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| Sunday, 16 November 2003 |
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Business |  |
| News Business Features Editorial
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Unfamiliar Business by S.R.Balachandran You should not start a business that you are unfamiliar with. Unless you clearly understand the tricks of the trade, it will not be possible for you to supervise and plan the smooth working of the enterprise. Further, when met with problems, you will not be in a position to recover. Recently in India, it was found that several film production companies had closed down their activities mainly due to lack of funds. The film industry is a glamorous business; people enter the field with a lot of hopes, but end up as paupers. Generally, millionaires, specially their children enter this industry with money and fall prey to fraudulent brokers who mislead them. To be successful in the film industry, a person should know its marketability, cost of production, distribution and even things like handling the camera. Unfortunately, inexperienced people spend their money as and when a request is made and become bankrupt even before the film is completed. Even a completed film will not bring out the expected results, as it has been created by inexperienced producers who had listened to fraudulent directors, cameramen and the like. If a film happened by chance to prove successful, they then continue producing two or three films simultaneously and become bankrupt. On the contrary, I observe that the hotel industry especially the small hotels do well. This is because a person who starts a hotel has adequate experience in purchasing, producing and selling food items. He knows how to adjust to changes. I am aware that there are hoteliers who do daily purchases direct and allocate food items on an estimated collection basis. They directly supervise the working of the business and also control the cash. When big companies are collapsing, small hoteliers shine in the market because of their experience and talent.You should get familiar with a business by studying it and experiencing it or both. Never depend on your assistants all the time. Lack of supervision itself results in frauds going undetected. Therefore, I suggest you should start a business that you are familiar with, so that supervision and planning will be easy. |
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