How to Think, Build & Grow a Startup - Skills & AI Advantage | Varun Limaye | FO469 Raj Shamani

The more you study, the more unemployed you are. Let's look at unemployment rate. People who don't have a degree, unemployment rate is 3%. People who have a degree, unemployment rate is 30%. IITNs who graduated in 2024, unemployment rate is 40%. What are you saying? Can you teach somebody how to build stuff? I feel that India requires a Stanford or a Silicon Valley type moment. In Stanford, whatever was going on, they saw who they were, they saw the U-Lit Packard. So their goal is to pack the U-Lit Packard. I am not going to do that. The alumni who came out from Stanford, they built the companies. If they added value, it becomes the 10th largest country in the world GDP wise. And I think that this is also shifting in India. But how to make it? People start to fail in the start of the day. They don't start it. The first skill is very important, is to solve the problem of the right thing. 99% of start-ups do not fail because of execution. They fail because the problem they are trying to solve is something that nobody cares about. Second point, they should understand. When you are a unit of mall, will you earn money on that? If this answer is no, then you should not do your business. What third? You should launch your product in two weeks. To understand what this business can be, you can tell one person about this. Your customer. So you have to take this product as a customer. You don't have to work on it. The most important is to tell a story. Distribution. Explain. The world is very noisy. We are living in an economy which is an attention economy. So you have to figure out how you are going to be noticed. You have to do two or three things. What is your channel? Through which you want to express your voice. What is your message? You have to choose. The third thing is, you have to choose your tone. I feel that a combination of these three things is something that will either make you a commodity or will make you a standard. Start-up job is created and then government. Yes, 1 million white color jobs are created. It comes from 15% IT. 40% GCC comes from 10% banking. Only 5% comes from manufacturing. 3% is government. 7% is others. 15% currently start-ups. And this percentage is 15%. If you compare this to a China and the US, their numbers are like 70%. And that's why start-ups. I think this is the most historic, exciting time to be alive in as a 20-year-old. As an entrepreneur, this is a very exciting time. As somebody who has to job, who has been educated and has been very scared. When the whole world believes that the job will go from AI to AI, they say that more new jobs will come. This Amazon headquarters in Seattle has been a senior product manager. Kellogg School of Management is one of the top business schools of the world. MBA has been done from there. And in more than 300 districts in India, they have built tech solutions for children who have no access to traditional resources. And then he co-founded Asia's first start-up focus business school so that the start-ups of India can get world-class leaders. Today's guest is Varun Lema. Co-founder of Mesa School of Business. In this conversation, we will go to AIC New Jobs. Start-ups fail. And how successful they can be made. And what founders need to create content today. This episode ends here. And to know more about Mesa School of Business, check the link in the description. You're on a start-up school, right? Yeah. That's the main thing which I found out. That is, you start up people. How is that possible? Can you teach? Can you honestly tell me, can you teach somebody how to build start-ups? Let me try to give you a picture there, right? Key, why start-ups? Let's try to look at the job market. High-level pay. Right now, I'm not looking at start-ups. I'm looking at everything. Every year, 1 million, the number of people is 1 million. White-collar jobs are created. There are 8 to 9 million undergrads who graduate every year. So, you're already seeing the mismatch. 1 million versus 8 to 9 million who are graduate. For every job available, no graduates. No graduates. Ready. With degree. Every single year. Now, let's look at this 1 million. 1 million is 10 million. It's about 15% in today's history. IT comes from. I think 40% from GCC. Global capability centers. So, essentially, if someone doesn't want to hear about it, they should read about it. Essentially, there are foreign companies. They are moving some of their operations to India. And these are backend operations. Some of them research their product. What I've heard. 40% from the GCC. Which is a large number. 15% start-ups. 10% banking. I would say, only 5% comes from manufacturing. 3% is government. And then 7% is others. And somehow 100% start-ups are bigger than government. Start-ups are bigger than government. So, start-ups currently are 15% of the 1 million that gets added. Now, if you think about it. I'll start-ups as a job. They are creating more than government. Yes. Then manufacturing than banking. But I'll tell you what. That is the rest. That's true. Banks are creating more than government. Manufacturing is more than that. That's insane. And if you think about the pool also. 10 years back, there were about 1, 2 lakhs of people. 