AMA with Varun Duggirala: Wealth Building, Entrepreneurship Tips, and Life Advice For Young Professionals

[00:00:00] Okay, it's 2024 and I thought it would be interesting to ask a bunch of you to send me in questions across social media, YouTube, LinkedIn, Instagram, Twitter, everywhere else.

[00:00:09] Took a bunch of them, we got tons of questions, we decided to put them all down and picked a random set.

[00:00:15] I haven't seen these questions till now. The team's taken it, got it here, answered them as I read them.

[00:00:20] But before we go there, I'm gonna make sure to hit subscribe, click on the bell icon.

[00:00:25] Come on, subscribe. Many of you don't do that. Do that and we're going into the first question.

[00:00:37] Welcome to Take a Pause with Me, Varun Duggirala.

[00:00:42] First question. Who are you? Important question.

[00:00:47] So, my name is Varun Duggirala. I come from Andhra Pradesh. Tried very long to finish an engineering degree which I couldn't finish.

[00:00:54] Eventually, I set up a company called the Glitch in 2009 which I grew from two people in an apartment to hundreds and hundreds and close to a thousand people over those 14 years.

[00:01:05] So, all the company exited. I have also invested in multiple other companies. I'm building another company right now and I also do content.

[00:01:12] I post over 700 podcasts, I've written a best-selling book. That's who I am but you know who I really am.

[00:01:18] I'm a curious person who's also a dad.

[00:01:20] How does one build wealth in media and agencies?

[00:01:25] Okay, so I set up a company with my co-founder called the Glitch in 2009.

[00:01:31] We didn't have massive seed capital. We just had some savings from both of us. We put into the company and we built it over time.

[00:01:37] How we built wealth was that we kept building more and more services for our clients which meant that we made more and more business.

[00:01:45] We built consistent business so it grew but the way you build wealth is you make profit and you make profit by building enough services that people want.

[00:01:56] And in a service business, at the simplest level, that's what you need to do.

[00:01:59] You need to look at the future and say, what are the services they might need next year? What are the services they might need two years down the line?

[00:02:05] What do they need right now? You build that and as you become larger, you have a few options.

[00:02:09] One is you grow big enough and you make enough profit that you can start taking dividends out.

[00:02:14] I know a lot of people who continue to own the agencies and the media companies they have take dividends out.

[00:02:19] The other way is that you see if maybe an acquisition is an opportunity you have.

[00:02:25] We met many large networks who wanted us to become a part of their network.

[00:02:30] Chose one, which is WPP. We sold in 2018.

[00:02:34] I stayed in that business for another five years. You have the option of staying longer if you want.

[00:02:39] I decided to leave but in selling that because we were not a venture-backed business

[00:02:45] and we owned the equity of that business, we all generated a large size of wealth for ourselves.

[00:02:52] That's how you build and generate wealth within agencies.

[00:02:56] You either grow large enough that you make dividends or you grow large enough that you get acquired and you make the wealth from that.

[00:03:03] Tomorrow is my birthday. My 22nd one. Any advice for life?

[00:03:09] Firstly, happy birthday. 22 is an amazing age to be in.

[00:03:13] Just setting out into the world has so much opportunities to do.

[00:03:17] The only piece of advice I'd give you is that in your 20s, focusing on building skills is far more important than focusing on building financial wealth.

[00:03:28] Build financial security and learn skills. Learn as many skills as possible.

[00:03:34] Preferably, skills that you know will not go away tomorrow.

[00:03:39] For example, instead of learning how to code, understand logic first.

[00:03:44] Instead of learning how to edit, understand how videos are made, how they're structured as well.

[00:03:49] Understand the broader patterns. Understand the first principles.

[00:03:53] And then if you learn that in your 20s, they will serve you for the rest of your life.

[00:03:57] The stuff I learned in my 20s when I worked in television is still what I use today in creating my content.

[00:04:03] Actually, what helped me through my entire entrepreneurial journey and it's actually helping me in my next venture as well.

[00:04:08] Because I learned those first principles of content structuring and distribution and creation in my 20s.

[00:04:16] And you should do the same. Happy birthday again.

[00:04:18] I'm starting a new job any advice.

[00:04:21] If you're starting a new job or if you're going into an internship, the thing you really need to do is to realize that there's a three-step process to really set in.

[00:04:32] Number one is you actually listen. You observe and listen and look at how the company functions.

[00:04:38] Don't dive straight into it. It's like the company Chanel has this policy that senior executives who join it just listen for the first 45 days and not talk in meetings.

