Shownotes
BIO: Amit Kumar is a nuclear scientist turned serial entrepreneur who never thought of being an entrepreneur and now coaching and mentoring thousands of small business entrepreneurs through the MSMEx platform.
STORY: Amit got so engrossed in his first entrepreneurial venture that he forgot about some investments he had made. When he remembered them, he learned that the companies he’d invested in had long been delisted.
LEARNING: Define your long-term. Always track your investments. Take care of your own money.
“While the principle of long-term investment is good, long term isn’t perpetuity; you have to define your long term.”
Amit Kumar
Guest profile
Amit Kumar is a nuclear scientist turned serial entrepreneur who never thought of being an entrepreneur and now coaching and mentoring thousands of small business entrepreneurs through the MSMEx platform.
Worst investment ever
Amit left the corporate world and started his first venture. Coming from a project management background, he took this venture as a project. For this reason, it did well, but he didn’t enjoy it.
Amit put so much time into his entrepreneurship stint that he forgot about the investments he’d made after opening a Demat Account (an account to hold financial securities in a digital form and to trade shares in the share market in India). He had applied the principle of invest and forget.
Amit now couldn’t find the investments in his portfolio. When he followed up, he learned the companies got delisted. The account manager claimed to have sent Amit some emails updating him on the status of his account, which he never noticed because he was busy building his business.
Lessons learned
- While the principle of long-term investment is good, long-term isn’t infinity. You have to define your long-term.
- Always track your assets, even if you invest long-term.
- If you don’t have time to keep track of your assets, delegate them to someone else.
Andrew’s takeaways
- Take care of your own money.
- Create, grow and protect your wealth.
- Always review your monthly financial statements and make sure they’re accurate.
Actionable advice
When investing long-term, have a goal in mind and think about your exit strategy. Review your investments regularly.
Amit’s recommended resources
No.1 goal for the next 12 months
Amit’s number one goal for the next 12 months is to list 10 SMEs in the SME IPO platform, as this will create a good opportunity for these SMEs by opening a new asset class.
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