20 lakhs of people started working. So, the first 1 lakhs of people started working today. Like that. Pretty sick. That growth has been insane. And this percentage, by the way, 15% is less than the other countries. So, if you compare this to China and the US, their numbers are 70%. But also, I mean, startups is not the right way to look at it. Because there can be a manufacturing startup also. So, let's have that caveat in mind. But a good 10% to 15% is being created by startups. Now, let me quote a number to you. When I read this, it means my brain was going to be gone. Let's look at unemployment rates. People who, and all of these are official because people who have a degree, unemployment rate is 30%. Okay. What are you saying? You would have intuitively thought that it was the other way around. But you know what this shows? What this shows is that when you get a degree, your expectation of what you should get out of a job, the salary that you should get goes up. And there is no clear data on this. But essentially, my hypothesis or what I can draw out of this data, which is insane, is that the quality or the payment that people get in white color jobs is a massive long tail. But if other app, data, Nikala, I can probably bet on it that out of these 1 million jobs, the number of jobs that will be paying you more than 5 lakhs are less than 2%. So less than 20,000 of all the jobs that exist out there, massive problem. So it's very weird. And that's because the quality of these jobs in India is very, very, very like standard at current rates. And now let's look at these jobs also in general. Right. A lot of these jobs are back end roles. Like, if I had about 20,000, Nikaloo, I would say that out of those 20,000 also 75% are back end roles. Where you're not getting to meet the leadership, you're not getting to meet customers, you're doing something repetitive. You can easily be replaced with. Right. If we're back, we're back. We've got 1 million jobs. We've got 5% to 5% of the cut cut. 2% to 5% of the cut. We've got 75% to 5% of the cut. So we're not saving anything. We are at that stage right down, where I think if we're going to status, there are no jobs to compete for. In the country, jobs will not be the same. It's not the same, it's not the same. And that's why startups, if India has to build a future, which is a strong future, we will need to be driven by startups. We will need to be driven by new ventures. We cannot be relying on the jobs. We cannot be relying on the existing ventures. If we don't have something, we can't rely on existing companies, which are doing jobs in a right way. We cannot rely on existing companies, because it's going to be difficult. But I'll tell you another change. My prediction is that, and this is something that I keep saying, that India, 員ہل ہifiable Balkham νη تkarthi गहरीकےvoorनFlip को है leer आ efficiently, i genuinely feel the work we will not date, we will work will make sure that is in bit more प악� mierे संऄे說 गरीर आज ώसाग रहीं वएभी, I will show you him तो inde, yes of course of Coimney वचया सर coordinated 10.000 पर जाहीं enforced मेंे सं�bum सी we meet that around 10.000 वचiao And there will be 10 000 jobs. But the point is that the first 10 entrepreneurs were 10th , now they would have to pay 1000. The first employees were 1000. They would have to pay 10. This means that they would have to pay 1000 people. So the scale of the skills and the whole change is going to happen. And for me, these aren't actually the boomsday scenarios. Why? Yes, it's scary. I have studied till today, 24-15 years. Its failure is shit. I am making money. I am going to learn how to get out of this dream. I know that your skill is not valuable. You have learned so much from software engineering. Now it's a computer. You have made a big degree with such difficulty. That is a big company. We need something else. Like, it's a left-right center. It's a very scary scenario for me. As somebody who has to job, who has studied and came out, it's very scary. What do I know? It was the same in the first 10 years. It was the same in the first 5 years. I know that I think this is an exciting time even for job seekers. I have to do it. I had to do it before and now I have to do it. I have to learn how to learn. I have to learn how to work in a different way. But I think it's an exciting time. Because, it's a kind of job. It's going to become more exciting. Like I was telling you, that these 1 million jobs are good jobs. I think that the back-end roles were so much. And the back-end roles are, you know, they suck the human out of you. During the 4 years, if you are in a back-end role in a company, where you are working for one thing, you are faceless. You know, your character is very good. I think that it's going to be replaced. Because, the equation I was telling you earlier, that you are working in a small company. You will have massive ownership. You will have to sell. You will have to talk to the roach customers. You will have to make roach agents. You will have to talk to the roach founders and decide the strategy. You will have to do all these people. Because you are visible. You can't hide. You can't hide anywhere. And I think that a lot of people who