[00:04:46] That's because if you notice how a company functions, you notice what its problems are, then you will be able to contribute better.

[00:04:53] The second thing you should really do is you should turn around and ask people what are the problems they're facing?

[00:05:00] How can you contribute to the problems they have? What would they rather not do?

[00:05:04] In the early part of my career, I really kind of progressed because of that.

[00:05:07] I turned to people and saying one second, I know this seems to be something you don't want to do.

[00:05:10] Can I take this off your plate? Can I do it?

[00:05:12] It helped me build better relationships with people I worked with.

[00:05:15] It also helped me get hands-on and do larger projects much faster than if I had just stuck to doing what was given to me.

[00:05:22] Third one, obvious but most important, work hard.

[00:05:27] Make sure you put those hours in, put that work in, don't clock in and clock out in the early part of your career

[00:05:34] and even afterwards, the effort you can put in, the effort you actually drive into your work shows and builds your work ethic

[00:05:41] and doing that is nothing compared to it.

[00:05:45] Would you choose material success or a well-rounded life?

[00:05:51] I don't think you have to choose between a well-rounded life and material success.

[00:05:55] The problem with outlier material success is that we all think that, oh, I need to have more and more and more

[00:06:02] and more has no end.

[00:06:05] If you sit down and say this is enough for me and everything beyond that is a bonus, then you can actually have that material success

[00:06:13] and also have a well-rounded life because you have prioritized all four kinds of wealth because there are four kinds of wealth.

[00:06:20] The first kind of wealth is financial wealth.

[00:06:22] Build that money there.

[00:06:23] Second kind of wealth is do you have health as wealth?

[00:06:28] You know if you don't have the health to enjoy your money then what's the point?

[00:06:30] The third one is do you have social wealth?

[00:06:33] Do you have the right kind of relationship?

[00:06:35] Do you have friendships?

[00:06:36] Do you have that social circle which will grow and as a community be with you as you get older in life?

[00:06:42] The fourth one is do you have knowledge?

[00:06:44] Have you gotten wisdom?

[00:06:46] Something that really drives you as you learn more and more.

[00:06:49] If you focus on those four, you'll have a well-rounded life

[00:06:52] but it also helps outlier material success because the combination of those four really helps you drive that.

[00:06:58] What are the daily habits that helped you in 2023 which you want to continue

[00:07:02] and bad habits which you want to stop in 2024?

[00:07:06] Fabulous question.

[00:07:07] What are my daily habits?

[00:07:10] The fact that I ensured I worked out for five days a week on average throughout the year, last year.

[00:07:16] It's a habit I want to continue.

[00:07:18] It really drives me.

[00:07:20] The habit of militating which I built I really wanted to focus on it too.

[00:07:23] Even the habit of creating content every single day which felt like pressure in 2021 and 22

[00:07:31] but now feels I really enjoy doing on a daily basis.

[00:07:34] These are all habits plus putting my phone away when I'm with my kids

[00:07:38] and I'm with my friends as much as possible.

[00:07:40] That's more recent than the last few months.

[00:07:42] It really helps you be present for those you really care about

[00:07:46] and shows them that you're giving them importance and not that phone.

[00:07:49] The bad habits is interesting.

[00:07:50] I actually want to focus a lot more on my diet this year.

[00:07:53] I kind of let go of my diet for the last few months.

[00:07:56] I was eating random stuff also.

[00:07:58] Festive season came up.

[00:07:59] So really want to focus on my diet a lot more, be more disciplined with what I eat.

[00:08:03] Not enjoy food.

[00:08:04] I love food but be more disciplined with that.

[00:08:07] And also I want to make sure that this year I look for confidence from within

[00:08:13] instead of seeking validation from outside.

[00:08:15] It's very easy as a creator or someone who is out there in the world to seek validation.

[00:08:21] This year I'm actually seeking validation from inside.

[00:08:25] I'm very internally motivated, very internally centered right now.

[00:08:28] I want to continue this for the rest of the year.

[00:08:31] If you can't take a break from work due to limited resources

[00:08:33] what are some simple things you can do to take care of yourself and reduce stress?

[00:08:38] Okay, most of us have packed lives.

[00:08:40] We can't always run off on holidays.

[00:08:41] You can't go off somewhere else.

[00:08:42] So what you should actually try and do is find rituals you can do in your everyday

[00:08:47] which help you get that small break.

[00:08:50] And what time those really help.

[00:08:52] My favorite ones which I built over the years is that I start and end my day without a screen.

