This Single Skill Made Him A Billionaire In Under 1 Year | Ankur Jain

Added: May 22, 2024

Focusing on Core Purpose

Jain highlights the significance of identifying the core purpose of a business rather than setting specific goals. He stresses the need to focus on solving a problem and finding creative solutions to achieve success. His inspiration for starting Bilt Rewards stemmed from observing the financial struggles of his generation, despite working hard and following the traditional path to success. He wanted to create a platform that would help people save money and get ahead financially by rewarding them for paying rent.

Lessons in Perseverance and Dedication

Growing up, Jain learned the value of relentlessness and perseverance from his immigrant parents, who worked hard to build a successful life in a new country. He witnessed their dedication and willingness to take risks in pursuit of their goals. His parents instilled in him the belief that no expense is too great for education, emphasizing the importance of continuous learning and growth.

Early Entrepreneurial Success Story

Jain's entrepreneurial spirit was evident from a young age when he demonstrated creativity and persistence in solving problems. He shares a story from his childhood where he successfully negotiated with a fitness company to receive a pair of plyometric shoes in exchange for free advertising on his website. This early experience taught him the importance of finding win-win solutions and thinking outside the box to achieve his goals.

Focus on Problem Solving

When evaluating startup ideas, Jain emphasizes the importance of focusing on the problem being solved rather than the idea itself. He advises aspiring entrepreneurs to test their ideas by collecting money from potential customers to gauge interest and viability. He warns against chasing trends or trying to impress venture capitalists with flashy ideas, stressing the importance of addressing real problems and creating value for customers.

The Importance of Founders in Startup Success

Jain believes that the success of a startup depends not only on the idea but also on the person behind it. He distinguishes between deep domain technology experts who excel at building technical solutions and pattern matchers like Elon Musk and Jeff Bezos, who have a knack for synthesizing information and finding opportunities. He values delusional confidence and a belief that there is always a way to overcome challenges as key traits for successful entrepreneurs.

Building Genuine Relationships for Success

Jain recalls a pivotal moment in his life when he worked for a former US Joint Chiefs of Staff in Hong Kong at the age of 17. During this time, he learned the value of having a few close friends who you can trust and rely on. This experience shaped his approach to networking, focusing on building relationships with people he genuinely enjoys spending time with and who share his intellectual curiosity and drive for success.

Jain believes that networking is not about collecting contacts or resumes but about finding individuals who you would want to be friends with and collaborate with on meaningful projects. He stresses the importance of surrounding yourself with people who align with your values and aspirations, as these are the individuals who will support you through the ups and downs of entrepreneurship.

Networking Advice

When it comes to practical networking advice for a 20-year-old about to graduate from college, Jain suggests focusing on quality over quantity. Instead of trying to meet as many people as possible, he advises seeking out individuals who share your passions and interests. By building relationships with like-minded individuals, you can create a strong network of supporters and collaborators who will help you achieve your goals.

Success Beyond Product Quality

Jain also touches on the misconception that the best product always wins in business. He explains that while having a great product is important, success is not guaranteed solely by the quality of the product. Instead, he emphasizes the need for creativity, relentless effort, and a customer-centric approach to drive a business forward.

Entrepreneurship and Risk-Taking

In terms of risk-taking, Jain challenges the notion that entrepreneurship is inherently risky. He believes that working for someone else can also be risky, as it involves putting your future in the hands of others. He encourages individuals to assess their belief in themselves and their willingness to take control of their own destiny when considering entrepreneurial ventures.

The Importance of Equity Ownership

When it comes to building wealth, Jain highlights the importance of equity ownership. He explains that there are various ways to acquire equity, whether through starting a company, investing in the stock market, owning property, or holding equity in a company you work for. He stresses the value of ownership as a key factor in creating long-term wealth.

Luck and Lessons in Entrepreneurship

In reflecting on his own entrepreneurial journey, Jain acknowledges the role of luck in his initial success with selling Tinder. While the financial gains were not significant at the time, the equity acquisition eventually led to a lucrative exit when Tinder was sold for three billion dollars. His experience with Tinder taught him the importance of understanding the problem you are solving and building a business that prioritizes the customer's needs.

Embracing a Solution-Focused Team Culture

Jain discusses the significance of having a team that believes in finding solutions rather than focusing on what is not possible. He stresses the importance of fostering a growth culture within the company and being relentless in pursuing goals. He also shares his perspective on work-life balance, stating that he believes in making work a part of life rather than balancing the two separately.

Travel hacking made simple

As a travel expert, Jain provides insights into travel hacking and how he has simplified the process through his company, Bilt. He explains how Bilt allows users to earn points and miles by paying rent and easily redeem them for travel experiences without the need for extensive research. He believes in empowering consumers to make the most of their points and miles for travel without the hassle of complicated strategies.

Building Wealth Through Persistence

Looking ahead, Jain envisions Bilt as a platform that rewards individuals for everyday expenses like housing, healthcare, transportation, and groceries. He aims to help people create wealth by taking basic steps like persistence, pursuing ownership and equity, and focusing on a purpose. He emphasizes the importance of patience, persistence, and purpose in achieving success, highlighting his own journey of 23 years in the making to reach his current level of success.