Today, I spoke to Ken McElroy, who is the Principal and Co-Partner of MC Companies, the Real Estate Advisor to Robert Kiyosaki of The Rich Dad Company, and author of The Sleeping Giant. In this interview, Ken talks about when it makes sense to start your own business, why it’s not just all about the money, and more.
What does it take to ditch the corporate ladder and start a business?
I don’t suggest to people to “ditch the corporate ladder” while trying to figure out what it is they what to do or to supplement their income, that is unless they are financially able and they hate their current position. In most cases, they do not have this luxury. Starting a business takes substantial research, which can be done in someone’s spare time, I recommend moving VERY slowly and continue being paid while failing as fast as you can.
You say in your book that “it’s not about the money.” What is it really about then?
I think the best way to answer how I feel about this is by quoting, Atlas Shrugged: “Money will not buy intelligence for the fool, or admiration for the coward, or respect for the incompetent. …“Money is the product of virtue, but it will not give you virtue and it will not redeem your vices. …
I simply cannot predict what motivates someone but my experience has been that businesses and entrepreneurs that have sustainability over time are motivated by passion, not by money.
What is the hundred book rule?
The hundred book rule comes from a couple stories from two of the entrepreneurs in the book, Jeffrey Benjamin (Chapter 8 ) and Paul Lepa (Chapter Two) – The concept is that if you read 100 books on any given subject, this can help you become an expert in that field.
How do you go about selecting the right mentors in life?
The only real way to select a mentor is careful selection of someone that has experience and values aligned with your own. Before this is done, the individual being mentored /coached seriously needs to be crystal clear on what it is that they want for themselves and from the mentor. Mentors are everywhere and usually at no cost.
Do you have to fail to succeed at a later date? Why or why not?
Failure is definitely an ongoing process and requires some risk. I believe that the faster you fail the more successful you will be. Failure gives you the experience to be successful, the most successful people I know learned this at an early age. It also never stops!
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Ken McElroy, Principal and Co-Partner of MC Companies, has over 20 years of senior level experience in multifamily asset/property management, development, project/construction management, investment analysis, acquisitions and dispositions, business development, and client relations. Ken is the author of the best-selling book, The ABC’s of Real Estate Investing; The Advanced Guide to Real Estate Investing; and The ABC’s of Property Management. As the Real Estate Advisor to Robert Kiyosaki of The Rich Dad Company, Ken and Robert have co-authored several audio programs including How to Increase the Income from your Real Estate Investments, How to Get your Banker to say “Yes!” and How to Find and Keep Good Tenants. Ken is a chapter contributor in the newly released, The Real Book of Real Estate. His latest book is called The Sleeping Giant.
