An entrepreneur must understand that he should never be content with what has been achieved. One unexpected change can transform the whole situation and can set us back to square one. Depending on our view, every change can be a problem as well as an opportunity. Peter Drucker, an influential writer once said, “Every organization will have to become a change leader. You cannot manage change. You can only be ahead of it. You can only make it.”

So the lesson for every entrepreneur here is to be ahead of change.

4. Overcome Your Competition

When China took over manufacturing, price of CDs fell sharply and margins were lessened. Moser Baer started finding it hard to keep up the business. Gradually the Chinese companies took over and Moser Baer had to suffer.

“In business, the competition will bite you if you keep running. If you stand still, they will swallow you.”