by Madan Mohanka (Tega Industries)

If you believe in a product, don’t give it up half way through. Be on it. And you will succeed one day. And the result will be good.

Second, have patience during difficult times. Don’t lose your balance, and try to carry the team with you. 

Third, when you are launching any business, whether it’s a new product or an existing product, it it’s a new business, plan for 50% more money than what you think you require. Al least 50% more to stand by. So in case you have difficulty half way through, you don’t have to close the business or run away. You have some money to put in, to carry on and see the bright side of it. 

For a mid size company, having multi-locations for the plant is not advisable because mid-size companies are owner driven companies. Multi-locations create problems in terms of management focus. 

There is a lot of scope in manufacturing. In India our manufacturing base is only 37%, whereas in all advanced countries, the manufacturing base is 65-75%. If any economy has to become strong in the long term, it can become only with the manufacturing base, not the service base. Service base is only temporary. This will not create long-term employment and if the economy has to become strong, it has to go into manufacturing. 

If you believe in a product, never give it up. You will succeed. It might take time and cost money.