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More people should focus on investing in themselves rather than in the stock market. No stock market return can beat the returns that one gets by investing in themselves.
Here are the best investments that I've done for myself (thread 🧵):
Here are the best investments that I've done for myself (thread 🧵):
1. Books: I read a lot of self-improvement books. For instance, books on selling, strategy, product, running a business, mindset, and money management. I think learning, in general, is the biggest investment which I personally spend my most time on.
I also have Amazon Audible and Medium subscriptions.
2. Wealth Manager: I've taken services from a reputed Wealth Management firm that helps me manage my money.
2. Wealth Manager: I've taken services from a reputed Wealth Management firm that helps me manage my money.
My startup reached over a million dollars in revenue before it got acquired in a multi-million dollar transaction last year. I was just 21 years old when I started it.
Here are my learnings in bootstrapping to acquisition (thread 🧵👇):
Here are my learnings in bootstrapping to acquisition (thread 🧵👇):
1. Start early. Being young has a lot of benefits. You don't carry the baggage of biases. Your responsibilities are negligible and so, your risk appetite is high. Because you're young, people will also support you more.
2. Focus more on execution than the idea. Don't obsess over the idea. Ideas change because markets change. Focus on execution. Decide your larger 1 year goal and break it down into smaller milestones and keep executing. Think big, act small.
There are 2 important roles that every founder must play:
1. Sales
2. HR
Thread 🧵👇
1. Sales
2. HR
Thread 🧵👇
1. Sales
The Founder/CEO has the most important responsibility of acquiring customers. Except customers, everyone takes cash out of the business. Even the investors are there to get returns with the money they've invested.
The Founder/CEO has the most important responsibility of acquiring customers. Except customers, everyone takes cash out of the business. Even the investors are there to get returns with the money they've invested.
Only and only customers will give you cash not to take it back later (except for possible refunds). So, the only true source of cash for a business is the customers.
Therefore, it's the job of the Founder/CEO to get customers. Irrespective of the stage of the Business.
Therefore, it's the job of the Founder/CEO to get customers. Irrespective of the stage of the Business.
Strategy is one of the most abused words in Entrepreneurship. Founders keep glorifying it, having no idea what it is and how to build the right strategy for their Business.
Having built a multi-million dollar revenue Business, here are my learnings on strategy (thread 🧵👇)
Having built a multi-million dollar revenue Business, here are my learnings on strategy (thread 🧵👇)
1. Strategy is not the 100 things that you can potentially do. Strategy is the 98 things that you decide not to do, and the 2 things that you eventually decide to focus on.
2. Most entrepreneurs try their hands on 10 different things in parallel and they end up being mediocre at all of these 10 things. That's bad strategy.
3. When someone suffers from headache or a minor bruise, who do you take them to? A General Physician.
3. When someone suffers from headache or a minor bruise, who do you take them to? A General Physician.
How to not give up when things get tough?
Not giving up when things get tough, is a skill that can be learned by anyone. Here are some of the ways:
Thread 👇🧵
Not giving up when things get tough, is a skill that can be learned by anyone. Here are some of the ways:
Thread 👇🧵
1. Focus on daily efforts rather than the outcomes: many times we pick up large audacious goals which take a long time to achieve. In such situation, thinking of the outcome might make you feel intimidated because the outcome is far into the future.
So, instead of focusing on the outcome, focus on the daily efforts that you need to put in, to reach a step closer. A great book on this topic is 'Atomic Habits' by James Clear.
2. Believe in the process: if you know that working hard will help you succeed, keep working hard.
2. Believe in the process: if you know that working hard will help you succeed, keep working hard.
I saw a recent podcast of @shantanukd from @BombayShavingCo where he mentioned something very interesting.
He told that with their current product line, they'd be able to reach a revenue of roughly Rs. 350 crores per year.
Thread 🧵👇
He told that with their current product line, they'd be able to reach a revenue of roughly Rs. 350 crores per year.
Thread 🧵👇
But from there, if they have to go to Rs. 1,000 crores of annual revenues, they'd have to expand to service business lines, like opening Salons, etc.
I found it very interesting and I thought 'which other startups have expanded to service business beyond a certain scale?'
I found it very interesting and I thought 'which other startups have expanded to service business beyond a certain scale?'
And I came up with several names
1. Nykaa started with e-commerce and D2C but later opened Nykaa stores
2. Unacademy and PW (PhysicsWallah) started with online platform but is now getting into coaching centers
3. Pepperfry started with e-commerce but later opened shopping stores
1. Nykaa started with e-commerce and D2C but later opened Nykaa stores
2. Unacademy and PW (PhysicsWallah) started with online platform but is now getting into coaching centers
3. Pepperfry started with e-commerce but later opened shopping stores
