IAM455- Blogger and Accountant Builds Profitable Business From Scratch

Rishit Shah is a blogger and an accountant. But more than that he is an entrepreneur who knows how to build up a profitable business from scratch. He also plays flute in his free time.

• CEO Hack: Yoga and Book- Managing Radical Change
• CEO Nugget: Try to acquire more skills
• CEO Defined: Someone with a unique vision

Website: https://www.tallyschool.com/

Facebook: https://www.facebook.com/tallyschool

Check out one of our favorite CEO Hack’s Audible. Get your free audiobook and check out more of our favorite CEO Hacks HERE.

Transcription

The full transcription is only available to CBNation Library Members. Sign up today!

Intro 0:02

Do you want to learn effective ways to build relationships, generate sales, and grow your business from successful entrepreneurs, startups, and CEOs without listening to a long, long, long interview? If so, you've come to the right place. Gresham Harkless values your time and is ready to share with you precisely the information you're in search of. This is the I AM CEO Podcast.

Gresham Harkless 0:29

Hello, hello, hello, this is Gresh from the I am CEO podcast and I have a very special guest on the show today. I'm Rishit Shah of Tallyschool.com. Rishit, it's awesome to have you on the show.

Rishit Shah 0:38

Yeah, thank you for having me, Gresham

Gresham Harkless 0:41

No problem super excited to have you on and what I wanted to do, which is read a little bit more about Rishit so you can hear about all the awesome things that he's doing. Rishit is a blogger and an accountant. But more than that he is an entrepreneur who knows how to build up profitable businesses from scratch. He also plays flute in his free time, Richard, are you ready to speak to the I AM CEO Community?

[restrict paid=”true”]

Rishit Shah 1:00

I'm very, very excited to speak to the I AM CEO Community and share all the insights that I have.

Gresham Harkless 1:06

Nice. Well, we're definitely excited to have you on. So I wanted to actually kick everything off with what I call your CEO stories. I want to hear about your background, and what led you to get started with a business.

Rishit Shah 1:15

Yeah, so basically, in India, there is a course called chartered accountant. I don't know what it's called in the US, but it is near to the CPA course that is Certified Public Accounting. So I had my internship. In the last year of the internship, I discovered tally and accounting software, and there is a lot of demand for that in the market, but no credible or good websites to provide that solution.

So I just started a blog on that, after seeing that there are no good people in the market to provide good education on that particular software alone. So I started the blog, and I started explaining through videos and the blog. And then with a little bit of SEO knowledge, it took off in nearly six months. After around a year, I started earning a good amount of money through the course that I was selling on Tally School, which is the name of my website.

And then gradually I funded my C.A. tuition fees as well, from that blog, and that blog is still continuing with that blog. So this was the story of how I came up with the idea and how I implemented it.

Gresham Harkless 2:34

I definitely appreciate that. I also appreciate kind of like the step-by-step nature of it. Because I think a lot of times, when we hear about businesses, we hear about starting a business, we don't necessarily hear about the steps it takes to get to where you know, whatever success is, which is always different for all of us.

But I appreciate you for kind of breaking that down and being able to kind of take step by step by step and be able to take whatever profit you were making from the blog and reinvest it into you continuing your education as well, too.

Rishit Shah 2:57

Yes, actually, what I had done was before starting Tally school, I actually started two or three blogs. I failed at that because that was the beginning, I was just pouring into the internet market for the first time, I got internet for the first time when I was in high school. So I had failed four to three blogs, then I got the idea of how the entire thing works, then took a step forward after actually checking if there is a market or not.

So I saw if there were any good players in the market, if there were bad players in the market, if the solutions if the thing that I wanted to provide to all the people who wanted to learn that particular software, if there is particular demand or not. Then I actually started the blog and then went on the tech. So a huge success of this blog is actually before starting the blog, I tested the market, and then I implemented it. Obviously, there is a little bit of luck in everything every entrepreneur does. But still, I tried to reduce the luck factor as much as possible.

Gresham Harkless 4:03

Yeah, that makes perfect sense. It's like you can't always guarantee success and guarantee that, you know, you will be successful in reaching whatever goal but you can kind of stack the deck. I think a lot of times when you especially if you have the opportunity to start and create a blog, and you may not go the way you necessarily wanted to go like you mentioned the first two months that you did, but you still have those learning experiences that you can kind of carry on to the next venture. The next question is the next feature, and I think a lot of times as entrepreneurs and business owners, we kind of forget the process that goes into creating something that's successful.

Rishit Shah 4:32

Yes, actually, we have to learn from our failures to be able to succeed the next time otherwise, it's just repeating your failures one by one and this cycle goes on just like if we learn from our failures, the success cycle always goes

Gresham Harkless 4:50

Absolutely, So I know you touched on it a little bit. Can you tell you tell us a little bit more about high school and what exactly we can find there?

