Lenskart CEO Peyush Bansal, a judge of the Indian Shark Tank, said that the current brand needs to do more to remain relevant. He also shared some insight into talent spots. (Image Posted on LinkedIn by PEUSH BANSAL)
Peyush Bansal, Co-Founder and Lenskart Chief Executive Officer (CEO), among the judges about Chapter India Tank Shark, a reality shows where the entrepreneurs who aspire to win investments for their ideas. That experience, Bansal said, gave him some of the main learning, which he shared with his LinkedIn network.
Bansal said in a post that he went to the Shark Tank to offer advice to young entrepreneurs but returned to learn more than he could give. He summarizes the lessons he learned in five points.
CEO Lenskart said that at present, the brand needs to do more to remain relevant.
“Consumers change,” Bansal wrote. “Brand of the next age may not be brand today. Social media has fully changed knowledge, aspirations, preferences, dreams and desires to fulfill the consumer’s dream. And therefore the community / micro segment is to develop a small group of consumers with a series of values, preferences and desires same. It also leads to the following new fans, new heroes and brand new. “
CEO of retail chain prescription glasses add that no “secret sauce” for success and the only way is “crowds, fail, learning, and growing”.
Bansal also shows defects in the process of business recruitment.
“Talent is not just what we see shaken in what is called Unicorn India, but it sits multi level below, but we have never reached them because our recruitment process is mostly designed to find people working with the brand name we all see TV, and not necessarily search for potential, “he added. “And if the company can master how to find this talent, it becomes a trench for them and the Win-Win situation when more talented people get the opportunity to grow and prove themselves.”
The Lenskart boss added that innovation occurred in small cities far more than a bigger one.
“Because they [small cities] are limited to more and greater obstacles, greater innovation (as we know … needs are the mother of discovery),” added Bansal. “Plus the environment is still far more grounded, humble and close to consumers because it is relatively further than the world of building business that is not realistic for assessment and investment.”
In bansal view, most of the obstacles faced by entrepreneurs are internal.
“What a 20-person team with all resources and funds cannot be done in the middle to large company, for all the sincere reasons, 2 entrepreneurs do it in a small room without money … it’s too fast and better,” he added. “So it’s all about hunger, passion, failure, try.”
The Lenskart CEO also reflects changes in growth speed. “What will take 12 months 1 year, now take 1 month and will immediately take a day,” he said. “And this is because of the depth where the startup uses technology to find innovative solutions to solve problems very different.”
He added: “So, if we are still talking years in our conference room, we have lost the plot. Month-on-month is the ideal minimum and week-on-week. Plus technology thinks in every problem solution, and not Just because building a website must be. “
Bansal said that he only shared his personal learning. “Also, please take this with a pinch of salt, because I still fail, learn and hence revise my own thoughts every month … sorry every hour,” he added.
