A Case Study, Analysis and Findings

Letter of Transmittal September 19, 2011.

To Fatema-Tuz-Zohra Lecturer Department of Accounting and Information Systems Faculty of Business Studies University of Dhaka

Dear Madam, We take great pride in submitting this term paper on Case Study on a successful Entrepreneur. You asked us to conduct on September 19, 2011. The study describes an comprehensive ins and out of a success story of an entrepreneur along with analysis and findings and so on. As you will go through the Report you will find the effort. Following the procedure, we tried our level best to make the Repot resourceful and informative. We left no stone unturned to bring out the highest result about analysis. We are confident that this Report will provide fruitful findings. As students of Business administration we are highly appreciated having this type of assignment because it helps us to know top to bottom about real life application of business knowledge. If you need any information about the Report please feel free to contact with us at shamim_raihan@yahoo.com

Md. Shamim Raihan, on behalf of the Group Accounting

Knights SECTION: B 15th Batch Department of Accounting and Information Systems Faculty of Business Studies UNIVERSITY OF DHAKA
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Acknowledgement

At the very beginning I would like to express my deepest gratitude to the almighty for giving me the strength and the composure to finish the task within the scheduled time. This Report is a fruit of combined effort of the three members of our group; all are equally responsible for all beauty & beast of the Report. I would like to pay my gratitude to our course instructor Fatema-Tuz-Zohra, Lecturer, Department of Accounting and Information Systems, University of Dhaka, who has assigned us this task and instructed us in the right way and given us proper guidelines for preparing this report. My cordial thanks to go to Md. Samsul Haque (The Entreprenure), for giving his valuable time and resourceful information regarding his business concerns. This laid down the key stone of our report. I am grateful indeed to Md. Emdadul Haque (Manager) and MD Golam Faroque (Accountant). For their provided information. I also give special thanks to those who showed us the different business plants during the short visit period in there. I am also thankful to all of the workers and employees of the Samsul Haques business who extended their wholehearted cooperation to me despite their huge workload during this period. At last I must mention to thank some people who put their highest effort to make the report effective. The report was edited by members of Accounting Knights; credit also goes to them equally. This Report is not free from limitation. There might still be some minor mistakes including typing errors despite utmost care, we apologize for these. Finally thanks again to our course teacher.

Md. Shamim Raihan -.-

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Representative of Accounting Knights

Executive summary

This report basically deals with a success story of a very successful entrepreneur. We know the importance of Business Entrepreneur in the Economic Development of our country. There is no denying fact that the role of entrepreneurs is very important in the development of all the countries rich or poor, small or big. If we review the economic history of the rich countries, we will see that the active and constructive roles of the entrepreneurs are at the root of their development. The entrepreneurs ensure the proper use of the available resources and man power of the country. They have changed the speed of the economic development of the country and at the same time, they have brought technological changes. Bangladesh is a poverty stricken overpopulated country. Though there are sufficient natural resources and manpowers, it is not possible to utilize these properly for the lack of efficient entrepreneurs. So, it not only hampers the development of industry and business but also increases the misuse and wastage of resources. Thus unemployment is increasing day by day. The industry and business of a country are set up by the efforts of an efficient entrepreneur. Thus the opportunity of investment increases. So, the proper utilization of natural resources is possible through efficient entrepreneurship. Development of entrepreneurship and self-employment are the main two means of income generating activity and employment. The entrepreneurs play an important role in increasing the national production by creating opportunity for employment with minimum expenditure and effort. The necessity of an entrepreneur is not only to produce goods and services but also to develop the innovative knowledge of the youths of a country and to encourage them to take initiative for self-employment in an organized way.

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Thus, an entrepreneur plays an important role in the economic development of a country. In this report we are going deal with such a person who is successful in his business life.

