Lenskart’s chief executive and ‘shark’ Peyush Bansal believes an MBA degree is not necessary to become a successful entrepreneur. In one of the latest episodes of Shark Tank India season two, Bansal replied to a query of a young boy, Vidit from Indore who asked him if MBA is important in order to establish himself as an entrepreneur. Bansal refuted and gave his own example to support his argument.
He said, “You can take my example. I have not done an MBA but have been an entrepreneur for over 12 years now.” Bansal completed his Bachelor’s in Electrical Engineering from the McGill University, Canada. He worked at the tech behemoth Microsoft in Seattle for a while after that. However, he quit his well-paying job to come back to India and took a dive into entrepreneurship in 2007. He worked on a couple of start-ups before launching eyewear brand Lenskart in 2010.
Lenskart went on to become a well-known tech start-up with a sizable presence across the country. It is also backed by prominent investors such as SoftBank, TPG Group, Premji Invest, International Finance Corp., and others.
Bansal also pointed out that a business school can help one with networking and in understanding the business ecosystem through case studies but entrepreneurship gives practical experience. “All this you can learn while being an entrepreneur.”
“An MBA degree can be an added advantage but it is not mandatory at all,” he concluded. In a separate segment, he also shared that his mantra to invest in a start-up majorly lies in how humble the entrepreneur is. “For me the most important thing is how the founder thinks, how he speaks, and whether he listens to you or not.”
He said that an entrepreneur should have the hunger to succeed and that surely compels him to invest in them and their companies.
Bansal is currently appearing on the Indian version of the Shark Tank series. In season one, he invested Rs 8.7 crore across 27 deals. In the second edition, till week three, he has invested Rs 4.8 crore.
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