Wednesday, November 27, 2013

Documentary: Save the Last Chance - The Entrepreneurial Escape



This documentary intends to bust various myths regarding starting up new businesses as taught in MBAs programs and explains an alternative methodology to set up one's own business with the available resources. The documentary ends with a 'Prolog' which is meant to be a beginning, an initiation rather for the aspiring ones to take entrepreneurship as a career option, The methodology presented here is successfully being utilized by many PAFKIET students, some of whom are already mentioned at the end of this video, complete list however is available at ced.pafkiet.edu.pk/p/established-businesses.html.

Speakers: 
Dr. Irfan Hyder, Dean, CBM; 
Dr. Shahid, Associate Director, Center of Entrepreneurial Development, IBA; 
Mirza Raza Ali, Chairman, Avid Institute of Research and Development; 
Omar Javaid, InCharge, Center of Entrepreneurial Development, PAFKIET

(This is a low resolution version for easy streaming and download)

Sunday, November 3, 2013

Setting up a Designer Clothing Business in Rs. 15000




Please link Farrukh's page... https://www.facebook.com/PalachiClothings

From Home Based Food Distribution Business to a Resturant

Monday, October 14, 2013

Asad explains how he started a business is Rs. 5000




Asad Shah, a KIET main campus BBA student, explains how he started a Doc Tag business in just Rs. 5000. Please don't forget to like his page: https://www.facebook.com/makeyourowntag

How to establish a Pizza Outlet




Imran Arain a PAFKIET student started a Pizza outlet near disco bakery 3 months ago. In this video he is explaining his experience. Please like his facebook page: https://www.facebook.com/DayNightPizza

Jamal explaining his trade business



Jamal, a PAFKIET student, has a simple distribution business, in this video he explains how he started

CEO of Toxicity explains how he started his Business




Mustafa started his business around 3 years back, his portfolio of products, which includes mobile and laptop skins, perfumes, casual wear etc can be see at http://www.toxicityproducts.com/.

Friday, April 5, 2013

3 Reasons why Business Plans are Ineffective for New Startups

Business Plan is a lengthy document which is prepared with lots of brain muscle to work out the market gaps, competition dynamics, financial feasibility, expected profits, projected cash flow, tentative organizational structure, projected cash flows, etc.

The purpose is to sketch the outline of a new fully functional organization with its complete structure, provide an economic justification for its creation, and attract potential venture capitalist to invest it in the idea with the motivation of achieving break-even in near future and possible returns after that.

The major problem is that the effectiveness of this document is more hypothetical than real! and can cause trouble for you in the following ways if you are new in the business.

Friday, March 29, 2013

Why we Search for Job Security. Why Not Risk Taking

By Dr. Irfan Hyder

Why are we so afraid of taking risks?
Why our primary focus is on jobs that provide security?
Why people go after a pensionable, secure, career job?
Why people think that becoming a government "servant" is their ultimate goal?
Why "sarkar ki naukri" has so much premium?

An analysis of these questions takes us to the time of the early 19th century and after the 1857 war of independence when the British Raj eliminated the land entitlements of the aristocracy. The landed aristocracy of subcontinent especially the Muslims found themselves literally penniless as they lost their entitlements, and their regular earnings from their land holdings disappeared. They found themselves with no marketable skills or knowledge. Their Persian language skills became worthless overnight as the official business started getting transacted in English (recall the famous saying "Farsi seekho, tael baicho").

Friday, March 22, 2013

The Fruits of Business Education


A few weeks ago I had dinner with two very good friends who are finishing their final semester at Szabist Business School. I couldn't wait to hear about the ideas being thrown around and the businesses being built by their classmates. At the end of our dinner I was not impressed. Disappointed in fact.

I listened and they explained that 90% of their classmates came to business school to go right back into Job market. From the day first when born we use to feed him/her that prepare yourself for Job. And Job is the last hope so where is the creativity and innovation. These prestigious business schools teach us how to become a good Job hunter and prepare us how to find a Job and how to switch a Job. COOL
“Don’t use graduate school, or any other course of study, as a form of life avoidance. Pursue the course only if there’s a good reason.” ~Chris Guillebeau

Wednesday, March 20, 2013

The Constitutent of an Entrerpeneurial Eco-System

A culture where experiments are encouraged, mistakes are not discouraged as long as students learn and don't repeat them, fear of failure is replaced by courage to take risks is necessary to provide a conducive environment to students to start their own venture. This cultural transformation should be the ultimate responsibility of any Center of Entrepreneurial Development at any university, which intends to encourage its students toward becoming entrepreneurs. Following are some of tips which would help develop such a culture. 

