Mukesh Bansal Shares Lessons from His 25-Year Entrepreneurial Journey
Mukesh Bansal Shares Lessons from His 25-Year Entrepreneurial Journey
Mukesh Bansal, the founder of Myntra and Cultfit, recently opened up about the biggest challenges he has faced during his 25 years as an entrepreneur. In an interview with NDTV Profit, Bansal shared key moments that shaped his career, including a financial crisis at Myntra in 2013 and the COVID-19 pandemic’s impact on Cultfit.
Myntra’s Struggle in 2013
In 2013, Myntra faced a serious financial crisis. With 300 employees and a growing customer base, the company was nearly out of money. “We were just days away from missing payroll. Survival seemed impossible,” Bansal said. At the last minute, Tiger Global’s Lee Fixel invested $5 million, giving the company six months to turn things around.
“We conveyed our belief in our vision to him. We knew we could make it work if we had a bit more time,” Bansal added, crediting Fixel’s trust in the startup.
Cultfit and the COVID-19 Crisis
The pandemic hit Bansal’s fitness startup Cultfit hard, causing its revenue to drop to zero overnight. Gyms, like theaters, were among the most affected businesses. Instead of giving up, Bansal used the crisis as an opportunity to fix inefficiencies and strengthen the company’s core operations. “Never let a crisis go to waste,” he said.
The Start of Myntra
Bansal was inspired by the dot-com boom in the US, which shaped his vision for launching Myntra in India. He saw the inefficiency in traditional retail during a visit to a mall full of unsold inventory. “It felt like such a waste. All this inventory should be online,” he recalled, believing in the huge potential of e-commerce in India.
Entrepreneurship: A Long-Term Effort
Bansal compared entrepreneurship to running a marathon, emphasizing the need for endurance. “You need staying power. Believe in your vision, but be ready to adapt when needed,” he advised. He also highlighted the importance of a transparent workplace, saying, “I don’t believe in rigid hierarchies. Fresh talent can bring in new ideas and change company culture.”
The Role of AI
Calling artificial intelligence the “biggest technological shift of all time,” Bansal acknowledged that while some jobs might be lost, AI would also create new opportunities. “AI is a long game. It will take time to fully mature, but it has huge potential,” he said.
Investors have shown increasing interest in AI in recent years, but Bansal warned against expecting quick profits from this rapidly evolving technology.
Stay tuned for more insights from top entrepreneurs on overcoming challenges and navigating new technologies.
