My rich dad often said, "Learn to build your own business and hire good people." He was encouraging me to become an entrepreneur. One day I asked my rich dad what
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99% Failure Rate

Statistics show that 90% of all new businesses fail within the first five years. Statistics also show that 90% of the 10% that survive the first five years, fail before
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1. Our schools train students to be employees who look for jobs rather than train entrepreneurs
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2. The skills to be a good employee are not the same skills required to be a good entrepreneur.

3.
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4. Many entrepreneurs work longer hours
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5. Many new entrepreneurs start without enough real life experience
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6. Many entrepreneurs have a great product or service but don’t have the business skills to build a successful business around that product or service.

Laying the Foundation for Success

My rich dad said, "Starting a business is like jumping out of an airplane without a parachute. In midair the entrepreneur begins building a parachute and hopes it opens before hitting the ground." He also said, "If the entrepreneur hits the ground before building a parachute, it is very
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For those of you familiar with the rich dad books, you know that I have jumped out of the plane many times and failed to build the parachute. The good news is that I hit the ground and bounced. This book will share with you some of my jumps, falls, and bounces. Many of my failures and successes were small ones, so the bounce was not that painful that is, until I started my nylon and Velcro wallet business. I will go into further detail throughout the book because I made many mistakes, and learned from them along the way. The success of that business was sky high and so was the fall.
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The Crack in the Dam

One of the reasons I fell so hard in the nylon surfer wallet business was that I did not pay attention to the little things. There is some truth to
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As three successful entrepreneurs in our late twenties and early thirties, we took our minds off the business and partied into the night. We actually thought we had built a business. We actually thought we were entrepreneurs. We actually believed our own story of success. We started bragging. Champagne started to flow. It
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Finally, the dam broke. The house of cards started tumbling down around us. Our parachute did not open.

Too Much Success

The point in sharing
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Hard Work Covers Up Poor Design

A poorly conceived business startup may be able
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All over the world, entrepreneurs kiss their families good bye and head off to their own businesses,
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One of the
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As a friend of mine once said, "I’m so busy taking care of my business I don’t have time to make any
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Do Long Hours and Hard Work Guarantee Success?

A friend of mine quit his high paying job with a large bank in Honolulu and opened a tiny lunch shop in the industrial part of town. He had always wanted to be his own
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Every morning, he and his mom would get up at four o’clock to begin preparing for the lunch crowd. The two of them worked very hard, scrimping, cutting corners, in order to serve great tasting lunches with generous portions at low prices.

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Now I can hear some of you saying, "At least he went for it." Or, "It was just bad luck. If his mom had lived,
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