#4 Kunal Shah - Status drives us

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3 жыл бұрын

How important is status-seeking?
Kunal Shah is the founder of CRED, a fintech company in India that’s raised over $225mn. Previously, he started and sold Freecharge, one of the few fintech companies in India with a successful exit. He’s a philosophy graduate by education and today probably more people know him for his insights into human behavior and philosophy than for being a founder of two famous startups.
His fundamental belief is that we’re driven primarily by status and even though the idea sounds simple, it has many interesting consequences for society, economy, and individual satisfaction.
== We talk about ==
0:05 - Introduction
2:04 - What is status and how does it drive human motivation?
11:54 - The role of status in shaping societies
16:21 - Bootstrapping status
18:57 - Why do we want to shape the society in our image?
24:54 - Seeking status to seek immortality
30:00 - Does status inequality exist in societies?
39:53 - Competence vs being popular
42:39 - High trust vs low trust societies and the correlation of status with wealth
54:09 - How to scale trust in low trust societies
1:00:06 - If you had the power to change India as a country, what would you do?
1:07:20 - What factors do you attribute to your success with raising the money vs the other entrepreneurs?
1:11:24 - Do the negative messages/comments on social media impact you psychologically?
1:12:54 - What is CRED and why did you build it?
1:18:47 - How did you justify making a huge investment in IPL ads? And how did this play out?
== Episode page ==
invertedpassion.com/status-wh...
== Follow on social media ==
Paras Chopra on Twitter: / paraschopra
Kunal Shah on Twitter: / kunalb11
== Credits ==
Sachin Vats ( / sachinvats97 ) for editing
Rishabh Jain ( / akhandgareeb ) for assisting

Пікірлер: 151

@boldconjectureswithparasch6382 3 жыл бұрын

🎉 🎉 Kunal has agreed to do an AMA for listeners who have follow-on questions for him. How to participate: 1. Listen to the podcast 2. Post your key insights from the podcast on youtube comments, twitter, or your blog 3. Fill this form with a link to your insights: docs.google.com/forms/d/e/1FAIpQLSea7ekMUuZpwemIjVvQ9EozbQa_7JkdTma5IUt_S9Po52NA6w/viewform Last date for participating: 14th Feb 2021. If you meet the requirements above, you will be invited to an online AMA with Kunal in Feb or March 2021.

@planningindustries2737 3 жыл бұрын

Notes from the Podcast (twitter.com/PlanningIndust1/status/1361285940686123010?s=20)

@chetanwankhede5405 3 жыл бұрын

1.Kunal talks about bringing more equality leads to more inequality (default state of nature) is there any good article you can recommend.? 2. Only monarchs were rich, people were mostly poor, any good history book/s about such Indian history that you can recommend.. Thank you 😊🙏

@ayushshah2158 3 жыл бұрын

Great Podcast Paras! Kunal is insightful as always! Key takeaways: 1. Wasting resources is best form of signalling prosperity 2. How to bootstrap status? SKILLS! Eg. Athletes 3. Absence of father figures => Demand for motivational figures (babas) 4. Thinking is energy inefficient and most people avoid 5. Low trust => High friction transaction => High margins for platforms Eg. Cars24 6. How high-trust societies make it easy to conduct business and prosper (Eg. Palanpuri Diamond Traders and Kutchi shopkeepers give loans w/o collateral) 7. How to increase trust? Strong judiciary 8. Never envy others achievements always envy their skills

@ChartedInn 3 жыл бұрын

Always

@mrddadi 2 жыл бұрын

Awesome👍

@prayaanshmehta3200 Жыл бұрын

16:30 status, coolness, skills

@bhargavkantaria9436 3 жыл бұрын

- There is nothing like equality. We are designed to find inequality.

@ChartedInn 3 жыл бұрын

yess!!

@shubhamsinojia6082 3 жыл бұрын

Desires are created on Instagram, delivered by Amazon. 59:20

@vijethrevankar7937 3 жыл бұрын

I would not even in my dreams think of relating trustworthiness with regular credit card payment! Amazing, opens a whole new avenue to explore.

@nishantjoshi5174 3 жыл бұрын

Both have great twitter feeds. Kunal is a great pragmatist pessimist, yet healthy pessimist. This podcast is the best thing started by Paras, getting heavy Lex Fridman vibes.

@jayeshjahagirdar9589 3 жыл бұрын

I am in the US for the last 3 years and I have experienced the high trustworthiness of American society firsthand.

@varunkhanor 3 жыл бұрын

Such discussions are more interesting than any academy award winning movie.

