Dear AIM,
A good one in Hindi.
For the benefit of all the readers, I have given the salient three points mentioned by the speaker in my own language.
1.0 Be careful about the choice of the business in which you enter. A business may be doing very well when you enter and by the time you stabilize, the market goes down on the wane ( Red Ocean Strategy). So look for the ones that have a bright future and the one that has growth in the market ( Blue Ocean strategy).
2.0 Working Capital management is very important till you start making money. Say first two or three years are crucial. Be careful when you invest in non performing assets like office, furniture etc
3.0 Always maintain business ethics. In their anxiety to make money, some adopt unscrupulous methods and lose their reputation.For the business to mature and start yielding returns it takes time. so have patience and do not give up ethics
V.Raghunathan
Chennai