entrepreneurship Assignment

entrepreneurship AssignmentENTREPRENEURSHIP BBA 8-C

February 4, 2014SZABIST100, Clifton Karachi, Pakistan. Entrepreneurial Experience of Mr. Irtiza Rizvi, CEO Rungleela Pakistan.

Submitted To: Sir Elia QazilbashBy: Ali Salman Wazir Ali 1011173Moaaz Ahmed 1011184 Muhammed Ghazanfar 1011187

Table of Contents1.The initiation of an Entrepreneur:22.Previous Businesses:23.Funds for the Dreams (The Business Financing):34.Current Employee Statistics:35.An Average Work-Day Hour for Making The Dreams Come True:36.The Target Market:3Meta Tags:4The Royal Republic:4Craftistan:47.The Most Crucial Things Done With the Business:48.Expansion Plans:49.Outsiders who have been most important to the business success:510.The Most Effective Marketing Technique:511.The Worst Business Advice ever received:512.Three Pieces of Advice from Mr. Irtiza to the New Entrepreneurs:613.The Exit Strategy to get out of this Business:614.The Motto as an Entrepreneur:615.The Visiting Card and Group Photo:7

The initiation of an Entrepreneur:Irtiza Rizvi missed his first semester at SZABIST in August, 2010 due to some unfortunate reasons. He started his BBA in January 2011. As soon as he got into SZABIST, he opened up a company named Rung leela. The first brand that he came up was truck arts, in which he used to export the local handicrafts. With the fusion of truck arts and Persian arts, they had an exhibition in the UK, as one of the official partners of the Pakistani film, Chambeli. He started off with Rs. 3,500 in his pocket as his working capital, and with that exhibition he generated quite a lot of money. That wasnt the end. Irtiza followed it up by then creating Meta Tags, which basically makes dog tags and lighters. After that, Rung leela came up with The Royal Republic, which makes mens clothing. Right now, they have come up with a new subsidiary called Craftistan, which hasnt been official yet, but they will cater the Business to business markets. This subsidiary will offer corporate giveaways to its clients. Previous Businesses: I have always had an affinity towards selling. I was 15 years old when I started selling. Im not sure whether you call it an official business, but I used to collect vintage coins and stamps, and then used to sell it to people. The coins at the time of the East India Company and the stamps were some of the noticeable collection I had. I used all of the things I learnt back then into Rung leela. And Alhamdulillah, it has been successful Irtiza Rizvi, Ceo Rungleela.

Funds for the Dreams (The Business Financing):I never took any loan from banks nor my parents and neither my friends. I started off with Rs. 3,500 which were my savings, and technically that was my working capital. After that, all the money multiplied by the sales I started to make. And today, Rung Leela has made a total of 6 million rupees, in just 2 and a half years. The exhibition in the UK was a stepping stone for me, in which Chambeli gave us the opportunity to be one of their official partners. We did generate a good amount of money, and that money was used to further expand the business.Current Employee Statistics: At the moment, they have 10 direct employees, working on a full time basis. The rest of them are indirect members, who basically serve as brand ambassadors in different schools and universities. They are being paid on commissions per sale.An Average Work-Day Hour for Making The Dream Come True:Entrepreneurs dont have a life. You cant create a business and just expect it to get it done on your own. You need to give a lot of time to it. Theres no time limit for me exactly. I have worked for 16 hours a day as well in certain scenarios as well. Since, Im studying side by side as well; I make sure that I dont forgo either of the two. But 10-12 hours a day is very common for me.However, for my direct employees, they have to work 40 hours a week. They can do the work at home as well, but they should apparently complete their weekly target.The Target Market:While studying at SZABIST, I have learnt one thing certainly, and that is to DIVERSIFY. This is the same strategy that I have applied in my business. All the three subsidiaries are catering different set of people.Meta Tags: Meta Tags is for everyone. We started off with targeting just the youth, but we realized that it was a brand more than just for the youth. We have unofficially partnered with Pakistan Army, official partners of Chambeli and many corporate events at SZABIST. The Royal Republic: The Royal Republic caters every single individual who is firstly a male, is 16 years old or above, and has a household income of more than PKR 100,000. Its a very expensive brand, and our offerings are top quality. Hence, people who fall below this bracket wont be able to afford it.Craftistan: As already mentioned above, Craftistan hasnt been officially launched. However, the operation has already started. This brand will offer corporate giveaways to different business clients. This is something that they will cater to the B2B markets The Most Crucial Things Done With the Business:Everything! My time, my family, my friends, my life, every single thing has been dedicated to get this done. I look back to the time when I started off, with no money and a lot of negativity from my loved ones. But, it feels good to be a 6 million rupee worth company in 2 years time. Im happy of the fact that what I have done throughout this time, Im proud of it. Expansion Plans:Vision of my company is to become a company to generate most employees in Pakistan. As far as expansion is concerned, recently I have some brand under pipeline to start with. Considering market demand I am soon launching a business of Customized and personalized gift accessories. Moreover, we are planning to hire brand ambassadors of our brands outside Karachi to penetrate in other markets. Outsiders who have been most important to the business success:Mentors, customers, friends and suppliers. I consider friends as most important for my business success because initially when I had limited capital to invest and less presence of my brand, my friends volunteered for my business initiative to market my brand by generating positive word of mouth. Furthermore, I believe customers are crucial for business and building long term relationships with customer by providing quality product is the main reason what my business stands today. Moreover, I might not be able to provide consistent quality in my products if my suppliers werent supportive. So suppliers are also important in growing overall business. My mentor also play an important part by scrutinizing my plans that actually help me in finding out the loopholes. My mentor also induce me with driving energy to grow business.The Most Effective Marketing Technique: I cant recall one specific marketing tactic but the effective marketing medium for my brands are social media and word of mouth. Furthermore, collaborations with bigger brands also one of the tactic that I used to grow business. For example, we are unofficial partner of Army for dog-tags, we were official partner of Chambelli movie for its launch. Recently, our brand Royal Republic will also be available on Daraz.pk. So these were few collaborations that has actually created positive word of mouth for my brand and actually contributed in my overall Sales.The Worst Business Advice ever received:You cant do a business with such small initial capital, think of starting a business when you will be 30 years old and have some good startup capital. If I have paid more attention to this advice, I wont be able to established the business what I have today which is still growing.

Three Pieces of Advice from Mr. Irtiza to the New Entrepreneurs: Money is not important factor to start a business, important is a solid idea and inner drive to execute the idea Even if it is something common, look differently, you might end up finding something unique The aim of life should not be to live forever, but to create something that will.The Exit Strategy to get out of this Business:We do not have currently any exit strategy because we are here to stay in market. However, if just God forbids we incurred too many losses in business, to hedge this risk we have already adopted diversification strategy. I have diversified the business portfolio by starting multiple brands which are different products having different markets. In this way, I have averted the risk of going out of business.The Motto as an Entrepreneur: To create something you never had, you must do something you have never done

The Visiting Card and Group Photo:1