Came across this video on personal finance recently
It talks about the saving vs spending habits, handling peer pressure and going with what matters to you, not everyone else. And about staying focused on your goals.
While the movie does go over the top in certain respects (Rs 100 crores, from just a saving and investing habit!?), there are a few important lessons for an entrepreneur and his/her enterprise.
Are you spending and saving wisely?
Many hear of “lean startups” and get it all wrong. Being a miser isn’t the message. Its just important to spend on what matters to you, your business and has the maximum impact.
But don’t just spend because it feels good, or is the done thing. Do your research right, have your reasons very clear in your head and make sure the money works for you. It does not matter whether you’re bootstrapping or funded.
And the same applies to your personal finances as well. That’s very much part of your startup’s runway, indirectly.
Are you following the herd?
Attending seminars, conferences and events might generate a lot of feel good, and “everyone’s doing it”. But you are better off picking and choosing which to atttend and which to avoid. measure the RoI and the cost of doing the same.
The same goes for life – folks around raving about the new tablet, phone, car, appliance, movie might make you feel like a loser for not being able to afford it or even part of the discussion – but remember you’re not playing the same games anymore and your goals are different.
Like the Uncle in video, its important to be aware of who you are, believe in it and be comfortable not fitting in.
Are you developing as a person, and as a professional?
Entrepreneurship is about expanding and exploring your capabilities. Its about constraints, and being creative within them.
At the same time – some “me time” is important. Don’t focus on only one aspect either of the business, or of yourself. You should be learning more – even if it seems non-core and frivoulous – and enjoy doing the little things right. You’ll surprise yourself with what other skills you develop, and how much richer life gets!
Watch the video with an open mind. Nice lessons for life in there.