@zummotv1013 3 жыл бұрын

not really

@varunkhanor 3 жыл бұрын

To make India prosper, just keep having such discussions. Even if 0.5% population of India starts thinking on these lines, we will be prosperous to some extent. I want my 2 yr old son to grow hearing such intellectual talks. Take a bow both of you

@divyamgoel6629 3 жыл бұрын

The best thing said in this podcast is that India’s biggest problem is taking massive pride in it’s past without concentrating much on the present and future. This is exactly what I think.

@ninadk30 3 жыл бұрын

I somehow tend to disagree with it. There is nothing wrong in having pride in one's past. If used in the right way, it can prove to be a great motivator and a catalyst. Problem is of hubris and entitlement. Not worth conflating the two

@divyamgoel6629 3 жыл бұрын

@@ninadk30 absolutely no problem in taking pride in the past. But when taking pride in the past becomes more important than planning where we should go, it becomes a massive problem.

@ninadk30 3 жыл бұрын

@@divyamgoel6629 That is what I was getting at. Hubris and entitlement are problems. Not the past itself. The past has a lot to teach. Take it, internalize it and move ahead

@Abhyuday_rai 3 жыл бұрын

Have you seen people putting stickers like "maratha" "Rajput " And make these people stand at the border they will comeback within seconds taking pride on your culture is good but what about future

@divyamgoel6629 3 жыл бұрын

@@Abhyuday_rai people like to make themselves feel good by piggybacking on other people’s achievements.

@quotego 2 жыл бұрын

It's like i am listening to osho in 60-70s.. Kunal reflects all that philosophical spark.. And insight..

@ninadk30 3 жыл бұрын

Taxing the rich less than the middle class is an interesting thought. The risk is dramatic reduction in the aggregate demand or increase in general level debt. Kautilya had a form of a wealth tax on the rich as well. Not saying it would work today but the rich get the axe anyways but are compensated in other ways.

@praneetsinghbutran6925 3 жыл бұрын

Two intellectuals discussing genius stuff. Amazing!

@sanyamjain3521 3 жыл бұрын

Key Insights: 1. Trust unlocks value 2. Envy is hyper-local , get envy by skills not by outcome 3. Understanding human motivation very helpful 4. Capitalism is not a zero-sum game 5. Democracy is the process of choosing most popular leader 6. India is a status driven society 7. We talk in a lot of ambiguous ways, not in precise ways 8. Travel more , outside India

@thecoffeehog 3 жыл бұрын

The insight on why Cult leaders are often given father like names is mind-boggling. Especially because it's true across languages and geographies.

@AmeySadar 3 жыл бұрын

What I have been waiting for since the time you launched Podcast. Need to block my own calendar to watch, understand, learn and take notes. This is going to be amazing.

@ChartedInn 3 жыл бұрын

good way!

@0nlypets_world 3 жыл бұрын

the people in the comment section are the ones i would always like to hang out

@abhinayraina6589 3 жыл бұрын

Much awaited podcast for me... Two of my favourites❤️

@lokeshagarwal8655 3 жыл бұрын

Kunal, your thoughts are GOLD. thanks paras for bringing him :)

@BYCWY 3 жыл бұрын

amazing , got great ideas about our society

@adityashetty1392 3 жыл бұрын

Takeaway- 1. Bootstrap status through any vertical, public governance seems like the pinnacle 2. Most people don't want to think, it is energy inefficient. Opens up the market for assertive leaders 3. Information to build permanence 4. There is no such thing as equality, we converge to finding differences. Over and over again. Wealth inequality can help everyone. Pursuit of equality breeds resentment. 5. Collaboration, communication breaks down in low-trust societies. They don't prosper. Precise language builds trustworthy behaviour.

@ashutoshpadhi2782 3 жыл бұрын

Kunal shah always amazes with those unique insights.

@ChartedInn 3 жыл бұрын

yo!

@vivekmishra007 3 жыл бұрын

I have watched almost every talk and interviews of Kunal shah so I'm hoping we will get to listen whole different discussion and dive more deeper, will update the comment after watching the video.

@varunshah2653 3 жыл бұрын

Great insights! Ty soo much!

@manazpr 3 жыл бұрын

Thinking about what you said about the Father Complex, I guess I found my external father figure and thats Kunal Baba. 🙏

@amoghdivekar2212 3 жыл бұрын

Mind blown🤯🤯 amazing podcast.