Introduction

As the student of renowned department of Accounting and Information Systems it is very expected that we will have diversified Knowledge in different areas. We know that the role of an entrepreneur in the development of industry and business of a country is very important. An industrial entrepreneur expedites the economic development by utilizing the materials and manpower of the country. By realizing the truth we are studying the course named Business Environment and Entrepreneurship Development. We firmly believe that this course will help us to show the right path while we will start our own business. At the same time as the student of university of Dhaka we are not supposed to confine only in bookish knowledge, as part of this we have tried to work on the real field of business like we interviewed a successful entrepreneur and tried to focus on different key aspects of his success in this report. We have tried to put more penetration on how he applied his business knowledge in the real competitive field. We have also showed the logical ways of starting a new business for the very fresh entrepreneur by considering the real scenario. We believe that this endeavor will be succeeded if it can satisfy the information seekers need.

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Objectives
Primary objective Our primary research objective is to identify the major fact that leads him to the success and Application of business knowledge in the practical business arena. Secondary objective To determine what factors motivate him towards success. To determine what extent he used different opportunities and strengths. To determine how he adopted threats and overcome weaknesses. To determine what kinds of problems he faced and the solutions. To provide some guidelines to reach the benchmark of success and so on..

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Methodology
Data collection methods: We have collected the data from two sources. These are as follows. a) Primary Sources For primary data we used some specific open ended questionnaire to the respondent [Entrepreneur] for collecting his personal and business information in order to preparing this very report. We have visited his Business Sites to see and collect information.

b) Secondary Sources For secondary data purpose the sources we have used these are outlined below: Talk with his [Entrepreneur] employees, suppliers, distributors and some competitors. Study different books, journals and Newspapers. Surf over Internet and so on.
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Limitations: The main limitation is the hiding Information. As we are the third persons so sometimes he was reluctant to answer our questions or remain unanswered or skip the main question head. At the same time his employees and other related parties might provide some untrue statements regarding him. So this sort of limitation cannot be eradicated, except these this report represents the true and fair view of the mentioned Entrepreneur.

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Md. Samsul Haque.

Saga of Nilphamari..; Success is his Passion

Md. Samsul Haque at a Glance

Particulars
Name Parents Spouse Born Birth place Education Field of Business Ma. Samsul Haque Late: Md. Tofor Uddin and Late: Maciron Begum Hazera Khatun 6 July, 1960 Tupamari, Nilphamari Tupamari High school Poultry, Fisheries, Dairy and seasonal crop business ets

Prologue:
We are going to introduce a person, who himself is his identity. It would not be any exaggeration to use some adjectives with a high degree. Because what he proved in his business life despite being deprive of all the amenities of modern life and the light of education. According to him his own endeavor and the blessings of almighty made everything possible. Yes we are talking about Md. Samsul Haque, a successful entrepreneur of northern part of Bangladesh. He became great by dint of his own initiatives and efforts. Md. Samsul Haque was born in 6 June, 1960 in Tupamari village under Nilphamari district, Tupamari a village where a child takes birth, at first gets
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introduced with the hardship of poverty, then with the rest of the world. Samsul Haque is not exception of this. He came from a lower class family. His father Tofor Uddin, a poor businessman who hardly afforded his family 3 times meal a day. Samsul was growing up in this clutch of poverty but he did not stop going to school. On that time people did not give value to education as people do now. Besides going to school, he helped his father in many ways like helped in the calculation, bring goods and send goods from and to different places. Everything was going as usual. He was used to with his poverty stricken life.

