The Business of the 21st Century – Part II

The Business of the 21st Century[In Part II, Seth Leffert’s review of The Business of the 21st Century, by Robert T Kiyosaki, he explains what it means to be a business owner. If you haven’t read the previous chapter, please do so now: Part 1]

As a self-employed consultant generating a nice income I should think that I have been a business owner. Well, that’s true, but only of a small business that cannot grow, because I can’t teach what I do to someone else and have it be done to my specifications. It just isn’t possible, because they are not me. Therefore, I am an employee of my own company. I can’t replicate myself, therefore I can’t grow beyond my own time boundaries. This certainly is not what the Business of the 21st Century is all about!

The Business of the 21st Century Defined

So, a business owner has to have something that is reproducible. It has to have a great product or service, an easy to learn skill set that pretty much anyone can do and a set of tools that are inexpensive and reliable for producing certain measurable results. These are the criteria for building a business that can grow without boundaries. In fact, once it has been established and is growing on it’s own, it doesn’t even require my time while still producing a steady stream of income. This is the classic definition of Passive Income. This is the definition of a Network Marketing business.

Actually, it can be the definition of a network marketing business as long as certain things apply. First of all is addressing that issue of a great product or service. Have you seen what people are offering in the network marketing world? Yikes. I just don’t get most of it. I think that the founders are really more excited about building a compensation plan and then just plugging in whatever they think can sell and then they start to push it out the door. The only people who can do anything in this type of a business are sales people, which I already said I am not doing. I am not going to be a “sales person”. The product – and the business, for that matter – need to sell themselves.

My Rule Book for the Business of the 21st Century

Therefore, Rule #1 is that the product must be of extremely high quality and it must be something that most people would want. It has to evoke some kind of emotion about it to cause people to buy it, so it has to strike home somehow.

Then there is the question of how much these people would be willing to pay for it. So, Rule #2 for the Business of the 21st Century is that its products must be of perceived value for the average person to consider diverting some of their hard-earned cash over to it, instead of holding on to their money to “go towards paying the phone bill, heating bill, the rent” and so on.

Also, there is no way that I am going to warehouse anything. I already have enough stuff to fill every room in my house, including the basement and the garage. Thank God I don’t have a storage unit…yet. No, not going to happen. :-) So, Rule #3 is that it must be reliably available directly from the manufacturer.

That means that Rule #4 for the Business of the 21st Century is that the individual company behind it all must be of the highest integrity with their intentions, vision, mission statement, management, and above all, their actions, so that anyone doing their due diligence will come up loving what they see.

There, I have defined my rule book of what the company and product must be.

Don’t miss a beat! Be sure to check out The Business of the 21st Century – Part 1 if you haven’t already and Part 3 to continue to the review.
From the office of Drew Berman, contributed by Seth Lefferts.


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    […] If you're arriving here NOT having read the previous parts, feel free to do so now: Part 1, Part 2, Part […]

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  • Kai May 24, 2011 at 4:29 pm

    Awesome tips..thanks for sharing

    Reply
  • Kai May 24, 2011 at 4:46 pm

    I really think #2 will really depend on your audience. I
    know people who sell products that I personally would not pay 200.00 for a vacuum
    cleaner or a facial gel that turns back aging but there are a demographic of
    people who would buy that and tons of reps that have become very successful. I
    also know people in my area that have come off their jobs for selling makeup
    and body garments for 100 or more but I know my mothers area probably would
    care less about 50.00 foundation set with special fiber brushes. Then there are
    health products all different ingredients..some do the same things at different
    price points-herbalife, body by vii list goes on. I have had friends tell me my
    health products are too expensive in their mind they would rather drink a
    sugar-filled slimfast but I met a complete stranger who has diabetes who paid
    for 2 packages and only met me in the store and said not one thing pertaining
    to the price being an issue…so my point is it is great if your product has a
    good price point that appeals to everyone cause it sure does make it easier to
    get over the hurdle of cost but as long as you believe, have the passion to
    keep pressing on I think the price is relative.

    What are your thoughts?
     

    Reply
    • Drew Berman May 26, 2011 at 3:00 pm

      Hey Kai!  You raise a great point.  Price is certainly subjective – what may be considered “expensive” by one person may not necessarily be considered expensive by another.  Imposing the sense that it’s expensive would be coming from a “lack” mentality and certainly douse your business.
      The fact of the matter is that The Business of the 21st Century is live and well even in this wacky economy.  I have friends that move products with a minimum of $500 per sale like it’s going out of style whereas others struggle with a $19.95 membership price point.
      Great observation, Kai!  Thanks for commenting!

      Reply