@shreyanshishah6585 3 жыл бұрын

- There is nothing like equality. We are designed to find inequality. - Information to build permanence. - What makes a startup successful? › Constantly making things efficient on existing motivation. › Creating new motivations. Tech startups are bad at creating motivations, contrary to the FMCG's. -Compounding can make you or break you. Break you: everything will inflate and you will not be able to catch up. Make you: If you have surplus capital, interest/investing from that can create you more wealth. - A status inequality society will not increase for everyone. But wealth inequality society will allow everyone to be wealthy.

@chromeyoutube505 Жыл бұрын

Wealth doesn't guide Indians as Kunal says. Status probably does to a great extent but I think Indians are on a better footing than other societies. The Chinese and the westerners may be more productive and efficient but they seem rigid and delicate while Indians have a robustness of sorts to them.

@varunkhanor 3 жыл бұрын

These discussions are way ahead of its time by at least 20 years. Amazing stuff.

@GanggsterR 3 жыл бұрын

Seems like you're listening to kunal for the 1st time

@varunkhanor 3 жыл бұрын

@@GanggsterR everyday while commuting to work and while coming back I hear various podcasts wherever he is featured. For some reason I can so much relate to him and he gives that hope that one doesn't have to be an engineer always to enter tech space. All you need is a vision and ability to see what others can't in this herd. And then you make yourself heard.

@GanggsterR 3 жыл бұрын

@@varunkhanor 😅 okay okay. Btw there are many non tech bg ceo's leading a hot tech start up like twitch and all

@thinkfirst658 3 жыл бұрын

These are not ahead we are behind

@ammu_00_7 3 жыл бұрын

Keep doing this!🏆

@reubenvarghese1228 2 жыл бұрын

what he is talking about athletes and how they make money through ads is exactly how CRED shot the Neeraj Chopra ad. Hats off to this man!!!

@growup773 3 жыл бұрын

He is really great 🙏🙏🙏

@newbegining7046 Жыл бұрын

Brilliant point on Indians obsession with past. Somehow, Indians seem to be happy with the fact handful of kings and zamindars were very wealthy in the past but never pause and think how their own forefathers led their lives in the past .

@varunkhanor 3 жыл бұрын

Genius. Genius. Genius. Take a bow Kunal

@sanjeevtiwari280 3 жыл бұрын

Imp point :- paras has repeated this more than 5 times " while u r speaking, I was wondering" 😁😁

@ChartedInn 3 жыл бұрын

haha

@pradeepganipineni4310 3 жыл бұрын

100/100 marks for you 👏

@SteveJobzz 2 жыл бұрын

yeah. kinda annoying.

@kendricknrapthap6827 3 жыл бұрын

Such wonderful content

@pramodbarfa6780 Жыл бұрын

11:20 what an insight

@Ishaankesari 3 жыл бұрын

The capitalist philosopher!!

@quotego 2 жыл бұрын

Philosophy plus finance... Rare combination

@AnkitG12 10 ай бұрын

1:09:30 Brilliant observation We are not envious of people skills we are envious about their status . Love such conversation . So much of learnings.

@vishalpratap6991 3 жыл бұрын

Kunal constantly dropping knowledge bomb

@sheru9884 3 жыл бұрын

Great work 👍 keep going

@jaidipvalvi4403 3 жыл бұрын

Please bring kunal shah next for wealth driven society

@xumitxingh 3 жыл бұрын

Very insightful conversation fellas

@blwbisht 3 жыл бұрын

Thanks for sharing ❤️🎥 appreciate it 🤘🤙 🙏

@nishantjoshi5174 3 жыл бұрын

Paras, great job getting Kunal on the podcast. This podcast is top notch. Just be regular with the hosting though.

@boldconjectureswithparasch6382 3 жыл бұрын

I'm releasing one per week (so far).

@SkyLoreking Жыл бұрын

Kunal shah is in beast mode ready to take on the Kraken. thank you for such a great video

@shabana_04 4 ай бұрын

Wow so many unknown facts said. And the insights!

@alias15vapour 3 жыл бұрын

Interesting point about Apple. I think the "Shot on iPhone" has less to do with status, and more to do with Apple being clear about who they are and what they are selling, and those two being the same. Their identity is clear - great experience, wonderful visuals. And associate that with the product. Other brands aren't clear about that. Though of course I agree that iPhone is a high status product. Also, slight disagreement on the Airpods. I agree lots of people buy it for the coolness and jewelry factor, but the integrated experience with iOS is materially different.

@preetsutariya1664 3 жыл бұрын

Great leaders are like genes whose offsprings(followers) has no copying errors thereby increasing "their (idea's") population.

