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Because we live and work in a society where making mistakes isn’t well-tolerated, it can be difficult to see any value in making mistakes. After all, mistakes often cost us time and money, and in small business both of these resources are at a premium.
However, you might be surprised that some of the most prominent leaders in the world value mistakes-a lot. Take a look at what some of these leaders have to say about making mistakes.
Gordon Moore, co-founder, Intel
“One thing a leader does is to remove the stigma of mistakes. People who are afraid of making mistakes all the time just don’t try anything.”
Sam Walton, founder, Walmart
Sam Walton, famous for driving an old beat-up pickup truck to work even when his worth was in the billions, was fond of saying that if you keep expenses down you can afford to make a lot of mistakes!
Robert Kiyosaki, bestselling author, “Rich Dad Poor Dad”
In his book “Business School for People Who Like Helping People,” Kiyosaki recounts how he learned the process of selling: by making mistakes. In the context of sales, Kiyosaki calls it rejection. He and his sales mentor, Charlie Robinson, would make sales calls together. Robinson would say virtually nothing during the visit, but would simply watch Kiyosaki work. Then the two would return to the office and review every mistake Kiyosaki made that caused a rejection. During that time, Kiyosaki even volunteered at a charity organization, making cold calls, so he could increase his rejection rate and learn from them. The message? Make as many mistakes as you can because mistakes are how you learn.
Herb Kelleher, co-founder, Southwest Airlines
When one of Southwest Airline’s property managers made a mistake (he made an oral commitment of $400,000 to the City of Austin for the preliminary design of a new airport when Southwest had no intention of supporting the new airport), Herb Kelleher backed his manager with the money. Although the lesson was hugely expensive, Kelleher didn’t get upset. He just jokingly told the manager: “Now pal, this is a fairly expensive lesson. A $400,000 lesson-I hope you remember it!”
Does that give you a new perspective on the value of making mistakes in your small business, and learning from them?
Stephanie Valentine
Here is the original:
Leadership: On Making Mistakes
Shelley Elmblad
Online personal finance software is very convenient because you can use it wherever there is an Internet connection. And, these free top three online personal finance software choices offer security features for your personal finance data. With online software, you never have to install anything on your hard drive and software updates are done for you on the software company’s servers.
Each of the top three online personal finance titles have a different feature focus, so look them all over and visit the web sites for more details. And remember that when you use online personal finance software on a public computer, you must log out and close the browser window before leaving the computer.
ClearCheckbook is completely free but accepts free-will donations. Mint and MySpendingPlan are also completely free but each gets a cut on any of the money-saving offers presented to you. The offers on Mint.com are hidden unless you click on a tab to view them. MySpendingPlan offers are more upfront and in your face.
ClearCheckbook is free online personal finance software that is far from bare-bones free software. ClearCheckbook has many features to manage personal finances.
ClearCheckbook Features:
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Mint is free online personal finance software that offers something truly different: Mint tells you how you can save money, and it has some nice automated features.
Mint Features:
Get Mint free online personal finance software and learn about managing personal finances at Mint.com.
MySpendingPlan online personal finance software has strong personal budgeting features and a focus on building savings.
MySpendingPlan Features:
Get MySpendingPlan free online personal finance software and personal budgeting tips at MySpendingPlan.com.
Read more from the original source:
3 Free Online Finance Software Programs
by Katie Adams
Have you ever watched an infomercial or seen an item in a department store and thought “I could have thought of that!” Have you wished you had invested money early in a blockbuster invention? Learn the stories behind some (seemingly) ridiculous ideas that have made inventors and investors very wealthy, and find out what you, as a potential investor, should look for and consider before putting up capital for a potential funding opportunity.
The Koosh Ball
You’ve may have never heard of Scott Stillinger but somewhere in your home or office you probably have one of his inventions – the Koosh ball, which made millions of dollars. Stillinger came up with the idea for the Koosh ball when he tied rubber bands together to create a smaller, easier-to-catch ball for his young children in 1987. He founded OddzOn Products Inc. to distribute the small, simple toy, and within just 12 months it was flying off of store shelves as that year’s hottest Christmas gift.