are just getting wasted, but had a lot of talent, will suddenly be able to deliver. So, at the end of the day, what is GDP? GDP is a number of people into productivity per person. So, if productivity increases, it might be a minor shock, where, you know, we were the back-end office of the world. Now, suddenly, we ourselves were a back-end office, and now we are saying we will become a front-end office. So, obviously, there will be a little delta, where you will have to survive a little pain. You will have to learn new skills. But that is why it's an exciting time. And, MNCs are going to be beaten by startups. And this is my hot take. We will talk on this. But before we do that, because we are talking about jobs, guys, if you think that you are not able to get a job, please join us. Same. Please apply to me. We are always hiring. Same. Always hiring. You have a lot of capabilities. You are a writer, you are a developer, you are a techie, you are an engineer. You are a future manager, you are a social media manager. You are a content writer. You can turn up every day. Yes. Have the right energy, have the right attitude. Join us either. You have this ability to learn. We will teach you. We don't know how to get a job. What's going on? You were saying MNCs will create a startup job. That's your take. Why? I mean, that's one take. My other take is that a lot of MNCs are going to shut shop because of startups. I mean, MNCs will be closed by startups. Yes. And I tell you, I will tell you three reasons. Because MNCs will not buy startups. Which is possible. And we will look at some examples also in the startup. For example, there's a book called Innovators Delima. It's a very good concept. So, Innovators Delima is essentially here. I am sure people must have read about it. It essentially means that some who are running a business. And 80% of your business comes from a revenue line A. If the world changes from a third to a third and you have to do one thing. So, you face a massive dilemma. And the dilemma that you face is that you are my 80% revenue. I am a very big company. My 80% revenue is coming from A. Now, I am going to see that this is going to be B. But how do I stop this thing? And startups, they come with no baggage. No hangover. Nothing is their revenue. They come and say, let's go and make B. And that leads to massive disruption. Let me give you an example. People must have heard the story of Kodak. Kodak, how was it? They used to sell physical cameras. Their business model was that they don't make money from the camera. They make money from the film. There was an intern. He said, Sir, the world is a digital one. We have so many capabilities. We should make a digital camera. He said, Hey, intern. Our 80% revenue comes from a film. If I did a digital, then my revenue would go away. They did not do it. Kodak. Fragile. Digital cameras. Then phone cameras took over. Finish. Best example is blockbuster and Netflix. What a story. That's right. So, Netflix also went like this. What they did was DVD rentals. They did it. Netflix went on the online. So they launched the online. Massive traction. They were almost about to die as a company when read hastings. The CEO went to the blockbuster CEO. That we have an online capability. You buy 50 million dollars. I buy Netflix. 50 million dollars. Netflix you buy. Blockbuster CEO said, Why would I go online? Because 80% of my revenue comes from late fees. Basically, when you buy DVD, you are late. They are saying whatever. They get fees from that. That was 80% of blockbusters revenue. Revenue. They said, why would I do this? This is the most useless transaction that I am ever going to do. 10 years later, Netflix has bought blockbuster. And I don't even know where blockbuster went. It completely went bankrupt. So innovators dilemma is very real. Where I feel that a lot of MNCs, they have this huge ship. They have a little direction. If they want to change, they will have to take 10 approval. Will not be able to turn their ships in a manner where they know that the tsunami is coming. That customer support is going to change from what we have right now to vice with AI. Start up in four people. They have made a book cursor or a claw code. They have made it. We should launch a church here. Canibalization will be done. Canibalization is basically you start one thing and the revenue of the other person is going to be gone. The PNL head is very powerful. In that organization, it has 80% of it. They say, don't do this. Listen to the CEO. This happens and has happened over and over again. And it's bound to happen this time. Every time there's a step jump that happens in technology, many MNCs, many industries shut shop and this happens. And AI is probably the biggest step jump. Let's be very real about everything that's happening. So that's one. Second is speed. In a environment like in a environment where we are right now, where AI is changing, the pace, three months things are changing. The people who are rewarded the most, see, nobody knows what's going to work. Nobody knows. MNC may be in the start-up, may be not. So it's a discovery phase. During a discovery phase, ھا کمپنی that wins is the one that does the most amount of experiments simple agreed MNC's will not be able