People at GrowthX
At GrowthX we have been blessed with an amazing Alumni network. Our Alums have their own interesting set of stories and learnings which they have picked up in their journey.
Our goal is to create a vibrant and supportive community environment full of India’s leading product managers, product marketers, growth team members, early-stage founders and venture capitalists.
Spotlighting one such amazing member: Praval Shah
I am a student entrepreneur and the founder of Easyvest, where we are trying to re-image the asset management industry. The goal is to empower 85 Lakh upper-middle-class Indians with a dedicated investment portfolio manager to obtain superior risk-adjusted returns. I like to be incredibly curious and observant about the world around me and love to apply those insights into developing our fintech product.
Sharing some insights from our Q&A with Praval's as shared over the session:
What’s the best process for understanding user behaviour?
Observe the behaviour and try to gain insights into what the consumer really wants and why.
Start out with a hypothesis that you believe would be universally true like people would want cheaper rates, more returns, fewer risks associated with their investments.
Just start out with one hypothesis like that. Speak to your user persona, start out with one user persona and don’t diversify as you will at least get detailed feedback from one set.
The next is to always look to solve a profitable problem. Obviously, solving a problem is what every startup intends to do. But for your startup to actually become a business, it's very important that the particular problem is profitable.
How to create a good observation loop?
Once you have an observation, try to put it through an observation loop. What I've observed is that a lot of people have an action bias - to ship out something, fail fast, iterate, etc.
All that is great, especially if you have the capital to do it again. And when I say capital, not just money, if you have the team or time to do it again, fantastic. But if not, spend some time observing, spend some time contextualising that observation, because I think that will reduce a lot of your monetary time and resource investments later on.
"Referencing the classic coaching that given 10 hours to chop down a tree, spend 7 hours planning or strategizing and then the next 3 hours actually using the axe."
What are your observations about building for scale?
Try to figure out what is the path of least resistance.
Try and collaborate. Because if your scale comes out of collaboration, it is going to be very difficult for your competition to actually take away market share from you.
Position yourself differently. Again, when I say different, I mean to say compared to the next best product, your product should attack their strength. If you attack their weaknesses, they can hire 10 different coders to do the work and rectify that weakness.
How do you create business processes?
It will probably kill you if you don't have your processes ready. If you are unable to achieve scale just because of your lack of processes or if your process failed, you obviously will have your set of known unknowns and unknown unknowns, and you can't solve for that. But having said that, at least have some process ready.
At scale, this becomes really important. I think the steps are to create mental models for key processes in your business like hiring, feature prioritisation or even which bug to fix first.
"The goal is to align the process for maximum output given your limited resources in time and money."
For example: if you have multiple applicants reaching out for a job. The process can help you filter the applications via points like culture fit, gaps in the current organisation, what is the minimum bar the person needs to raise and even ask if you are ready to hire (or should you outsource).
What’s one interesting insight that you have picked up?
I assumed like many that people invest only to make money but after talking to a lot of people both users and veterans in the space I also came to the realisation that
"Indians also invest to sound smart and not only be profitable."
They love to talk about the stock or strategy that has helped them outperform the market, helped them earn a return over what the market or the fund market gave. This gives them the dopamine hit so in our product we will try to optimise for that and help them guide themselves towards the dopamine. This is also the gap in the template-based model which can’t optimise for this insight.
What is People at GrowthX?
At GrowthX we have been blessed with some amazing Alums. Our Alums have their own interesting set of stories and learnings which they have picked up in their journey.
People at GrowthX are hour-long sessions for these awesome folks to share their journey with others. The session involves 20 minutes of the individual sharing their journey, followed by an open forum for other members to ask questions.
Our aim is for everyone to pick up valuable insights from each other and know others in the community much better. The goal is to create a vibrant and supportive community environment full of India’s leading product managers, product marketers, growth team members, early-stage founders and venture capitalists.