Thanks for watching! As I promised you, I'll be talking about some of the things that I myself as an entrepreneur do. And as you know, there's E'S and S.
And I've said all the time right now, more and more people are moving from E'S to S. But the question is, S stands for solo, or I call it psycho, or, you know, I mean, it's sacrifice because you've got to work so hard. And the difference between an S and a B, which is what I'm going to be talking about, is And ask if they generally if they stop working their income stops also.
You know like if you're a dentist and you stop being a dentist your income stops also. So you may be a smart dentist but your income stops and what bees do is they build an asset that continues to grow. So the Rich Dad's Business School for E'Sntrepreneurs are for people who are bees and eyes.
E'S and S you can go to school for and get that information. So speaking on the B part here, I talked about the last time, the last message I sent out is everybody has a great product or service. You know, I'm a dentist.
It's a profession. So P stands for product or profession or service, things like this. L is.
The legal side of it, at Rich Dad I'll be talking about how we expanded our business, not this, via the legal system was called licensing. So that companies throughout the world buy the right to produce Rich Dad books and games and they send me a check once a quarter. That's why I'm a B, I don't have to work and the money keeps coming in. Also, I talked about systems and how Rich Dad, our system of marketing before was generally only through bookstores. But now we're creating a franchise system and one of the instructors will be Kelly Rich, one of my best friends, but also the smartest guy in franchising.
And he'll be talking about how B's expand their business through franchising. Now this is the catch. Whether you're an S or a B, to be a franchisee, you have to have a very tight B-I triangle.
You should have one anyway regardless of your franchise because franchising can get you in trouble if you don't really have it really tight, all of this stuff here. And the next thing is communication and I talked about how we expand via television. I have books.
I have books on television. I'm on television show, I'm always interviewed and things like this. So that's a very important way of keeping my brand out there.
So a big part of what makes a company successful is whether or not they have a brand, B-R-A-N-D, I almost misspelled it. And brand people think, well, it's the communication. But a brand is more than that.
The reason Rich Dad is so valuable right now is because it is an internationally known brand the same way as Trump is known as a brand. And the real question on a brand is not just communication. See a brand makes it easier to sell.
When somebody says Rich Dad, they go, oh I think I heard of that or I know what the guy stands for and all this. So what a brand really is, is the entire BI triangle. If you're going to create a brand, especially in a world that's overcrowded with advertising, communication, the webs, iPods, print. Blogs, I mean, there is so much competition now for a person's time. It really is more important that you become a brand.
So there's a shortcut communication. Like if I say the word Ferrari, you get a picture of something in your mind. It's a whole body effect.
But if I said Hyundai or Kia, car, they're probably just as good a car. But you get a whole different emotional effect just by the brand name. So I'm not saying Hyundai's are better or worse than a Ferrari.
But I'll pay more for a Ferrari than I will for a Hyundai. I don't own a Hyundai, by the way. I own a Ferrari. What does it mean?
It's a shortcut communication. Like if I say the word Apple, you know, some people think of computers and some people think of red Apple. But for the guys like me who I'm an Apple fanatic, you know, the brand means a lot to me. I love Steve Jobs.
He's one of the best entrepreneurs in the world right now. And if I say the word Marine Corps, Marine Corps is a brand. It communicates everything. The mission. The team, the leadership, the style, the message.
And the Marines have a saying, we're only looking for a few good men and women. That means we just don't want to be like the Army. We have to position ourselves away from the Army, the Air Force, the Coast Guard, and the Navy.
So brands are so vitally important as a communication tool, especially in today's over-communicated world. There are more people competing for your customer's mind, their time, You know, how many blogs can you read? How many magazines can you read?
How many television sets can you read? How many games can you play and all this? So today, if you're going to be an entrepreneur, it becomes more and more important that you become a brand. It's not just a shortcut communication.
As a brand, I have to communicate all this. So what does Rich Dad mean? What does Rich Dad mean versus Monopoly?
You know, what does it mean to you? The same as what does Ferrari mean to you versus Kia or Hyundai or Toyota? They're all good cars, but the brand communicates the whole thing.