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Aamir Qutub

Find The Entrepreneur Within You

PODCAST # 04

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In the fourth episode of the podcast, Aamir Qutub talks about how to start your entrepreneurship career, embrace your failures and emerge as a successful person in life.

Watch the video or keep reading below to find out how you can find the entrepreneur within you.

Here's the video

Find The Entrepreneur Within You​

How to overcome your failure? (9:56)

As an entrepreneur, you started a venture, and it was going well until you hit a rough patch and it has been going downhill. Well, that’s understandable.

The general rule of thumb is that three or four of them will fail completely for every ten startups out there. Three or four may survive long enough to see a return on their initial investment. Still, only one or two will provide considerable gains. Moreover, according to one Harvard report, it is estimated that 95% of all startups will fail. If you’re experiencing such a situation, pivoting could help you turn around your fortune. Every successful venture out there has become successful because of pivoting.

What Is Startup Pivoting? Pivoting is basically a transition in the strategy, usually a business strategy, to navigate your business towards a lucrative or beneficial situation. Pivoting usually occurs after feedback from either the customer or the product expert or as a result of the approach the approach currently employed by the company. Pivoting is usually part of a startup because, during the initial phase, without proper supervision, there is a chance that you might have skipped a particular aspect. After getting investment either from an Angel Investor or Venture Capitalist, you will get an overview to do better in a specific area.

Difference between Entrepreneurship and Intrapreneurship (11:45)

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  • An entrepreneur is someone who designs and launches a new business, which means that they will take on all of the rewards and risks that come with running a business.
    On the other hand, an intrapreneur uses his entrepreneurial skills in creating and developing a new project in the company in which he or she is already working, eliminating many risks involved in the conduct of a company as a contractor.
  • Anyone can become a freelancer regardless of the degree he’s earned. You need to identify what skills you’ve learned throughout your life and whether or not they are valuable when it comes to optimizing them in real life.

How can startups effectively measure customer satisfaction through feedback? (17:54)

  • ‘Customer is King’ has long been recognized in the corporate world. Every company has the opportunity to serve its target customer. Fore and aft, they spend time evaluating their potential customer. Equipped with this knowledge, they strive to get the best goods out of their stables.
  • Feedback makes way for the value of customer satisfaction to be understood. You might do business with blinders, but the first taste of criticism would immediately place you on the straight and narrow. Nothing teaches like experience, and the customer feedback questionnaire is full of experience. It offers a view of how things went with the buyer-side.

Try to solve the problems you encounter (21:37)

  • Life is packed with challenges. Some people seem to face every challenge with confidence, while others are struggling to overcome it. People, in particular, get a sense of satisfaction from the challenges they face — it brings a sense of achievement and can be very fulfilling. 
  • In reality, at some point, you are looking for challenges. Your highest self wants you to learn and grow, and experience is the most effective tool of life for growth. The problem is that too often, you may face the same challenges over and over again, and that’s when you begin to lose the desire to face the issue and lose sight of the potential lesson. At that point, obstacles can become problems that can lead to depression and frustration. Try to face those problems with confidence as failures are bound to lead you to build a successful venture.

Analyze your failures (24:00)

  • People consider success to be positive and failure to be negative. You can learn, develop and evolve from past mistakes. Failure is an all too normal phenomenon in business. After all, nine out of ten small companies will fail. Don’t be reluctant to be responsible for your business failure. In many cases, something could have been done differently to mitigate a disintegration. Think deeply about your circumstance and don’t be reluctant to do any sort of soul-searching.
  • That statistic may make you nervous, but it’s worth learning. Failing once, twice, or even thousands of times doesn’t mean you’ve reached the end of the road — it means you’ve made another turn, and you’re one step closer to success. As you go through life and encounter failures, you will learn valuable life lessons from your mistakes. If failure hits you, ask yourself why that happened. Was that the result of something you did? And was an outside force playing an active role? 

Introspect where your interest lies (42:44)

Identify areas of interest and ideas that are of significance to you. When this is achieved, assess whether your core interests are compatible with a career opportunity in your field of research. Here you can try to answer the following questions in order to identify your core interests-

  • Which topics do you care the most about? Ask yourself, too, why? 
  • What kind of project is close to your heart and why? 
  • What’s your favorite sport or pastime? How do you like this thing? 
  • Which was your dream job or career bid that you accepted? 
  • Which did you love most about your work or your internship position?

Alternatively, you can conduct various interest tests available online or use the Myers Briggs Type Indicator Test (MBTI) for the best performance.

Be well informed before investing (43:49)

Before you invest in cryptocurrency or day trading, you will need to take several criteria into account before you place your money. When you do so without thinking about it, you literally risk losing your investment.
The cryptocurrency world is vast. It’s not going to stop at Bitcoin or Blockchain. For that, you need to be equipped with enough knowledge about it to get better results after investing your hard-earned money:

  • You only need to invest money that you are willing to lose. It must be money you do not need in your day-to-day life.
  • Study about cryptocurrency and its pros and cons before thinking about investing. Even if several people have advised you to deposit money, do you really want to invest in a subject that you do not know at all? Do you blindly trust people without doing due diligence?

Wrapping it up

Anyone can be an entrepreneur, but with the right mindset and a dream to achieve success. Entrepreneurship takes a lot of experience, determination and sometimes education. There are no prerequisites to becoming an entrepreneur, though, and there are successful entrepreneurs from every demographic. Learn more about it by watching the video or listening to the podcast.

"Failure is the key to success. You will learn from failures and owning up to those mistakes will make you a successful person."

We are regularly coming up with new episodes. But, we certainly understand that you may need further guidance. Please feel free to enroll in the Job Ready Certification Course, join the community or view all the downloadable resources about jobs and careers by clicking on the below links.

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