Core Human Motivations | Kunal Shah | Knowledge Project 141
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- čas přidán 31. 05. 2024
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Entrepreneur and venture capitalist Kunal Shah calls on his decades of entrepreneurial experience to discuss what he’s learned about what motivates people, and how observing trends have made him a runaway success in business. Shah also discusses the cultural differences between India and the West, the lessons he learned growing up in the family business, why he dropped out of an MBA program, strategies for decision-making, and so much more.
Shah is the founder and CEO of CRED, an Indian fintech company that serves as a reward-based credit card payments app. Shah also currently sits on the board of a variety of Indian companies and has served as an investor in dozens of companies since 2016.
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00:00 - Intro
00:27 - Lessons Kunal learned growing up
08:37 - On the fear of failure and shame
11:55 - Value vs. price
20:15 - Standardization of businesses
23:19 - What people pay for
32:51 - Who we do (and don’t trust)
34:38 - Focus in Asian markets
38:10 - Value of time in India
41:40 - Kunal’s startup journey
1:00:35 - What predicts startup success
1:06:42 - On insight
1:11:02 - Core human motivations
1:14:55 - Maslow’s Hierarchy of Needs in America vs. India
1:18:06 - On your group of friends and compounding
1:24:29 - Sharpening insight through public discourse
1:29:55 - On signaling
1:31:47 - Inner v. Outer scorecard
1:35:15 - On jealousy of different levels
1:43:46 - Most people aren’t in the truth business
1:53:45 - On getting surprised
1:55:28 - Wealthy people keep secrets
2:02:32 - On making decisions
2:18:35 - Opportunity cost
2:22:10 - on hiring high performers
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ABOUT THE KNOWLEDGE PROJECT
Like the mentor you’ve always dreamed of having, The Knowledge Project shares timely yet timeless lessons for work and life. Past guests include Naval Ravikant, Daniel Kahneman, Jim Collins, Angela Duckworth, Seth Godin, Melanie Mitchell, & Esther Perel.
Timestamps:
00:00 - Intro
00:27 - Lessons Kunal learned growing up
08:37 - On the fear of failure and shame
11:55 - Value vs. price
20:15 - Standardization of businesses
23:19 - What people pay for
32:51 - Who we do (and don’t trust)
34:38 - Focus in Asian markets
38:10 - Value of time in India
41:40 - Kunal’s startup journey
1:00:35 - What predicts startup success
1:06:42 - On insight
1:11:02 - Core human motivations
1:14:55 - Maslow’s Hierarchy of Needs in America vs. India
1:18:06 - On your group of friends and compounding
1:24:29 - Sharpening insight through public discourse
1:29:55 - On signaling
1:31:47 - Inner v. Outer scorecard
1:35:15 - On jealousy of different levels
1:43:46 - Most people aren’t in the truth business
1:53:45 - On getting surprised
1:55:28 - Wealthy people keep secrets
2:02:32 - On making decisions
2:18:35 - Opportunity cost
2:22:10 - on hiring high performers
1:55:28 - Wealthy people keep secrets
1:24:29 - Sharpening insight through public discourse
are not these conflicting as I described in my comment too!
Thanku bro for this interview 🙏
I'm subscribing to your channel only based on kunal's interview. We love hearing from him 🔥👌
@@ahmadalibaloch No, read between the lines.
Oooooooooooooe
What a podcast. I would like to donate my 18 lakhs cred coins to Kunal Shah for this podcast.
Lol, I am not sure if I understood this as a compliment or an insult 😅
Lol
Dude those cred coin are going to get listed for trading
What is a cred coin worth lol
@@nisargshah6725 with virtually unlimited supply?
Kunal shah is the guy you want to be with when you’re high. Utter gold!
Why being high is a requirement?
@@str3672 Higher receptivity-> Deeper insights-> Increased retention
Sober too. You saying High only indicates that these are some ethereal thoughts to be consumed as a fleeting cheap thrill, but this man is living it!
