Core Human Motivations | Kunal Shah | Knowledge Project 141
In this episode of The Knowledge Project Podcast, Kunal Shah, founder and CEO of CRED, shares his insights on human motivations, cultural differences, and decision-making strategies.
Drawing from his entrepreneurial journey, Shah discusses the importance of understanding what motivates people, spotting trends, and the value of resilience in business.
A strong focus on community benefits can significantly contribute to business success.
Offering low-interest loans to people in the community encourages more people to start businesses and succeed.
Resilience in the Face of Failure
The ability to bounce back from failure is a significant factor in long-term business success.
In certain communities, there is no shame in failing in business, and people often start again after a failure.
Understanding Real Value
Understanding what people are actually paying for is crucial in business.
Early experiences in business can teach entrepreneurs to understand the real value of products and services.
Personalization and Status
People are willing to pay more for personalized items and products that elevate their status.
Creating artificial scarcity can drive up demand and price.
I believe that insight is the smallest unit of truth that is actionable… people who operate in the currency of insights tend to be generally more successful, at least in business. – Kunal Shah
You cannot develop substance, net worth, wealth, experience unless you’re constantly willing to risk your reputation… people who can feel extremely okay to risk up to 30-40 percent of their reputation, wealth, health are the ones who propel further. – Kunal Shah
Understanding Time Value
Understanding the value of time can lead to different decisions about convenience and time-saving products.
In some cultures, people rarely understand their value per hour, leading to poor decisions regarding their time.
Soulfulness and Inefficiency
Things that feel soulful, such as certain vacations or foods, are often inefficient.
However, these inefficient methods often create memorable experiences and emotional arousal.
Standardization and Scalability
While standardized things are easier to scale, they are also easier to disrupt.
Non-standardized things are harder to scale but also harder to destroy.
Creating Memorable Experiences
Creating memorable experiences and emotional arousal is often achieved through inefficient methods.
Trips to inefficient places will be more memorable than trips to efficient places.