CliffsNotes Series – Bite-sized YouTube Videos
Hey folks! We are starting off a new series of articles. Not lengthy ones, more like CliffsNotes of long lectures. All notes will be compiled from lectures and talks from YouTube. These will be more useful for some of you who simply do not have time to watch an hour-long talk (or those of us who prefer watching cat videos instead). The videos for the articles will be chosen based on one simple criteria – That there’s something to learn (it may be something as simple as ‘drink more water’ or something profound as diving deep into human existence, however majority of these will be along the lines of entrepreneurship). Most valuable insights from the videos will be quoted as it is to ensure that the meaning does not get lost in translation, and most importantly as Seth Godin mentioned in this blog post, the articles will be as simple as possible.
His Definition of Entrepreneurship
It’s not about starting a company, it’s all about solving problems. As an entrepreneur, you start a company because you believe you can go change the way things are done, you can change the way people live their lives, and you can change the trajectory of how humanity is going to move forward in the future.– Naveen Jain
What he is working on now
His company is planning to go to the moon and bring back resources. One specific resource – Helium-3, can be used to create clean energy. Possibilities – a small amount of Helium-3 can generate enough power for the whole planet!
One of his companies is dedicated solely to connect and build a link between research and the market. Amazing research that happens in labs should be applicable in the real world. Researchers, clearly, cannot be involved in taking their products to the market. This very specific linkage can only be created by entrepreneurs who understand the market. Entrepreneurs have the capacity to take the research to the public in a marketable way.
Instead of complaining about what doesn`t work, ask yourself what are you going to do about it.
How he tackles big problems
– It’s all about execution
– Break the problem into small pieces
– Find a cofounder that is compatible, not someone who thinks like you
– Enjoy the journey, making money is a byproduct and not the destination
On the principles he raises his kids
- Redefine success – “Success is never about how much money you have in the bank, it is always about how many lives that you are able to impact positively, the more lives you are able to impact positively, the more successful you are”.
- Net worth – “Your net worth is about what you create, not what you own”
- Be humble
These principles have clearly worked, as his eldest son successfully created and sold his first company by the time he was 21 years old.
Personal Beliefs – Mindset
- Take a moonshot – Dream so big so that everyone thinks you are crazy
- Two other popular principles he applies in his own life
- Entrepreneurs never fail, they simply pivot
- Happiness is a choice Making the choice to be happy is a technique all successful entrepreneurs follow. Being grateful daily by writing down a list of things to be grateful for (gratitude list) is one very popular method of boosting your happiness and mood.
Naveen Jain goes on to explain why getting dopamine shots by achieving goals never work in the long term, and true happiness comes from serotonin which is produced when you perform acts of service to others. More on these biochemicals and how the wrong work culture can affect your health will be on next week’s cliffs notes – Simon Sinek – Why leaders eat last.
Watch above video to learn more about Naveen Jain’s humble beginnings; his father who never took bribes, building the American dream from nothing, raising three kids who are doing amazingly well and starting several companies that are making millions of dollars solving real-world problems.
“It’s not about going to the moon, It’s about showing people what’s possible”
So……What is your moonshot?