[00:08:58] I make sure that I have a wind down ritual in the end

[00:09:01] and I have a warm up ritual in the morning.

[00:09:03] Which is basically I don't touch my phone as soon as I wake up.

[00:09:06] I actually have this thing where I drink warm water with lime and it just helps my throat and immunity.

[00:09:11] If I have the time, I meditate but I don't pick up my phone for about an hour.

[00:09:17] Most days.

[00:09:19] My wind down is I actually again don't look at a screen for the last half an hour, one hour of the day.

[00:09:23] I read a book.

[00:09:23] I listen to some music which is without lyrics.

[00:09:26] I kind of wind down and maybe hang out with my effuja

[00:09:31] and just be a little bit stiller.

[00:09:35] I also do a night meditation then go to bed.

[00:09:37] So morning and evening, morning and late night at the time you can really control it.

[00:09:41] During the day if you are going to be doing a meeting, taking a call, make sure you walk around.

[00:09:48] Try to get out a little bit more.

[00:09:50] Walks are great.

[00:09:51] If you can meditate and find a spot to do that, please do that.

[00:09:54] Just plug in and listen to music really helps.

[00:09:56] Find things you can do in 5 minutes, 10 minutes

[00:09:59] and make sure you do them on a regular basis.

[00:10:01] That's how you take those breaks.

[00:10:02] That's how you give your mind that sense of not getting burnt out and being over.

[00:10:07] How has your perspective changed on resolutions and new years over the course of your life?

[00:10:13] So I've never said resolutions.

[00:10:15] I've never said these are things I'm going to do as soon as it becomes the new year.

[00:10:21] But what I actually realized is it's a great point for reflection rather than resolution.

[00:10:26] At the end of every year I sit down, reflect on the year that's gone by.

[00:10:29] I learned something very interesting the other day.

[00:10:32] It's basically sit down and look at your phone, camera roll

[00:10:36] and look at all the photos through the year and think of what your highlights of the year were based on those.

[00:10:43] It's a great way to look back at that one year that has gone by.

[00:10:47] And I think that's a better thing to do, which is reflection rather than looking forward and saying resolution

[00:10:52] because we always set goals.

[00:10:54] We always set things we want to do.

[00:10:55] But look back and say this is what I've actually been through

[00:10:58] and just what I really look at the highlights of my last one year

[00:11:01] which make you feel a lot better

[00:11:03] and I think you move forward towards those goals or resolutions in a far better way.

[00:11:07] Business or content creation, which one do you resonate more with and why?

[00:11:13] So here's the thing.

[00:11:15] I enjoy building businesses

[00:11:18] but I also enjoy being the person driving the content within those businesses.

[00:11:24] Every single business I have built has had a content component to it which I have helped drive.

[00:11:31] The thing is, I am a business person who creates content.

[00:11:37] So I can get to do both and so I've never faced this problem

[00:11:40] but if I had to choose one, like what would I do for no monies at create content?

[00:11:44] So I guess content creation.

[00:11:46] I would say I love building businesses because businesses drive so much value

[00:11:50] not just for yourself but actually essentially for so many more people who are a part of it

[00:11:54] and your consumers as well.

[00:11:56] But if I had to pick one, I'd pick content creation.

[00:11:58] What are you working on and what is your role in E-MOMI?

[00:12:02] So E-MOMI is the company which I am helping build now.

[00:12:07] I have three more co-founders and all four of us are really building this company

[00:12:10] from a very strong point of purpose

[00:12:13] which is that we want to build a learning ecosystem that gives tools to parents and educators

[00:12:20] to bring up more emotionally intelligent future adults.

[00:12:24] It's for kids to learn how to be more emotionally intelligent too.

[00:12:29] Raise their EQ, raise their understanding of that

[00:12:31] so they can truly be the right kind of leaders we need for the future.

[00:12:35] So that's what I'm working on.

[00:12:37] I am driving the entire content and media part of the business

[00:12:41] and as I always have and across all the businesses I've been a part of

[00:12:46] and super excited because this feels like one of the most purposeful things I have done in my life so far.

[00:12:54] Also it's fun to do stuff for kids.

[00:12:57] How do I harmoniously work with a team reporting to me

[00:13:01] who have different approaches, new ways of working?

[00:13:03] Okay, so a team is generally built of diverse individuals

[00:13:07] and there are a few things you can do is if you turn to people and say they have the option to have an opinion

[00:13:16] they can feel safe to voice an opinion in if it might not be what you have or other people in the team have

[00:13:22] then that's a good way to be because they were very open and everyone's being transparent and holding things in.

