MR GARMENTS : AFTER THE FIRE

Q 1: After looking at shujat’s Entrepreneurial journey, what do you think about

the role of money, risk in a formal business plan and failures in
Entrepreneurship?

Ans: In order to start the entrepreneurial venture according to this story the role of
money isn’t much. As this study describes how shujat had started his venture from
noting to a million dollar exporter. According to my understanding it is concluded that
risk is so much involved at every step in business. While pursuing a business you
should always be ready to face challenges as shujat entered the international market
initially through an exhibition where he faced a setback but the positive point is, that he
never backed down and never took setbacks as a demotivation. He always kept
motivating himself by taking every downfall a lesson. Money is no doubt an important
factor in business, but the key important factor is passion for business and dedication of
the pursuer. However failure is always around the business like a shadow around man
but what matters most is the how you learn from a failure.

Q 2: How did events in shujat’s business journey transpire? What steps do you
see him taking to become successful? What steps should he take now to
recover?
Ans: Shujat started his business to fulfill the need of his household, he started selling
jewelry then he got the idea of selling apparels on Friday bazar. But once he started
looking for opportunities and businesses he got the idea of leather jackets and then the
earning was nice and appealing, keeping all things and future in mind he started
excelling in the leather jacket business, he mainly focused on building employee
employer relationship as he was giving 70% of per order revenue to his employee and
keeping only 30%. This act inspired his employees to stay loyal to him always as every
employee is looking for better opportunities. The amount of salaries he was paying was
more than market rate which helped him retained his skilled workers. Another important
factor was his customer business relationship he never compromised on the quality he
always kept cross checking the furnished items. In order to recover this setback he has
to start again but this time he isn’t at the level he first started, today his relations are
way more than his 1st time. As he never delayed any payment to his suppliers
therefore, he has their trust on him. And his international collaborators will help him out
in this time of hardship, he should start again by taking loan from his connections or
maybe from Banks, through which he can easily set up a new production house which
will eventually results in providing him large amount of revenue, with which he can
easily payoff all of his liabilities.

Q 3: Shujat’s entire fortune has been destroyed by the fire. He now has to
figure out how to rebuild his business. What assets and resources does he have
that may prove useful in starting everything again?
Ans: As everything has been destroyed in fire he’s only left with the saving, goodwill
and his personal & business relationships. In order to start his business again he has to
acquire some loan as it is described in the story he has savings of 10 Million and he
needs 50 million for setting up a new production house for this purpose he shall acquire
a loan from his relation or a bank as his company has a prominent reputation. He shall
acquire a loan in order to set up a proper production house. His relations with foreign
customers and with his employees is strong enough so that he can easily setup a new
production house as well as he can pay off the liabilities including the loan he shall
acquire to set up a new production house.