to do that like the number of experiments that a startup can do ki ھا جھ کل launch کر دیا Thika ھا بڑے MNC's hong ya na wo bholing ini ھیکھو launch karni ke liye we have a launch checklist you know we have a brand to maintain so if there is an Amazon they can't launch a shitty product a startup has nothing to lose ya they launch a shitty product they will launch it customers ghali dhainghe but then when they will discover something that Amazon is not Amazon laga waikirukurukur or better one our product Amazon has a brand to maintain Amazon has a brand to maintain so speed will matter a lot and startups will be able to do that the third which is according to me the most important one is talent today's talent does not want to be even if they are paid more don't want to be in slow moving hierarchical ships they want to be in high ownership speed is today launch something in our market speed is there so the best people you will see the best people are not choosing to be in the large ship they are choosing to be in the small boats so i feel that this combination of innovation innovators dilemma talent and speed is going to make sure that there are massive disruptions that happen in the world and see my definition of startup is anything that starts up i mean this definition of this definition of is very loose in the world my family business is also a startup if you are paying for the VC then you are not a startup so i feel that any company that starts today they are watching the video of this type they are watching the video of the Y-Combinator so every new company that starts today is a startup i feel that india requires a stand for or a silicon valley type moment do you know the story of how silicon valley silicon is a big deal so in 1930s a regular university nothing special about it California was known as a barn like beautiful barn where fruits were coming California was known for in 1930s farmers they were a lot of farmlands and greenery and they are enjoying stand for was a very regular university doing regular research there was a man named Fredrick who is known as the father of the silicon valley right so he was visiting California fell sick and he was from MIT he was visiting California he fell sick he was teaching at stand for it he was teaching at stand for it he was teaching at stand for it and as it turns out that thickness made silicon valley so he fell sick because he fell sick for one year he could not move out of California he fell in love with California he said that he was taking jobs at East Coast he was in East Coast he was in a very big company MIT was East Coast General Electric he was East Coast so he was the biggest frustration that people who are teaching and after that he was going for jobs so he said he said I am going to stop teaching and I am going to teach only one cohort and he was a very famous computer science teacher in Stanford and he said I am going to take only 60 students and people were like "I am going to do something" which is going to reduce the demand he said these people need to sign a waiver that once they have taken my computer science course and have graduated as an engineer they will not take up a job for the next 5 years and will instead build a venture he said 60's cohort means when they are going to die I think 58 students are coming to them he started working with these students his first cohort included two people called Bill Ulett and David Pakad Grantee right and essentially these were people who ended up building Ulett Pakad which was the first original start-up where Ulett Pakad was called the 538 garage because 538 is basically the number of dollars that were given as angel investment by Silicon Valley and Frettic Tourment not only this there were other things that he started doing when Ulett Pakad started he knew that if Ulett Pakad did not grow his his flywheel he needs to attract really good people into these 60 people who would not get completed so he used his influence to get the government and some of the large institutions in the country to buy stuff from this start-up which was Ulett Pakad and the first thing that Ulett Pakad made was something called audio oscillators I really don't know what they do I'm assuming some audio equipment and the first purchase of audio oscillators was Disney so Disney bought 8 audio oscillators from Ulett Pakad so you are understanding it's an entire village coming together to build something of value for an entire country that's when the flywheel started so fairchild semiconductors Intel all of these games started coming from Stanford then he started another scheme where he started something called Stanford Research Park and he started inviting start-ups across the country I will tell you research one very good thing that helped them was great weather East Coast was very cold West Coast was very big and they started coming to California another thunder around 16 degrees 24 degrees and that's how silicon valley started growing where the talent used to rather than going for companies used to work for Stanford Research Park Stanford they saw Ulett Pakad so they said I have to do my job and I think this is also a shift if you look at Stanford's impact Stanford's alumni they built companies if you have added value