[00:13:27] The second thing you can actually do is teach them one thing which I was reading this piece by Jeff Bezos

[00:13:35] and he talks about disagree and commit which is that you can be in a team and you can disagree with what is being decided

[00:13:42] but you're committing that if everybody's agreed to this I am coming to give my full effort to it.

[00:13:47] You give them the ability to disagree and commit.

[00:13:50] The third thing is to always make it open that you are not doing criticisms in corners.

[00:13:57] You are not shaming people publicly that everything is a way for people to progress forward

[00:14:01] or to either push them down.

[00:14:03] That's how leaders are built.

[00:14:04] Leaders don't want to, you know, you don't have to make leaders someone who's an authority figure

[00:14:08] make leaders someone who people can understand, who people can relate with

[00:14:12] and you know that they make the place you're working in a safe space

[00:14:16] but certainly a level of direction and focus.

[00:14:19] That's how we do it.

[00:14:20] I love this question.

[00:14:21] Do you like yourself and why?

[00:14:24] Do I like myself every day?

[00:14:26] Maybe not.

[00:14:26] Do I like myself most of the time?

[00:14:29] Yes, I do.

[00:14:29] I think I like myself for one fundamental reason.

[00:14:33] I entertain myself.

[00:14:35] I have always been a person.

[00:14:36] You put me alone in a room, leave me by myself.

[00:14:39] I'll find a way to entertain myself and make myself laugh.

[00:14:42] If you actually make someone laugh, I will like you because I make myself laugh.

[00:14:46] I like me.

[00:14:48] How can you improve your communication skills?

[00:14:51] Share any tips.

[00:14:52] Okay.

[00:14:53] There are multiple forms of communication which we can all do.

[00:14:57] Some things we're good at, some things we're not.

[00:14:59] Some things we're more confident about, some things we're not.

[00:15:01] Some people can maybe write better or others can talk better.

[00:15:05] The way to start is to start with what you're most comfortable with

[00:15:08] and most confident about.

[00:15:11] If it's not English for instance, more fluent in Hindi or any other language,

[00:15:15] start with that.

[00:15:17] Build that confidence with that language and you know have pride in what

[00:15:22] you are confident about and build on top of that.

[00:15:25] The only way to kind of build communication is to do a bunch of things.

[00:15:29] I would say there were three things to do.

[00:15:31] Number one, constantly observe people who you admire and see how they communicate,

[00:15:36] how they say learn those smaller pieces.

[00:15:38] Like for me to be a podcast, I was kept learning about listening to people

[00:15:41] and watching them and seeing what are the things that they say they do

[00:15:44] to be the kind of host that they are.

[00:15:47] The second thing you should really do is to look around and say that

[00:15:51] okay what are the things that I want to sound like?

[00:15:56] How do I bring myself to that?

[00:15:58] I always wanted to talk slower.

[00:16:00] I talked really fast before.

[00:16:02] So I practiced that, sit in front of a mic, sit in front of a mirror

[00:16:06] and just practice again and again.

[00:16:08] The more you do it, the more you will learn and you will be focused.

[00:16:13] Third one, most important one is remember that your communication skill

[00:16:17] is built over time.

[00:16:19] So don't put the pressure of it on yourself.

[00:16:21] Don't push yourself down.

[00:16:22] Don't give into criticism.

[00:16:25] Say it like you mean it.

[00:16:26] I remember a while ago I was at corporate tech office

[00:16:30] and this young boy came to me and there were a bunch of these

[00:16:33] engineering students who come from across country

[00:16:35] and I was part of a boot camp that was happening.

[00:16:39] I saw him waiting to talk to us.

[00:16:41] He waited, he came and sat down

[00:16:43] and then he spoke so fluently but he spoke in a way that I know

[00:16:47] he had spent time practicing it

[00:16:49] which meant that he was confident.

[00:16:51] Even if fumbled, he still had a smile on his face.

[00:16:55] Even when I know that he was struggling with a certain word

[00:16:57] I knew that he said that with such confidence

[00:17:00] that I didn't even care if he didn't say it right or pronounce it right.

[00:17:03] We actually spend time and build that confidence within you

[00:17:06] because you practice so much that you know you are doing your best

[00:17:09] you are not doing even like 80% effort

[00:17:12] you are doing that 95-100% effort

[00:17:14] that's when you can really learn how to communicate

[00:17:15] so I would say these are three ways for you to build better communication skills.

[00:17:19] What's your comfort film?

[00:17:23] I have a few comfort films.

[00:17:25] All of them are Desi.

