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Entrepreneurs must never lose sight of the profitability of their business, said Mr Kishor Chaukar, Managing Director, Tata Industries.
At an event organised by the National Entrepreneurship Network in a city college, Mr Chaukar said: “Entrepreneurs often do not take into account overheads and real estate investments. They keep cutting prices till they realise they are out of business. Entrepreneurs must have an eye on profits.”
But profitability alone is not the end game, warned Mr Chaukar. “The world's most respected companies are not those that are the biggest profit makers but are the ones that are trust-worthy. Trust is the key element you hand over to the next generation.”
Entrepreneurs must also have a clear understanding of their competitive edge and have a clearly defined goal. But this goal can change depending on the context, said Mr Chaukar.
Citing the example of Nokia, Mr Chaukar said the Finnish company started out as a paper products manufacturer before entering the mobility space and becoming a successful mobile phone brand.
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