Peyush Bansal, the founder and CEO of Lenskart, shares valuable insights on the significance of purpose clarity, customer obsession, and a strong culture in building a lasting business.
He discusses his experiences in recruitment, problem-solving, and balancing short and long-term objectives.
The Role of Passion in Decision Making
Choosing to prioritize Lenskart over other potential revenue sources showcases the significant role of passion in shaping business decisions.
A deep-seated commitment to a cause can be a driving force for transformative change in an industry.
So I think if we can go back to the first principles, that kind of innocent thinking where you’re not clouded by what is cool and sexy and what will get you the next round of funding and the buzzwords and now the buzzword is AI. – Peyush Bansal
The Success of a Customer-Centric Approach
Lenskart’s success can be attributed to its commitment to understanding and meeting customer needs.
By listening to their customers and responding effectively, they have managed to disrupt the eyewear industry.
Staying Committed to the Mission
The journey of Lenskart highlights the importance of staying true to the core mission, even when the business is scaling and raising substantial capital.
The central goal of transformative change should remain at the forefront of decision-making.
Customer Obsession as a Catalyst for Market Expansion
Lenskart’s intense focus on customer obsession has been instrumental in expanding the eyewear market in India.
By making eyewear more easily accessible, the company has been able to bring in customers who had never previously considered getting their eyes tested.
The Power of Customer Centricity
Focusing on customer needs, rather than being swept up by industry trends or buzzwords, is paramount.
Businesses should consistently revisit their first principles and ensure that their strategies and actions are guided by what their customers truly want.
The Key Role of Hiring
The process of hiring significantly influences the trajectory of a business.
It is important to onboard individuals who align with the company’s values and contribute to a culture of collaboration and shared growth.
The Benefit of a Focused Approach
Despite initial ventures into multiple product categories, it was the decision to concentrate solely on eyewear that allowed Lenskart to effectively pursue its vision.
This illustrates the potential of a focused strategy in driving business success.
The Power of Market Creation
Lenskart’s success can be attributed in part to its role in creating a new market.
The company identified an unmet need for accessible solutions to vision problems and built an ecosystem to address it, demonstrating the potential of innovative market creation.
When shit hits the fan, you need to really…start finding people who can take over these jobs. And because you have kind of done it, you have a much better understanding, and you have a much better empathy, what that person needs to be like for them to be able to do this job. – Peyush Bansal
Striking a Balance Between Short and Long-Term Goals
Balancing immediate objectives with long-term goals is a crucial aspect of business growth and sustainability.
It is important to delegate initial tasks to capable hands, allowing leaders to maintain a focus on the bigger picture.
Building for the Long Term
Lenskart’s aim is to build an institution that stands the test of time.
Drawing inspiration from successful companies like Maruti and Asian Paints, the company underscores the importance of laying a strong foundation for enduring success.
Purpose-Driven Entrepreneurship
Peyush Bansal’s entrepreneurial journey was not motivated by monetary gain, but by a clear vision and purpose.
His story emphasizes the role of passion and purpose in entrepreneurial success.
The Birth of Lenskart
Lenskart was established to address a pressing issue in India – the lack of easy access to vision correction.
The story of Lenskart underscores the impact that can be achieved when founders are deeply committed to solving specific problems.
