The B-i Triangle 3w552f

The B-I Triangle

“There are many people with great ideas but few people with great fortunes. The B-I triangle has the power to turn ordinary ideas into great fortunes.”

Sides to B-I triangle • Each side is critical to the stability and long-term success of the business

• Prudent management is the ongoing activity that fulfills the promise of mission, team, and leader.

• Inside the B-I Triangle: five management tiers

What does mission mean? A mission that serves customers first, and serves them well, will: • Keep the entrepreneurial flame alive • Serve as a beacon in the early years • Eventually reap profits • Keep your business focused

In the hands of a devoted entrepreneur, can take on spiritual overtones.

Henry Ford’s mission: “Democratize the automobile.” Rich Dad’s Tip “Just to make money is not a strong enough mission. The mission of a business should be to fill the customer’s need.”

The second side of the B-I triangle • A team is a collection of specialists—ants, bankers, attorneys, insurance agents and so forth—with differing skills. • owner or investor gets the broadest education possible (entrepreneur needs, an expansive view of the world, not a single, specialized skill) • Go for the team, not the Cadillac Rich Dad’s Reminder “Business is a team sport.”

A successful team-driven business depends on investors, owners, employees, and specialists.

CASHFLOW Quadrant (employee, self-employed or small-business owner, business owner, and investor)

• in the E and S quadrants tend to be solo players and want to do things on their own • B and I quadrants have shed the common notion that building a business is risky

The third and final side of the B-I triangle. A true leader is part: • Visionary: The leader conceives the mission and keeps all eyes focused on it

The person who thinks he or she is the smartest person on the team isn’t a true leader

• Cheerleader: he or she heralds the successes of the team as it strives to fulfill the mission

• Pit boss: this person makes the tough calls regarding issues that distract the team from its mission. The leader is able to take decisive action while focusing and inspiring the troops.

• Listener: They have the ability to listen, It is the person willing to listen and learn who has the makings of a great leader Rich Dad’s Tip “A leader’s job is to bring out the best in people, not to be the best person.” and by listening, they gain invaluable from the team

Inside the B-I Triangle (1/3) •

Cash flow management means financial literacy—the ability to read and make sense of financial statements

•

Communications Management –

… speak the language of the common folk, for this is the language that opens ears and hearts.

External communication: raising capital, sales, marketing, customer service, and public relations

– Internal communication: sharing the company’s successes with the entire team, staying in touch with advisors, and having regular meetings with employees – Investors, advisors, and employees can get away with speaking the language of their specialized areas – The entrepreneur—leader of the flagship—must speak the language of all.

Rich Dad’s Tip “All great leaders are great public speakers.”

Through stories, the leader motivates the team to fulfill the mission.

Inside the B-I Triangle (2/3) •

Systems managed in a typical Bquadrant business include: – – – – – – – – – – – – –

Product development Office operations Manufacturing and inventory Order processing Billing and s receivable Customer service s payable Marketing Human resources General ing General corporate Physical space Computer systems

General director must be in charge of making sure all systems operate with maximum efficiency

Inside the B-I Triangle (3/3) •

Legal Management Here are some areas of the law where attorneys can prevent problems: – – – – – – –

•

Lots of businesses go under because they fail to protect their intellectual property

Contracts Intellectual property General corporate Shareholders Labor Consumers Securities and debt

Product Management Product is at the top because: –

it embodies the business’s mission

–

Success in selling product depends on all the tiers below In one sense, the product should be viewed as the least important part of the business Take away the rest of the B-I triangle and the product has no value

Never underestimate the power of patents, trademarks, copyrights and contracts

All the elements of the B-I triangle must be present and working in harmony for your business endeavor to succeed.

Solving the B-I Triangle Riddle • The difference between people in the E and S quadrants and people in the B and I quadrants is that: – The E and S side tend to be too hands on – They stay busy in their busyness and never build anything. You don’t have to become imprisoned in busyness.

• Once you master the art of building B-I triangles, you will find that the less you work, the more money you make. • You will also discover that it doesn’t take money to make money. – If you develop your ideas and build B-I triangles around them, investors will come to you.

Building Brand and B-I Triangle

Building Brand and B-I Triangle, Robert Kiyosaki-1.mp4