By India Today Web Desk: YouTuber Ankur Warikoo spoke at Sahitya Aajtak 2022 on 19 November about personal finance, failures and successes of an entrepreneur and how to become a content creator. In a session titled Get Epic Shit Done, Warikoo said one should keep their eyes and ears open. Open up when trying to sell a product, because “that way the person will know how to improve.”
Three reasons not to become an entrepreneur
The YouTuber also listed three reasons why you shouldn’t become an entrepreneur today. “Most people think entrepreneurship is glamorous and that’s why they want to be one,” he said, adding that people often enter the field because they want to make money.
“The first is that you are doing it because you want to make money. That is the most impossible way to make money. There are millions of people who die before reaching any point in conversation and only a handful are able to make it. When This is achieved when they become entrepreneurs,” said Ankur.
Sharing another point, he said that people are depressed in their lives and “you hate your current life.”
“You want to change lives, that’s why you want to do it. That’s not your main reason, just your anger about doing it,” Ankur said.
The third reason he shared is related to peer pressure. “You’re doing it because other people are doing it. That’s the wrong choice to make. The only reason you want to be an entrepreneur is because you really want to solve a problem that you’re passionate about and that’s a solution for people. There is a big problem. Stays together. Until these two things merge, you will not move an inch,” he said.
Ankur also spoke about the importance of personal finance knowledge. “If I could change the curriculum in schools and introduce a topic today, it would be personal finance. Because it’s not about making money, it’s about understanding your relationship with money. People will have a very different approach to money, especially How they were raised and their experiences with it. They need to have an understanding of that. It’s unfortunate that it (personal finance as a topic) isn’t there and it’s also very exciting that the internet allows all this information and education to be available. is. for everyone. It doesn’t have to be at the top schools and the best media. We all have access to the same personal financial education that you and I have,” he said.
The “saving grace”, however, he shared is that this is the first time that deposits in mutual funds have exceeded deposits in fixed deposits in the country. “This has never happened before,” he said, explaining how it’s a smart way to invest.
On curbing the get-rich-quick urge on penny stocks or cryptocurrencies, Ankur said, “I know individuals who will park 90 percent of their money in fixed deposits and then gamble with 10 percent. This is nature. How the human mind works.” works. We like to take shortcuts in the hope that we don’t have to go through the grind every day because that’s all we know. Never put your money into anything that makes you lose sleep.”
Advice to 20-year-old self
Sharing what advice she would give her 20-year-old self now, she said, “What I realized in my 20s is that I made a lot of decisions that had no basis. They had to do with society and they were the worst. Now I would say, whatever decision you want to make, just make it at the point of awareness. Look at your options and look at the choices you make.”
Lessons for aspiring content creators
Ankur lists three tips for beginners in content creation. “The first is that I believe everyone can do it. It’s been democratized to a degree that hasn’t happened before. You need to decide what you’re going to talk about and not what the audience wants to take away. . . . Talk about what you’re passionate about.”
Another lesson to remember, he added, is to “find out who your audience is.” Don’t try to impress people with your work, “Look at your tribe.”
The third lesson is “Persist for at least a year and a half or two years.”
“Most people want to be an overnight success,” Ankur said.
Failure of an entrepreneur
Ankur explained the time when he experienced a major setback after taking over Nearby.
“In 2015, we bought Groupon’s Indian operation and built it into Nearbuy. We told people the product was ready and it was brilliant, and we put all that money into marketing. We struggled to make money, we made bad choices. And people All of this was a stark reminder that if you don’t know how to cover your blind spots and have people calling out your mistakes, you will fall. It really hit me hard. We’re not nearly where we thought we would be. That big. You always have to have people calling you out for those blindspots to make sense of the world,” he said.
Ankur talked about leadership and what to remember while managing a team. “It comes from a very general philosophy in life. It’s easy to look at people on data on an Excel sheet and not like people. Every day you have to attend to the motivation of a person who is different every day. That’s when I realized that the hardest thing to measure is business. is leadership. So if someone comes to me and says managing a team is easy, that’s a red flag. In fact it becomes more difficult. It takes time and physical strength, it’s more about getting in. Their shoes, What is their main driver and what drives them to come to work every day. It makes people feel heard,” he said.
Why get up at 4:30 am?
The former CEO of Nearbuy shared that he wakes up at 4:30am every morning and how this habit helped him cope with rehabilitation.
“It’s crazy how a generation is being raised that doesn’t know how to spend time with themselves,” he said, adding that getting up early gives him extra minutes to spend time on himself and do household chores.
“By 9:30 everything is done. Then there will be fewer things in the world to upset me. It will take me a long time to bake,” he added.
While fielding questions from the audience, Ankur talked about suffering from imposter syndrome and how to overcome it. “Send him out,” he said, “what’s the worst that can happen? People will say a lot of things. In our country, people will call you and tell you where you went wrong. This is the best counseling advice. Why did they tell you this? The only reason they’re there is because they feel really strongly about it. I always crave feedback, whether it’s trolling or mean comments. It’s all aimed at me if I work on it and I just get better. Is. Interesting how I don’t have to pay someone to get better.”
Ankur Warikoo is an entrepreneur, public speaker, author and an angel investor, besides being a YouTuber. He is the former CEO of Groupon India, and co-founder and former CEO of Nearbuy. He published his first book, Do Epic Shit, in 2021.