Most small businesses failed because the owner was under skilled, not under capitalized.

The world is full of smart, poor people.

Rule One. You must know the difference between an asset and a liability, and buy assets. An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.

Critics only make you stronger. You have to look at what they are saying as feedback. Sometimes the feedback helps, and other times, it's just noise that can be a distraction.

Before there is a business, a successful entrepreneur is designing this type of business in his or her mind's eye. According to my rich dad, this is the job of a true entrepreneur.

"Why is the creative entrepreneur the riskiest type to be?" I asked. "Because being creative means you are often a pioneer. It is easy to copy a successful and proven product. It is also less risky. If you learn to innovate, create, or invent your way to success, you are an entrepreneur creating new value rather than an entrepreneur who wins by copying."

To be a successful business owner and investor, you have to be emotionally neutral to winning and losing. Winning and losing are just part of the game.