The essence of any business is to assess customers’ need early and provide them a solution that becomes a part of their lives. Satyam Kumar, CEO and Co-founder of LoanTap, found a significant gap in the business of lending. There was a need to bring disruption in the banking industry which offered basic Personal Loan for all needs and aspirations.

The FinTech mogul had great consumer insights obtained over years of experience. To solve the existing challenges he came up with the idea to build a business around providing flexible loans which are easy to access. The values around which LoanTap is built, has a lot to do with staying relevant for current consumers. Belief system, priorities have changed over the years. LoanTap aims at providing financial support, especially to the new generation. LoanTap loans are not only flexible or fit to pocket, but also meet niche requirements like loan for security deposit, premium bikes, holiday, wedding etc.

We, at PeopleNorth had the pleasure to pick the brains of this Fintech genius. Our approach to this interview, unlike a conventional one which tends to focus on just the numbers, graphs and curves, was directed towards gaining an insight into the psyche of an entrepreneur.

On starting afresh:

Mr. Kumar gave PeopleNorth an insight into the psychological challenges of exiting the 40-hour work week system and beginning the journey on the entrepreneurial path. He throws light on restrictive conditioning of the Indian middle class where a 9 to 5 job is the epitome of success.

However, when the idea is  empowering, the concept clicks  with the investors and then the response that you receive is positive. Then everyone’s thoughts, right from immediate society to  employees as well as investors get synchronized to single objective with  which  start-up has embarked on its journey. Market validation plays an  important role and it becomes, both an economic and psychological driver of growth with respect to the business and the people associated with it.

There are economic and regulatory barriers along with an ever changing external environment, however, one needs to be prepared  for  all challenges. Kumar also touched upon the economic variable of lack of capital that creates an environment which is  not conducive to entrepreneurship.

On making the right choice; business partners:

Kumar took us through the cycle of how entrepreneurs like him pick business partners and leaders for their ventures. He believes that post testing your business concept, it becomes crucial to have partners who have same value system, have the same drive and believe in you, your idea and your leadership style.

Kumar, the Co-Founder and CEO of LoanTap, then speaks about a start-up being as successful as its core team. Leaders are chosen based on the specific skills set that the organization needs. In fact, even an investor will bet on the start-up team more than the idea because the ideas evolve with time, but if the team doesn’t have the capabilities to pivot the idea and execute it, the dream of creating a disruptive start-up is far-fetched.

He further emphasizes upon the search for youthfulness in stakeholders, people who can reimagine the process and challenge the status quo will create a significant impact that is much required by a start-up.

On evolving as a leader:

Kumar talks about a two-phase approach towards leadership development and upskilling. He states the importance of acknowledging as well as utilizing the existing set of skills and working style of the senior leadership employees. Also, for himself, as an entrepreneur, , even though there was an overlap of what he was doing in the bank and in current role, but important skill dimensions were added.

Kumar challenges the general notion of disturbing the waters of senior leadership and coercing them towards changing, and instead talks about providing a gentle nudge towards upskilling. If the resistance persists, Kumar talks about substituting the skill set gap with another individual as opposed to subjecting him or her to scrutiny.