The company expanded, and in 1994 Stillinger sold OddzOn to toy manufacturer Russ Berrie and Company Inc., which in turn was bought by toy behemoth Hasbro in 1997 for more $100 million
And it all happened a mere 10 years after the first ball was created.
Santa Mail
Every year, millions of children around the globe pen letters to Santa and hope for a response. Byron Reese realized the potential in this market. In 2002, he launched “Santa Mail,” a service that allows kids to send letters to the North Pole. Parents enclose a small fee of just $9.95, and little Johnny or Jane receives a personalized letter back from the “big man” himself. By 2009, Santa Mail had responded to nearly 300,000 children. At close to $10 a letter, well, you can do the math - needless to say, it was a little idea that has earned Reese a big return.
Lucky Break Wishbones
Are you still a little bitter that, at last year’s Thanksgiving dinner, you lost out to your cousin Ned in the annual fight over the lone turkey wishbone? Well, thanks to Ken Ahroni, those days are long over. In 1999, he had something of an epiphany at his family’s Thanksgiving dinner table: a family with multiple people would like multiple wishbones. He shuttered his previous consulting business and launched Lucky Break Wishbone Corp. in 2004, in order to sell his one-of-a-kind breakable plastic wishbones. Within two years, the company was generating nearly $1 million in sales through distributors in more than 40 states nationwide.
Antenna Balls
You’ve seen them; maybe you even sport one on your car. Those ubiquitous, yellow smiley-faced balls perched atop antennas in parking lots nationwide have made Jason Wall a very wealthy man. Inspired in 1997 by a commercial for the fast food chain Jack in the Box, Wall created some antenna ball designs and began selling them locally through auto stores in California in 1998. Within a year, he had earned more than $1.15 million in sales and quickly won major accounts to sell his product through national chains, including Wal-Mart. In 2009, the multimillionaire is president and CEO of In-Concept Inc.
Investing in Far-Out Ideas and Inventions
If you can’t come up with your own idea - or don’t want to put in the time - you can always invest in another inventor’s ingenuity. Inventions can come from anywhere and anyone - friends, family members or even coworkers. But before you start writing checks out to just anyone who promises they have “the next BIG idea,” there are five key tips to consider:
Learn about the industry. If you don’t personally know a potential investor in whom to invest, you can learn more about opportunities through industry trade magazines, like Investor’s Digest or America’s Inventor Magazine, or through organizations like the National Congress of Investor Organizations.
2. Are there competitors?
3. Have similar types of inventions failed in the recent past?
4. What is the inventor’s time line to get to market?
5. What is his or her business and marketing plan to not only sell products but realize a healthy profit margin?
6. Are there any other potential patents pending on a similar type of product?
It takes a team of skilled professionals with the right product working in the right market to make your investment realize its potential.
The Bottom Line
Realistically, the odds are stacked against most investors looking to make their fortune by backing an inventor. The U.S. Patent Office notes that, “approximately 2% of patents earn significant dollars for their investors.” Still, there are future Koosh balls and Lucky Break Wishbones to be made and profited from. Perhaps with some hard work and careful investing, you too could find a ridiculous idea that gets you laughing all the way to the bank.
Originally posted here:
Ridiculous Ideas That Made People Millions
The RICH DAD’s apprentice help me to reveal myself, soon I realized that I am just another POOR DAD in this world.
My head non-stopping thinking about it.
RICH DAD - I must become rich & wealthy because I have a family & children to take care.
POOR DAD - I cannot become rich & wealthy because I have a family & children to take care.
So different the way of thinking.
I still can remember the below from the well-known speaker told us,
1. People should do what they love to do
2. However, most people end up never do what they love to do
The above 2 sentences are contradiction each others, if people know they should do what they love to do but why still end up doing something else.
