Recently BYLC has extended its network by partnering with Global Innovation through Science and Technology (GIST), a global initiative to spur economic advancement through science and technology-based innovation in Muslim majority countries. As the regional partner of GIST, BYLC arranged the new organization’s first workshop on January 20, 2012 at the BYLC Headquarters. The workshop was on developing an executive summary for the participants who are eager to present their business plan in an international platform through GIST’s “I Dare” Business Plan Competition. The workshop was attended by forty-five participants.
Ivdad Ahmed Khan Mojlish, director of youth leadership programs at BYLC, welcomed the participants and highlighted the main purpose of this event, namely to equip striving entrepreneurs with the skills and strategies to develop a business model for the upcoming GIST business competition. He introduced the instructors of the workshop, Saifur Rahman, CEO of Maayas Secutronics and Bijon Islam, financial analyst at Citibank, N.A. Both instructors are also strategy affiliates of BYLC.
Saifur Rahman spoke on technology-based entrepreneurship and shared the risks and challenges of starting his own business, especially as a fresh graduate. He gave a presentation on how to model a business from scratch and placedan emphasis how business ideas are generated. He explained seven steps in developing an idea: identify the problem, set goals, compile ideas, categorize ideas, filter ideas, modify ideas and lastly finalize the idea.
Mr. Rahman then addressed the importance of understanding the nature of an idea. This requires identifying whether it is evolutionary or revolutionary, and whether it is simple or a complex. Grouping the ideas into categories helps to develop the next steps of the plan. To elucidate the entire process, he conducted an interactive brainstorming activity and within few minutes, the audience generated fourteen business ideas.
A young entrepreneur’s most challenging phase is to secure funds for the start-up business. Mr. Rahman shared his personal experience of starting Maayas Secutronics, which is now one of the fastest growing electronic security solutions companies in Bangladesh. Since electronic security systems were a new concept in Bangladesh then, electronic parts which are rarely found in the country had to be imported. Mr. Rahman had to be prudent when approaching banks for financing. The business plan was presented to the bank just as any proposal for an electronic appliance supplier business but the originality of the idea drew much of the investment for his business.
During the open discussion round, Manik, a Buliding Bridges through Leadership Training (BBLT) 5 graduate, asked how the market has responded to Mr. Rahman’s innovative business especially since technology based security is a new concept in Bangladesh. The presenter then shared his enterprise’s business scheme. For example, he provides his customers the security service but not the product itself, thereby providing convenience and at the same time protecting his intellectual property.
Mr. Rahman encouraged the participants to think about social development and personal satisfaction while designing a model, rather than focusing only on monetary profit. He also emphasized that before jumping onto a single idea; one must conduct research and market analysis to enhance the success rate of the business. Mr. Rahman’s investment into research and development has been the greatest strength of his enterprise.
A remarkable idea is nothing unless it is presented in a way so that it attracts investors and assures its long term survival. An executive summary of a business plan report is an overview of the business idea and helps investors to make a decision. The first round selection of GIST’s “I Dare” competition will be based on the executive summary. Bijon Islam covered the technical aspect of writing executive summaries to help the aspiring entrepreneurs in the audience prepare a strong report.
According to Mr. Islam, an executive summary should briefly highlight the following components: strategy, potential, insight, competition, capability and resources. But one should focus on ‘strategy’, which greatly influences the reviewer’s decision. The report must address the following three areas: product/service, financial feasibility and the social benefit of the endeavor.
Mr. Islam stressed that the report be appealing and that the team think deeply about the product/ service they are planning to deliver. He pointed out three factors to consider when deciding on the product/service, namely the market, consumer insight and possible challenges. Since financing is the biggest obstacle in starting a new business, Mr. Islam suggested to keep the financial statements of the report simple by using one or two indicators like internal rate of return (IRR), sources of cash in-flow or net present value (NPV).
In addition, Mr. Islam encouraged the participants to develop a business plan approach based on human design model. He concluded his presentation by advising the participants to keep the report within five paragraphs and to present it in a way so that it is easy to visualize the business model in the real world.
At the end of the two-hour workshop, Mr. Mojlish encouraged the young participants to take part in this international business plan competition. He also invited them to approach BYLC and the instructors for any questions or assistance regarding the competition.