@manishpaulvlogs 3 жыл бұрын

Hello, 1000th subscriber here 🙋🏻‍♂️

@boldconjectureswithparasch6382 3 жыл бұрын

Give this man a cookie!

@SunnyKumar-mz7mv 3 жыл бұрын

Be envious of people's skills

@hrushukesh 3 жыл бұрын

❤️❤️❤️

@varunkhanor 3 жыл бұрын

How can I give this podcast 100000000 likes?

@akshayspeaking 3 жыл бұрын

Would love to see a CRED credit card with low interest rates!

@firstwireapps Жыл бұрын

Don't follow what people say, follow what they do.

@prayaanshmehta3200 Жыл бұрын

41:00 surgery to look japanese? 42:30 45:00 israelis in us- lawyers & doctors, trust david sasson library (largest drug dealer!) 46:05 hongkong and drug money 47:45 parsi's backsticker 49:30 gujarati diamond trader, palanpur kutchi 50:30 islands of trust 52:20 53:20 scaling trust? tata keeping word, quick invoice 54:20 55:50 function vs scale? no standardisation 57:20 preciseness 58:20 59:47

@chandrajain297 Жыл бұрын

You asked him questions I was genuinely curious to know the answers

@nishal1517 3 жыл бұрын

bring more indian entrepreneurs on your show!

@anush.amin07 Жыл бұрын

he should be our finance minister

@SahilHotchandani 3 ай бұрын

❤

@ArchitAggarwal1291 3 жыл бұрын

The alcohol brand is Laphroaig from Beam Suntory

@Keke-xp1ee 2 жыл бұрын

Hi Paras, can you suggest some books which you would recommend when it comes to human behaviour, psychology, etc

@spidy2260 3 жыл бұрын

Compounding is the 8th wonders in UNIVERSE

@tathagatverma1806 Жыл бұрын

On scalability and doing something impactful (in the context of India), isn't UPI a good example? The online payment infrastructure at such a scale seems to be a unique and big achievement. What are your thoughts about this? Would you consider this as a signal for transformation of the country for good?

@prashantjain18 3 жыл бұрын

How can we start (even if small) to make India a high trust nation ?

@cskvarma6 2 жыл бұрын

Very interesting points. @53:00, Kunal says that Indians have not figured out how to scale anything. I have to disagree. Examples: Amul, Indian elections, Competitive exams, Dabbawalas, Fevicol/Pdilite, Tata group, Reliance & Jio and many many more such examples. While I agree that most businessmen don’t think of scaling in India, there are tons of examples of scaling in India. I guess this is what he meant. But, I am not sure.

@indiancoinage3244 3 жыл бұрын

43:00 Honestly don't come with death penelty ,i believe

@shaileshparmar5818 2 жыл бұрын

One suggestion if you make a clip of question you asked about India and opinion given by Kunal it will be viral

@Shubham-ph2ww 3 жыл бұрын

Can we have a part 2

@ankkkitkumar 2 жыл бұрын

Video no.65 (Trust & status)⚡

@abhijitjacob 3 жыл бұрын

Status applies to fancy Indian weddings too

@ajinkyapc 3 жыл бұрын

What is 'playbook' that kunal mentioned in between?

@harshit8466 3 жыл бұрын

Democracy is the process of hiring the most popular leader and not the most competent one. Standardization is the only way something scales. It becomes the language and currency through which people speak.

@HimanshuSharma-we5li Жыл бұрын

1:06:00

@tarun4007 2 жыл бұрын

What is the name of the book by Prof. Henrique that Paras was taking about?

@boldconjectureswithparasch6382 2 жыл бұрын

The secret of our success

@prayaanshmehta3200 2 жыл бұрын

-either you create more efficient systems on existing motivations. or create a new one (head and shoulders example) -only FMCG guys largely successful on doing the latter (detergent increasing your status) (why VCs have an IIT bias?) (~peacocking) (cred first ad with lack of information) (reminds me of all those simple apple ads) (unintended consequence however: whenever you make a genuine flaw wrt lack of information, if you end up surviving/successful, with the onset of survival bias can just attribute it to peacocking. How do you draw the line between genuine stupid and genuine peacock trait?)

@MogalMauli 2 жыл бұрын

47:30

@darshanjain8458 2 жыл бұрын

24:00

@_dhanwin10_ Жыл бұрын

Add timestamps

@rohithreddy75 6 ай бұрын

Time stamps?

