Sachin Bansal, CEO & Co-founder, Flipkart.com, says the piece of advice has helped him in his entrepreneurial career

I have received a lot of advice over the years. But the one that I have acted on and that has helped in these five years of being an entrepreneur is: think long-term, act short-term.

This advice, from someone close to me, is in my opinion, a sound framework for decision-making.

While long-term thinking is essential for success, losing focus of short-term needs can hamper the ability to take decisions on a dayto-day basis. On the other hand, if you only concentrate on your current requirements, then there might be a natural tendency to take what seems to be the most attractive path at that point in time. This may not be the best fit for your business in the future.

For example, a lot of people are talking about how e-commerce is not a profitable business model. We can be profitable today, if we choose to be. But our aim is to reach profitability at a much larger revenue base. Investment in technology, attaining market leadership in every category we enter, making online shopping a household phenomenon - these are the benchmarks that I feel will get us there.