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Copyright 2005-2006 Ignite your Imagination 1 Ignite Your Imagination Helping Dawoodi Bohras Start or Excel in Business Ventures Pervez (Mustafa) Nooruddin.

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Presentation on theme: "Copyright 2005-2006 Ignite your Imagination 1 Ignite Your Imagination Helping Dawoodi Bohras Start or Excel in Business Ventures Pervez (Mustafa) Nooruddin."— Presentation transcript:

1 Copyright 2005-2006 Ignite your Imagination 1 Ignite Your Imagination Helping Dawoodi Bohras Start or Excel in Business Ventures Pervez (Mustafa) Nooruddin

2 Copyright 2005-2006 Ignite your Imagination Page 2 ….so why did I step in? Client Account and Program Manager Marketing Analytics & CRM Global Information Systems Kraft Canada Inc. Management Consultant Ignite Your Imagination In collaboration with Warm Handshakes Shaul Info Research Pervez (Mustafa) Nooruddin P.Eng, CMA, MBA, MDAP, CMC, CQM, PMP, ATM-B/CL 1.CIDA Program Manager for SME/NGO development and financing 2.Project Manager for Aga Khan Rural Support Program (AKRSP) 3.Masters in Development Planning with thesis on Islamic Financial system and impact on Economic Development through SME 4.Management consultant providing advisory services to SMEs through Industrial Research Assistance Program (IRAP)

3 Copyright 2005-2006 Ignite your Imagination Page 3 Objective 1.Help community forum to help start a profitable and sustainable business venture 2.Planning your business venture 3.Four Strategic Business Alternatives 4.Planning YOUR BUSINESS and Watch-outs! 5.Alternative options on HOW OUR COMMUNITY CAN HELP AND/OR GET INVOLVED

4 Copyright 2005-2006 Ignite your Imagination Page 4 Need Justification 1.Farmaan from Aqua Moula (TUS) 2.Over 90% of mumineen doing jobs in Canada 3.Economic Research confirms the fact that SMEs are the best engine for sustainable economic growth and employment creation 4.Economic Development Research confirms the fact that Islamic Financial system is the ideal engine for SME development

5 Copyright 2005-2006 Ignite your Imagination Page 5 Planning your Business IF YOU FAIL TO PLAN YOU HAVE PLANNED TO FAIL!

6 Copyright 2005-2006 Ignite your Imagination Page 6 Business Planning Process Overall Strategic Plan Realization Plan External Analysis Internal Analysis Business Idea! Financial Evaluation ALT 3 Pros & Cons ALT 2 Pros & Cons ALT 1 Pros & Cons SITUATIONAL ANALYSIS STRATEGIC ALTERNATIVES RECOMMENDATIONS BIBI

7 Copyright 2005-2006 Ignite your Imagination Page 7 Business Idea! Four Strategic Alternatives 1.Jump In! 2.Quick Start! 3.Copy-Cat! 4.Bleed to Lead!

8 Copyright 2005-2006 Ignite your Imagination Page 8 1. Jump In! Buy an operational business www.canadianbusinessforsale.com www.businesssellcanada.com www.businessesfor-sale.com www.bizmatch.ca www.globalbx.com www.mergerplace.com www.mergernetwork.com

9 Copyright 2005-2006 Ignite your Imagination Page 9 2. Quick Start! Buy an operational Idea (Franchise) www.cfa.ca www.franchisedirectcanada.com www.franchiseinfomall.com

10 Copyright 2005-2006 Ignite your Imagination Page 10 3. Copy Cat! MLM and Home based businesses 1.Selling Ridah and dresses 2.Make up services 3.Desi (Grocery) Store, Dollar Store 4.Sales Agents (Exhibitions, AVON, Knives, Air/Water purification) 5.Primerica, JD Edwards, Amway, Quick Star, Nikken

11 Copyright 2005-2006 Ignite your Imagination Page 11 4. Bleed to Lead! Start a business from Ground Up 1.Significant Market Research 2.High Risk and Rewards 3.Not a ONE-PERSON task!

12 Copyright 2005-2006 Ignite your Imagination Page 12 Business Planning Process Overall Strategic Plan Realization Plan External Analysis Internal Analysis Business Idea! Financial Evaluation ALT 3 Pros & Cons ALT 2 Pros & Cons ALT 1 Pros & Cons SITUATIONAL ANALYSIS STRATEGIC ALTERNATIVES RECOMMENDATIONS BIBI

13 Copyright 2005-2006 Ignite your Imagination Page 13 Internal Analysis OUR STRENGTHS 1.Structured Organization 2.Ethical Values 3.Entrepreneurial Traits 4.Southern Connections 5.Willing Mentors 6.Diverse background a)Trading (Imports) b)Retail/Consumer c)Technology 7.Financing Resources OUR WEAKNESSESS 1.Living in History 2.Lack of self confidence 3.Start Small mindset 4.Planting southern seeds 5.Get Rich Quick mindset 6.Accept Northern Culture and Economy 7.Business Planning and Research Knowledge 8.Fear of open honest discussion on finance