it becomes the 10th largest country in the world GDP wise which of the top companies Google in itself Apple is actually you know he was not in Stanford he never studied in Stanford he was known to be a core since Stanford he only gave a convocation speech at Stanford he was from Reed College Steve Jobs but what was the idea a lot of engineers Apple was a kupati a lot of engineers were from Stanford but from Berkeley so in this movie he's shown walking in Stanford I don't think so so he was an Oregon he was a class Steve Jobs was actually not a pedigree person at all he did not have a great story he was not a great friend but he ended up giving the convocations speech so Stanford so there are massive companies that have come out of Stanford and the list goes on and I think India needs a Stanford moment I think it needs somebody to put a foot down that youngsters today need to build do you think IT Delhi is doing in some sort because at least people are inspired by these things they are very crazy they have created a world for the country I think there's Flipkart, there's Zomato it's not me as well so I think the hostels as far as I know IT Delhi is also doing it they have got incubators they are trying their level best but I feel that IT Delhi has a branding problem in the sense that I feel that they are brand forgetting great jobs is so high that I feel that it's still attracting people who want to do jobs who want to do jobs but I think it's changing I'm pretty sure that if you were to go to the IT Delhi campus today and ask them how many of you eventually want to do a startup I think 80% of people will say 80% but we will say the post-theboys in the village that's what I feel I feel that there need to be enough universities that are born and I feel that India's Stanford as a tag is up for the grabs I don't think that that tag exists right now because there's an ecosystem that you need to build there's a Stanford there's Stanford Research Park that was built we have to do this for that what do you do for your students because you're connected with let's say all the top startups in the country and their founders will try to bat for them and be like in India guarantee Allowments by using your influence that's the course start problem factorây understand the flow start problem solve carry iniv prove we think we'll go on we will like a sit you until Stanford it's actually exciting times for let's say this is exciting times and we established the brother start up now yeah, something is something is something is the skills develop you are from the photo and this time you will not do as much affect as many other people will do right what should it be how do we teach people right now that this is the same thing that someone has learned so both one way how to say bulletproof in this system where they have to worry about maybe job going maybe even starting a start do you think that learning these basic skills is is it going to be different in jobs and start up or is it going to be the same skills like somebody has a basic skill secretly so start up you can do it and you can do it and you can do it for every day yeah do you think that's the case or it's like different skill no no so I feel that this is the first thing if you are going to be a entrepreneur and if you're working in a company which are 10,000 people fundamentally different skills yeah but if you are a founder and if you are amongst the first 10 members in a start up so what do you have to do is not to do it true there's hardly any difference I think first 50 maybe same you know that same that's the ownership of the but how do I make a start up your success will be a work he can 82% of first time founders fail wonderful yeah right so they're only like hand full yeah so all of start going 80 to fail you know they're not starting it correct and I think he's the biggest question that you start up the risky risky so you start up why should you start up here see firstly when you start B I know so you start first time founders first time founders who successful or even 18% is a large number but if you can through that process build the muscle to be able to do certain things and keep on starting things I'm pretty sure that every single person by the 10th attempt will be able to build at least one thing of value so much that's not a question how would you get money from it how would you do it how would you do it how would you do it and so I think so what do I know is that is the objection that you have here so much time so much time we don't have that much time to attempt it to so much time we need time I don't think that is required in in today's world I feel that in today's world if you want to experiment and I feel that and it ties back to a first question you asked me that what can we ever learn to start up someone I feel that there are some fundamentals after that there is luck after that you mean after that your effort after that there are so many things that will need to work but I think at least 40 to 50% of the journey can be controlled I feel that the 40 to 50% of the journey are almost hard skills that you can learn to make yourself successful and I feel that I think that people are not doing this and if this is good if you want to go and do it