Sumeet Bansal: Taking the family name to another level
Photos: Bibhas Maharjan Suwal
Compiled By: Samyukta Dawadi
Location: Embassy Restaurant, Lazimpat
Today, Monalisa Exclusive Texiles, ranks amongst the cream of the crop of the most famous names in the service oriented business in Nepal. However, it started as a small wholesaler of fabrics in Indrachowk more than three decades ago. After creating a legacy of considerable proportions along the way, the company has progressed as one of the largest retail outlet catering to the emerging demand for luxury fabrics with a stylish accent. The reigns of the business has now passed on to the entrepreneur’s grandson, Sumeet Bansal.
A visionary and motivated young man by nature, Sumeet not only intends to take the acquired business to another level but also has plans to commence new businesses on his own and to make his country a better place through active participation in social platforms. We got a chance to catch up with the young entrepreneur and found out more about him and his work.
1. Tell us a bit about yourself and the businesses you look after.
This is the most difficult question for me. I don’t have a definite answer but I would like to think I have a bold, charismatic, confident and compassionate personality. I may appear loud and flamboyant but I am grounded as a person. Currently, I am involved in my family business. We have a textile business, shirting and suiting to be specific. We have this chain of showrooms called Monalisa Exclusive textiles where all kinds of fabrics are available for men. We also provide personalized tailoring service in our showroom. Besides that, I have just started my own trading company where we conduct business related to rice, pulses, flour and other agro commodity products. We have our own in-house branch called Mithas and Janatabhog.
2. What keeps you motivated?
Competition and challenges keep me motivated. Challenges accelerate my competencies and I love to overcome them. I tend to get bored with a monotonous life.
3. Who is your role model?
Definitely my dad! He has handled his life with patience and discipline and has always sacrificed for others. I want to be like him.
4. What were the toughest decisions you had to make regarding your ventures?
Trusting people h as always been the toughest part. In business we meet new people, new suppliers and new buyers every other day and we don’t have any other choice than to trust them.
5. How tough do you think is it to start and sustain a good business in Nepal? What are the biggest challenges?
Commencing a business is never a difficulty but to sustain it is a big challenge. In my opinion, producing the same quality and being consistent is the biggest challenge we face here in Nepal.
6. What are your suggestions for aspiring entrepreneurs considering the current business scenario in Nepal?
Do not hesitate to take risks, do what you want to do. If you give your 100% and if you have a dream, a strong vision and a clear goal, everything will fall into place automatically. It may take time but it will. For an entrepreneur, finance can never be a problem that is just a lame excuse because if you have the right attitude and a brilliant plan in mind, you will get lots of investors.
7. You have recently been elected as a board member for Marwari Yuwa Manch. Tell us a bit your role and a bit about the advancements and help that this community contributes towards our society?
Marwari Yuwa Manch is an organization under Marwari Sewa Samiti Nepal. This division targets the Marwari youth of Nepal. We try to help the youths in the best way possible. This organization is not only targeting the youths but also the overall society. Our motive is to prove to people that Marwaris are not only good in handling finances, we are here to prove that we are more than that. We also want to work for the development of our country and help in making some real major changes. All in all, it is a very secular organization with lots of positivity. Our target is to join hands with all the youth of Nepal and come up with something super productive for welfare of the people.
“COMMENCING A BUSINESS IS NEVER A DIFFICULTY BUT TO SUSTAIN IT IS A BIG CHALLENGE.”
8. If everything goes horribly wrong and you had to start from the scratch, what would you do? What principle would you use?
I think one should always be ready for the worst. I won’t lie Iput myself together and work double the next time.
9. Are you proud of what you have accomplished so far?
I think I am not content with what I have achieved as of yet. I feel I am in a journey where sky is the limit but I am just walking. By just climbing a mountain I cannot be proud, I have more to achieve.
10. What was the best piece of advice you ever got?
“Money earned with honesty will always grow” this piece of advice was given by my dad’s very old business associate a long time back but I still remember it and follow it till date.
11. Excluding yours, what company or business do you admire the most?
I admire TATA a lot. They have not only worked for themselves but worked for the country and the people. I want my company to be like that.
12. Any advice for young people not having the courage to start their own businesses?
It’s never late to buckle up and start planning. Know the right people and start networking. Come up with a plan and start step by step. Someday you will succeed. If you don’t, do not get disheartened; join some good company and work for the company for some time. The experience you have gained will help you in the future.
“I THINK I AM NOT CONTENT WITH WHAT I HAVE ACHIEVED A S OF YET. I FEEL I AM IN A JOURNEY WHERE SKY IS THE LIMIT BUT I AM JUST WALKING.”
13. Finally, your plans for the future
I desire to grow not only financially but overall. I want to live a happy life, make more friends, be healthy, gain more knowledge, become wise, have a happy family, visit new places and taste good food. I want to enjoy my life to the fullest.
14. How would you define your sense of style?
My style depends on my mood. I can be the clumsiest person around and be the most welldressed person. It’s an added bonus that I own Monalisa Exclusive Textiles.
15. What do you like to splurge on?
I like to splurge on everything I think is worth investing for. I love to splurge on food, traveling, fine clothes, watches and automobiles of course.
16. What is the most valuable thing you own?
My family. For me, materialistic things have no value.
17. Being a business person, how important do you think is it to focus on personal grooming?
For an entrepreneur, it is very important to present himself/ herself well in front of others.