I m smokin one and listening to it
You get high listening to him!
The host has my respect for his anticipation throughout the podcast without any interruption, what a hell of a listener you are! Brought the best out of his knowledge! Thanks.
What gibberish are you talking ? What does anticipation have to do with listening skills?
That starting statement - mind blowing, and I quote Kunal Shah:
“You will rarely meet successful people that are not insightful, insight is the smallest unit of truth that is action-able and therefore people who operate in the currency of insights tend to be generally more successful!”
I dont undestand single word
@@jenishkolhapurkar haha same
@@jenishkolhapurkar I understood all the words however not what they meant together 😅 someone care of explain please 😊
I cannot believe he is using Maxwell's demon concept so perfectly to explain non-scientific real world scenarios. It is spot on! I hope I can meet Mr. Shah one day.
- In a wealth driven society, the fear of shame is generally much lower than that in the status driven societies. Shameless people make more conjectures without any fear of judgement
- An understanding for "What are really people paying for" is essential.
- "The people who have been mocked and shamed early in life gain an unusual superpower to not give a damn anymore" So basically shaming is an effective tool to make a person better. So when we raise children by the fear of shaming, essentially we cut off a huge opportunity to let them grow themselves.
- Every time you aspire to create more substance, networth wealth etc all ypu are doing is to risk all you reputation at stake.
-Scaling is impossible without standardizing and as Asian societies tend to be more personalized than standardized, hence scaling here is a tedious process
20:36 - 22:05 Important
-"What creates an emotional arousal is rarely through efficient systems" To think about this which deciding the PMF...
- "People pay when their core motivations are mostly met or there is a HOPE that their motivations can be met" and in my opinion this is not always related to value! People may pay more even for things that dont create value!
But
"Gross margins increase if we allow people to jump their social status"
So does this mean that increasing a social status be considered as value creation?🤔
Why should it be ,It doesn't have any benefit afterall👀
- 90 to 95 percent of the trades in all coins do not happen in the top5 coins. This indicates that the world is getting more risky. Hmm👀
26:49 - 28:38 IMPORTANT
- "Trust is very natural in countries that have very low diversity of ethnicity"
By this logic how can we say that the Asian countries are have less trust in comparison to the western counterparts? They havent even faced ethnicity so this is why trust comes natural to them.
So can we say trust as a biological thing?👀
To the argument that other ethnicities can also be trusted with some efforts, other biological things can also be changed with some efforts example fat etc etc. So trust seems another biological thing?👀
- "As societies are becoming more multi ethnic, the trust is declining and hence we see a rise of more authorotarian leaders as every society wants the leader to of their caste" Hmm but why isnt the case here in India as we see a decline of many political parties formed on ethnicities. Eg. SP, BSP etc
- A very good point :-
If societies become to similar, Innovation dies
If societies become to dissimilar, trust dies.
37:30 - 38:10 wow! None of the SAAS companies in India generate revenues from the local market, all of it is foreign businesses. Because no one pays for making software!! Even digital payments took off only when govt made it free. No one pays for convinience!
47:27 - 49:07 xD
58:17 - 59:23
- Good founders always know the functional or the emotional benefit of their product or services
1:04:49 - 1:05:24 interesting, also what is does is that it forever destroys the reputation of that swiss knife(that high margin product)
Wdyt isnt Ola and Tesla doing the same thing?
Tesla is launching underdeveloped automatic vehicles in the market ( directly launching the swiss knife) and because of the accidents or whatever they bring down the trust on automatic vehicles.. (the value of swiss knife goes boom!)
1:06:24 - 1:06:44
1:06:58 - 1:08:02 wow
1:08:44 - 1:10:11 oof
1:13:00 - 1:14:56 True af!!!
