Eternal Vigilance is the price a business pays to succeed, make profits in a sustained manner and grow. For, ultimately, the purpose of business is to make profit, not just in the short run, but for the long term. Be it a vegetable vendor, a tailor or a doctor catering to the local market, or a huge business undertaking with footprints within the country and abroad, it is essential to know the external and internal forces that affect his industry, his competitors as well as his suppliers, assess the situation and have the right responses ready before it is too late. Within the broad framework of profit maximisation, it is essential to emphasise that values of environmental ethics should not be ignored.
As I look around, I am fascinated by the business tenacity of the street corner vegetable vendors, who have been at it for decades. They are aware of the supply situation and how to price their wares at the retail level. They are able to assess the socio-economic profile of the local population and source the supplies accordingly. They know the likes and dislikes of the clientele, the local festivals and the requirements for the rituals, etc. They know the municipal corporation rules regarding encroachments and how to safeguard themselves. They thrive in the competition. With characteristic flourish, they accept the inroads from the retail chains of big businesses. They diversify. For instance, many of them utilise their free time to cut and pack vegetables as they know that working women would find it more convenient and would be willing to pay a higher price for it. An enterprising vendor even manages to install a coin telephone booth. An exceptional vendor knows that in growing cities, there is a continuous demand for real estate, and all he has to do is put up a small hand-written board and get going. He needs just a cell phone and his second line of business is ensured. He has carved a niche for himself. Such examples are in plenty. No one knows how many other secondary occupations one could record!
This book Useful for Management students.
1. Indian Business Environment
2. Types of Environment
3. Problems of Growth
4. Environmental Factors Affecting Business
5. Natural Resources and Sustainability
6. Business Practices and Government Policies