Tag Archives for " Entrepreneur Risk "

Episode 054 – Overview of Cash Flow Quadrant by Dr. D. Anthony Miles (Part II)

In Episode 054, Jack has invited Dr. D Anthony Miles back to the show to give an overview of the concept of the Cash Flow Quadrant advocated by Robert Kiyosaki. Part I will focus on the implications and ramifications of the right-hand side of the Cash Flow Quadrant (i.e. the Business Owners and the Investors).

Take a look on the "Right" side of the CFQ

"The right side of the CFQ that you want to be is "B" which stands for business owners and "I" which stands for investors.  Your income does not equal time or time does not equal money. Rather that means that you have more passive income as a positive linear income.  When you think of it like someone works for our system is the system.  A business owner owns the system and investor owns a system but in a different way as he invests in a system that works for them."

Bs & Is have multiple streams of income

"When you're a B or an I, you have multiple streams of income.  You're not dependent on one income.  Remember we said that the Bs and the Is do not rely on one revenue stream. When you get laid off, does your revenue dry up so you have no backup.  The Bs and Is know that they invest in different projects and when they invest in different projects, they are business owners."

Three Types of Leverage

"There are three types of leverage - other people's time, other people's money and other people's talent. When you use other people's talent or the people that work for you would use other people's time, that's time that you're not using your own time but  using other people's time and when you use other people's tools and resources, we use other people's talent and resources.  So that's the really strong differences between the Es and the Ss, and the Bs"

Want to know more about D? 
Twitter: https://twitter.com/DAnthonyPhD
LinkedIn: https://www.linkedin.com/in/danthonymiles
Email: dmiles@MDIcorpventures.com
Website: https://www.mdicorpventures.com
Amazon: https://www.amazon.com/D.-Anthony-Miles/e/B006JRNDVQ

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Episode 053 – Overview of Cash Flow Quadrant by Dr. D. Anthony Miles (Part I)

In Episode 053, Jack has invited Dr. D Anthony Miles back to the show to give an overview of the concept of the Cash Flow Quadrant advocated by Robert Kiyosaki. Part I will focus on the implications and ramifications of the left-hand side of the Cash Flow Quadrant (i.e. the Employees and the Self-Employed).

Why did D decide to introduce CFQ in his entrepreneurship program?

"One of the reasons that I decided to implement some of the concepts from the CFQ, is because I have to rebuild it, really be honest with the people that teach entrepreneurship and most college programs either never started their own business, currently didn't have a business or had never been in business for themselves.  So by teaching people to build a business, they can really relate to people because they have never started a business and that's the one of the tragedies of our colleges and universities. There are very few entrepreneurs or actual entrepreneurs that actually teach entrepreneurial concepts and theories.  So take this a consideration when you have someone to tell you about trying to start a business and they never put their head out of the jungle and started a business."

What Do You Value as an Employee?

"When you're an employee, you value to things, you value security and you value minimising risk. If you go to school and get your degree and you're preparing yourself for the workforce, you basically value security and a steady pay check. That was another part of it because based on how you're structured in terms of being an employee, you cannot and will not take a chance on having a business because you need something solid. You need something stable. So they value security over freedom. They stay away from risk and when they look for a job, instead of looking for opportunities, they look for jobs. That's the difference. When you have an employee mindset and here's the ugly truth for you to be successful at anything, you have to recognise that when the industrial revolution went on to, now we're in a digital revolution, so now we have a paradigm shift, so now a college degree is a commodity."

How about Self-Employed?  What are their challenges?

"The S-quadrant are people that are really self employed.  Their mindset is 'I make per hour', I have this contract and that contract and the problem is you're all alone and because you're all alone, there's more risk involved and when there's more risk involved.  You're responsible for the business, so when people come and go, most of the logical progression for people that want to get out of the entrepreneurship project is to go into the S-quadrant. It's like this: you're frustrated with the job and normally just hits you in your forties. I've seen this happen over and over, hits you in your forties. You didn't get that promotion, your career projection and go as you want it so you're frustrated. So, you say, "I'm going to start my own business". So you go on to the S-quadrant and you're not prepared to be an entrepreneur and this is where some people crash and burn. When they go on to the S-quadrant, they said, "I'll be a consultant".  Now another issue that ties into this, like we have a lot of people getting PhDs and leadership.

