Business failures & best investments – Amit Somaiya interview with Steve – Part 6
Amit Somaiya is co-founder and CEO of IMS People, a part of the highly regarded Empresaria Group plc UK. Amit discusses the Do’s and Don’ts of outsourcing, what it’s like to build up businesses including dealing with failure, and personal attitudes and philosophies that got him where he is today.
This sixth and final part asks: 1. What were the key lessons you learnt from the failure of your first business? 2. What advice would you give to your 25 year old self? 3. What’s the best investment you’ve ever made? It doesn’t have to be money, it could also be time. 4. What’s the best advice you’ve been given? 6. Do you have any rules or mantra’s that you like to live your life by?
Steve: You talked earlier about the telemarketing business that failed – What were the key lessons you learnt from that failure?
Amit: The key lesson I learnt… I had a good team and I was not able to retain the key members of the team. So one of the lessons was team management. Retaining the right set of people. I believe who we are as a leader is a function of our teams, so that was something which I really come to appreciate.
Steve: What key advice would you give your 25 year old self?
Amit: What advice I would give to myself? Very interesting. That’s a hard question.
The advice I would give to my 25 year old self actually is be more patient in life. Be respectful of the people whom you meet on the way. Because the journey is short and you will meet them once again.
Steve: What’s the best investment have you ever made? It doesn’t have to be money, it could also be time.
Amit: The best investment I made in recent years is to go on a self-development program. It was life changing, life altering.
The Landmark Education is a training program is headquartered in in San Francisco. They run programs across the world based on psychology and philosophy. Both of these realms are brought together. Phenomenal training programs and really helped me to become complete within myself. Both my wife and myself did the programs together.
Steve: It’s experiential learning?
Amit: It is. It’s taking your life experiences and dwelling on them, and learning from them.
Steve: What’s the best advice you’ve been given?
Amit: The best advice I have been given is “You’re in the right direction, just persevere and go ahead, continue doing it, don’t give up”.
Steve: And my final question for you Amit is: do you have any rules or mantras that you like to live your life by, that you’d care to share?
Amit: Rules of mantras which I live by? One mantra which I keep on re-reading to myself and to other people in my team is that YOU are the cause and the matter. There’s nobody else who comes to change your life, influence your life, there is no destiny – you carve out your own destiny.
So you have to be the cause. You are always the cause, whether you want to be or you don’t want to be, you are the cause and the matter.
Steve: Thank-you very much for your time.