@AyushMishra-zh6qt 2 жыл бұрын

"What if richer sections have to pay lesser taxes ?" Interesting question Kunal, but isn't it was the sane case in French revolution that clergy, nobles paid nothing and third level of poors have to pay all the taxes ? That didn't turn out quite well, either. Any points, anyone ?

@mrddadi 2 жыл бұрын

I took 📝.

@Profit_shahadat 2 жыл бұрын

Gujarati diamond market works like blockchain.

@aayush3681 2 жыл бұрын

Me being a gujarati tried really hard to not fall into that "community pride badge" but at the end I lost.ig that's how humans are , they have biases

@ExpertStoryteller 3 жыл бұрын

13:40 - Battiya Bujha do!!!

@aryansopal 2 жыл бұрын

47:26. Mumbai! Not bombay bro. @cred

@jenamanishakti 3 жыл бұрын

This is the problem. In almost every interview, Kunal Ji is impeccable when he's talking business, and behaviour and other superb stuff that keep blowing a bulb at regular intervals. But I 🤦 at moments like 1:04:45 with sadness when a super well read, composed mind like Kunal's seems to have been misfed in terms of history. I just wish there was a way to connect Kunal Ji with Balaji Srinivasan at one platform and listen to these two great minds discuss. Imagine the butter coming out of this churn. Priceless.

@GanggsterR 3 жыл бұрын

I'm sorry idk much - india was largest economy with high gdp onec upon a time. But even at that time it was just emperors, industrialists and kings were rich. Not every other common man. That's what he said. He's right. Why do say it otherwise?

@planningindustries2737 3 жыл бұрын

Notes From The Podcast (twitter.com/PlanningIndust1/status/1361285940686123010?s=20) .

@indiancoinage3244 3 жыл бұрын

On credit card you if you pay 100 rs by taking loan you loose 231 rs in total , vs if you took on official loan if you want to know how if would gladly explain

@DennisJosephin 3 жыл бұрын

Please explain I would like to know

@aayush3681 2 жыл бұрын

@arvindiyer7454 3 жыл бұрын

Kunal shah with Sadguru!!!

@aaqibhaque7194 3 жыл бұрын

They have Elon, we have Kunal Sir ❤️

@devanshkakkad3506 3 жыл бұрын

Kunal × Lacoste

@Tatpunjiya 3 жыл бұрын

Tharoor has done many things post becoming a politician, but he’s Tharoor he is so not an Indian politician.

@brajesh.7195 2 жыл бұрын

0:11 Kunal's look is interesting 😂

@srikantchiluka8264 3 жыл бұрын

Key Insights 1) Wasting money means high status means more trustworthy. 2) We as a nation dont know what we want. 3) GDP of country increases by people creating more wealth. 4) Its very important to understand compounding. 5) We need to celebrate more entreprenuers,scientist,inventors.

@prkthgr8 3 жыл бұрын

Pod notes/Key Insights: Procrastination - Reference to the work culture you're trying to change wrt to the time delay in doing a task - People in India fundamentally tend to face this issue because there's way too much interactions and Brownian motion of people interaction as opposed to other countries where they have better control on their time -So how do you reward anti-procrastination with a status game, if that is something possible?

@yashmalik671 2 жыл бұрын

By calculating your income/hour. Not per month! Whaty your saying?

@banditonehundred 3 жыл бұрын

Kunal sounds like a Baba. I would like to be part of his cult. What is the entry fee?

@aayush3681 2 жыл бұрын

cred bounty khelo baby

@joseph0arthur 3 жыл бұрын

Vembu got his padma shri for being in the RSS(and contributing generously to the cause), not because of being zoho’s founder.

@harshgosar6001 3 жыл бұрын

Padmasri jas always been a political award. Why care? But still that doesnt undermine his success with zoho.

@akashdas6891 3 жыл бұрын

The only argument i agree to disagree is that allowing Jeff Bezos to get richer will help reducing wealth inequality because there is only an infinite amount Jeff Bezos can/will consume.

@nityanandsarkar8054 3 жыл бұрын

*finite

@GanggsterR 3 жыл бұрын

I don't think that's what he meant...

@yashmalik671 2 жыл бұрын

Jeff Bezos will only get richer when the other people get wealthy!

@indiancoinage3244 3 жыл бұрын

32: kuch bhi matlab bhai philosphy me economics bhi dikha do. KUch bhi matlab

@GanggsterR 3 жыл бұрын

It's very common fact To get rich help other's get richer ...you'll wealth will increase proportionally

@sheru9884 3 жыл бұрын

Lalu yadav elder son is political leader n want to be actor 😆