Exclusive! Entrepreneurship Is Not Just A Career Choice, It's A Way Of Life: Nitin Joshi

Nitin Joshi is a popular influencer who talks about business and entrepreneurship. In an exclusive conversation with whosthat360, he sheds light on his content creation journey and his process of creating the content. He also shares the much-needed advice for budding content creators.

Here are a few edited excerpts from the interesting conversation;

Could you mention a few significant turning points in your journey?

I come from a service class background, with a focus on security due to my family's specific government service. However, my fascination with entrepreneurship began in 9th grade, inspired by a friend's family who had been successful entrepreneurs for generations. This early exposure ignited my interest in business.

After completing my engineering degree, I was determined not to pursue a conventional job, despite initially working for 1.5 years. I leaped into entrepreneurship at the age of 23, giving me valuable experience and shaping my mindset from an early stage.

Another significant turning point was my introduction to books around 2.5 years ago. Reading opened my mind to new perspectives and taught me invaluable lessons. While I initially believed that action was the key to making money, I've since realized the importance of learning how to grow and manage money effectively.

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What are some of the most common misconceptions people have about entrepreneurship?

There are numerous misconceptions surrounding entrepreneurship in India, largely due to the subjective nature of available information. Entrepreneurship is not just a career choice; it's a way of life characterized by both highs and lows, as exemplified by companies like Byju and Paytm.

So, what does success mean in the realm of entrepreneurship? The notion of risk-taking is often misunderstood. True risk-taking involves deeply understanding a subject but not stepping out of one's comfort zone. Entrepreneurship demands continuous effort and is far from a one-time endeavor. It's not merely about being one's boss; it's about serving customers, employees, investors, vendors, and clients. Starting a business to satisfy one's ego is a misguided approach.

Moreover, entrepreneurship does not guarantee time independence, and there's no such thing as overnight success. Ideas, while important, are overrated without proper execution. It's the execution that drives business growth and sustainability.

Which particular business and entrepreneurship-related subjects do you frequently cover?

I'm intrigued by a variety of subjects within the realm of business and entrepreneurship. I frequently delve into topics such as finance, marketing, and the fundamentals of entrepreneurship, often creating case studies to deepen my understanding. However, what truly fascinates me is consumer behavior and its evolution over time, as well as the broader changes in the macroeconomic climate. Lately, I've been immersing myself in research on trillion-dollar companies and how they achieved such remarkable success.

What do you think are the most important skills for individuals to develop to be successful in managing their businesses?

Firstly, let's talk about mindset. Transitioning from an employee mindset to an entrepreneurial mindset is crucial, even for individuals overseeing businesses with significant turnovers. This shift involves embracing risk-taking, creativity, resilience, and a proactive approach to problem-solving. It's about seeing challenges as opportunities and being adaptable in the face of change.

Now, moving on to the skillset, one of the key skills is the ability to hire and train the right leadership. Effective leaders can inspire and motivate teams, drive performance, and steer the business toward its goals. Investing in leadership development ensures that the organization has strong pillars to support its growth. Setting clear goals is another critical skill. Without clear objectives, businesses can easily lose direction and momentum. Goals provide a roadmap for success, guiding decision-making and resource allocation.

Establishing efficient processes is equally important. Streamlining workflows, optimizing resource utilization, and minimizing waste can significantly enhance productivity and profitability. It's about creating systems that enable the smooth operation of the business. Implementing scoreboards is a valuable practice for tracking progress and performance. Scoreboards provide visibility into key metrics and enable real-time monitoring of business activities. They help identify areas for improvement and ensure accountability at all levels of the organization. Lastly, mapping accountability ensures that everyone in the organization understands their role and responsibilities. Clearly defined accountability structures foster a culture of ownership and empower individuals to take initiative and drive results.

By mastering these skills, individuals can automate their business operations effectively, freeing up time and resources to focus on growth and innovation. Ultimately, success in managing businesses requires a balance of mindset and skillset, with both elements working in tandem to achieve sustainable growth and success.

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How do you stay up-to-date with the latest trends and developments in the business sphere, and what resources do you rely on for your research?

I stay updated on business trends by following startup and business channels, both Indian and global, along with marketing channels. I also find insights from meme groups and curated content on Instagram, providing a diverse perspective on industry developments.

What is financial freedom; according to you?

Financial freedom, universally and according to my perspective, means having the freedom to choose how you spend your time while your money works for you. It's achieved when your passive income covers your living expenses and financial obligations, allowing you to live comfortably without the need for active employment. Personally, I prioritize creating passive income streams to maintain this freedom and ensure flexibility in how I allocate my time.

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What future plans or goals does Nitin Joshi have for his content?

My future plans for my content involve expanding into a media company focused on business. This month, I'm launching long-format videos on YouTube, and I have plans to start a podcast in the near future. These initiatives are part of my vision to broaden my reach and provide valuable insights and perspectives to my audience through diverse mediums.

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What message do you have for aspiring digital creators?

The content creation market is going to double up by 2028 which means 25%CAGR which is a lot as compared to other industries. There is an audience for each & every type of content. Just be authentic & consistent with your content and provide value to the audience. This will take you a long way.