Rich Dad's B-I Triangle; Guide to Building A Successful Business (Y.M.S.R.A.)

OUTLINE

• Mission Statement
• Introduction of the B-I Triangle
• Explaining the B-I Triangle
• Mission
• Team
• Leadership
• Cash Flow
• Communications
• Systems
• Legal
• Product
• Closing remarks
• Work Cited

MISSION STATEMENT

• Young Mature Successful Responsible Adults (YMSRA) is a non-profit multidimensional prevention program whose goal is to define and identify youth at-risk using the primary predisposing risk factors; social contexts, personality traits, demographic factors, family contexts and provide youth at-risk with prevention programs to help them mature into successful, responsible, adults.

Introduction of the B-I Triangle - Robert T. Kiyosaki “Rich dad’s guide to investing”(Key to Great Wealth/Success)

• Give structure to ideas
• Has the power to turn ordinary ideas into great fortunes
• Use it for every day business even for relationships

Explaining the B-I Triangle

• MISSION

• A business needs both a spiritual and business mission to be successful, especially at the beginning.
• The mission is the most important aspect of the triangle, that’s why it’s the base.
• If the mission is clear and strong, the business will weather the trails 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.
• WE ARE HERE!!!

Explaining the B-I Triangle

• TEAM

• Business is a team sport, investing is a team sport.
• Successful businesses have a strong team, weak ones do not have one.

• E-Employee S-Self-Employed B-Business I-Investor

• 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.
• Goal #1 is to form a strong team
• When I think of team, I think of different types of people with different skills coming together to work together.

Explaining the B-I Triangle

• TEAM (Cont'd)
• Tetrahedrons and Teams - Dr. Fuller/ Robert T. Kiyosaki
• This is a sole proprietorship (solo owner): o

• This is a partnership (team): o-----o

• Team based business (powerful business):

• Tetra means four, meaning it has four points

Explaining the B-I Triangle

• TEAM (Cont'd)
• A Stable business structure

• A well-managed business will have excellent employees.
• They are responsible for the day-to-day activities of the business.

Explaining the B-I Triangle

• TEAM (Cont'd)
• Another Interesting Tetra-Relationship
• Four elements that make up the world we live in: earth, air, fire and rain (water).

• Example: Aries is a fire sign born under the planet mars. Means they are good at starting things but not-completing them. By having a tetrahedron, you are better able to be successful then if you were on your own.
• Join two elements together you get some strong phenomena;
• Air and Water= spray
• Air and Earth= dust
• Water and Earth= mud
• Earth and Fire= lava or ashes
• Fire and Water= storm
• Fire and Air= flame

Explaining the B-I Triangle

• LEADERSHIP

• Troops don’t follow a leader who do not lead
• One of the most important qualities of a leader is trust.
• Keep your word
• A leader’s job is to bring out the best in people, not to be the best.
• Gain leadership by “Volunteering more”
• In most organizations, it is hard to find people who actually want to lead. Most people just hide in the corner hoping no one will call on them
• What most people are doing in our community; they want to help but are afraid to go out and try.
• Volunteering alone will not necessarily make you a great leader, but if you accept the feedback and correct your self well, you can grow into a great leader
• If you volunteer to lead and no one follows, ask for feedback and corrective support
• A true leader listens to others.
• With the right mission, team and leader, we will be well on our way to building a strong business. “Sharon L. Lechter"

Explaining the B-I Triangle

• CASH FLOW

• Cash flow management is a fundamental and essential skill if a person truly wants to be successful.
• Financial group, learn to read financial statements of other companies so we could better understand cash flow management.
• Review your cash position daily, looking at cash sources and needs for the next week, month and quarter.
• Delay taking a salary until your business is generating cash flow from sales
• Make sure you pay your bills promptly
• Before purchasing something new, set a goal for increasing sales to justify the expense.
• Have an investment plan for your cash