- Insights are just the random dots getting connected. So in this process collecting dots is the starting key and this process compounds if your friends are also collecting dots
- things connect either you go really deep or really wide. Going to origin stories of many things all the First principles start connecting
- "The fastest way to make somebody feel ok about the thing they are ashamed of is to make them proud about it."
1:28:20 - 1:28:49 💀
Having favourites limits you
- " Show me a man who is afraid to look like an idiot and I'll show you a man i can beat everytime"
- People who lack happiness have an acute need of showing other people that they are happy and they think that it will make them happy. People happy irl dont bother to post much. This is why social media seems virtually useless because everything over there isnt true
-"Humans feel envious to people in their hyperlocal network" Why is this not even close to true? I always keep envying indian centibillionaires for such little work they do for the ample of money they have.. is it just me?🙄
1:35:52-1:36:31 But isnt this what differentiates between ambitious and unambitious people. Even I just passed school having close to 0 in pocket sometimes compare myself to elon or what so ever. This point seems doubtful dk why
1:37:29 - 1:37:34 well copying journeys is not good either
Every person copies. Imitation is the first thing a person does to reach a average level in any field
1:38:36 - 1:39:37 True!
- When you are in high IQ zones you feel cheated when you get simple answers. But mostly truth is simple
- Most people arent in the truth business, they are in the story business.
1:51:00 - 1:51:56 cool
- "All jokes are surprises" ya thats what gives us the dopamine we crave for xD
- The expertise of decision making is more likely found in the people who have more choices
Emotions are a great tool to find what needs to be fixed but the worst tool to decide how to fix it.
"Reputation is like a bank acccount in which you can deposit a dollar a day but when it is withdrawed it directly gets empty! "
2:10:16 - 2:10:40
2:11:00 - 2:13:05 >>>>
-People good at decision making can see the problems from the lens of multiple different people
- Historically people were hired on the basis of years of experience. In future they would be hired for experiences per year.
Prem Chand RoyChand established the BSE stock exchange. He once was the richest guy in India and still has the record of making the largest ever trade *adjusted to inflation* . Though he lost all his wealth in a failed Real Estate Project..
1:21:46 - 1:22:37
To read on - Masslow's hierarchy of Asian society vs Masslow's hierarchy of American society
Products that sell convenience and save time rarely monetize in the asian society.
"It's not worth my time" is very rare in India/Asian societies.
"Everything soulful in life is inefficient" This reflects a lot in our religion too. As there is no one book, no one god *basically not standardized* hence it isnt scalable enough. But indeed it is most spiritual and soulful.
Because of the low trust in many Asian societies, there tends to be a concentration of trust giving birth to conglomerates
FAMILIARITY CREATES TRUST HERE!!
- Focus is almost a curse in Asian markets.. The market isnt deep enough to focus on just one ethnicity and create a large company . It is more of a braod market
- 95 percent of all financial products here in India are bought by men like loans insurances etc.
- Amygdala highjacked
"Amygdala is the integrative center for emotions, emotional behavior, and motivation."
The total biomass of all the ants in the world is equal to the total biomass of all the humans in the world😳
To read - Buffet's idea on Inner vs Outer Scorecard
Maxwell's demon problem 1:56:54 1:57:57 F😳
Bezos framework of regret
Regret minimization framework
Decision journals
If this podcast were a book, I would have bookmarked every page.
You would find me highlighting every other line ! Thankful !
I am going to write everything about it, and will post on linkedin..
Man I did MBA (2 yrs) in one of the top universities of India, but this podcast is almost 50% of the knowledge, Man you both added a lot of knowledge! I am about to start a biz soon & will use everything learnt from this conversation! 🙌🏽 Thanks a lot 😊
99% People do mba for good packages not to do startup
The knowledge of Kunal and listening skills of Shane were unreal here. 💥💥
Thank you guys for doing this. Learnt alot from both of you.🙏🙏
We definitely need a part-2 of this podcast. Being an 18 year old, and getting access to such content is an absolute blessing. Being able to see the world through Kunal Sir's lenses is my biggest takeaway from this ! Lots of Love from India.
