Kunal Shah, a well-known name in the Indian startup ecosystem, has a surprising piece of advice for those looking to achieve financial success. As an Angel Investor and the Founder of CRED, as well as the mind behind FreeCharge, Shah has navigated the highs and lows of the business world with remarkable acumen. His secret to financial success is both simple and profound.
“People who love making money for other people make more money than people who love making money for themselves.”
A Different Perspective on Wealth
This advice might sound counterintuitive at first. After all, isn’t the goal of entrepreneurship and investing to maximise one’s own profits? Shah challenges this traditional view, suggesting that the key to long-term financial success lies in focusing on generating wealth for others. According to him, when you prioritise making money for other people, whether they’re your customers, clients, or even investors, you create a cycle of trust and value that eventually leads to greater personal wealth.
Building Trust and Value
The essence of Shah’s advice is about building relationships based on trust and delivering genuine value. In the business world, when people feel that a company or an individual is genuinely invested in their success, they’re more likely to engage with that business or individual. This relationship doesn’t just translate to immediate profits; it builds a foundation for lasting loyalty and, consequently, a more sustainable source of income.
A Look at Shah’s Success
Kunal Shah’s career exemplifies his unique approach to financial success. With CRED, he created a platform that rewards users for their good financial behavior, essentially helping them save money. Similarly, FreeCharge simplified the process of mobile recharges and bill payments, directly benefiting users. In both ventures, Shah focused on creating value for customers, which in turn fueled the growth of his businesses.
Why It Works
Focusing on making money for others works for several reasons. It encourages innovation, as businesses continually seek new ways to deliver value to their customers. It fosters goodwill, which is invaluable in today’s competitive market. And it helps entrepreneurs and businesses to stand out by establishing them as leaders who are not just in it for their own gain but are committed to making a positive impact on the lives of others.
The Takeaway
Kunal Shah’s secret to financial success challenges us to rethink our approach to business and investing. By prioritising the financial well-being of others, we not only contribute to a more equitable and supportive economy but also pave the way for our own financial prosperity. Shah’s journey and achievements serve as a compelling reminder that in the quest for wealth, the most effective strategy might just be to focus on enriching those around us.
Edited by Roshni Manghnani
