Theodore Roosevelt’s Quote for Entrepreneurs

Theodore Roosevelt

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly; who errs and comes short again and again; because there is not effort without error and shortcomings; but who does actually strive to do the deed; who knows the great enthusiasm, the great devotion, who spends himself in a worthy cause, who at the best knows in the end the triumph of high achievement and who at the worst, if he fails, at least he fails while daring greatly. So that his place shall never be with those cold and timid souls who know neither victory nor defeat.” – Theodore Roosevelt

Theodore Roosevelt (October 27, 1858 – January 6, 1919) was an American politician, author, naturalist, soldier, explorer, and historian who served as the 26th President of the United States. Theodore Roosevelt was a leader of the Republican Party and founder of the Progressive Party insurgency of 1912. He is known for his exuberant personality, range of interests and achievements, and his leadership of the Progressive Movement, as well as his “cowboy” persona and robust masculinity.

Theodore Roosevelt was a prolific author, writing with passion on subjects ranging from foreign policy to the importance of the national park system. Theodore Roosevelt was also an avid reader of poetry. Poet Robert Frost said that Theodore Roosevelt “was our kind. He quoted poetry to me. He knew poetry.”

How to Believe in Yourself, by Jim Cathcart

Jim CathcartJim Cathcart is a well-known motivational speaker, and an executive coach to high-achievers from different walks of life. According to his website, Jim Cathcart has been selected (for five years in a row) as one of the Top 5 Speakers on Sales & Service in an online survey of over 14,000 people. With over 39 years’ experience of professional speaking, Jim Cathcart has delivered more than 3,000 presentations to audiences all around the world. Besides being a business strategist, psychological researcher and philosopher at heart, Jim Cathcart has also worked in warehouses, driven trucks, sold donuts, been a bank teller, and toured much of the world on a motorcycle. His TEDx video below has had over 200,000 views in just over a year!

In a video on Youtube, Jim Cathcart tells a story about a man who bought a Tidy Car auto detailing franchise business in 1979. The 19 year old man named Tim asked Jim Cathcart for a quote or slogan that he could use to stay motivated. And so Jim Cathcart gave him a question that he could ask himself everyday:

“How would the person I would like to be, do the things I’m about to do?” – Jim Cathcart

With that question, Tim who bought the franchise went back home and started to think about what kind of person he wanted to become – a successful businessman. He started to ask himself – when I am a successful businessman, how will I dress up? How will I act? How will I speak to others? He immediately got himself a new wardrobe, and he started to dress like he was already a successful businessman. He started to put pictures up on his walls of the kind of car he would want to drive, to inspire himself everyday. Every single day when he woke up, he became the person he wanted to become, and then eventually he made his desire into a reality. As it happens, Tim went on to become the most successful franchisee with a record breaking number of sales.

So, this quote really is worth remembering – how would the person I would like to be, do the things I’m about to do?

Cashflow Quadrant, by Robert Kiyosaki

Cashflow QuadrantRobert Toru Kiyosaki is a self-help author, motivational speaker and investor who is best known for his Rich Dad Poor Dad series of books and personal development resources. As a popular advocate of financial literacy in today’s children and youth, Robert Kiyosaki has campaigned for the teaching of finance, business and investing to children in schools around the world.

Robert Kiyosaki’s teachings emphasise on what he calls ‘financial education’. His books and resources talk about the idea of generating passive income through investment opportunities such as real estate (from which rental income can be earned), financial stocks and businesses (from which regular dividends can be earned) or fixed income and bonds (from which regular coupons can be earned). The idea is for one’s self to be financially independent through such investments alone without having the need to work for a monthly salary in a job.

Robert Kiyosaki defines the term ‘assets’ as things that generate cash inflow (e.g. dividends from stocks, rental income from real estate, etc). He defines the term ‘liabilities’ as things that consume cash (e.g. buying a house, driving a car, entertainment, etc). Robert Kiyosaki proclaims that leverage is important in becoming rich, although there are risks that come with it, which need to be managed very carefully.

The core concept of Robert Kiyosaki’s most popular book, Rich Dad Poor Dad is the comparison of his two fathers. His poor dad is his actual biological father, who is highly educated and is a superintendent, but is always struggling financially. His poor dad always believes that he is right, and that his journey in life is the same as everyone else around him, so it must be just fine. His rich dad, who is his best friend’s father, is a high school dropout, but a very successful businessman. He invests the earnings from his business into other income-producing investments such as real estate. Robert Kiyosaki uses the Rich Dad Poor Dad story to illustrate his view that majority of people in this world are stuck in the rat race, and rely solely on the monthly pay-check for their wellbeing. Yet, there are some people who are financially intelligent, and build a solid base of income-producing assets, which always provide a higher income than their traditional job. Robert Kiyosaki explains his concept and experiences through the Cashflow Quadrant.

What is Rich Dad’s Cashflow Quadrant?

Throughout his personal development resources, Robert Kiyosaki refers to the Cashflow Quadrant, a conceptual tool that he developed to categorise the four main methods in which income is earned. The Cashflow Quadrant involves four groupings, split with two lines, a vertical line and a horizontal line. In each of the four groups, there is a letter representing a way in which an individual may earn his or her income. The letters are as follows:

E – Employee (Top Left of the Cashflow Quadrant)

This refers to the idea of working for someone else. These are the school teachers, the office administration staff, the factory workers, the bus drivers, the supermarket staff, the hospital nurses, the restaurant waiters, etc. Majority of people in this world fall into this category. They rely on a monthly salary, which is generally calculated by multiplying the number of hours worked in the month, by the hourly wage rate. The reason why most people fall into this category is due to the perceived safety, security and stability in income that this category offers.

