Lenskart CEO Peyush Bansal: Prioritize Problem-Solving Over Buzzwords in Entrepreneurship

New Delhi, March 18: Lenskart co-founder and CEO Peyush Bansal emphasized the importance of building businesses based on problem-solving and passion rather than trendy models or channels during his address at the Startup Mahakumbh 2024 on Monday. Bansal, renowned for his role as an investor on the popular show Shark Tank, shared his insights on omnichannel business strategies and the significance of customer-centricity.

Representative image

Questioning Buzzwords and Focusing on Customers

In response to a question about omnichannel business strategies, Bansal expressed his skepticism towards industry buzzwords. He highlighted the tendency for businesses to adopt trendy terms without fully understanding their implications. Bansal emphasized the importance of focusing on customers and their needs rather than getting caught up in buzzwords like "omnichannel" or "AI." He stressed that customers are not concerned with channels but with products and services that address their problems.

Building Businesses from Problems and Passion

Bansal advised entrepreneurs to identify the problem their product or service solves and to build their business around that problem or a genuine passion. He encouraged them to ask themselves why people are buying or not buying their product and to delve deeply into understanding the reasons behind these behaviors. By doing so, entrepreneurs can develop innovative solutions that address real customer needs and potentially create the next big buzzword.

Adapting to Changing Channels and Customer Needs

Bansal emphasized the importance of staying in touch with customers and adapting to their needs in a rapidly changing business landscape. He cautioned entrepreneurs against becoming slaves to specific channels and instead urged them to remain flexible and responsive to customer preferences. Bansal highlighted the significance of understanding the zero-to-one journey of building a consumer brand, emphasizing the importance of serving customers and meeting their needs rather than solely focusing on financial targets.

Premiumisation and Indian Consumer Aspirations

Addressing the trend of premiumisation and Indian consumers' willingness to spend more, Bansal attributed it to people's desire to elevate their quality of life. He acknowledged the high aspirations of Indian consumers and credited the government for fostering these aspirations. Bansal stressed that a brand is not just about advertising but about trust, design, and delivering on promises.

Success Factors on Shark Tank

When asked about the key factors for success on Shark Tank, Bansal emphasized the importance of founders clearly articulating the problem they are solving and their proposed solution. He also highlighted the need for founders to have a deep understanding of their business economics and to be humble enough to listen and be coachable. Bansal emphasized that entrepreneurs should approach Shark Tank not just for money but also for mentorship and guidance.