1. Teachers to acquire the role of consultants, guiding students during each step of the process of establishing a business, they shouldn't penalize mistakes, rather reward and encourage if mistakes bring new learning. Students shouldn't have fear of losing marks in case they aren't able to successfully start a venture. Marking should be based on the dedication of student practically to execute the instructions given by teacher/consultant, not on the outcome. An environment of mutual trust and respect has to be established between the faculty and students, but this doesn't mean leniency. The teacher should pose themselves as learners and actively engage in the learning process, encourage students to teach them from their experience, instead of bossing everyone around.

2. Students are made to initiate his first venture with their pocket money or any angel investor (which he should find himself) in his first semester (the idea is to set his context for all the learning which is to come)...

3. All courses to be project based, and at least three courses (3 crdt hr each) in which a student would do nothing but make an attempt to start up a business. 

4. If CED has money to invest, then no investment to be given till final year, or at least once they have been successfully operated for six months

5. A space to be dedicated to establish a market where students would open up their shops and sell, university canteen, tuck shop, photocopy to be operated by students, not as employees but as entrepreneurs, etc

6. A more informal and less structured interaction with teachers/consultants, teachers to give more time outside the class, lots of meeting places to be provided for this

7. Teachers to start-up their own enterprise, and with students as partners.

8. A lab to simulate business start up (don't know how to make it, but inspiration taken from John Hunter's World Peace Game presented at TED)

9. A social entrepreneurship course which would help enable students to experience the satisfaction of creating an employment for a poor fellow...

10. etc.

Saturday, March 16, 2013

5 Business Startup Myths Busted


Many new students often share these apprehensions about starting their own business, or becoming an entrepreneur. They rather prefer to become an employee of an already existing business, preferably a large famous corporation. I would rather call these apprehensions as myths, as I have read and seen myself in numerous business start-up experiences, here they are:

Myth 1: Lots of Capital is required
You don't need capital to start a business; you need connections with people who have capital or goods which you may need to sell to some potential customer. Look around, is there anyone in your family, friends etc., who can provide you inventory on credit, or if you have someone in your friends or family, who can pay you advance in order to buy something they need on recurring basis?

Friday, March 15, 2013

How to Register your Business as Sole Proprietorship



Mr. Sajid Hussain Zubari, who is Lawyer by Profession, is explaining the legal process of registering a sole proprietorship in Pakistan. He also explains the backdoor channels available in the market and the drawbacks of using them. This interview was taken by Furrukh Zuberi who is an MBA student at PAF-KIET. Mr. Zubari can be reached at +92-300-9289995

Friday, March 1, 2013

Entrepreneurship Made Easy

If you want to start a business all what you need to do is to commercially connect three individuals (a) supplier, (b) yourself, & (c) customer... so ask yourself "(a) are there any supplier available within your easy reach of the product or its raw material who can give you necessary supplies on easy terms or perhaps on credit? (b) Are there customers of the same product available within your reach or of some of your contacts, who can also agree to pay advance against your product or service in case on the supply side such facility isn't available?" (click here for the old post)

If you have a big idea in your mind, consider scaling it down into something so simple that you can handle it with ease, but don't at least bring it inside your comfort zone. Like if you want to start a fast food chain, start with a small french fries or burger cart which would not take more than Rs. 30,000 - 40,000 to establish. If you feeling some shame, check how KFC and McDonalds started…

Monday, February 18, 2013

Your Career is for Your Life


By Admin (Unedited, pardon for any grammatical mistakes)

So (a) is your life is for your career, or (b) your career is for your life? When I ask this 99% respond that its 'b'... the remaining 1% are confused about the question. So when your career is for your life, just like you eat to stay alive, and don't stay alive to eat, then the next question which eventually comes is 'What your life is for then?'

This is the question which I ask in response to the question put in front of me by some student "Sir may BBA karon ke BE, ya BS main transfer karalon?" etc... they ask me about the next step they want to take, and when I ask them what is your ultimate destination toward which your this step (your degree) will take you, they are clueless, looking left & right...

My dear brothers and sisters, you first need to plan your life and what you ultimately want to achieve, i.e. something so worthy that after spending your entire live journeying toward that destination, you say that it was all worth it, and you don't feel an atom of regret for wasting even a single moment while travelling toward this destination, goal, target, vision, or what ever you may want to call it.

How do you know what that be? This is a lengthy time consuming process, therefore the earlier it starts the quicker you will be able to figure out what that ultimate goal of your life would be... some students are so oblivious that they say 'Sir abhi to zindagi pari he sochne ke liye, guzerne do jesi guzar rahi hai'... they don't realize while making this assertion, that while drifting away on the currents of time, they would eventually waste the most precious moments of their lives they would ever get, i.e. their golden age from 17 to 27 (+ - 1 year)..

This should bring more questions in your mind, but instead of anticipating them and trying to answer them in advance, I would prefer you students to put them forward, and then I will try to answer them...

thats all for now....