In Conversation with… Mohit Sethia, Owner, New Pawan Palace.
Could you please describe your Professional Background?
Please provide a brief description of your Industry?
Clothes production and in-house shopping.
What were the initial struggles?
Procurement of good quality clothes
Building client base
Getting repeated customers
Left my business consulting job after my MBA to get into this business.
What are the current challenges?
Many businesses have gone digital.
The business-to-customer model has taken a hit due to an increase in an eCommerce transactions.
Covid restrictions from the last year bought a lot of loss.
What do you see in the future?
More people will prefer international brand clothes.
Vocal for local has less effect in our industry.
Clothes production is becoming less profitable.
There will be many shops and production units, as a result, the competition will increase a lot.
What do you think about business?
Always be positive, search for good markets, the business will increase slowly with time, try to build trust, offer a good price, keep all price range clothes in the market.
What books should one read to know more about business?
Read the news daily, books like The Intelligent Investor, Blue Ocean Strategy expanded edition are good .