Here is the complete transcript of the podcast
Welcome, or welcome back to Success with Srini. I have an interesting question that has come in, that I would like to answer on today’s podcast episode. This is from a listener of this podcast and also a longtime listener of my radio show. Srini, I listen to your radio shows and to your podcast. I had a question about business that I would like to start. And I don’t see you talking about business on your podcast, I’m not sure if you can answer this question on your podcast. And the question is, “I’m considering starting a business? And do you have any advice of somebody who hasn’t yet? Started a business late in career about to retire? And what business do you recommend?” First of all, I think there had been some questions on this podcast specific to business I think I’ve answered. And not that I make that as a main thing, at least not on my radio shows, and here, but occasionally I do talk about business and even Success 2022 that’s coming up later next month, is a significant part of that event also talks about business too. And me as an entrepreneur, and in the game. Yeah, business is always on my mind. Specifically, entrepreneurship is always on my mind.
So which business should you start? Well, I’m always a big time advocate of a lifestyle business. There are many ways to make money. And there are all kinds of products, all kinds of markets, all kinds of stuff. And with a reasonably good approach, you could make money anywhere if money making is the goal. But if freedom, lifestyle, and autonomy are the goals, then you need to consider starting a lifestyle business. When I say a lifestyle business, something which doesn’t interfere with what you have got going, you already have a job, you said you’re about to retire, or towards the end part of your career, or at least this career that you have got going. And you have not done a business before, then I suggest you start with the lifestyle business. And given all the technology we have given the Internet, mobile explosion, I mean, all that is going on within the technology space, it’s easy to start something and do something no matter where you are.
So in a lifestyle business, you have no employees, you have no office, you don’t have any physical products. You don’t have any partners, you necessarily don’t have customers also specifically me I don’t have customers, I have clients, I don’t have customers. There is a subtle difference between those two things, clients and customers. I don’t even have a phone number, honestly. I have a phone number where people call, people text. But then it’s not like anybody’s sitting there answering those those calls. We have an office, we have employees in the office. But it’s not like we are attending to the phone around the clock expecting some clients to call so that we can collect money. It’s not like that.
Back in the day, 10 years ago, I talked about lifestyle business on the radio. At the time, I was a stay at home dad literally. Today I’m a stay at home son, I take care of my father, and thanks to my lifestyle business, I’m able to do that. Now, what does it involve? And what kind of business I’m talking about? Well, if you look at the world, the world has problems, and the world is full of people. Now once you put people anywhere, there are problems. So we are people we have problems all of us have problems. Now the beauty of this world is other than the world has people and those people have problems. The world also has solutions. The gap between people who have problems changing solutions is going down by the day. It condensing technology, thanks to information it’s condensing. But then because it’s condensing people are having trouble. There’s so many solutions. You can take any problem and you can approach any problem with all kinds of solutions question becomes is which one will work for that individual who’s having a problem?
I talked about hypnosis when I came in, because it’s a proven way to make changes in people and I could make those changes and I’m good at it or reasonably good at it, whatever we want to say it and that was my message to the market. But you don’t need to be a solutionist yourself. There are enough number of people who have solutions. So if you magically can take people who have problems and connect them to the solution then, even though you are not creating the solution, still you are adding value. That’s exactly what is going on right now. In this economy. There was a research recently done.
I believe this was in the age group of 18 and 25, or something like that are 15 and 20, something like that. A question to all the young students are about to get into college or graduate from college, they were asked, what is that you want to do? Or between Instagram and all the social media sites and Tik Tok, versus you becoming a CEO of a company. Over 90%, and I don’t know the exact number because I’m just saying this from top of mind. And you got to pardon me if I’m miscoding this, but somewhere 95% or so, people, kids responded, children responded, saying that they prefer a social media presence and becoming a social media influencer than become a CEO of a multinational company, or a public limited company, or a public company. Amazing.
Nobody wants to go to a job, nobody wants to do any work. Everybody wants to become influencers. And I saw this trend 15, 16 years ago, not that I encashed on that trend. But I saw this trend, I was very vocal about it across all in all my seminars across all my radio shows. And I’m telling you the same thing. Now, I just did a quick search today, the creator economy, each $20 billion today, as of today. But in 2022, the creative economy, that means people who create content, people who videos, you know, blogs, all that content, podcast, as I’m doing it right now, this economy is going to become $104 billion economy. But much engagement is going on that much work is going on. There is an investment of over $800 million from corporate, like investments that are happening right now from investors into the space. These, you can say angel investor, you can call them institutional investors. But whatever that is that sum is about is more than 800 million into this space. It’s crazy what’s happening in this space.
So I think I answered your question. Maybe not, you tell me. But go start something that has the elements of flexibility, freedom, and lifestyle. Gives you the autonomy that you want to have. You are soul, and soul in it like your soul, your heart, your soul, your mind, and you in it. And you are not answerable to anyone, you create whatever you want to create with your ideas. Now, you want to be the solutionist, go become one. If you know solutions, then go give them to people, you know, people, by default, everybody has a problem going. That’s given, you don’t need to look for people who have problems. Just little bit of search on Facebook on Google will tell you and give you an idea or YouTube give you will give you an idea of where, what kind of problems people are having. People are having problems with their money. People are having problems with their health. People are having problems with the relationships, three categories done dusted. That’s it. So go give them some solutions. And this is where a lot of models come in, sometimes coaching, consulting, affiliate marketing, a lot of models come in dressing in the specific area. But then that’s how you should start thinking and moreover, entrepreneurship is a good thing. It’s amazing thing.
I believe everybody is an entrepreneur in Silicon Valley, I talk to people, they tell me working as an engineer and a software engineer, there’s that they give me all kinds of stuff. But I know they’re hustling. They’re the time that juggling their job, they juggling the house. So the elements of a hustle is already there. They’re not relaxing, nobody’s relaxing. Everybody is in the flow. Everybody’s working towards the outcome. At least in Silicon Valley. But I see. So you’re in the valley. I know you. So why don’t you and when I say know you, I mean, this individual who asked this question. Why not put that hustle in the right direction and make things happen? I hope I answered your question now. So appreciate this. This is wonderful.
I want to come back and do more podcast episodes. specifically focusing on things you could do a little bit more granular on kind of businesses that you could start if you want to start but you know the business. I mean, I coach, I train. I mentor, and I’m in this creative side of the economy myself. I think I feel of course, I don’t have a YouTube presence and Instagram presence and all those things but never felt a need for it. I should go back and do those which I’m planning to do this year anyway, but you get the idea.
Okay, that’s all don’t want to drag this out. Wherever you are, be safe. And I’ll be back here again tomorrow, and we will continue the podcast. Thank you all. Bye now.