Rishit Shah 4:57

Okay, Tally School is a website or a blog you can call that where you can learn Tally, a particular software, which is popular in India and the Middle East. So it is an accounting software, it is an ERP, but it is used for accounting. You can learn that particular software at Tally school.

Gresham Harkless 5:17

Nice that makes perfect sense. Like he kind of touched on, you know, before, like getting an opportunity to make sure that there was a market and make sure those opportunities for there and there was some value that you can provide and seeing that, you know, that wasn't being provided to the level that you have been able to do. I think that that's something very great to kind of taking keep in mind as an entrepreneur or business owner.

Rishit Shah 5:37

Yes, because many times we get, we fall in love with the idea, but we don't test the markets. So it is essential to test the markets because no matter how good or how lovable the idea looks to us. But if there is not enough demand, or if we are not able to implement it with the resources that we currently have, then that idea, maybe it can make billions.

But if we cannot implement it with whatever resources and time we have, then that idea is useless to us. That's the thing. If let's say for example, you get the idea of starting over, but you cannot scale it, or you don't have the necessary resources, then it is not useless to you. It can be a billion-dollar company. But for us it is useless. That's what I'm trying to say.

Gresham Harkless 6:17

Yeah, that makes perfect sense. Just kind of keep in alignment and understand those different aspects and understanding, like some of the things as well that you need to kind of if that, you know, whatever your vision and your goal is to grow your business, if it is a scalar like an Uber, or if it's not, you know, just understanding like what sometimes those opportunities not only can be but also what's required to make those opportunities turn into that success as well too

Rishit Shah 6:49

Yes, definitely, we need to see if we can implement it better. Because without implementation idea is just in your head, it's nothing of value. So implementation is good if there is a good market demand. If you see that you can fill up a gap, which is essential for a lot of people, then your idea, with your execution, will be successful.

So What sets me apart is that I know a lot of skills. Now, this might sound like I'm bragging about myself, but actually, I'm trying to explain that once skill, the times on one skill single skill has gone, you have to have, at minimum more than two skills to succeed today. So for me, before starting Tally school, I kind of played on the internet, and a lot of paid-to-click websites and small surveys. I've done all that for $1 $2.50. My, actually my first income was 0.25 cents US. So I started from there. So I now have a lot of skills I know SEO, I still know SEO, and I have good writing experience. So that helped me I wrote as a freelancer before as well.

So that helped me start the blog, and accounting knowledge which I had because of my C.A. course. So the mixture of these multi-skills helped me a lot, because in my field currently, if I see the competition, the people who have accounting knowledge don't have SEO knowledge. Well, the people who have the SEO knowledge don't have the accounting knowledge. So if I mix these skills, I can be ahead of the competition. That is what is currently going to be the differentiator, because even if you start up a new company, the more skills the people have, the better. So this is what my secret sauce is Gresham.

Gresham Harkless 8:59

Nice, I definitely appreciate that. Because I think a lot of times, we get siloed into thinking that it's just like one aspect, but especially when running a business, having a business, you know, having a building and growing up a blog site, whatever that might be, that we're trying to do. We kind of sometimes forget, all the different aspects of that. Like you either develop those skills or potentially have somebody on your team that has those skills that helps to make you create that kind of move that way that people can't, compete with you, I guess, for lack of a better term, because you have those plenty of skills and expertise.

Rishit Shah 9:33

Yes, definitely. Because it's not just that if you have three skills you're working three times better. There is a synergic effect to that as well. So if you have one skill, let's say for example, with one skill, you go 10 steps with two skills, you will go 40 steps ahead, not just 20 steps, and with three skills, the chances are much more so the more skills you have, the more chances of success you have.

You don't have to necessarily work on each of those aspects. But having that skill helps you see things in a very different way. It will help you move ahead faster, maybe someone on the team has those skills, or maybe you can employ someone with those skills. But having those skills within yourself as well gives you a good competitive advantage. you can succeed in a much faster way.

Gresham Harkless 10:21

Absolutely, yeah, that makes perfect sense. I'm glad you made that point where not all skills are kind of created equal, a lot of times, they're kind of like, they basically can multiply the effect, especially related to marketing, if you're really good at accounting, as you said, but you're also good at marketing, it allows you to really multiply that because you're able to increase your visibility and to be found. So thank you for sharing that. What I wanted to do was to switch gears a little bit. I want to ask you for what I call a CEO hack. So this could be like an app, a book, or a habit that you have, but what's something that makes you more effective and efficient?

Rishit Shah 10:53

A book or app or so. Okay, so the book I am currently reading is Managing Radical Change, which is available online as well. So it is about the businesses, in India, and how you can radically transform your businesses. That has helped me a lot. A hack that I can say is yoga.