Well, leadership the ugly step brother of the management side. So now we have people trying to build consulting practices, study studying leadership and helping companies where leadership hasn't planned out because people don't understand that. When you say, I'm a consultant for leadership, this is in the S-quadrant.  So I always tell my friends, don't say you're going to help people with their leadership problems. You tell people you help them with management problems


Want to know more about D? 
Twitter: https://twitter.com/DAnthonyPhD
LinkedIn: https://www.linkedin.com/in/danthonymiles
Email: dmiles@MDIcorpventures.com
Website: https://www.mdicorpventures.com
Amazon: https://www.amazon.com/D.-Anthony-Miles/e/B006JRNDVQ

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Episode 051 – What Did Patricia Iyer Learn From Her Entrepreneurial Journey?

In Episode 051, Jack has interviewed Ms. Patricia Iyer, a successful nurse entrepreneur since 1987 when she started consulting with attorneys who handle cases with medical issues. Pat built a large and very successful legal nurse consulting business that billed over 1 million dollars a year for the last 5 years she owned it before selling it 3 years ago.  Since then, Pat has turned her experiences into a successful coaching program for legal nurse consultants. She now also helps people with expertise turn their knowledge into online courses and books. She serves as a freelance ghostwriter and editor. She knows what it is like to be pregnant and face losing everything, and what it is like to be a millionaire. She understands the burning desire to be in business. After successfully selling her business in 2015, she serves as an editor and ghostwriter.  

In this interview, Jack has asked Patricia to share her lessons from her two brushes with near bankruptcy experiences. In addition, how did she build such a large and successful business helping attorneys and what she can advise business owners like you today?

Why did Patricia decide to leave her comfortable job after 7 years?  

"I went to college to become a nurse and I worked in hospital settings which are certainly traditional hierarchical societies where you have to follow the rules ... My role as a owner of a legal nurse consultant business was focusing in large part on medical malpractice cases where the system did not work where people did not follow the rules or they made mistakes or there was a flaw in the system that enables somebody to get hurt. So I'm very aware of the importance of following the rules.  But I broke out of that because I began writing a book with a couple of other people from different hospitals and when the book was published I was at a point where I wanted to explore other options. Quite honestly, it was terrifying for me to leave a hospital environment where I had worked for 7 years where I knew everybody, where I felt comfortable, but I had a conflict with my boss and realised that I needed to leave. It was very clear that because of a dynamic that occurred between the two of us, that I needed to be able to take a fresh look and say, I've got a lot of skills and talents. This is not a good fit for me. Let me find another job.

Be prepared to take risk (Patricia was sharing her story about giving a presentation to a group of people who came from all over the country to attend a conference)

"You're right are uncomfortable when you need to do them the first time, and I have not in my life since I've been in a position where I've had to walk into a similar situation and ask for money because usually the clients were coming to me, but it made me aware of the fact of taking a risk.  [The presentation] went very well and led to more publishing opportunities. They wanted a column on pregnancy in diabetes and that kept my writing career going.

Not knowing the meaning of personal guarantee

"My husband was able to raise the money.  This was an important factor for us is that we had to sign a personal guarantee for a million dollars so that he could buy this welding business and start putting in the equipment that he needed. We didn't really understand the significance of what a personal guarantee was until it was explained to us by the lawyers that if we defaulted on that loan, it meant that any asset that we had could be taken. It was really the only way that they would give my husband the money to sign this guarantee. And of course when you start a business, you're very optimistic and there are many things that are clear in your life. In hindsight, when they realised later on that we were borrowing money in the 1980s when the interest rate was 22 percent and he was paying 24 percent a month interest on that and there was too much debt. That business was not destined to be successful just because of the way that it was financed and for other factors. When he gave us a really good try for three years and then got to the point where he wasn't getting enough customers. There weren't enough sales. So he had to close the business."

