This is why You should Sign Up

Amar Pandit , CFA , CFP

Amar Pandit

A respected entrepreneur with 25+ years of Experience, Amar Pandit is the Founder of several companies that are making a Happy difference in the lives of people. He is currently the Founder of Happyness Factory, a world-class online investment & goal-based financial planning platform through which he aims to help every Indian family save and invest wisely. He is very passionate about spreading financial literacy and is the author of 4 bestselling books (+ 2 more to release in 2020), 8 Sketch Books, Board Game and 700 + columns.

September 4, 2020 | 2 Minute Read

In last Friday’s Nano, I wrote about Signing Up versus Showing Up and why Showing Up every day is so important in our work. I ended the post saying that this week I will write about why many IFAs do not even Sign Up for things.

I highlight some key reasons for your introspection.

  1. Though we are in the investment business, most of us do not view their business as an investment. They view it as something that generates income for them, and most are eager to take money out of the business. Yes, your business is supposed to give you an income but beyond a basic income, the value of your business can only be built by investing in it and in yourself.
  2. Most people look at cash outflow as an Expense and not an Investment. Do you think like this – “I have to invest Rs.10000 per month to build my skills so that I can be the best version of myself?” Remember there is a difference between an Expense and an Investment.
  3. Scarcity Mindset – I do not have Enough or How will I recover this? This is a very poor mindset and is the root cause of people not investing in themselves and their business.

The best in the profession globally understand this simple insight “I/ (Our Team) am (is) the Product in this Business. I (We) need to be the Best version of myself (ourselves).” Thus, they invest in Learning from the best in areas such as Client Acquisition, Marketing, the Art of Powerful Conversations and many other areas. Sometimes they sign up for more than they can handle. Their mindset is “What’s the worst that can happen? Let me experiment or try this. Something good will come out of it.” 8 out of 10 times something great comes out of it and thus they are where they are.

I am reminded of Rapper Jay Z’s quote “I’m not a businessman, I’m a business, man!”. Read this brilliant line again. This should ring a bell with every IFA for she/he, the team is the business. You are the Product in your Business. You are the differentiator. If you have a team, then your team is the Product and your real source of Competitive Advantage.

Understand this and Invest in your Business. Take a Risk on New Things for your Business and Sign Up.