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 🧵):
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.
Be it stock market Investments, Mutual funds, property, US Stocks, and FDs - they take care of it so that I don't have to spend my time on that. Of course, I keep an eye on everything because, at the end of the day, it's my hard-earned money.
3. Food: I used to eat a lot of outside food in my college days.
Now, I have hired a professional cook at my home who prepares the meals of my choice with all homemade items customized as per my requirements and taste - less oil, less butter, less sugar, etc. This way, my outside food consumption has significantly gone down and now I eat…
…more healthy food.
4. Fitness: I walk at least 8,000 steps on a daily basis. I'm not a big fan of gymming because I find it a little boring and so, I am learning to swim so that sufficient physical activity happens regularly.
I think I need to invest more time in my Physical fitness.
5. Parents: my parents have moved with me to Mumbai and they stay with me. With them around, I feel a lot happier.
Also, my father is retired and has some time, so he takes care of a lot of my administrative work like documents, paperwork, utility bills, etc. While the work isn't that big, the time I save from all of this is quite big.
Plus the happiness of staying with parents cannot be described in words.
6. House: most large cities lack greenery because of a shortage of space. I'm fortunate to be staying in a house in one of the greenest localities of Mumbai - Hiranandani Gardens.
It has a lot of Gardens and trees. Other than that, it has many amenities like Forest Club, Gym, Swimming Pool, Hospital, Shopping center, etc., so, my parents are also able to spend their time in a new place.
7. Monitor: I've bought an awesome 32-inch monitor that helps me to be more productive. A large screen helps me navigate easily. Also, the overall work experience becomes much better with less strain on my eyes.
My work setup is next to a window and so, I make sure that every once in a while, I look outside the window to reduce the strain on my eyes.
8. Chair: I've got a Greensoul Monster chair that helps me keep my posture straight. The chair is extremely comfortable.
In spite of a good quality chair, I make sure that every once in a while, I walk a bit even if it's within the room.
You'd be kicked out instantly if you try giving the pitch that Naveen did to KC Desai in @TVFPitchers S2E1.
Because that's not how Enterprise Sales works. Saying it from my 5.5 years of selling to giants like SBI, Kotak, ICICI, etc.
Here is how it actually works (thread 🧵):
A large Institution doesn't work basis a decision of an individual even if that person is the MD/CEO. There are multiple stakeholders involved and so, for any purchase, there is a governance process in place.
Here are the 7 stakeholders you need to convince.
Business
They're the one who understand your product proposition. They get the benefit from your product - increased revenues, more leads, reduced costs, happier customers, etc. They get the core benefit from your offering and are able to drive topline or bottomline.
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 🧵👇):
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
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.
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 🧵👇)
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.
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.
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?'
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