Understanding human behavior and motivation is crucial for creating wealth by identifying unsolved problems and needs.
Shifting the focus from fame to skill development and becoming excellent in a particular area can pave the way for creating wealth.
Deep dives
Importance of Understanding Human Behavior and Motivation
Understanding human behavior and motivation is crucial when it comes to creating wealth. By studying and observing human behavior, individuals can identify problems and needs that are currently not well-served or solved. Solving these problems and meeting these needs can lead to financial success. This requires delving deep into people's motivations and desires, and creating products or services that cater to them. Additionally, understanding human behavior allows individuals to seize opportunities and make sound financial decisions based on a deep understanding of how people spend their time and money.
Shifting Mindset towards Skill Development
To create wealth, it is important to shift the focus from fame to skill development. While fame may be exciting, it is a limited resource that only a few can achieve. On the other hand, developing skills, deepening knowledge, and becoming excellent in a particular area can pave the way for creating wealth. By becoming producers of what we consume the most, individuals can tap into untapped markets and create value. This requires a mindset of constant learning, honing skills, and striving for excellence, not for external validation, but for personal growth and pride.
Improving the Relationship with Money
Improving our relationship with money is essential for creating wealth. In many societies, discussing money is considered taboo, leading to a lack of understanding and healthy financial habits. By openly discussing and learning about money, individuals can gain financial literacy and better manage their finances. This includes learning about inflation, capitalism, and the fundamentals of wealth creation. Shifting the focus from short-term gains to long-term financial stability and investing in areas with limited competition can lead to greater financial success.
Overcoming the Fear of Failure and Embracing Excellence
Conquering the fear of failure and embracing the pursuit of excellence is key to creating wealth. Many individuals fear failure and avoid risks, but true success often comes from taking calculated risks. It is important to understand that failures are stepping stones to success and to persevere in the face of challenges. By valuing and pursuing excellence in our work, regardless of external validation, we can stand out and make a lasting impact. This requires a mindset shift where personal growth and improvement are prioritized over seeking approval from others.
-------------- In today’s episode of Figuring Out, Raj Shamani is in conversation with Kunal Shah. Kunal Shah is an angel investor, founder of CRED and previously founded FreeCharge. CRED is a members-only credit card bill payment rewards platform that incentives and rewards members for clearing their bills on time.
He has served as a part-time partner at Y Combinator and an advisor at Sequoia Capital.
Kunal dropped out of college to pursue his entrepreneurial journey. In this podcast we discussed why he dropped out of college, why female participation in the workspace is important for India, we also discuss the secret to creating wealth and how to get rich. Watch the podcast till the end to know complete details.
Link to watch the podcast: https://www.youtube.com/watch?v=sU0f5GLJMHE -------------
Timestamps:
00:00 Introduction 03:38 Dropping out of college? 06:10 The curse of fame 09:00 The unlimited ways to create wealth 14:20 Spending time and money 18:45 Inspiration for your Businesses 23:30 Can India create billionaires? 26:00 Changing female participation in the workspace 28:00 Learning 29:40 Kunal's take on content creation 35:10 Kunal's reason to get into finance/making money? 38:50 Are Credit Cards bad? 41:15 Rapid fire with Kunal
About Raj Shamani Raj Shamani is an Entrepreneur at heart that explains his expertise in Business Content Creation & Public Speaking. He has delivered 200+ speeches in 26+ countries. Besides that, Raj is also an Angel Investor interested in crazy minds who are creating a sensation in the Fintech, FMCG, & passion economy space.
