The Knowledge Project – Kunal Shah: Core Human Motivations

The Knowledge Project – Kunal Shah: Core Human Motivations

Kunal Shah (@kunalb11) is the founder and CEO of CRED, a reward-based credit card payments app that is considered the second-fastest-growing unicorn startup in India.

According to me, you can not develop substance, net worth, wealth, experience unless you’re constantly willing to risk your reputation

The importance of building a strong team

The importance of being willing to take risks

Entrepreneurs need to be willing to take risks in order to succeed.

This means being willing to fail, and being willing to put yourself out there.

Lessons from India’s business caste

India still operates under a deep-rooted caste system. The business caste is where everyone in the family does business. And this doesn’t just mean having a job, it means being an entrepreneur. A few traits of the business caste:

1. Willing to reduce social status in return for commercial success

2. A natural understanding of value: Why would somebody pay for this?

3. Natural need for spotting trends

4. Constant need to make the community successful

Time isn’t Money in India!

Example: Netflix initially failed in India by attempting a subscription model. Indians are much more willing to give up their time watching ads than pay a subscription. In fact, India had to regulate ad companies because they were taking so much advantage of this.

According to me, you can not develop substance, net worth, wealth, experience unless you’re constantly willing to risk your reputation.

The business culture of India

Example: Many people in India have never worked for an hourly wage, so they don’t know the exact value of their time. So as a result, convenience products do not perform as well as they do in Western culture.

Innovation and trust

The three core human motivations

How entrepreneurs can use core human motivations to build successful businesses

Entrepreneurs can use this knowledge to build successful businesses by creating products and services that appeal to these core motivations.

For example, a product that helps people avoid pain might be a pain reliever, while a product that helps people seek pleasure might be a luxury item. A product that provides meaning might be a religious text or a work of art.

India vs China

India may never supersede China economically—here are two reasons why:

The future of business

The importance of understanding the cultural context

It is important to understand the cultural context in which you are building a business. The core motivations of people in different cultures can vary.

For example, people in some cultures may be more motivated by avoiding pain, while people in other cultures may be more motivated by seeking pleasure.

The importance of observing reality

Entrepreneurs should observe reality and pay attention to what people are actually doing, not just what they say they want.

This means understanding the needs and wants of your target market, and identifying the problems that they are facing.

Everything that feels soulful in life is inefficient.

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