again and again so their percentage of chances of being successful will go up a lot and I think the first skill that is very important is that you have to solve the problem of the right thing Exam give me an example elaborate So what do I think that you will talk to the budding founders and you will talk to the young founders I think that people are focusing on solution or product more So if you have told someone that what are you making? I am making a chappel brand People say that you are making a chappel brand, you are solving this problem that when I am going to the ground you are thinking of me That is the problem and what can I do fundamentally? If I can learn the problem for a setback, I have asked the reason why I am not on the ground, I am not on the ground So I feel that when you switch the word towards the problem of your chances of being successful and actually building something from scratch is a big problem because if you think fundamentally You have to do two things to make money, you have to create value and you have to capture value So how do you create value? Problems solve for customers who are currently not solved You cannot create value for solutions because if you have a solution and you have no problem, like a quote 99% of start ups do not fail because of execution, they fail because the problem they are trying to solve is something that nobody cares about I am going to give you an example, when there was a covid, there were many start ups Extra curricular, online extra curricular for kids If you are talking to a founder, what are you doing? You can do an online marketplace of extra curricular activities and you know people can contribute to it It is going to be an online, we are building an LMS, learning management system, we are building great experiences I will tell you why I am building it because what is the job to be done? If you are doing extra curricular activities, then you should go out to the house to get some time to get a job Parents need some time with each other, they need some time away from the kids It was a way to engage the child, it was a way to keep the child engaged in a good activity But the productive activity that they are learning is outside the house, it was a very important part Like the non-covid, the other thing was that the customers who were not the kids, they were parents Parents were deciding on the COVID-19, parents said we want the kid out of the house, then we were sitting in the whole of the house The house is getting burnt, the house is getting burnt, the whole house is getting burnt So the thing was that if they thought about the problem backwards, they thought that the job to be done for parents is to keep the child engaged in a good way This was a problem, and you can never do this with online There are a few startups who have survived, which focus on skills, which have nothing to do with social environments But if you want to do something else, then you can do it Give me an example, if you want to see podcasts, what do you think about what problems are also solving, Interrupts saying, podcasts are being made, what problems are also being solved So I will tell you two ways, your two types of podcasts are with me, one is with Deepinder Goel And one is maybe less known founders like me, I think both of them have changed the job to be done When Deepinder Goel has a podcast with you, the job to be done of the viewer is almost being in a room with a person that they can never be with Which is Deepinder Goel, you sit down, you are saying what do you do in the room? It's almost as if you sit down and the third person is sitting on the other side and you are doing conversation So they are getting insights into the lives of people that they would have never gotten to interact with That is, they are getting the opportunity to talk about Deepinder in that depth They are getting the opportunity to know them This is the biggest job to be done, it's almost as if they have to be the third person in a room And in such a room, where they can never be access to them تو جب آپ اس کی حساب سکتے ہیں سے اگر سوچ ہو گے نا تو میں اسے لگتے ہیں کہ کھیں سارے پڑکست ہے جاں پے لوگ یا نا چل کر رہے جسے جو بڑے لوگ ہیں اگر ام جسے اگر ام if look at the WTF podcast also I think it works only because of that ki وہ جو روم ہے وہ اتنا چل روم ہے جاں پے کھانا کھا رہے ہو لوگ آپ کو لگ رہے کہ آپ وہیں پے بہتے ہو آپ جو کھانا پکھا رہے ہو تو WTF کا اپرسٹھر چل رہے یا پھر آپ کا جو چار گنتے کا تھا بھی والا وہ بھی چل رہے تو it's like so that's one second is very quick value add مجھے سا لگتا ہے کہ لوگ اگر میرا پڑکست حپولی اگر دیکھیں گے تو I think وہ ایں گے کیاں میں یہ 1&1 half ھاہر میں SEG سک سکتاں جو کچھ جاہای براکٹکل ہے جاں پے راج نے ایسے سوال پوچھے کیوں کہ میں راج کو فعل کرتا ہوں میں اُجھ پتا ہے کہ راج اُجھ کچھ نا کچھ نا کچھ とにかになるのでしょうか トカpiano: want you are not alone トコト: don't be so familiar トコト:ok トコト: problem first トコト: problem first トコト: yeah トコト: for me podcast is problem first way トコト: what do you think? トコト: what do you think? トコト: simple straight up トコト: i am very simple トコト: i am solving my problems トコト: like a lot of people トコト: but simple is トコト: i am growing in life トコト: my health トコト: my wealth トコト: and my country is growing トコト: that's all トコト: so my mind is good トコト: i am