Economics Project Work1

NAME-KRISH BANSAL
COURSE-BCOM.HONS.
SECTION-A
ROLL NO.-23/51063
ENTREPRENEURSHI
P
MEANING
PROCESS
CASE STUDY
INTRODUC
TION
• ENTREPRENEURSHIP IS A PROCESS WHERE AN ENTREPRENEUR ACTS AS AN
AGENT OF CHANGE, WHERE HE IDENTIFIES THE EXISTING PROCESSES, NEED OF
MODIFICATION AND SET TARGETS ACCORDINGLY TO SATISFY AUDIENCE.
• Entrepreneurship is the art of starting a business, basically a startup company offering creative
product, process or service. We can say that it is an activity full of creativity. An entrepreneur
perceives everything as a chance and displays bias in taking decision to exploit the chance.
ENTREPRENEURIAL PROCESS
Entrepreneurial process can be defined as the steps taken in order to establish a new
enterprise. It is a step-by-step method, one has to follow to set up an enterprise.
•Discover – Any new process begins with fresh ideas and objectives, wherein the entrepreneur
recognizes and analyzes business possibilities. The analyzing of opportunities is a risky task, and
an entrepreneur looks out for inputs from other persons, including channel partners, employees,
technical people, consumers, etc. to reach an ideal business opportunity.
•Evaluation – The evaluation of an opportunity can be done by asking several questions to

oneself. For instance, questions like whether it is worth taking a chance and investing in the idea,
will it attract the consumer, what are the competitive advantages and the risk linked with it are
asked. A reasonable and sensible entrepreneur will also analyze his skills and whether it matches
his entrepreneurial objectives or not.
PROCESS-
• Developing a plan –
After the identification of an opportunity, an entrepreneur has to build a complete business plan. It is the most
important step for new business as it sets a standard and the assessment criteria and sees if a company is working
towards the set goals.
• Resources –
The next step in the process of entrepreneurial development is resourcing. Here, the entrepreneur recognizes the
source of finance and from where the human resource can be managed. In this step, the entrepreneur also tries to
find investors for his new business.
PROCESS-
• Managing the company –

After the hiring process and funds are raised now its time to start the operation to accomplish
the desired goals. All the entrepreneur will decide on the management structure that will be
assigned to resolve the operational problems whenever it occurs.
• Harvesting –
The last step in this process is harvesting, where an entrepreneur determines the future growth
and development of the business. Here, real-time development is compared with the projected
growth, and then the business security or the extension is initiated accordingly.
STARTING A BUSINESS
• Being an entrepreneur is not an easy task. It is a very big decision and one
has to make efforts, has to be patient, and should work hard. Before starting
an enterprise, some factors should be considered and reviewed in order to
increase the probability of profitability.
• The meaning of small business, however, changes in different countries

according to their respective laws. The criteria depends on the number of
employees, turnover, asset of the company etc.
CASE STUDY- PEYUSH BANSAL FROM
CARTLESS TO LENSKART
INTRO -
Peyush Bansal is an Indian entrepreneur and co-founder of the eyewear retail chain Lenskart. He
founded the company in 2010 along with Amit Chaudhary and Sumeet Kapahi. Before Lenskart, Bansal
worked in the United States at tech giant Microsoft. In 2007, he decided to quit his job and return to
India. He built Lenskart from scratch, and today, it is one the biggest eyewear store in India. In 2020,
Lenskart entered the unicorn club and had a valuation of over $1 billion. He is also an investor in Shark
Tank, India.
Here’s Peeyush Bansal’s success story.
LENSKART- THE BEGINNING OF
AN ERA
Peyush Bansal was born on April 26, 1985, in New Delhi, India. Bansal graduated with a degree in
Electrical Engineering from McGill University in Canada. After graduating, he started working at
Microsoft. Bill Gates had been a long-time role model for Bansal. He always wanted to work in his
company. At Microsoft, he worked in MS Office and came up with ideas that could improve the user’s
experience. In 2007, Bansal decided to quit his job at Microsoft and returned to India.
From 2007 to 2009, he worked in a couple of startups that became quite successful. In addition, he
graduated with a management degree from the Indian Institute of Management, Bangalore. While
pursuing his post-graduation, Bansal launched SearchMyCampus. The website offered solutions to
various problems faced by students such as accommodation, internships, part-time jobs, and many
more. During this time, he noticed that the eyewear industry is neglected by large e-commerce giants,
which drove him to do something more and solve bigger problems. That’s how Lenskart was created.
BANSAL’S CARRER AT LENSKART
In 2010, he set up Lenskart and his business partners Amit Chaudhary and Sumeet Kapahi.
Initially, they only sold contact lenses through prescription. By March of 2011, Lenskart’s
website started selling eyeglasses and sunglasses. In an interview, Bansal stated that the
mission behind starting Lenskart was to help people all over India with vision correction.
Secondly, the company aims to raise awareness about eye care and performs almost 15,000
eye tests daily. However, it provides its customers with affordable, stylish, and good-quality
eyewear. Bansal also said they try to understand customers’ wants and surprise them with new
experiences. Hence, this is what made Lenskart successful.
Today, Lenskart employs around 4000 people. The company also has over 500 stores located
all over the country. In 2019, Lenskart entered the unicorn club with a valuation of $1.5
billion. In March 2020, the company doubled its sales from Rs 486 to Rs 1,000 crore. The
company also managed to surpass its main competitor, Titan Eyewear. Piyush’s hard work and
determination helped Lenskart to reach new heights.
CONCLUSION
Peyush Bansal’s journey from a young entrepreneur to the leader of a global brand is a
testament to his determination, innovative thinking, and customer-centric approach. He has
been instrumental in not just establishing Lenskart as a market leader, but also in shaping the
future of the eyewear industry. In an age dominated by e-commerce and technology, Bansal’s
visionary leadership is a shining example for budding entrepreneurs worldwide. His story
continues to inspire and serves as a reminder of how one can leverage the power of digital
platforms to disrupt traditional industries and create a globally recognized brand .
BIBLIOGRAPHY
• Businessjargons.com
• Startuptalky.com
• Entrepreneurship Development- Dr. Sapna Bansal

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NAME-KRISH BANSAL

•Evaluation – The evaluation of an opportunity can be done by asking several questions to

• Managing the company –

• The meaning of small business, however, changes in different countries

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