Entrepreneurship is a Mindset, a Way of Living | Nitin Joshi | TEDxABESEC
20 Aug 2024 (4 months ago)
The Entrepreneurial Journey and Mindset
- Nitin met an ex-CEO of a large Indian startup at an event. (22s)
- The ex-CEO had previously started his own company but shut it down after 8 months. (51s)
- The ex-CEO believes he lacked the entrepreneurial mindset necessary to be a founder. (1m27s)
- An entrepreneur's life graph is not a flat line or a sine wave, but will have many highs and lows. (3m21s)
- Initially, Rahul will face numerous highs and lows, struggling to surpass the stability of a regular job, leading to discomfort and internal conflicts. (3m48s)
- Over 83% of people give up on their startup within the first year. (4m17s)
- People should strive to "fail upwards," meaning that even in failure, they should learn and grow, leading to higher highs and higher lows. (5m21s)
Defining Success and Failure
- There are two key points to consider: the point of high and the point of low. (5m42s)
- The high point in entrepreneurship should not be about money or fame, as these can lead to negative consequences such as laziness and loss of ambition. (6m10s)
- The low point, referred to as the "point of learning," is crucial for personal growth, as it fosters courage, patience, and humility. (6m49s)
- Experiencing the low point helps individuals realize that they have nothing to prove to anyone and that their focus should be on their own goals and aspirations. (7m25s)
The Power of Compounding and Long-Term Growth
- Rahul's life growth graph will experience a lock. (2m24s)
- Humans inherently seek solutions to problems and cannot remain stagnant for extended periods. (8m5s)
- Rahul's business endeavors will eventually surpass the success of his professional life, even during its lowest points. (9m33s)
- While an idealized concept, the compounding effect holds significance and potential for success. (9m39s)
- Rahul's earnings will increase linearly with time, meaning that by 2034, after accounting for inflation and expenses, he will be earning at least one million. (10m34s)
Education and Social Mobility
- The goal is to reach a point in life that significantly changes one's "tent," which refers to their social class. (10m49s)
- Education is crucial for changing one's social class, enabling a shift from lower to upper-middle class or from lower to upper class. (11m29s)
- A comparison is made between short bursts of energy and long-term sustainability, emphasizing the need for endurance over short sprints. (12m28s)
- Education is presented as a foundational element, particularly in India, and the concept of validation in education is introduced. (12m37s)
- The importance of certificates, validations, and degrees is highlighted, using examples of engineers and individuals with specific educational qualifications. (13m5s)
The Importance of Education and Validation
- External validation is important, even in a job or business. (14m24s)
- A business degree is important because there is a difference between running a shop and running a business. (14m34s)
- Rahul number one has a B.V.Sc degree, Rahul number two has a BBA, Rahul number three has a B.Tech, Rahul number four has an IIT degree, and Rahul number five has an IIM degree. (14m54s)
- Rahul will have more validation in the market because people will believe what he says. (15m39s)
Nitin Joshi's Perspective on Education and Experience
- The speaker believes this is a different opinion than most content creators would share. (16m9s)
- The speaker was watching a video of a motivational speaker. (16m48s)
- Nitin Joshi believes that if someone wants to start a business, they should do it directly instead of waiting for the "right time" after a job or an MBA. (17m26s)
- Joshi believes that experience is created after education, not the other way around. (17m48s)
- Joshi believes that if someone tries to gain education after having experience, their experience will become negative. (17m57s)
- Experiences, in and of themselves, do not scare people; they only scare those who do not learn from them. (18m26s)
- Combining experience with education eliminates the risk of failure. (19m1s)
- People should learn from the experiences of others because time is limited. (19m17s)