better トコト: i am grow トコト: now トコト: how can i grow in the shortest time possible? トコト: he is what i want to focus on トコト: so what we do is トコト: we do is トコト: we do it in the world トコト: we do it in the world トコト: sometimes it can just be about mindset トコト: but for example トコト: every podcast トコト: if you see トコト: it is just トコト: if you see a person トコト: if you see a person トコト: it is not a podcast トコト: but it is not a podcast トコト: but it is not a podcast トコト: but it is not a podcast barsk leadership principles cara lo go sous bhai sfor action leadership principle this is a judgment leadership principle but not any more but but I say kai sare i a bit bhuldr am but you know having backbone is a you know it is to me the subset favorite you know. leadership principle that disagree but commit. who basically you can do it in a room. So you disagree but when you go out of the room you have to commit. So right from hiring you have one question that tell me about a time you showed customer obsession. So every so eight leadership principles that you have to use the most in PMing is product management. So you have to ask that question tell me about a time you showed customer obsession. When I will tell that story then it would be so deep that you tell me who was customer. No but that was in real that you met customer. What did you say customer? What was his behavior? In meetings I have heard people who are not showing customer obsession. So I did work in this meeting room and I had a room for a meal. And I was told that customer is like this. So when you are meeting someone is like that. ایک کچھ نہیں μποل سکتے ہو جو کسٹھمار کو پیسоф کرے گا. تو یہ جو کسٹھمار backwards thinking, وہ single handedly in the Mac, Amazon's a seek out. Amazon ki andaar aapko agar koi bhi idea, koi bhi idea, agar pitch kar na hai. تو آپ کو ایک Documents lik na bart tha hai called PR FAQ. ایتو ابھی I think, sabko pata hai, press release an FAQ. بہت the main concept about it is that that entire document is about, اگر اپنی یہ پروڈک launch کیا تو کسٹھمارز اس کے بارے میں, کیا سے بات کریں گے. بس یہ وہ Documents. اور میں بتا وہ لکھنا, یہ بھی گیس learning experience that I had. مجھے ایسا لکتا دارے, 6 pages کا Documents اسے او نہیں سکتا. تو 6 pages, تمہے بریدوں گیا ہے. پھنے Indian Education System سے آئے ہیں تو آتے ہیں. but when you write, there is a, there is a, there is a, it stays written. آپ نے ایک بار لکھ دیہاں آپ نے commitment کر دیا. but so, so what happens is that you can win. ویر آپ سوال پوچھن لکتاکی, is this actually true? and so, today as well, when I am in the, سمجھوگر نیا پر اگرام لنچ کر رہوں. I first will spend half a day writing a PR or a FIC about it. اگر وہ اتنا انٹرنلائیز ہو گیا نہ میرا ہے. ان در کی جب تک وہ PR or a FIC کو لکھے نہیں آتا. I can't imagine a program. I can't imagine a new launch. and I think that is just incredible ki how Jeff Bezos has been able to do it with a company which is 1 million employees. That is insane. Yes, it's insane. I, every time I talk to some Amazon leader, I'm just, even just an Amazon employee or read anything about Jeff. Like one of my favorite entrepreneurs is Jeff Bezos. Have you met Jeff Bezos? Someday, like, Someday. Like he's my, out of all the people you talk about, there are greatest of the greatest entrepreneurs for me, maybe because I've read about him so much and seen a lot of him and then you know, that's I think I'm just obsessed with it. So problem first, second point. I think analytically, so I make equations. And the most important equation, for the business, you're making any business. If you're a chappal or a man, then you should understand the unit economics. Everything else is right. When you're a unit of mall, do you ever get money from it? This answer, if you know, then you shouldn't do that business. And that is 80% of the time is true. So it allows you to say no to a lot of ideas. Just say for example, let's come back to say quit comers. Because so many people are kind of talking about quit comers. There are a few metrics that everyone keeps talking about in quit comers. Now, before naming them, let's try to understand how the unit economics are. So if you look at a dark store level, then you get some orders. You get a number of orders. You're making some money on order. You have to pay rent for minus. You're wasting minus manpower minus utilities. This is an equation. This equation is the link to the ZEPTO. Now let's break down it. So what they call number of orders into margin? Minus rent, minus utilities, manpower, minus wastage. First, let's understand that what we can control from this. What can we wastage? We can supply chain operations. But we'll have to do something. So many data. If you and I have been employed here. Or we're doing a startup, so we'll hire someone to make a link here. We'll supply chain, so we can supply wastage. We can't control rent and utilities. We can control the rent and the rest of the world. So if you look at the dark stores, where rent is less, that's why they call dark stores. So I'll take it to the place where it's accessible. But it's less if rent is in such a big cup. I can do as much as I can for manpower. But I can do as much as I can. I've got two reasons. Number of orders and margin. Let's go deeper into each one. Number of orders is