Bansal further stated that while a business school can assist with networking and understanding the business ecosystem through case studies, entrepreneurship provides hands-on experience.
Peyush Bansal, CEO of Lenskart and a’shark,’ feels that an MBA is not required to be a successful entrepreneur. In one of the most recent episodes of Shark Tank India season two, Bansal responded to a question from a young lad from Indore, Vidit, who inquired if an MBA is necessary to establish himself as an entrepreneur. Bansal disputed and provided his own example to back up his point.
“You can use my example,” he replied. I don’t have an MBA, but I’ve been an entrepreneur for almost 12 years.” Piyush Bansal earned a Bachelor of Science in Electrical Engineering from McGill University in Canada. After that, he worked for the tech powerhouse Microsoft in Seattle for a while. However, he left his well-paying job to return to India and launch his own business in 2007. He worked on a few start-ups before starting the eyeglasses company Lenskart in 2010.
Lenskart went on to become a well-known tech start-up with a significant national presence. SoftBank, TPG Group, Premji Invest, International Finance Corp., and others are also investors.
Bansal further stated that while a business school can assist with networking and understanding the business ecosystem through case studies, entrepreneurship provides hands-on experience. “You can learn all of this as an entrepreneur.”
“An MBA degree can be beneficial, but it is not required,” he concluded. In a different part, he stated that his philosophy for investing in a start-up is that the entrepreneur must be humble. “The most significant thing to me is how the founder thinks, how he speaks, and whether or not he listens to you.”
He stated that an entrepreneur should have a desire to succeed, which pushes them to invest in them and their businesses.
Bansal is now starring on the Shark Tank series in India. He spent Rs 8.7 crore on 27 deals in season one. He has invested Rs 4.8 crore in the second edition up to week three.