S – Self-Employed/Small Business Owner (Bottom Left of the Cashflow Quadrant)

This is where a person owns his/her own job and is his/her own boss. Examples of such persons are doctors, consultants, opticians, independent accountants, contractors, etc. They still earn a monthly salary or fee, which is similar to the salary of an employee. It is calculated by multiplying the number of hours worked/engaged on a task, by the hourly wage/fee rate.

B – Business Owner (Top Right of the Cashflow Quadrant)

This is where a person owns a business to make money. The business owner’s presence is not required in the business; responsibilities are delegated to other staff members who work as employees in the business, although the business owner may be required to oversee some aspects of the business. The business owner then earns a profit from the business (after all costs and salary payments are deducted from the revenues of the business). When a business is successful, the profit is much larger than the salary that would be earned by employees or self-employed individuals.

I – Investor (Bottom Right of the Cashflow Quadrant)

This is where a person is investing money in order to receive a larger income in the future. Being an investor means there is no time input required in the underlying investment, and the investor is often a dormant or sleeping partner. But the outcome for the investor is a lot of income. And over time, this income keeps growing and growing.

So, which quadrant are you in? For those on the left side of the Cashflow Quadrant (E and S), Robert Kiyosaki says that they may never obtain true wealth. Conversely, those on the right side of the Cashflow Quadrant (B and I) are following the road to true wealth. Robert Kiyosaki also classifies the four main ‘asset’ classes as means of gaining wealth:

  • Businesses – These generate monthly cash flow, and do not require the owner’s physical presence in them.
  • Real Estate – These generate monthly cash flow in the form of rent.
  • Paper Assets – These are investments such as stocks, bonds, hedge funds, etc.
  • Commodities – These are gold, silver, iron ore, or copper that are used to hedge from the government’s mismanagement or printing of the currency.

Cashflow Quadrant

6 Human Needs, by Tony Robbins

6 Human NeedsAnthony Robbins, better known as Tony Robbins, is a popular American life coach and author. He is best known for his personal development books – Unlimited PowerUnleash the Power Within and Awaken the Giant Within. Throughout his personal development resources, Tony Robbins shares his perspectives, techniques and systems that can help us improve our lives. One such powerful concept is the 6 Human Needs. These are the 6 human needs that make human beings do fundamentally what they do. These 6 human needs drive our emotions and behaviour. These 6 human needs feed us the motivation we need to do something. These 6 human needs provide us with the fulfilment that we strongly desire from our lives.

So, What Are The 6 Human Needs?

1. Certainty/Security

Everybody wants to have some attributes of their lives to be certain – this provides them with assurance in their lives. For example, you know who your loved ones are (and that they love you back), you know where you live, and you know where you study or work. This gives you a sense of security. There are several other examples of certainty that are less easy to identify – your calendar telling you what day it is, your timetable telling you where you have to be at a particular time, or even your wallet and phone ensuring that you don’t get stranded somewhere. Certainty is perhaps the most important of all the 6 human needs, the value of which a needy, hungry, homeless person would appreciate the most.

2. Uncertainty/Variety

This need is actually the opposite of the first need. This is the need for the unknown. Everybody likes change; everybody desires a new stimuli. For example, we prefer to eat different cuisines for lunch and dinner everyday, we prefer meeting different friends, acquaintances and people, we like watching different episodes on TV rather than the same one again and again and again. This is due to the law of diminishing marginal utility. Some examples are less easy to identify – for example, why do we go shopping for new clothes and accessories? It is because we are seeking change from what we are already wearing.

3. Significance/Gratitude

We all love feeling unique, important, special or needed. It stems from our desire to be recognised (financially, physically or emotionally) for our actions. For example, how do we feel when we are explicitly appreciated for a job well done at work? Or when we are awarded the prize for the best performance in a subject at school? We feel great! Similarly, how would we behave if we had the Dalai Lama visiting our home? We would give him all our attention and gratitude! All human beings, regardless of race, gender, age or ability, desire the feeling of significance.

4. Love/Connection

This is the human need that involves our emotions. It is the feeling of closeness or union with someone or something. We all desire to be loved. This connection does not have to be with a spouse or life partner; the same need applies with family members, relatives, friends, workmates, acquaintances, strangers, pets and objects. The existence of love as a core human need really highlights its power, and it truly is unconditional.

5. Growth/Learning

Humans are curious beings. We all want to learn more – formally and informally. This learning comes from various sources – be it through physical contact with people and our surroundings, through digital media, or through books. We always have the desire to expand our capacity, capability or understanding of various subjects. This translates to progression in our knowledge, occupation and relationships.

6. Contribution/Philanthropy

When humans are satisfied with all other needs, what motivates them further? How do they continue gaining the same level of fulfilment? It comes from charity – helping others physically, mentally or emotionally without expecting anything back in return. Seeing others being happy gives us the warm glow effect. This explains why billions of dollars and millions or man hours are contributed to charitable purposes by humans around the world, regardless of their own financial and physical positions.

Below is a video of Tony Robbins sharing the 6 human needs at the TED conference. The audience in this video includes former Vice President of the United States of America, Al Gore.