Thursday, 30 March 2017

Lessons from Rich Dad, Poor Dad

"Asking your strategy consultant for a discount is like buying diamonds in the vegetable market."

Though the comment was made in jest, the idea behind it lingered with me.

In any exchange between money and knowledge, knowledge holds the power. Because you can put that same money in the mix and not get the same results. But the one who has the right knowledge, will use that money and catalyse a major change. I learnt from "Rich Dad, Poor Dad" a lot of things. 2 of the most important ones were:

  • Keep your specialists happy. Pay them well. Because then, they will bring you the deals that are not in the market. They will search for things that benefit you, because they also benefit them. They will value your business.

  • Keep yourself updated. Invest in high quality training for yourself.
After over a decade, I can more than vouch for the wisdom of both. Working consciously to ensure that the knowledge vendors - the real estate agents, the fruit vendor, the specialists, the tech teams, the storage vendors, the doctors and the teachers... value our business, I have been able to create a network of people who have long term relationships. They understand our needs and respond within our cycle times (which are significantly short).

The second is,  when trying to learn something new, I make an effort to find the best teacher in the domain. Then I call them. And wait. Until they have the time. They are usually 4 to 5 times more expensive than other teachers of the same subject and have a long waiting period. But I have yet to be disappointed in a training of this kind.


Post Note:
There are certain common traits that were observed in these teachers: (because one just wants to share this)

A. They do not advertise. They are not the first names that pop up when you open the searches. They really have to be found.
B. They do not accept all students - This I have observed in an overwhelming majority of cases. They value the craft more than they value the moneys. So they are very careful about who gets to work with them.
C. They are tough taskmasters - On average, one has to put in twice as much pre work with them before every session than one would imagine. For a one hour session, the pre work is from 4 to 8 hours and post work is at least 2-4 hours.

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