We discuss today with Dr. James Nitit, Founder and President of Intellegend Corp.
Dr. James Nitit, you founded Intellegend Corp after gaining extensive experience in marketing and managing world renown companies. Why did you decide to create Intellegend Corp?
I decided to create Intellegend to help businesses prosper by treating people as the most valuable resource. Other investment firms consider capital to be the most valuable resource. We are not only supporting them in capital but we also mentor and nurture the professionals with the most potential, then deploy them in the myriad businesses that Intellegend oversees. These talented executives then go on to groom, cultivate and inspire other talented people to continue the legitimate prosperity. It creates a positive cycle that eventually leads to business success.
There are various tangible and intangible assets that can aid others to jumpstart their business and move forward in unison. I also realized that I have distinct dimensions of experiences such as: vast academic knowledge, extensive experience as a business mentor, the willingness and open-mindedness to invest in talents that need support, and new technology. I also have great experience of owning intellectual properties almost 30 years accumulation. It is these crucial experiences that can help new generations achieve sustainable growth.
You give a lot of advice to entrepreneurs and business people around the world. What led you to share your expertise with others?
Whenever people talk about their greatest inspirations and motivations, it leaves you with a good feeling because you know they’re incredibly passionate about what they do. Yet, very few people share about how to truly improve productivity and accountability. To create strong, impactful businesses that survive in the industry, we have to add tangible value to the customers. We have to go beyond generating good feelings and work toward making significant change. I decided to share this expertise with others, to help them gain a better understanding about this industry.
Can you tell me about your book NeuroPreneur™? What led you to write the book and what has been the response?
I decided to write a book that takes an innovative approach in this ever-changing industry. We are currently in Information Overload Knowledge Overflow (IOKO). Engagement and innovation come and go too quickly, and concepts soon feel dated and obsolete. Customers are smart enough to see through the same old entrepreneur strategy. I coined the term “NeuroPreneur™” to describe successful entrepreneurs’ ability to understand sensory feeling. They have an innate sense of what consumers want and design strategies to win and gain attention from them. This trait is incredibly important in trying to reach millennials and centennials, who have an especially acute attention span.
In today’s disruptive environment, businesses can disappear faster than they appear. The way businesses grow must be intentional and ingrained within their leaders. This new generation of entrepreneurs needs to have the special skills to better understand the customer’s mind and convince them that their choices are the right ones. This leads customers to remember your products or services rather than being persuaded by marketers. I heavily focus on this one skill because new technology such as AI, machine learning and deep learning are beginning to take control. I believe that the only chance to survive in this era is to strengthen this skill.
You suggest businesses and companies to adapt new technologies. Can you explain what new technologies you believe should be focused on currently, and why?
I see great potential and future in blockchain technology, because it is incredibly powerful. I can see this innovative technology has already begun to transform business in five distinct areas: smart contracts, supply chain applications, cross-border payment, digital identity authorization, cybersecurity.
Dr. James Nitit, you have spoken about businessmen and women being lifelong learners to grow. Tell me about the importance of being a lifelong learner.
The world of business today is no longer governed by old-school, brick-and-mortar companies. Everything is rapidly changing, and businesses can face major disruptions at any given moment. The knowledge we have today may be obsolete by tomorrow. If you do not have lifelong learning skills, you will be forced to change without any other options for survival.
Can you explain the four pillars of successful businesses and how they should be applied by companies?
There is no silver bullet for creating a successful business, but there are tips to guide you in the right direction. These four pillars of successful businesses can help any company emerge through their challenges stronger and more resilient:
- Flexible planning – The purpose of a business plan is to establish a course of action and then follow it through to best of your ability while making adjustments along the way as needed. Shift your focus away from distracting issues and center your attention on how you can execute on your plan to achieve business growth.
- Accentuate all actions, regardless of their size – It is often said that “great things are done by a series of small things brought together”. This holds true for the development of successful businesses. Making a lot of correct small decisions eventually leads to success, and vice versa.
- Create a strong team unified by an inspiring leader – Seek to lead others by example and you’ll be a source of motivation for employees, customers and potential collaborators alike. The people you surround yourself with are arguably the most important factor to the success of your business.
- The power of an inspirational vision – Consistently share your vision with employees, customers and stakeholders. The power of an inspirational vision should not be underestimated. For example, Tesla’s overarching vision isn’t just electric vehicles. The grand vision for Elon Musk is to eventually settle humans on Mars. All of his companies – Tesla, Solarcity, SpaceX – are actually working toward that goal. Tesla employees know this, and believe in it.
With the rising technology of blockchain, what advice do you have for companies using digital currencies and similar trends?
Blockchain technology is inevitable and will have a massive impact on how we conduct business. It will disrupt almost all aspects of our lives. Some will be apparent, others will be behind the scenes. But make no mistake, it is a fundamental shift in how technology works. This new wave of technology will wash over us and completely change the world. Therefore, we are faced with two choices. Either we are not prepared for disruption and end up as a casualty, or we prepare to adapt to blockchain.
Regarding digital currency, I believe it is too early to implement it on a mass scale as cryptocurrency does not function by real demand but through investors blindly betting on future profits. However, I do believe eventually digital currency will greatly benefit everyone, but we are only at the very early stages. There are obvious uncertain factors as to timing and how it will all play out. I would encourage all entrepreneurs to prepare for this new wave by learning about how blockchain and digital currencies work so they can make informed decisions when the time comes.
Previously, you collaborated with PayPal Asia. It’s influenced you to write about ways to do business in Asia. What is the difference in doing business in Asia and the rest of the world?
In my opinion, doing business in Asia is no different from any other place in the world. I believe that a professional businessperson must have strong core competencies and the necessary social skills as their essential tools. However, the local culture and style may vary based on location. This shouldn’t be the determining factor of successful international business ventures. Today’s world has no borders. Culture and knowledge flow easily, and so does business.
In terms of working in Asia and doing business with companies there, is there a different way to do business in each country on the continent? What are some examples of differences?
As I mentioned before, I believe that a professional business person will face no problems when doing business in a foreign location. The local culture, social rules and norms are the only thing that may be different. I am confident that when blockchain becomes mainstream, there will be even fewer differences.
In all of your experience what is the most important lesson you have learned in business?
My motto is: “Moments and feelings are temporary. But accountability is permanent.” If entrepreneurs use marketing tools that only leave customers momentarily excited, then the business shelf life will be short. We must add value, contribution and accountability to customers and also stakeholders. I always practice this business principle and emphasize it to my mentees as well.
For more information on Dr. James Nitit and Intellegend Corp., please visit www.intellegend.com