Snap off in his life:

An unexpected break happened when his father died in 1975 when Samsul was Mr

only at 15. Right after his fathers death, his chapter of

education stopped here when he was only in class 8. His elder brother let not him to go school. He was forced to help him in the family business. In the meantime he was deprived of his portion of property by his elder brother. Then he along with his mother left the home. They went Rangpur, the next district of Nilphamari. His mother suggested him to work in the field to earn their livelihood. But Samsul Haque got a job in the poultry, fisheries firm there. His job was to feed the chicken and fish and clean up that place. Mr Samsul was a man of God gifted talent. Besides performing his job he helped his employer in many ways like he could easily remember the name of the medicines of chickens and fish. His quality fascinated his employer. So he was promoted with some extra salary within very short time. Mr. Samsul Haque was very frugal. He had a very simple life with his mother. He never had any extra spending except day to day needs for livings. He saved the extra money which was left at the end of the day. Since then he
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had a dream to be established in the society with honor and dignity. He knew business is the only one way to overcome the poverty and to explore his Excellence. There is is a proverb for that Mr

Morning shows the day. This highly applicable Samsul Haque. He was man of hard working. After finishing work in the poultry firm he worked with a dealer in Rangpur as a supervisor and watched out the workers and accounts. On an average he worked almost 16 hours a day. His persistence and patience helped him out in his later life in a great extent. Right after 2 years in that poultry firm, he thought to start his own seasonal warehousing business with the money he saved so far in 1977. Why seasonal business? In the answer of this question he said that, as it was his family business and he was very much expert in this field. Moreover he had not sufficient fund to start any other business. It proved his appropriate decision making ability in the right situation and he did it.

First step in his own business

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He started his seasonal warehousing business in 1977 with a limited initial capital of Tk 60000. One quality we must not miss to mention is his Convincing power. Within a very short time he can convince others. This quality helped him out in starting the business. Because here he needed to deal with a lots of people with different background and he did it successfully. He tried to maintain his promises so that the local dealers believed him and they also helped him even they sold their paddy on credit to him. But Samsul always valued their trust. According to Mr Samsul I never forget my promises so that I achieved their trust even they left their cash box to me on belief. At the early stage of his business he tried to maintain all businesses conduct and manner that showed him the light of glory in the later days. As days going Mr Samsul making reasonable and a satisfactory amount of profit from the business.

Marriage; End of the rainy days

Mr Samsul not merely a businessman rather he is a romantic person indeed. He had his first crash when he was in class 8 to Hazera Khatun and due to early marriage system at that time his beloved was getting married. Then he decided to marry her and he did it in 1979. He thought his wife worked as a creative force and a kind of inspiration in his life. According to him She worked as a better
half of mine. She worked by my side in

my thorny way in the early days.

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Start of a new phase

In 1986 he along with his wife extent. started He poultry was business in a very small experienced indeed in his field. So it was not a new thing for him. He basically worked in outside of the home in his business and his wife took care of the chickens. Within one year of their poultry business they got huge success. Thats why he thought of buying his own warehouse because due to not having any warehouse he needed to pay rent for hired warehouse. He thought if he had a warehouse he could let this other for extra income. It was very effective decision for the business. At the beginning they sold chicken and egg in the local market. Behind this decision the logic was that there was no other poultry firm in that area. So they captured the whole profitable market. As time passed by he was earning high profit from above businesses.

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Foresightfulness:
Mr Samsul was a man of with foresightedness. In 1988 he understood that the soil of Nilphamari was very suitable of
cultivating Granular

potato, a

class of potato with

high productivity and maize. He was absolutely right because right after his introduction of these two classes of crops people are very much interested to grow these two crops here. On that time he has been considered the best maize dealer in Nilphamari.

Growth and Expansion

Mr Samsul Haque in the meantime established himself as a renowned personality in Nilphamari. Due to his goodwill one day he was elected supplier of egg and chicken of an Indian dealer. That was really lucrative offer indeed he added. He earned a noticeable amount of profit from that contract. Right after that he had got the contract of supplying maize in ACI GROUP, which added a new dimension in his business. From then he never looked back again. Despite being a very rich person he never showed his arrogance. Still now he is having the same simple life as he leaded in his early life.

