'Takes real guts to say no': Shark Tank judge Aman Gupta is confident Flathead's Balakrishnan will be back with a bang

Aman Gupta, co-founder of the wearable brand boAt, is one of the Sharks on Shark Tank India Season 2. In a LinkedIn post, Gupta discussed his entrepreneurial journey in an effort to encourage IIT and IIM alumni Ganesh Balakrishnan, who pitched his Flatheads shoe brand made of breathable fibres.

"During the Flatheads pitch, I could see myself in Ganesh Balakrishnan. Since I could relate with him so much, I didn't shy away from speaking my mind and told him to do what I would have done if I were him - start over," he wrote on LinkedIn.

When Balakrishnan revealed that his company was losing money and that it might close down soon, the boAt co-founder had advised him on the show to get a job instead and learn the fundamentals of running a business. Gupta had also stated that once Balakrishnan learns the fundamentals of business, he will invest in Flatheads.

“It was tough feedback and it takes real character to accept it when someone tells you to stop doing what you're doing and start afresh. And to top it all, it takes real guts to say no to a great funding offer on national TV to restart and recalibrate. I hope he is on to something huge soon. Massive respect and he will be back with a bang,” he added.

Gupta gave tidbits of his own entrepreneurial journey. He recalled that his entrepreneurial journey was not easy and he had to restart it 5 times by taking up a job in the corporate world and saving money, only to restart. Gupta added that if a person's business is not performing as anticipated, there is nothing wrong with taking a job. In fact, he asserted, it is a sign of fortitude and a refusal to give up.

“When I was on my entrepreneurial journey, I started once but restarted 5 times. Went to the corporate world and then came back to entrepreneurship. While my story makes for a great story now after being somewhat successful, when you're experiencing the failures, it's unnerving,” he added.

The Flatheads co-founder was inspired by the concept and turned down a Shark Tank offer from Anupam Mittal, the founder of Shaadi.com, People Group, Makaan.com, and Mauj. Vineeta Singh, Founder of Sugar Cosmetics, and Peyush Bansal, Founder of Lenskart, also approached Balakrishnan, but he declined. Instead, the Flatheads co-founder stated that he would take a job, save money, and return to his shoe business stronger. All of the Sharks encouraged him, and Mittal even offered the IIM and IIT alumni jobs at his firm.

"Thank you very much. I thought a lot. I think I need to reevaluate my priorities in my life. I think I will work with the D2C brand, learn for a couple of years and come back. That perspective needs to be built. The reevaluation wasn’t clear until today, but after speaking to you all I realized I am far away from what I had been thinking," Balakrishnan said. Interestingly, after the episode was telecast, consumers came out in support of Balakrishnan, and Flathead's inventory was sold out. 

In a LinkedIn post, Balakrishnan had earlier written, "We've almost sold out our inventory in India, so pardon us if you aren't able to find your size on www.flatheads.in. Would be amazing if you can tell your friends in the US and UAE to try our shoes."

Also Read: ‘Don’t have words’: Sugar CEO Vineeta Singh applauds Flatheads founder for honesty

Also Read: 'Fan of Peyush's no-nonsense mindset': Flatheads co-founder is grateful to Shark Tank team, judges