Why people end up never doing what they love to do?
You must have a lot of excuses or reason to justify it. So do I.
- Dare not take risk
- People do not get what they want due to they do not know what they want in the first place.
- Fear
- People are complacent, do not want to get in trouble in the something new
- Opportunity not there
The reason that people do not end up doing what they want to do is because whatever they are doing now is just too comfortable, it is not great, not fantastic, not they really want but still go to work. Sometimes, they may even hate the job, or the company, or even hate the boss but they still go to work.
It is interesting to know people spend their time & effort doing something they really do not like to do but just because they are just too comfortable, not many changes, - Comfort Zone.
Don’t you think is interesting? Think about that.
Definition of Word “Wealth”
Big car? Big house? Possession on oneself? How much he spent? Did you realize that a lot of people have big car big house but also with big loan.
Wealth
Number of day forward you can survive/ maintain your lifestyle if you stop work – forever/ infinity
Which mean if you don’t want to go to work tomorrow, you never ever have to worry a day about the rest of your life because somehow somewhere there will be an income/ money coming to you and you will be taken care of. Isn’t that wonderful?
That’s the stage we are looking for. Financial Independent or Retirement
Retirement normally happen in age of 55/60/65 years. What you can do at age of retirement? Nothing much.
Will it be nice if you can retire in much younger age so called Financial Independent?
You wake up and have a choice to choose whether want to go to work or no. Once you have the choice you have the freedom & vice versa.
The fact is most people don’t have that freedom.
People need to go out there to make ‘MMM’ money making machine. MMM is a machine that you spend some time, effort & resources to create.
It is possible to make your own money making machine. But most of the Malaysia spend their time, money & effort to turn themselves to a money making machine to a company. Too busy in the work, no time for create your own MMM is a killer.
Become a MMM and create a MMM is very different. You might want to write down “how many days you can survive if stop work today?’ The ultimate goal is to increase the number of days.
In nowadays, making money is very easy. The only thing you need to do is working very hard. If you work hard enough sure you will make money, but create wealth is not about working hard is about working smart.
There is thousand of people out-there working very very hard everyday but never found financial independent. Working hard is not the answer for the wealth. Working hard on the right financial strategy then is the way to create wealth. Think about it. But where to start & how?
How come a highly educated people or highly professional sometime do not want to follow good suggestion? Because they think they know it already. Creating wealth also not depending on how high your education is. Our education never teach you about money or creating wealth, the teacher teach you how to become a great MMM (employee) to company.
If teacher teach you about money, I am more worry about that. Because most of the teacher are not wealthy.
About 70% of the population stop work today cannot survive more than 60 days. I start to think more in-dept about the issue now.
~ Darrell Tan
Read the rest here:
I am just another “Poor Dad” in this world!
Robert Kiyosaki mentioned in his book “Rich Dad, Poor Dad” that assets put money into your pocket while liabilities take money out of your pocket.
It was with this in mind that I started to acquire more of these assets (e.g. stocks) instead of frivolous stuff like clothes, accessories, electronic devices and stuff.
These stocks I own have been paying me quarterly and yearly dividends. Thus, they have been putting money into my pocket over the years.
However, two stocks that I have recently declared “rights’ issue. For the uninitiated, that basically means that the company is issuing me with more shares and I have to pay for them if I intend to exercise my “rights” or either forfeit them and see my shareholdings in the company diluted.
What an irony. These assets are now taking money out of my pocket! All the dividends that I have earned from them are like useless.
If they are so cash strapped, why did they even declare dividends in the first place over the years?
Didn’t they foresee this coming? Why weren’t they more prudent in calculating the amount of dividends that they were giving out over the years?
So now instead of owning assets, I am like owning two businesses which are asking me to pump in more money into them. I can’t tell whether these are assets or liabilities just yet.
*Big Sigh*
Read more from the original source:
Aren’t My Stocks Supposed to be Assets?