7 Changes to Incorporate while Starting a FinTech Business
My guest on the podcast is one of the most famous and inspiring names among the millennials and gen z. His e-trading platform has redefined how Indians invest in the share market. I am talking about Mr. Nikhil Kamath, who successfully runs Zerodha, a company he created in 2010. His company is now considered India’s largest brokerage firm and has a value of over USD 1 bn.
It was an honour to have him with me, and I cannot wait to share the thoughts and wisdom that I learned from my session with Mr. Kamath today.
Here are some of the excerpts:
1. Stop Planning and Start Doing
This idea is so fundamental that everyone has been talking about how important it is to jump in, take that call, and act. But we still miss it every single time. So basic yet the most crucial step that we ignore.
To put simply, until and unless you put your thoughts into action, your ideas are just words taking up space in your head. Therefore, execution is just as important as the idea itself, if not more. So no matter how generic this idea is, it is an essential step to start your journey.
2. Keep your Self-Interest Intact
Looking at yourself from other people’s perspectives is another big mistake most beginners make. Instead, believe in yourself and your work. When you do that, nothing and no one can be an obstacle in your journey of success. It can get tricky in the beginning, when you just started. People will tell you things, make opinions about you and judge you. These things might affect your confidence, but gradually, you have to grow a thick skin, move on from all that negativity, and focus on building your action plan. When you do that, people’s perceived notions about you will affect you no longer.
3. Read Relevant Books and Articles
Reading is one of the best habits one could pick, and I can easily vouch for it. Reading will give you the experience of a lifetime. So when you are about to start your FinTech journey, please spend some time reading books and articles that talk about investments, fintech, and its scope in the current scenario, or simply a book on the economy. Find anything remotely relevant to your idea and read it.
By reading these books, you will get an insight into how to build up your business and plan accordingly. Books are a man’s best friend, and I suggest you make good use of them.
4. Stay Curious
Ask questions. Clear your doubts. Know new things and stay updated.
Staying curious is the mantra that you must live by. Because you won’t get any answers until you ask the questions, so ask as many questions as you can and never shy away from clearing your doubts. Questioning is the best method of learning. Even great historians like Socrates believed that thoughtful questioning is the most acceptable way to understand an idea and its logic. Keeping curiosity alive is a sign that you always want to keep learning, and this attitude is needed in all spheres of life regardless of what and where you are!
5. Stay Away from the Herd Mentality
We always get compared to our classmates or our cousins for not doing what they are doing or not doing what is in the trend in terms of career choices. In many ways, this has hampered the growth of individual talent and creativity.
To pursue what everyone is pursuing will not make you stand out unless it is your passion. Many of us have been victims of this herd mentality, and even now, we are not entirely untouched by it. You are starting a FinTech, and someone you know can drop an opinion that FinTech is not something that everyone is running after. Do not listen to the person or anyone who asks you to follow the trend unless that trend is what you want to do.
6. Be Aware of the Rules & Regulations
FinTech is not an accessible business. Many rules regulate the industry and before jumping into it, be aware of all the rules and regulations.
Since FinTech primarily deals with customers’ money, it is vital that it remains wholly secure and how the business is regulated and know the authorities handling these rules. Know about the legal bindings and limitations of the FinTech industry. Knowing about this thing beforehand will help you in setting up your own FinTech business.
7. Keep Learning
FinTech is a relatively new concept. Things keep changing, and innovations keep happening in FinTech because there is still a lot to discover. To stay updated and aware of the changes happening in the industry is a must.
Change is the only thing that remains constant. And for you to keep up with these changes, it is imperative that you follow the above steps-reading relevant materials and asking the right questions.
These are the most fundamental steps I shared with you to start your own Fintech company. With these points in mind, you can put your idea into action. About the industry, The total value of investments into fintech companies worldwide between 2010 and 2019 was 168 billion U.S. dollars*.you can imagine the growth of the business. It is gradually dominating the entire market. Fintech is only going to go upwards, and to get into it is one of the best ways to build your brand. And for that, you must know the basics that I thoroughly discussed on the podcast today. My session was a rather memorable one, and I had a lot of fun discussing different domains of our lives. And I learned a lot from my guest. I hope you will enjoy listening to the podcast as much as I liked making it.
* source Statista
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