JQMEDIA-Naveen Jain is an entrepreneur and billionaire who has founded multiple companies in the technology industry. He offers valuable insights for aspiring entrepreneurs, drawing on his own experiences in predicting trends and finding success.
This is what you have to do to become a Billionaire and Create Success:
1. Look at problems from outside of the industry’s perspective and challenge assumptions
Naveen predicted the rise of smartphone capabilities and the use of phones for payments, even when those things didn’t exist yet.
How did he do it?
By looking at problems from outside the industry’s perspective and challenging assumptions that experts take for granted. He also draws inspiration from science fiction, which allows us to imagine what is possible and then start making it a reality.
Science Fiction
Naveen is an advocate for reading and watching science fiction because it allows us to imagine what is possible and then start working towards making it a reality.
He also mentioned how Steve Jobs was a big fan of science fiction because it allows us to imagine what is possible and then start making it a reality.
2. Be a futurist and anticipate upcoming trends.
Naveen saw the potential in the rising trend of research on the gut microbiome and started a company to focus on it.
Success comes from not only identifying an important problem but also understanding why it’s important now and why you are the right person to solve it.
Naveen asks himself three key questions before starting any company:
- Is this problem big enough to make an impact on billions of people’s lives?
- Why now?
- Why me?
3. Only work on a problem that will positively impact billions of people’s lives.
Naveen is most excited about finding problems he can dedicate 10–15 years of his life to and making a real impact on people’s lives.
He is truly driven by impact and wants his work to positively improve the lives of billions of people. As he says he does it all for a selfish reason because he wants his own parents, children, and grandchildren to benefit from the solutions he creates.
To find out whether he is obsessed with an idea or not, He simply asks a simple question, “Does it make me jump out of my bed every day on my own?”
If he can’t find anything that makes him jump out of bed, then He’ll feel inclined to quit and hire someone else to run the company.
4. Make decisions based on passion rather than logic.
Naveen believes in following his passion rather than relying on logic or what others might say is the “right” decision.
He also encourages people to never quit their day job until their passion project is generating enough income to support themselves.
5. Never stop dreaming and be willing to fail.
Naveen encourages people to never stop dreaming and never be afraid to fail because it’s through failure that we learn and grow as individuals.
He also advises finding a personal cause or purpose that drives and motivates you every day.
6. Surround yourself with a team of complementary experts.
Naveen believes in surrounding himself with a team of experts who complement his own skills and can bring different perspectives to the table.
He advises finding people who are smarter than you and have different backgrounds, experiences, and perspectives because it will ultimately make the team stronger.
7. Don’t be afraid to pivot and adapt as needed.
Change is inevitable and Naveen believes in the importance of being flexible and willing to pivot or adapt as needed.
He also advises constantly analyzing data and following customer feedback to ensure your solutions are on track.
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8. Time Management
We all have time to do the things that we want to do. It’s a matter of priority. People talk about work-life balance. But he doesn’t think there is any such kind of balance.
As he says,
Life is what I find, some days one is more the other is less. Sometimes work takes more time and on other days personal matters take more time.
He is always willing to put more time and effort into something that requires it, whether it’s his personal life or professional one.
It is not going to be balanced. Over a long period of time, it may be balanced over days or week to week, or month to month.