that if a dark store is there, then it's around the radius. You can deliver it in 10 minutes. The customers who are there, they've understood each one. 100,000 customers. You can't do 100,000 because the rider can run the speed. So the radius is set. So your number of orders are actually this. The penetration percentage. How many percentage people are using in this? How many times in a day? Your service is ordering. So we've break it. Number of orders is that the number of people into penetration percentage, how many times in a day is the order placed? Similarly, what we've done in the front of the margin. The percentage margin is basically AOV average order value. What do you deal with brands? Like if they have a hold truth, their take rate will be less because the hold truth is a brand and commands. But the small brands, they have a little more take rate because they are doing the brands a favor. So they have a take rate. So AOV is a take rate. Minus delivery costs are minus packaging. Right. Now we'll break it down once again. If we say that we can change the packaging, we can change the packaging. We can change the delivery costs. We can't do it now. So the situation is that AOV and take rate. Take rate will be more intense than what we'll be able to do. So the trend is that if we're able to get pressure on take rate, we cannot do anything. AOV can change. Similarly, if we have a number of orders on the other side, then what can we change the number of people? Because the radius is not that high. Percentage penetration, I think that after so many ads, the one that was buying, we can't increase the penetration. But now a number of times that they are ordering, they can increase, repeat rate. So now, the whole unit economics equation lies upon two things. That quick commerce needs to solve for them to be successful at a dark store level, which is AOV and repeat rate. And that's why you'll see that these are the two things that are always coated, like the blinker, the swiggy, the zepto. I think the ability that we take a business, we can't sell it like that. We can understand that the level of the cost is available. For example, if the drone delivery is available, then the equation will not change. The equation will not be the same. But what will change? I think that your radius will increase. So a number of people that can be serviced by a dark store will increase. So your number of orders will increase. Because you can deliver to more people. Maybe your delivery cost will increase. In the beginning, because the technology is a new technology. There will be failure, the drone will be gone. But at the same time, because the number of orders will be gone, you'll be able to match that. So just an example. Now, we can take another example. That quick commerce tier 2, tier 3, why didn't I do it? That's why we don't do it. Because the population density is less than 10 minutes. So the number of orders are less. So the number of orders are not enough to justify the costs that happen at a dark store level. So look, we have gone into a lot of details in the quick commerce. I'm not saying that every person should start a business before they are there. But I think they should understand that what is the two or three things that they should correct? True. And I think that is what is Dandha Chamakna. I don't think there is anything else. I think it is just understanding what is the main metric and what is the two or three things that are made of this. Fair. What third? I'll start with the third one. That you have your business, your product, that tech product or physical product. Physical product should be launched in two weeks. In two weeks. And what I mean by that is that I think that you don't even know what is going to be in the market. And you have identified your problem. You have put a little bit of Dandha on it so that it can't be made money or not. Next, you have to try in the market. You can understand what is the business. You can only tell one thing to your customer. So you have to take this product to the customer. We are working on it for a year. آپ کو وہ نہیں کرنا, you have to hit the customers. So, this is why میرا ماننا یہ کہ سے اگر میں چپل کا برینلانچ کر رہاں اور میری چپل کے برینڈ میں ایک جٹپیک ہے جس سے آپ اڑ سکتے ہو اور رستے پے فاصد جا سکتے یہ میرا چپل ہے اب میں نے کیا کیا کیا ہے کہ میں نے دیکھا کی لوگوں کو نبہت فاصد چلنا ہوتا ہے اور کہی سارے لوگ ہے جو بھورے ہو گئے رہتے Analysis encourage your income andarnish him. ٹھےமேہ Microphone. کسپ پتھے چیumphیிdoesلی کی بہت ہے کسٹمرز اس کو خریدیں گے اور میں اس سے پیسا بنا پاغوں گا۔ کسٹمرز اس کو خریدیں گے اور میں اس سے پیسا بکواصی کا موجود ہے کسٹمرز اس کو خریدیں گے اور میں اس سے پیسا بکواصی کا موجود ہے półٹی ہے. iç rare adapter ,. میں ڈپندர گویل نہیں ہو ڈپندர گویل نہیں ہو ڈپندர گویل نہیں ہو ڈپندர گویل نہیں ہو ڈپندர گویل نہیں ہو ڈپندர گویل نہیں ڈپندர گویل نہیں ڈپندர گویل نہیں ڈپندர گویل نہیں ڈپندர گویل نہیں چھا لگا اور کیا گندہ لگا تاکہ ہم وہ مستیکς ریپیٹ نہ کر پہیں And کون سے ایسے گیس تھے جو آپ دیکھنا چاہتے ہو پاپس ہمارے پٹکاس پہیں تاکہ ہم ہم انہیں لے کیا اور آپ کو زادہ زادہ value دے پہیں And number 3 یہ اپسوڑ کسی ایک انسان کے ساتھ ضرور شہر کرنا کیوں کہ one conversation can change someone's life I'll see you next time until then keep figuring out [music]