You are blessed..make it big
let's work together man!
Mai bhi 18
This is a podcast with kunal shah as the speaker. What other takeaway could you have had other than seeing the world through his lenses? How is this news?
Hey i am 18 too what are you doing right now? In the sense Undergraduate degree?
This is the first time I saw such a long podcast. That man is full of wisdom. We want part 2 soon.
Although his "tech" companies are mostly just marketing plays, man has a lot of legit wisdom to share.
I respect him for that.
All his companies are based on a single insight, "incentivising boring jobs".
He definitely has an epic marketing team, but idk how it takes away from him being a tech founder
@@mithilmallya2829 Did you ever use Freecharge ?
So they used to match the amount of recharge with the multiple discount coupons.
If you recharge for 100 rupees, you'll get discount coupons for 100 rupees.
Sounded super lucrative in ads, but those coupons used to be as useless as those CRED coins now.
Like atleast in 2022 you can use discount promo codes while making online purchases. Those freecharge coupons in 2012-13 used to be mostly the ones you can redeem when you visit a physical store.
So "Incentivising boring job" is more or less just a growth hack for a very basic product without any technical significance.
@@stealthoverflow funding mili na baat khatam
@@shrishri8898 Funding milne se kuch nahi hota. India me startup bubble chal raha hai, harr kisi ko miljari hai funding.
Revenue aur profit kitna hai company ka woh dekho
@@stealthoverflow agreed on startup bubble 💁
Kunal has reached on one of the top podcast of knowledge project in this less than month.
By far one of the most awaited podcasts ever. Two of my favorite people in the same podcast wow!
Just loved how the host was so patient made the podcast framed by Kunal Shah itself ✌️
It will be an injustice if this podcast will not be listened to by at least 10 million people, hopefully, it will be listened to by more and more Indians.
Extremely profound conversation ever!
Need to listen to it once more to digest some of the topics 😅💫
i don't think this needs to be listened by 10 million, and tbh this isn't such content for 10m crowd who are part of the crowd/herd. let this treasure be limited to only few.
It could. But apparently 3 million people per day watch some random guy recording himself/herself doing daily chores🙄
@@VigneshKamat haha, i also watch that kinda shit sometimes to buddy. i find that very therapeutic lol im talking about watching someone cooking doing daily chores and all that
The "Inner vs Outer Scorecard" insight was the best gold nugget for me here, never thought about it that way. Kunal Shah truly is insightful, great podcast guys.
Subconsciously he's praising himself in the entire conversation
Having an hour long conversation with Kunal Shah is now one of my life goals🔥
I love this Man . So depth in every word he speaks . Truly an Entrepreneur.
just came to this channel for the first time, since i am bit influenced by kunal's thoughts and work. But man the host, damn what a great listener you are man, just hats off, on how much high value you are to listen so patiently without loosing your mind thread conversations, inspired.
19:00 Hinduism is the Stock Android (OS) of religions
47:01 "We have extraordinary builders who don't know what to build for" 🔥
Kunal Shah.. The Monk Among Entrepreneurs 😌👌🏻
A movie-like lengthy podcast full of wisdom, experience and advices. Splendid! 👏
Truely a mind blowing podcast to hear. The respect i have on kunal shah has been increasing everytime i watch/hear a interview of him .It's like information overload everytime💯💯❤️
Kunal is a gem.
This guy is super smart
Can observe things at a very fundamental level.
One of the finest podcast that I have listened to . completed in one go .
The thing that i absolutely love about Kunal is he will always boil down things to the absolute minute basics.