Explaining the B-I Triangle

• COMMUNICATIONS

• Photo of triangle with communications above cash flow
• The better at communicating you are , and the more people you communicate to, the better your cash flow will be.
• To be good at communications, you first need to be good at human psychology. You never know what motivates people. Just because something makes you excited does not mean it makes others excited.
• You need to know what buttons to push.
• Many people are talking, but only a few are listening.
• Don’t argue with people who ask for advice but don’t want the advice you're giving them. End the discussion immediately and go on minding your own business.
• Being able to communicate effectively with as many people as possible is a very important life skill.
• Develop the skill to over come your fear, to over come rejection, and to communicate the value of your product/services.
• Develop the skill of speaking to large groups of people and keeping them interested in what you have to say.
• A persons physical appearance often communicates far more than their words.

Explaining the B-I Triangle

• SYSTEMS

• The human body is a system of systems. The human body is made up of a blood system, oxygen, food system, waste system etc. If one of these systems stops, there is a good chance the body will be crippled or die. Same with a business and the systems on the B-I triangle
• Individuals must be accountable for each of the systems and a general overall director must be in charge of making sure all the systems operate to their highest capacity
• Role of CEO
• Supervise all systems and identify weaknesses before the weaknesses turn into system failures.

Explaining the B-I Triangle

• SYSTEM (Cont'd)
• Systems required by every business for optimal efficiency
• Daily office operations systems
• Product development system
• Manufacturing and inventory systems
• Order processing systems
• Billing and accounts receivable systems
• Customer service systems
• Accounts payable system
• Marketing system
• Human resources systems
• General Accounting systems
• Physical space management systems

Explaining the B-I Triangle

• LEGAL

• Your intellectual proper attorney and your contract attorney are some of your most important advisors because they help create your most important assets.
• These attorneys, if they are good, will protect your ideas and your agreements from intellectual bandits, people who steal your ideas and therefore your profits.
• PLEASE DO NOT PROMOTE until we secure our ideas and agreements
• Specific areas where proper legal counsel can help you avoid potential problems in legal aspects of a business are:
• General corporate
• Consumer laws
• Contracts
• Intellectual property
• Labor laws
• Securities and debt instruments
• Shareholder issues

Explaining the B-I Triangle

• PRODUCT

• Least important piece of the triangle
• The most important part of a new business is the system behind it, the product of services, or idea.
• Most of us can cook a better hamburger then McDonald’s, but few of us can build a better business system than McDonald’s

Explaining the B-I Triangle

• PRODUCT (Cont'd)
• The product is at the top of the triangle because it is the expression of the business mission.
• The rest of the B-I triangle lays the foundation for the long-term success of your business. If your communication to the marketplace is strong, your systems are set up to facilitate production, ordering, and fulfillment. If your cash is managed property, you will be able to sell your product successfully and support a strong growth curve for your business.

The B-I Triangle

• The entire B-I triangle must be strong to build successful businesses. If it is, the business will grow and flourish
• If your are a team player, you don’t have to be an expert at every level of the B-I triangle. Just become part of a team with a clear vision, a strong mission, and an iron stomach

Forming the Team (YMSRA)

• Management team (managers, supervisors)
• Operations team (administrative work)
• Services development team (implementing services for participants, event planning)
• Financial team (financial planning/organization)
• Marketing team (promoting, t-shirts, photos, video/audio, webpage, Facebook/Instagram)
• General corporate team (contract/grants/legal work)

Major Team Members for a Successful Business

• Financial planner
• Bankers
• Accountant
• Lawyer
• Broker
• Bookkeeper
• Insurance agent
• Successful mentor

CLOSING REMARKS

• If you can’t do it, find someone who can, work with them and learn, progress is made by making mistakes and learning from those mistakes. This program will help find your weaknesses and will help you turn them into strengths

WORK CITED

• Kiyosaki, Robert., T and Lechter, Sharon., L (2000). NY,NY., Warner Books

Rich Dad's

B-I Triangle: Guide to Building a Successful Business

Robert T. Kiyosaki with Sharon L.

Y.M.S.R.A.