Build Your Successful Brand With These 3 Steps
In 1996 when I came out of the mountains around Bisbee, Arizona, all I had were pencil sketches of the CASHFLOW® game board, a rough draft of Rich Dad Poor Dad in my computer, and a simple two-page business plan. As the sole employee of my yet-to-be-formed company, I knew my next step was to find the right people and put a team together.
Sketching the game board was the easy part. Finding someone who could engineer the information systems required to make the game work was the first step. The game had to be engineered to literally change the way people think about money. At that time, there was only one person I knew who had such a mind. That was an old friend named Rolf Parta, fondly known as Spock. We call him Spock because he looks like Leonard Nimoy of Star Trek fame. He also happens to be as smart as the character Nimoy played.
Three months later and after much interaction with me, he had all the complex mathematical equations done. I had done my part and made better crude sketches. Together, Kim, Spock, and I played the game. Surprisingly, the game ran well. It was a tough game, but the numbers worked, the lessons were revealed, and we were happy. Kim and I both believed that many of the important lessons that rich dad had taught me had been transferred to our new game. We knew we had to move forward.
If you know the Rich Dad brand then you know, in 1996 I was building a new B-I Triangle. As entrepreneurs, Kim and I were clear on our mission. Now, as leaders of the project and using the five levels inside the Triangle as a guide, we were now putting together a team.
It All Starts with the B-I Triangle
As my rich dad often said, “There are many people with great ideas but few people with great fortunes. The B-I Triangle has the power to turn ordinary ideas into great fortunes. The B-I Triangle is the guide to taking an idea and creating an asset.” It represents the knowledge required to be successful on the B and I side of the CASHFLOW® Quadrant.
Kim and I created the Rich Dad brand by following his advice. We focused first on building a strong foundation in our company by focusing first on mission, team, and leadership.
Rich dad said, “A business needs both a spiritual and a business mission to be successful, especially at the beginning.” During his lessons, rich dad always began with the mission since he thought it to be the most important aspect of the triangle, which is why it was at the base. “If the mission is clear and strong, the business will weather the trials every business goes through during its first ten years. When a business gets big and it forgets its mission or the mission it was created for is no longer needed, the business begins to die.” This is the spiritual reason for the existence of the business.
The Rich Dad Company follows this mission: “To elevate the financial well-being of humanity.” By being clear and true to the dual spiritual and business mission of this company, we have enjoyed great success.
By being clear on our mission, we attract individuals and other groups aligned with a similar mission. Some people call it luck. I call it being true to our mission. Over the years, I have come to believe that my rich dad was right about the importance of having the spiritual mission and business mission be strong and in line. In fact, it’s one single two-pronged mission.
In all truthfulness, not all of my businesses have as strong a dual mission as The Rich Dad Company does. Other businesses in which I own interests have stronger business missions than spiritual missions.
Rich dad always said, “Business is a team sport.” He went on, saying, “Investing is a team sport.” He would also say, “The problem with being in the E and S quadrant is that you as an individual play the game against a team.”
For people considering building a powerful and successful business, I think this lesson on teamwork is crucial. It is one of the primary keys to my financial success. Business and investing are team sports and remember that every day in business is test time. To be successful in school, you had to take tests alone. In business, success comes from taking tests as a team, not as an individual.
Your team also includes your outside advisors. Proper guidance from your accountants, tax advisors, financial advisors, and legal counsel is imperative for building a strong successful business. If your business is real estate, your real estate brokers become an important part of your team. Although these advisors can be expensive, their advice can provide you with an incredible return on your investment by helping you structure a strong business while avoiding pitfalls along the way.
And that leads to the next part of the B-I Triangle—leadership— because every team needs a leader.
A leader’s roles are a combination of visionary, cheerleader, and pitbull.
As a visionary, the leader must keep his or her focus on the corporate mission. As a cheerleader, he or she must inspire the team as it works together towards that mission as well as herald the successes along the way. As the pitbull, he or she must be able to make the tough calls regarding issues that distract the team from achieving the mission. The unique ability to take decisive action while maintaining focus on the ultimate mission is what defines a true leader.
Kim and I focused on three jobs of the leaders we had at The Rich Dad Company…
- Strengthen the company on the inside
- Expand the company on the outside
- Improve the bottom line
Through all this very rapid growth, the company handled the expansion without a hitch. Instead of success destroying us as it did with the nylon-wallet company, The Rich Dad Company grew stronger with the growth. The company grew because we were cooperative, working for cooperative money. Every dollar that came in from our licensed strategic partners was a cooperative dollar. By cooperating instead of competing, our strategic partners get richer, and so do we. I believe our company was pretty well designed. It was designed to grow. We leveraged the talents of our team to build and protect intellectual property and then leveraged the intellectual property through licensing all over the world. We found the right team to guide us in this process.
Today, instead of just a glimpse of the world I wanted to live in, Kim and I live in a world better than we ever dreamed of. It seems like magic. The money and lifestyle are great, but it is the sense of making a difference in so many lives that is the true magic.
Editor, Rich Dad Poor Dad Daily