Five Signs You'll Fail as an Entrepreneur

Finance guru Robert Kiyosaki gives tips from his new book with Donald Trump.
6:17 | 10/27/11

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Transcript for Five Signs You'll Fail as an Entrepreneur
Before you lunch -- latest big idea and take that entrepreneurial plunge. We've got five signs that you'll want -- here to ensure that you do not sale. Robert kids' sake -- -- authority on personal finance He wrote and number one best selling personal finance book of all time. Reached at port that and he's here with advice from his small business book that he's co written with Donald Trump. Thanks for joining -- Well thank you absolutely so first you say that we will fail if we don't have strength of character so. Somebody judge that for themselves. Well -- trump and I wrote this book Midas touch because as you know way we have a huge unemployment crisis. And the so many people looking for jobs. And so we wrote this book on the Lazarus from the five points that a person should have a slow start -- -- or expand their business -- from his strength of character. And what that is as best as -- say that's not how many times you fail but how many times you stand up. And what happens from multiple -- looking for jobs are so terrified of failing again. That they really do need to know it takes strength of character. To keep going keep going keep going on with Thomas thousand. Failed 101000 times before -- -- in the light -- And the sadness that same as being an entrepreneur or. And so you say to those people if you if -- accustomed to Alan you're accustomed to rejection might just get up keep getting up. Well that's what I did you know maple Donald I write about it in our book we don't hold anything back first of all this -- has not bought business people -- on final hours. Because a lot of people and doesn't -- very few people are -- smugglers. Saw what was sent a number one's skill strength of character because in our world we -- knocked down no matter how successfully are we don't yet not now. My start off it was only in -- hundred dollar increments dollars and million dollar from its. So is still out and strength of character is number one skill -- -- -- it's not where everybody who's not in relation beyond problems. That's right -- -- next say that you will fail if you don't have. Folk kiss which use a stands for follow one -- until successful. Back you know. Can't Wes young man -- whatever they sat. In the book I write about -- Donald writes about how long we have to hold our focus is on one or more people -- AG game. But we stay focus on the process until we're successful. You know what I say to people why should become an aunt and Morrison -- who also gonna payment -- -- myself. But most people don't have the strength of character and the focus to stay -- there till you're. Well off financially. Eating eggs they want incident -- focus gas they want instant results that overnight six sacks. You know -- wants to put in the time -- actually make it happen. If you hit it right on the head. We have our right another sign that -- wholesale lack of a well defined brand tell me about that. Well I will show the finger what does this one here we all know of those down for when you see the single finger standing up. You know what it means that's the same as a brand. Moments in the trop Fran you know it stands for -- -- mental well. When He a look at Rolex it means well you look at Gucci and Panamanians coaching. So brands has a message to it -- has a relationship between the company and they customer. So if you're starting office announced -- -- are you should build a brand with -- not a brand -- just a commodity. -- -- soft drink not Coca-Cola. So -- -- -- stands for as we take finance. Complex financial subjects and make it fun and easy for people to understand. If you can understand finance you a better chance of success in this world. So my brand stands for who I am and my relationship with my customer and again if you're not a brand -- worth much. All right well first thanks for not Thanksgiving that figure to me I appreciate -- -- -- -- -- -- -- -- -- Well you all about relationships how do you know if your relationships are strong -- -- to prevent business failure. Fabulous question this is the ring finger salute my ring fingers as my wife lovable -- -- five years this year. And relationships and marriage of the same as relationships and business. Business a little different -- can be just as painful. So and my guest judge Donald -- right about that you know. You can't have a good business if you have bad partners and I've had my share of bad partners trust me. But and if you're successful I have a bad partner you know -- Huge alimony and huge problem but most of all the business sufferers -- like in a family kids suffers if him of that partnership your employees suffer. So that's why the ring finger is crucial and as Donald says to mail all the time when I made -- -- we're great friends outside a second -- together. This is by our age when I've sixty's we've but I know who our relationships are abstinence -- -- just starting out one of the most important things you find out this way apartments. All right and finally clicking got to pay attention to what you call those little things or you are definitely going to -- Little things account is partly details of what -- your business do that nobody else does for example years ago -- Saw that people -- waiting on line for -- -- waiting at home for their pizza so they built an entire business around. Will deliver pizza in thirty minutes -- less and their brand took off. You can remain a federal express as will deliver a package overnight. So there's that little brand promise that little thing that your business does and does not anybody else gets a shot at becoming the Midas touch with Iran as announced -- -- -- right -- have to leave it there but everybody can mean so much more from you in your latest book available now coauthored with Donald Trump it's called -- -- -- Why some entrepreneurs get rich and why most don't thanks Roberts so much for coming in and joining us. Thanks for the time.

This transcript has been automatically generated and may not be 100% accurate.

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