Gresham Harkless 11:17

So I appreciate you for sharing that with us. Now I want to ask you for what I call a CEO nugget. This is a word of wisdom or a piece of advice. Or if you could happen to be a time machine, what would you tell your younger business self?

Rishit Shah 11:27

A piece of advice, or nugget, I'd like to call it nugget, what I will say is to try to acquire more skills. That's what I said earlier, this is essential, try to get more skills, not necessarily master every skill, just try to know about it and try to be a beginner, that helps a lot.

Gresham Harkless 11:48

I appreciate that perspective. I wanted to ask you now my absolute favorite question, which is a definition of what it means to be a CEO. We're hoping to have different, quote-unquote, CEOs on this show. So Rishit What does being CEO mean to you?

Rishit Shah 12:01

What does it mean to be a CEO? To me, this is actually very, this question is very short, but the answer can be very, very long. So I'll try to keep it short and try to explain it in a better way. What it means to be CEO, A CEO is basically someone who has a vision that most people don't have. So I'm not disrespecting the people, what a CEO sees something that most of us don't see, it can be you as well, it can be anybody just it does not mean that CEO means someone who actually has a CEO tag on his job, it can be anyone, it can be a taxi driver, it can be my mother, it can be your teacher, it can be anyone who just sees the world in a different way and guide you in that way.

So this is what CEO means to me, if I run an organization, let's say I employ 10 people. So those 10 people look up to me because they have chosen to work for me. So it's my responsibility, it's not just my ego, or power, it's my responsibility to see better than them. So I can reach them because they have followed me for a particular reason because they believe in me. So to be a CEO means to have a better vision, it's like you're standing on the ship on the top of the ship, and guiding the entire ship. Because you can see the road ahead clearly that is what CEO means to me.

Gresham Harkless 13:32

Nice, I definitely appreciate that definition, definitely being able to kind of see the forest for the trees and sea long term. I love the fact that you kind of touched on as well, too, that it's not it's it's not something that none of us can have or can possess. You know, like you said, you know, whether it be the custodian, the taxi, shot taxi, cab driver, mom, dad, whatever that might be, you can all kind of do that as a skill of something you can kind of learn as well to, to, to kind of be able to have that vision and to see things and we all have that ability to tap that within us to be able to do that.

So I appreciate that definition. I appreciate your time even more Rishit what I wanted to do was pass you the Mic, so to speak, just to see if there's anything additional, you want to let our readers and listeners know and then of course, how best they can get ahold of you and find out about all the awesome things you are working on.

Rishit Shah 14:18

Okay, so I want to say just one thing to your listeners and readers of CEO blognation don't just see the statistics and numbers out there. There is also something called the human factor which is involved in every business, it is called emotion. So if you really want to do something, go ahead and do it because the regret of not doing that is much more burdensome than if you do it and feel it.

So go ahead, do something that you want. If you fail it, you will not have regrets that you have not done it. It's actually a good way to go ahead. So the better you fail, the faster you fail, it's good for you. There is a great founder in India named Kunal Shah, he said that if you don't get 100 slaps, not literally, but the slaps that you get in business, or if you're learning something new, the better it is for you if you get it fast, and if you get it when you're young, so you can learn ahead and go ahead fast.

Gresham Harkless 15:28

Absolutely, yeah, the same goes, I think, as I heard somebody, their quote was, if, if seven out of 10 businesses fail, then I'm gonna start seven businesses, I'm sorry, eight businesses. So I have to make sure that the eighth one is definitely going to succeed. So kind of like that same mentality of just trying and just doing it and not being affected by failure. So I appreciate that reminder. For people that want to reach out to you what's the best way for them to do that,

Rishit Shah 15:51

They can easily reach out to me through my email or Facebook. So my email is Rishit@Tallyschool.com. You can also reach out to me via Facebook @tallyschool or Twitter @tallyschool. I'll be very happy to reply to all of the questions if anyone has to ask.

Gresham Harkless 16:10

Awesome, awesome, awesome. Well, thank you so much. Appreciate it. Well we'll do is we'll have the link and information in the show notes as well too, so that everybody can follow up with you. Thank you so much for your time. Thank you for all the awesome things you're doing and I hope you have a phenomenal today.

Outro 16:22

Thank you for listening to the I AM CEO Podcast powered by Blue 16 Media. Tune in next time and visit us at iamceo.co I AM CEO is not just a phrase, it's a community. Be sure to follow us on social media and subscribe to our podcast on iTunes Google Play and everywhere you listen to podcasts, SUBSCRIBE, and leave us a five-star rating grab CEO gear at www.ceogear.co. This has been the I AM CEO Podcast with Gresham Harkless. Thank you for listening.

[/restrict]