I'm a fan of the quote *Out of intense complexities, intense simpliticies emerge*
I operate on the same principle and love and prefer simplicities and apply the same foundation rules to most of my stuff! Thanks for the insights 👏👌💯
Wonderful episode, overall very wholesome. He made great connections & comparisons that made me think. Part 2&3 pls
One of the most knowledgeable and intelligent entrepreneur I have seen ever
Oh man, not even half way through, and mindblown by brand new Indian insights. Thanks.
I have seen every interview of this guy on CZcams. Got excited to see a new interview after a long time
Absolutely class, it was an all business lecture 🔥🔥🔥
Fun part:-
Kunal shah speaks
Host :- GO DEEPER ON THAT .
What a podcast!!! Hats off to the host for calmly listening to the insights given by KS and diving deeper to explore more of it! Well utilised 2.30 hours of my life!! Thank you for this wonderful video.
Kunal is a true gem ❤️ Thanks for sharing such a Valuable Insights
Thank you Mr.kunal what you have given in 2&half hrs, i doubt world class MBA could do same. It was like i m traveling your life journey sitting on back seat of your scooter 🛵 seeing things you did in your life. Learned allot. Excited to learn more from you.
Shane This is By Far The BEST EPISODE of Yours as a Host 🥂
Exceptional Questions & Kunal is At His Best 💎
Keep Creating Such Insightful Content 😊
This interview is like an MBA course with so much insightful discussions about economics, human behavior and marketing like no other program.
One of the best Podcasts, I have listened to so far! Kunal Shah is a man of wisdom and insights. This Podcast made me write notes as there were so many take-aways from it, Thank you Shane for giving the best content throughout, keep it up!
Kunal shah!! The best in the game, love the way he talks and the way his mind thinks
I have been watching this in pieces and repeating some parts of it again and again to really imbibe the ideas. The piece on Value for time is such a remarkable revelation. I personally connect with it so much, its a real pain when I see people waste away hours and hours of their days on minutiae in comparison to what they could actually make for that much on an hourly basis (or what they might be already making on an hourly basis) if only they saw their income in those terms.
This “missing the forest for the trees” approach, or being-too-hung-up-on-so-much-unnecessary-details approach is such a largely spread folly in Indian society that just by avoiding this one folly (inanity as Charlie Munger puts it), Indians can be in a much higher strata of life.
Remarkable, the insights are mind blowing. Thank you Shane and the entire team responsible for getting this out and thank you Kunal for giving us your time and energy and so many insights you have earned over your life time distilled in these 2.5 hours.
Brilliant insights. Please get more people from diverse countries. The richness and differences of opinion is really a gift! Thank you for this !
This is BRILLIANT . One of the finest podcast. Kunal ❤️👊
i love to listen this guy always he is so much insightfull
The great man. Whenever I find his video / podcast I listen carefully.
Kunal is beauty ,full of innovations and novelty...blessings !
This man, Kunal Shah is GOLD...
We want part 2 of this amazing podcast
This is very insightful and inspiring
Please do a part 2 and 3 asap! We can't wait for long.
This was one of the most brilliant podcasts i have come across after naval ravikant on Joe Rogan, worth coming back to again and again.
Lovvvvved this....Shane plz bring him back more often
This podcast is pure wisdom.
•Kunal gives lot of time for podcast.
•He (team) makes ads preety interesting.
•He thinks about how to get customer.
-Makes me think he should have one advertisement company and a life coaching institute. And maybe a startup coaching institute 🙂
Brother he hates coaching classes
OK to be mocked, less shame !!! these are true insights !
Best podcast of kunal shah till date✌🏻✌🏻✌🏻✌🏻✌🏻
This should be behind a paywall. This is pure gold!!
Really very insightful , I m from India , Understood his point and also interviewer is really keen to learn and gave space to flow .
I never feel boredom while listening Kunal Shah....
I listen twice on this podcast , very useful. Thank you Mr. Kunal
Can't wait to listen to this one! Thanks for having Kunal on the pod, Shane. 🙌🏼
Thank you so much CZcams to give this diamond knowledge 🙏🙏🙏🙏
Blown away by this episode.
