skills – making you more valuable as a leader and a resource to others. It also puts you in the circle of influence of other leaders who are in the top 1% of income earners and opens up additional opportunities.
6. Network marketing is a scalable enterprise. There are many avenues open to successful network marketers. All of these can be expanded across the country or across the globe to grow the business.
7. Network marketing doesn’t just create wealth, it creates an asset. The business you build is a legacy. You can build a business that outgrows you.
8. Networking marketing is a business that generates residual income. You also create multiple streams of income – more than 80% of workers who have a single paycheck are penniless when it ends. Residual income is what you earn “while not working” and you can barely turn it off! For these reasons, network marketing really has no income ceiling!
9. There are no educational prerequisites for network marketing. Even if you are more educated, you can participate! There are no barriers based on race, age, background, or any other factor that makes you “unemployable” in the general job search. Today, hundreds line up for a job as a janitor. In network marketing you can overcome every obstacle and get started right away.
10. Network marketing is perfectly positioned to take advantage of modern technology. While the industry has been successful for decades using only face-to-face sales methods, this new technology expands the opportunities exponentially. In particular, the growth of social networking gives you access to thousands, even millions, of people. It is also a fact that millions of people are looking for ways to increase their income at any moment.
For all these reasons, Robert Kiyosaki concluded that network marketing is “the business of the 21st century”.
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