I learn I should start a service-based business

"What I learned when I started my business, which was just a couple of years later after this happened, was that I was not going to borrow money from anyone. I didn't want to go to the bank. I didn't want to take out loans. I didn't want to sign another personal guarantee for the rest of my life. If I couldn't afford it, I didn't buy it. So I looked very carefully at how I could start a service based business. I had two filing cabinets and a board to make up a desk in one corner of my family room. That was how I started my business, working with attorneys."

Patricia's Most Favourite Quote
"Proceed as the way opens"

Want to know more about Patricia? 
Facebook: https://www.facebook.com/patriciaiyer
Twitter: https://twitter.com/patiyer
LinkedIn: https://www.linkedin.com/in/patiyer
Email: patriciaiyer@gmail.com
Website: http://www.editingmybook.com

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Episode 050 – Why Did Dr. D. Anthony Miles Say That All Businesses Are Guilty Until Proven Innocent?

In Episode 050, Jack has interviewed Dr. D. Anthony Miles who is an entrepreneur, award-winning researcher, award-winning professor, statistician, legal expert witness, business expert, and best-selling author. 

 He is the CEO and Founder of Miles Development Industries Corporation®, a consulting practice, and venture capital acquisition firm. He is also a legal expert witness, provides expert testimony on business scams, false advertising claims, and trade dress. He provides expert testimony for local, state and federal cases; both civil and criminal cases. He has presented his research at conferences around the country. We will find out why D. say that all businesses are guilty until proven innocent.

What is exactly "Entrepreneur Risk"?

"It is basically the things that caused are risky business that can cause the business to either fail or lose profitability. I'm not the father of the name and I was doing my doctoral research. I was fascinated that a lot of studies, especially in economics and business and entrepreneurship research but they never talked about entrepreneurial risk. What are some of the risky things that happens when you start a business? When I conducted my research, I did research on 500 plus my businesses in my particular area in the US, and I found certain patterns and I want to see if there are anything that stood out to me. And I basically came up with five categories, the risks that I've seen with business ventures based on my research on small businesses."

What is "market saturation" and why is this important?

"It will come up on or the market climate risk. And when you consider starting your business, you have to consider the market. You have to consider the climate. So the market climate has about four components that you need to be worried about in terms of market saturation. You have to worry about competition, you have to worry about market entry and exit. You also have to worry about competition intensity and what that translates into market saturation, right?  Case in point, if you have 30 competitors in the marketplace, one of them is going to be the leader and everybody else is going to be the followers. So if you're trying to penetrate that market, you're going to have a hell of a time penetrating that market because the market is so saturated with all those competitors."

What are the first few steps someone has to take in order to survive in the first few years in business?

"The first thing that you want to do is obviously you want to do research, you want to look for gaps in the marketplace, look for gaps. Gaps are like gods. Maybe you should start a business where all the businesses have missed the gap and sometimes it's apparent and sometimes it's not, but you always want to look for gaps in the marketplace of like case in point ... You have to look at opportunities and they say, what is it? The third eye of entrepreneurship, you have the ability to see something before everybody else does. .Open your third eye or look for opportunities. Look for problems. If the businesses built like this and entrepreneurship. What problem are you solving for the customer? If you're not solving a problem for the customer, you don't have a business. That's the way you have to think." 

D's Most Favourite Quote
"All businesses are guilty until proven innocent."


Want to know more about D? 
Twitter: https://twitter.com/DAnthonyPhD
LinkedIn: https://www.linkedin.com/in/danthonymiles
Email: dmiles@MDIcorpventures.com
Website: https://www.mdicorpventures.com
Amazon: https://www.amazon.com/D.-Anthony-Miles/e/B006JRNDVQ

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

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