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Business Opportunity
As we mentioned earlier he is a man of excellence. He identified that people are consuming more time in the rich making process i.e first boiling then dry rice. In the whole process they are depended on sunshine. He got a new business idea that to make the process earlier so he started to think of an Auto Rice Mill. The main function of Auto mill is that people need to give raw paddy into the mill, within 5-6 hours they will get ready rice. So people accepted his idea because it will reduce their hard work in a great extent. Then he applied Sonali Bank Ltd. for a loan for establishing an Auto mill. Due to his goodwill and business growth he had got loan allotted. The loan amount was 95 laks for infrastructure and 2.55 crore for the machinery. With this total 3.50 crore and his additional capital, he planted an Auto Rice mill. Every day he needs 3000 mons of paddy and he managed it. Due to excess demand the whole business never face idle work loss.

Fish firming
Another business opportunity he identified that is, he noticed that people of that village are not wellto-do in fish firming. Because they are still following the traditional/classical method of fish firming. So he took some instructions from a near NGO and started fish firming. In Nilphamari there was a huge market because people were still dependent on the fish of the next district. So it
was really a great opportunity to have a profitable business. Not only that he Page 14 of 28

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had previous experience in his in this field in his early life. He talked with the local fish dealer; they agreed to buy fish from him, because it will reduce their transportation cost. Still now he is continuing this business with profit and with full customer satisfaction.

Dairy Firm
In very recent time, when his all businesses are running in the full swing, he has started his new business unit dairy firm. The reason behind this project is that he was the first man ever in Nilphamari district to start such a project. So he was not supposed to miss this opportunity of business. Thats why in 2005 he started the dairy firm in force. He firmly believes that this project will never let him down. Because whenever he takes a decision it means he studys it with his full expertise. In every stages of the dairy firm he uses 100% scientific tools to ensure quality.

Present Phenomenon
At present he has poultry firm with 50000 chicken, from which he can he can collect 15000 eggs on an average. He has fish project, spared on 10 acres area, from which he can sell at least 20000Tk each week on an average. His auto mill produces almost 2500 mons of rice each day. On an average 300 litter milk is collected each day from the dairy firm. Now he is supplying his products almost all the district in Bangladesh.

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Competitors
Competitors show me the right way - Samsul Haque. At present there are some competitors started their business in Nilphamari by following him. But he is not worried of them rather he maintains a very good relationship with them. He believes in peaceful rising. Samsul Haque is a man of charismatic power. We love him very much. -One of his competitors.

Problems
It is true that there is no way without impediment on the way of success because
it is not a bed of rose. Yes, there were a lot of problems in his way but he

solved all the problems with his experience and managerial ability. The most important problem he feels still now that not to being educated, he says, It is my main loopholes in my whole life . He feels it when he
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deals with the foreigners like with an Indian contract {previously mentioned} he had used bilingual. In his later time he lost some of very lucrative contract because he could not communicate with foreign people. Not only that in some case of management he feels lack of business knowledge.

Myths
He does not believe in prejudices .We asked him regarding some of the common myths like, An entrepreneur is born not made. He rejected it. He said, If someone has opportunity and managerial ability he can be a successful entrepreneur.

Going Global
His future plan is to expand his business. He wants to export his product outside of Bangladesh if he gets the patronize of Govt and MOF {Ministry Of Finance}.

Advice to the fresh Entrepreneurs

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Educated. Committed. Passion to get success. Patience. Supply of capital etc.

Ratiocination:
It is very clear that, he started from very root level. Now he is in the top level. But he is still now the same Samsul Haque as he was in 1975.He is very kind to the poor people because he did not forget his root yet. Every year he spends a considerable amount in charity in Nilphamari District. We firmly believe that fresh entrepreneurs like us, need to take lesson from his life story. We wish him all success.

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Analysis and Findings:

Mr. Samsul Haque is a man of inspiration for the young entrepreneurs. As we see in his success story is so outstanding and promising thats why it deserve some analysis. From that point of view here we are presenting some of the findings regarding his reasons of success. These are out lined below:

His passion for success:

Since the inception of his life we see was born in a poor family not only that when his father died he was in extreme hardship. But despite having been poor he never left his hope to be succeeded. He continues his journey with full of hope and optimism of achieving the glory of success. At last he made it possible.