This guys is so full of wisdom and facts. Love it
Such an insightful talk ! Learned so much from this guy.
Please do the part 2 n part 3 it was too much lerning... What a amazing conversation... 🤗🤗 Thank you ... Lernd so many things from krunal... 🙌🙌
This video is absolutely gold.
kunal is a guy who first ask su nava juni and then create an unicorn out of the conversation. what a podcast! 🔥
Love to listen Kunal Shah since i was in class 10.
My brain has just blasted with a fresh wave of ideas. I am so grateful to have heard this podcast. A must hear for everyone who wishes to be successful and do something different and useful in their lives. I wish everyone all the best.
PS looking fwd to many more podcast sessions with Kunal Shah.
Did I just watch two and half hour long video without missing a second of it ?? Wow. First time ever. The conversation was very engaging and interesting.
This is my kind of a podcast. Loving it.
Such a treat to listen to him!
This podcast is way better than a whole movie
I think this is one of the most valuable podcast episode to understand what works in India which is broken down explained so well!
Thank you guys for this ❤️
He just collected the dots and then connected the dots very well !
What a amazing podcast.... Wow.... Wow... Wow... It is too good... Thank you for sharing your knowledge I think this interview I can see more than one time...👌👌👏👏👏👏👏🙏🙏🙏
thankyou so much for this. This is the most insightful conversation I have heard in a really long time. The last one I remember is Naval on JRE. this is precious
Totally loved Kunal Shah here.
kudos to the interviewer .this is how you take interviews...other should learn and take notes
Unbelievable! This guy is so insightful!
Someone get me Naval and Kunal in a show!! I am curious to see how the conversations would flow between these beautiful souls
Brilliant as always Kunal!
Every kid must watch
Wow what a Podcast. Kudos to Shane for asking such insightful questions and intently listening to the speaker and building from there unlike others who interrupt in between and try to give their 2 cents which isn't required and it breaks the flow..Kunal is a university in himself and love the way he manages to articulate his ocean of thoughts... Killer !
That's nice to see Kunal Shah in this podcast
Amazing amazing podcast!
Kunal Shah you gave such amazing insights that it really changed my spectacle of analysing so many things! Totally in Awe of it 🙏
wonderful podcast ! especially because of its very Indian context-makes way more sense. I feel its because of the trust issue that there is abnormal wealth distribution. Naturally you want to buy everything from one trustworthy company. so I feel there should be a cap on how many things one company can make. So other small company can have more room and can generate trust as well.
Kunal another thing I have noticed is we never say no-if something cannot be done we don't say no. we don't say anything.
Another element is we don't value old clients-we take them for granted.
As a doctor I can only say that shaming in childhood has harmed more people and made them into complexed people. If one can actually use it later to gain more -thats just great!
A lot of what you have said made good sense much can go the other way too!
One of the best I’ve heard. Wow!
This podcast is gold!
Please make the part 2 love this listing to you guys is my 🤯🔥💥🧠⚡ thanks for sharing appreciate it
This is the longest podcast I have listened to in my life without any break. Tells a lot about the quality and knowledge of the persons involved. Definitely an amazing experience!
Time to jump into the Lex Fridman universe now, and maybe listen to an ~8hr podcast! 🕺🏻
Thank you so much for this podcast
Thank you for the insights.
The ones who really want to gain out of them should watch this for 7.5 hours.
Kunal Shah, interesting guest. I learned so much. Thanks
Absolutely amazing guest.
Great, great, great, What a crossover...
insane number of golden nuggets per minute in this conversation. high five.
Kunal *speaks*
Shane - "GO DEEPER ON THAT" xD
Jokes aside -
What a conversation! So insightful! So much to take in. Thank you very much! Shane and Kunal.
18:00 This is gold, how is it free.. ❤❤
Kunal is so insightful. Wow