[00:17:28] I have rewatched a Telugu movie called

[00:17:31] Allah Baikon Tu Parum Lo

[00:17:32] I would say about 20 plus times

[00:17:35] I can still see it again now.

[00:17:38] I think I have seen Zindagi Na Mule Ki Dubara too many times

[00:17:43] and I would say that's another comfort film for me

[00:17:46] and what else have I rewatched?

[00:17:48] Actually, I rewatched a bunch of documentaries again and again.

[00:17:50] I rewatched the defined ones

[00:17:53] and I am actually rewatching this documentary right now

[00:17:55] which might become my comfort series after a while

[00:17:59] which is the secret of the Blue Zones

[00:18:00] which is how you can live to 100.

[00:18:03] What's your favorite book of 2023?

[00:18:07] My favorite book of 2023 is this book

[00:18:10] called The Creative Act by Rick Rubin.

[00:18:14] It's a book I go back to very often.

[00:18:17] It is almost like a bible for creative individuals

[00:18:21] that you have.

[00:18:22] Rick Rubin is arguably one of the most interesting and fabulous

[00:18:25] producers in music in the world

[00:18:28] and he's written this for people

[00:18:29] and he basically says that every person is a creative person

[00:18:32] but he used to channel that in everything you do

[00:18:34] and it's a great book to read.

[00:18:36] The audiobook is actually even better

[00:18:38] but they're both fabulous.

[00:18:41] How can I achieve my goals

[00:18:42] if I don't have the resources or support?

[00:18:46] Not everyone has the support of the resources

[00:18:50] they need to achieve something they want

[00:18:53] but that means that your timeline might be longer

[00:18:56] that means your struggle might be longer

[00:18:58] that means you shouldn't be impatient

[00:19:00] you should say, okay what can I do right now

[00:19:03] what is under my control right now

[00:19:05] what can I do with what I have right now

[00:19:07] to slowly move towards that goal

[00:19:09] it might take you longer

[00:19:11] but the effort will be yours

[00:19:12] and that's how we do it

[00:19:14] and you shouldn't get clouded by how much

[00:19:16] faster people are doing things

[00:19:18] how much faster people are achieving things

[00:19:20] don't let that push you down

[00:19:22] and really focus on what you can do right now

[00:19:26] with what you have control over

[00:19:27] that's the only way to do it.

[00:19:29] What is discipline to you?

[00:19:31] I love this question

[00:19:32] okay I'm not a disciplined person

[00:19:34] I'm learning to be disciplined

[00:19:36] but I feel discipline is you

[00:19:39] turning to yourself and saying

[00:19:42] I'm making sure I make the best use of my time

[00:19:45] not to do more in my time

[00:19:47] but to do what is necessary in my time

[00:19:49] if you don't have a system

[00:19:51] if you don't have a process for your day

[00:19:52] and for your life

[00:19:53] what happens is you spend your time doing a lot of things

[00:19:55] which you shouldn't be spending your time doing

[00:19:57] not because there are a waste of time

[00:20:00] but because there are a waste of your energy

[00:20:01] you would rather spend it doing things that are more valuable

[00:20:04] like you know, the time of people you love

[00:20:06] and doing things that give you joy

[00:20:08] and things that build you wealth

[00:20:11] and you go after shiny objects

[00:20:12] if you don't have a process

[00:20:13] there's a set of laws and rules

[00:20:16] that you follow

[00:20:17] ensure that you are focused

[00:20:19] in what you're working towards

[00:20:21] and I think the simplest line

[00:20:24] to figure out if you are disciplined or not

[00:20:26] is this line it says

[00:20:27] is this essential

[00:20:29] if something is essential

[00:20:31] it's a part of your process

[00:20:32] if it's not, it's not

[00:20:33] and you put that line there

[00:20:35] and don't move ahead

[00:20:35] that's all the responses I had to all your questions

[00:20:37] there are many more questions

[00:20:38] but it's been a little longer

[00:20:39] so I thought I would leave that for another time

[00:20:42] but before you go

[00:20:43] if you'll ask this long

[00:20:45] drop in more questions you have in the comments

[00:20:46] and you might do more of these episodes

[00:20:48] should we do more episodes like this?

[00:20:49] do you want to ask more questions?

[00:20:51] should I do a live stream?

[00:20:52] let me know in the comments

[00:20:53] and you might just do it

[00:20:55] but come back

[00:20:56] for more conversation podcast episodes

[00:20:59] also more of this in the next come

[00:21:03] okay, that's enough

[00:21:05] go, goodbye