Hard Working:
From the above case it is clear that, he was a hard working person and he still

doing hard work to him up with the track. At the beginning we see he is working in three (3) place for instance in Poultry, Fish Firm and Warehouse at the same time for afford himself and his mother. He never run away from his

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duties because he believes that, hard work is the mother of good luck and he proves it in his life.

Risk taker and foresightfulness:

In this case we see that in his whole life whenever any new opportunity comes he just availed with full of consideration and judgment. For example when he realized that in future there will be a huge market of maize and Grenular potato, he just introduced it to the people of Nilphamari. Because he thought that as the number of people are increasing day by day, so we need some products which have high productivity with a minimal cost. As later on it is proved that Grenular potato is the highest potato class. So he was successful in his production in this area.

Use of opportunity:
Mr Samsul used different opportunity very effective and efficient manner just like, when he saw that in the entire Nilphamari there are very few poultry and fish firm and there is a huge potential market is prevailing. So he just took the risk and started the project with full swing and later on we see that he was successful in doing this. Another thing is while starting the dairy business, he did the same task. So that now he is the one of the giant suppliers of milk from the northern part of Bangladesh.

Optimum use of Resources:

This is the trait which fascinated us mostly. We got stunned how nicely he thought of and how effectively he managed to ensure the proper utilization of resources. For example, at first he started the poultry firm, when he feels that the stool of chicken are wasting in fully then he started the fish firming

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to use the chicken stool as a food of fish. It shows that by this procedure he could reduce his fish feed cost at minimum level. Another thing is that as we know that he has rice mill too, so the powder coating of rice is also used in his fish firm and cow food .This way he reduced his cost. He never wasted a single thing of his business. So these are the things which prove that he is a man of best resource utilizer.

Man of Good Manner:

He is the symbol of motivation for his worker and business partners. His workers never felt angry with him. Md. Samsul Haque knows how to manage people and how to get the work done by them. At the same time he used to get different business contract due to his cordial behave as well as strong fascinating personality.

Self-Realization:
Mr. Samsul Haques self-realization is a burning example for all the people. As we know that he was not much educated. So in the hardcore path of business he used to face many obstacles. Like in the Indian contract due to his language and communication problem he did not properly deal with the foreigners. From that time he felt the importance to be educated. Thats why he made his 1st son higher educated. His elder son is graduated from University of Dhaka, B.B.A major in Accounting and Information Systems. At present he is studying in United States of America for his M.B.A over there. On the other hand his two daughters are studying in Jagannath University, Dhaka. So it is clear that he realized the importance of being educated and he make his unfulfilled dream into reality by his children.
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Wise Move:
We see in Md. Samsul Haques case in his life in every single strategic Move was so thoughtful and wise that helped him not to go down.

Conclusion
As the student of Business Studies we should relate our theoretical knowledge with the practical field. When we study the course of Business Environment and Entrepreneurship Development we must analyze the life of successful entrepreneurs. While preparing this report we do really realize that to be engaged in real life business is not an easy task, it needs a lot of qualities to have, tasks to be performed and finally many critical decisions have to be made. If these all are made simultaneously then the success of business is ensured. This is the main findings of this report. We are really privileged to have this opportunity and certainly all credits go to our honorable course instructor Fatema-Tuz-Zohra for assigning us this responsibility.
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References:
1. Bruce.R. Barringer, R.Duane Ireland Entrepreneurship: Successfully lunching new venture , Third Edition, 2. 3. 4. 5. 6. 7. 8. Md. Latifur Rahman, Md. Mohiuddin Introduction to business Philip Happer, History of greatest Entrepreneurs, Anna Fiorentino ,EDC, Newton Success Cases. http://www.millionairects.com http://www.topbusinessentrepreneures.com http://famousyoungsuccessfulcntrepreneur.com http://www.yeabiz.com
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Annexures:
Md. Samsul Haques Trading Account For the year ended December 31st 2011

