Kunal Shah - The 6 Rules that Predicts Startup Success ✅
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Kunal Shah is an Indian entrepreneur and venture capitalist who is the founder of CRED (fintech company that serves as a reward-based credit card payments app), which is considered the second-fastest-growing unicorn startup in India. In 2021, this startup was slated to hit a $2 billion valuation with $200 million funding.
Shah also currently sits on the board of a variety of Indian companies and has been an investor in many companies since 2016.
⚛︎ ⚛︎ Source ⚛︎ ⚛︎
Link 👉 https://www.youtube.com/watch?v=nl1PIagzgUo&ab_channel=TheKnowledgeProject
✎ ✎✎ ✎ ✎ Notes ✎ ✎ ✎ ✎
5 Rules:
1) The Founder has Deep Understanding about the business
2) Easy to spread the message about what the product is about.
• The easier the spread -- the lower the CAC
• * [ CAC (Cost of Acquisition) -- The cost of acquiring a user/customer ]
3) Understand the real Motivation for why people would use the product
• Motivation Sources:
• * Functional utility
** Emotional benefit (social status increase)
4) Market Sizing
- Envision the full growth potential of the startup.
* But...
**At the beginning, focus on a specific Product/Service.
• ** So people can understand what you offer.
5) Ask yourself: Why would someone pay for the product?
6) You have insights
- Successful people are mostly Insightful People.
- Insight -- Idea that is (1) Non-obvious and (2) Based on Truth at a fundamental level
- Insights == First Principles
- Ability to act from First Principles
(Thinking Process wildly proposed by Elon Musk)
--------------- 🤓 My Reflections 🤓 ---------------
"Scratching your own itch" fits really well into these rules...
When I think about new business opportunities, I always tend to start bottom-up from myself. When I feel frustrated because I want something very specific and I can't get it because I don't find it anywhere, then I think: I can solve this for myself, and share my "solutions" with the world. Because if I had that need, it is very likely that other people will have it too!
"The success formula: solve your own problems and freely share the solutions." - Naval Ravikant
"If you have a guaranteed market of one (person), i.e./ yourself, you are ahead of 99.9% of all entrepreneurs out there" - Tim Ferriss (Google Speech)
Then, I can also see what is the real motivation behind the product/service I create (Rule 3), because my own motivation or desire for having this same product/service is what made me create it in the first place! This also will naturally lead me to know very well about the product/service (Rule 1) and be specific about the product (Rule 4).
Also, a really good example that captures the whole spectrum of Rule 4, would be the creation of Facebook. It started as a social website only for Harvard Students. Once this market was fully captured, they targeted all colleges in US. And finally, they expanded to everywhere and everyone in the world.
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