Tuesday, June 28, 2011

Entrepreneurship Trail - Day-2

The fervor, zeal, keenness and enthusiasm was at the highest velocity among the participant of the Spark, Entrepreneurship Trail on the second at IBA, main campus Karachi.
Had not slept well yesterday night despite this the energy level and motivation to attend and listen the distinguished speakers triggered to be there till the end of the day.

The day started with the finding ways to raise money - Everyone wants money, don't you? - for the start up. Mr. Ayaz and Mrs. Kazi were the guests who imparted us with the knowledge and information on how to raise capital for the new venture. As everyone know, borrowing money from the banks is the most difficult for the business, which is at the initial stage, so do opined by the guest speakers. According to Mr. Kazi, Banks must be pursued to put notice on their website "Borrowing from Banks for the start ups is injurious to the venture."
The most favorable and easiest way to raise the capital for the start up is from family and friends circle who are always to give you some of the money because of the trust vested by them in you.

Umair Jaliawala, a renowned trainer of the country and who is very much loved by Young generation, started his training session with his crazy style.
He lecture was concerned with the sales, turning into Cheetah. His energy level was so high that he infused some of his energy into the audiences. Applause to him!
The session started with the question "Who loves sales?" Surprisingly, none of the participants raised the hand. Interestingly, "Everyone is selling some idea, service, or convincing; said Jaliawala." 
Following this every participant was directed to sale anything he/she has for Rs. 50. The auditorium turned into Sales Hub where everyone was selling something - idea, service, product, etc. Some of the participants sold mobile credit, perfume, tissue paper, etc.
The most strange, one of the participant sold his body for beating purpose that raised him revenue of Rs. 600. 

Ramesh Patel from Tanzania was the another distinguished entrepreneur who shared his experience of his business life. He was the most inspiring for the participants who wish to start up their business. Despite having less eye sight, poor education, indebted companies he managed to get from all these hurdles. Now he owns 6 companies with 100% shareholding, 5 companies with smart amount of shareholding.

Ramiz Allahwala, a distinguished trainer, trained thousands of people in middle east, US, and many other countries imparted with the ideas. His focus was revolving around following principles:

  1. Details: Entrepreneur must know about the everything - Customer, Operations, Financial, Partnering, etc.
  2. Rules: Businessman must be adept to learn about the changing rules, changing partners' heart, customers' promises and suppliers change plan.
  3. Odds: One must be prepared for the odds - failure, bad plan. In the end 'Don't be fool, be vigilant'
In the last, we presented our business plan, each group was entitled three minutes to present problem and the solution of that problem from the perspective of business. 

Recommended book on Entrepreneurship

Entrepreneurship Trail

Spark is the name of the event organized by IBA Entrepreneurial Society, which has started today and it will last till June 29, 2011. This event consists of address of Distinguished speakers and trainers from Pakistan and around world, obviously via 'Skype.'  Some of them are Mr. Naeem Zafar, Umar Saif, and many more address in the coming two days.

The day-1 started with the Tilawaat of Quran. After the recitation, IBA Entrepreneurship Center head formally announced the conference open with short speech of welcoming guests, participants and organizers.

Mr. Naeem Zafar, an Engineer, Entrepreneur by an accident as he defined,  and writer of many books delivered his speech on the topic of 'Entrepreneurship.' I loved the definition of entrepreneurship he told, which is: "It is the pursuit of an opportunity with resources that you don't yet control." Look at the beautiful and motivational words in the definition, which you don't yet control. One need to understand Entrepreneurship is not attached with resources that you own but it is the pursuance of wealth that you don't own. 

After that it was time to make network while having hot tea.

Now it was time to move for Penal discussion, the panelists consisted of Mr. Azhar Rizvi, Mr. Husnain Khalid, IBA Entrepreneur Center Head and Mr. Rehan Allahwala who joined from Singapore via Skype. There was hot discussion whether Entrepreneurs are  born are made? Although it is very controversial subject, but I believe Entrepreneurs can be made by giving them environment, education and training.

Sumair Abro, VP and Head of Organizational Strategy KASB Securities came on stage with tons of energy. He was very energetic and young guy who not only delivered lecture on entrepreneurship but also energized all of the participants.

At the end we were blessed with the lecture of the LUMS graduate who had studied and worked in US but returned to the Pakistan with the intention of creating value for the society by means of being an Entrepreneur. His journey of success isn't simple rather he ran two businesses - Bumpin.com and chopaal.pk - with loss.

At the end what I have learned is that Business graduate must be job giver rather than job taker, that's how we can get true spirit of business student and create value for the economy.

Monday, June 6, 2011

Comment on Budget 2011-12

Federal Budget of Pakistan has been presented in the National Assembly of Pakistan on June 03, 2011. On that day, it didn't look like a Parliament rather it was looking like fish market. Traditional opposition from 'Opposition' branches with chaos of daunting and chanting of slogans like 'Go America', 'Budget Na-Manzoor'.
At one occasion, one of the member of the parliament presented 'Meal' to the Finance Minister Mr. Abdul Hafeez Sheikh. In addition to this, female parliamentarians were not behind the row, they thrown 'Bangles' at Finance Minister, which was ridiculous act.

As a student of Business and one of the common man, taking current economic and social conditions in the consideration, I must say, budget 2011-12 is a balanced budget.
Government of Pakistan (GoP) reduced sales tax from 17% to 16%, which is a good move to give relief to the poor and needy people of the country. Moreover, GoP has levied taxes on many items, which previouslt exempted from the tax like - Defence equipment, defence products, cement, etc. This will surely increase the tax revenue for the next financial year.

The dark side of the budget is GoP has lifted subsidy from many items. Sugar is subjected to the Federal excise Duty and textile products too. This will bring the relaxation in tax at neutral point.

GoP announced the 15% increment in the salaries of government employees up till BSP-16, which is good move indeed to cater the increasing inflation. 15-20% increment in the pensions of Ex-government employees.

Gop has also allocated Rs. 730 billion for PSDP. From which Rs. 430 is to allotted to the provinces, and remaining amount will be Federal share.

The tax collection targeted has been increased from the previous year. Rs. 1952 Billion has to collected in the financial year 2011-12 as compare to the Rs. 1542 billion of the fiscal year 2010-2011.