Particulars

Tk

Particulars

Tk

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Opening Stocks: Poultry Feed Food Stocks Paddy and other crops Others Purchases: Poultry feed Fish feed Paddy and others crops Dairy feed Wages Freight In Fertilizer Import Duty Gross Profit 52,000 Total 30,000 49,33,5 60 15,00,0 00 9,50,00 0 13,34,0 00 7,50,00 0 3,36,000 56,000 7,20,000 48,000 6,000 1,80,00 0 30,000 45,34,00 0

Sales: Milk Chickens Eggs Fish Paddy and others Closing Stocks: Poultry feed Fish feed Paddy and others crops Dairy feed

24,60,0 00 4,76,36 0 1,96,21 0 7,75,44 0 5,27,20 0 20,00,2 00 12,50,8 00 18,50,2 50 10,53,1 00 1,05,89,5 60 61,54,35 0 44,35,21 0

1,05,89,5 60

Md. Samsul Haques Profit and loss Accounts For the year ended December 31st 2011 Particulars Tk Particulars Tk

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Salaries Rents Electricity Bills Water Freight out Telephone bills Transportation expenses Communication Fees Guard fees Medicine Bad Debts Interest on Bank loan Insurance Expense Vet nary and Breeding Cost of construction of Sheds Purchase of sakes Advertisement

2,37,50 0 Gross Profit Profit of sale of 69,000 manure Interest on 43,000 investment 49,33,5 60 1,80,000 1,50,000

10,500

26,660 9,000

14,400

8,000 32,800

18,000

25,000 36,000 60,000

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Commission paid Office Expenses

25,000

40,000

5,700 24.000 30,000 Depreciation Expenses: Plant and Machine Furnitures 5263560 Net Profit 6,25.00 0 Total 2,00,00 0 18,000

37,06, 000

52,63,5 60

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Md. Samsul Haques Balance Sheet As at December 31st 2011

Liabilities
Creditors 12% Bank loan Add: Interest on Bank loan 36,000 General Reserve 3,00,000

Tk

Assets
Cash on Hand

Tk
20,00,00 0

6,25,000

Bank Balance Debtor Less: Bad Debt 15,50,00 0

65,00,00 0

3,36,000

10% Investment Add: Interest on Investment. 25,000 15,00,00 0 1,50,000 16,50,00 15,25,00 0

10,00,00 Capital Add: Net Profit 6,93,50,0 0 00

Plant and Machinery Less: Depreciation Furniture

1,50,00,0 0 00 1.43,75,0 6,25,000 60,00,00 0 58,00,00 00

Less: Drawings

37,06,00 0 7,30,56,0 00

Less: Depreciation Land and 6,53,93,3 Building 50 Other Assets: Chickens Cows Fishes Closing

2,00,000 0 1,00,00,0 00

76,62,65 0

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Stocks: Poultry feed Fish feed Paddy and Total others crops Dairy feed 6,73,54,3 50

50,00,00 0 21,00,00 0 10,00,00 0 20,02,00 0 12,50,00 0 18,50,00 0 10,53,10 0 6,73,54,3 50

Notes: 1. While preparing this financial statement the accounting standards are not properly followed because due to lack of accounting information. But the figures are mentioned represents true picture of the business concern.

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QUESTIONNAIRE

1.

What are you doing now?

2. What was your previous occupation? If shifted why you have shifted? 3. Why have you come to these businesses? 4. Was there this kind of business before these? 5. What factors did you consider before starting these businesses? 6. What kinds of problem did you face while starting these businesses? 7. At the first time by what did you start these businesses?

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8. What the environmental factors were behind did u considered in these businesses? 9. Why did you start your business in your own area rather than in a big city? 10.Did you start your business by following anyone? 11.What is your future plan? 12.Do you assume any future risk factor in your business what is your suggestion to the fresh entrepreneur?

Thank you

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