Quality, cost and time key factors for successful business

Money, quite often, is mistaken for wealth. A uniform trend is witnessed across the world where people are keen on making money rather than creating wealth.

There is a clear distinction between the two, said Efftronics Systems Pvt Ltd Managing Director, Mr D. Ramakrishna, delivering a guest lecture on “Wealth Creation”, as part of The Hindu Business Line Club activity, in association with Tata Photon, for MBA students of P.B. Siddhartha College of Arts and Science on Saturday.

He said that the quest to make money tantamount to “robbing others to fill your own pocket. “Unlike the present generation, our forefathers believed in creation of wealth. Germany stands out in wealth creation, more than the US which is much bigger in size than the former. Germans invest on development of assets and their development plans are phenomenal,” he added. .

Giving tips on investment, he said: “Start investing in yourself. Focus on your health and groom yourself by enhancing your knowledge base, your capabilities, skills and attitude.”

Finding fault with the ‘skewed' Indian education system, he regretted that “we are interested only in short-cuts. Education must teach us best practices but students don't seem to be interested in accumulating knowledge,” he added.

He said to be a successful businessman one must be innovative and productive. “Quality, cost and time” are key factors for successful business,” he emphasised, adding that “information, capacity to predict things and their effective implementation” were other catchphrases.

All sections of society had access to information thanks to the Internet, he added. “Put your knowledge to the best use and equip your manpower with adequate skills,” he advised, lamenting what he called “poor understanding” of the term ‘skills' in India.

Speaking about the present trend of ‘Green Technology”, he described the dynamics of future cars and expected it to undergo a sea change. “Automobile industry and nano technology will witness radical changes,” he added.

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