14 Copyright 2005-2006 Ignite your Imagination Page 14 External Analysis OPPORTUNITIES 1.Industry Canada Support 2.Baby Boomers (Health Care, Services) 3.Healthy Lifestyle (Tea, Organic) 4.Energy Conservation 5.Recognition of Diversity 6.Specific Opportunities a)Exports (High Tech) b)Service Sector (Health & Food) c)Convenience Lifestyle (esp. Seasonal) 7.Financing Resources THREATS 1.Oligopolistic Market 2.Commoditization 3.Mid market squeeze 4.Franchising mania 5.China dump 6.Outsourcing Services 7.Strategic Relationships 8.Increasing Trade barriers 9.SME failure rate (>80%) 10.Muslim stereotyping

15 Copyright 2005-2006 Ignite your Imagination Page 15 Business Implications (BI) If Dawoodi Bohras want to succeed in business ventures in North America, they must: –Understand and explore opportunities in Northern Culture and Economy –Create an environment of trust in the community/group with empathy and without penalty. –Create a formal structure/organization to help Bohras start up and manage their business with a `help-line’ if the business needs help.

16 Copyright 2005-2006 Ignite your Imagination Page 16 Business Planning Process Overall Strategic Plan Realization Plan External Analysis Internal Analysis Business Idea! Financial Evaluation ALT 3 Pros & Cons ALT 2 Pros & Cons ALT 1 Pros & Cons SITUATIONAL ANALYSIS STRATEGIC ALTERNATIVES RECOMMENDATIONS BIBI

17 Copyright 2005-2006 Ignite your Imagination Page 17 Business Learning's & Watch-outs HISTORY NEVER REPEATS ITSELF … BUT IT OFTEN RHYMES! Mark Twain

18 Copyright 2005-2006 Ignite your Imagination Page 18 Four Basic SME Learning's 1.Failure to Launch! 2.Survival in First Year. 3.Growth in 3 – 5 years. 4.Expanding business after 5 years

19 Copyright 2005-2006 Ignite your Imagination Page 19 Failure to Launch! FACT: 75% of people fail to start a business 1.Always searching for a GOOD Business 2.Trade/skills and not business focused 3.Not taking the Risk!

20 Copyright 2005-2006 Ignite your Imagination Page 20 Survival in First Year FACT: 30% of business fail in First Year 1.Cold Feet 2.No Marketing Plan 3.Fail to understand `Customer Decision Tree’

21 Copyright 2005-2006 Ignite your Imagination Page 21 Growth in 3 – 5 Years FACT: 80% of business fail in 3 – 5 years 1.Lack of Business Management Skills 2.Focus on profit and not growth 3.Fail to develop customers

22 Copyright 2005-2006 Ignite your Imagination Page 22 Expanding business after 5 years FACT: 60% of business fail to change 1.Getting comfortable with success 2.Fail to recognize demographic change 3.Fail to recognize competitors/substitutes

23 Copyright 2005-2006 Ignite your Imagination Page 23 To start a successful business… NEED TWO THINGS 1.BURNING PASSION 2.باغ and BHAG

24 Copyright 2005-2006 Ignite your Imagination Page 24 Some Good Business Leads Learn all about starting a small business at www.cbsc.org and strategis.gc.cawww.cbsc.org Manufacturing Industries Assistive devices Giftware and Crafts Hydrogen and Fuel Cells Plastics (consumer and industrial) Resource Industries Hydrogen and Fuel Cells Renewable Energy Mining and Metals Service Industries Professional Services (Bus/Ind) E- Services (e-bay etc) Export / Whole Sale Technologies Environmental Technology Life Sciences Water Technologies

25 Copyright 2005-2006 Ignite your Imagination Page 25 How can our Jamat Help aspiring Business persons? 1. Distributed Growth On your own, Informal advice and support 2. Network Growth Connecting people for business opportunities Promoting partnerships and joint ventures

26 Copyright 2005-2006 Ignite your Imagination Page 26 Our Options? 1. Distributed Growth On your own, Informal advice and support 2. Network Growth Connecting people for business opportunities Promoting partnerships and joint ventures 3. Synergistic Growth Formal process to leverage individual competencies / capabilities Share in success and failures (Mutual Fund concept) Co-operative business structure

27 Copyright 2005-2006 Ignite your Imagination Page 27 In Summary 1.Why start a business? 2.The need to plan 3.Four Strategic Business Alternatives Jump In; Quick Start; Copy-Cat; Bleed to Lead! 4.Identified some business opportunities / ideas 5.Proposed a model on how the Jamat can possibly help the mumeneen

28 Copyright 2005-2006 Ignite your Imagination Page 28 Questions / Concerns / Ideas Ignite Your Imagination Pervez (Mustafa) Nooruddin P.Eng, CMA, MBA, MDAP, CMC, CQM, PMP, ATM-B/CL  (905) 887-1691  perveznoorudin@rogers.com

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