Case Study:-Choose an unsuccessful

entrepreneur from your personal reference;

reveal the reasons behind his/her failure and
construct a feasible plan for that entrepreneur as
s/he becomes successful in business career.

I know someone who started an online business in January 2016

with his friend. Their products were basically various types of
electronic devices which they used to import from outside the
country.
I will talk about them now; I am talking about Sujan and
Mohammad Ali. They both were born in 1987 in a village in
Rangpur. Sujan was the eldest of four siblings. His father was a
government employee. He was earning a modest income from his
job. His family and siblings were educated. And Mohammad Ali
was the younger of two siblings. His father was a Businessman.
When they started their business thinking of helping their father and
family financially. They both completed Honors in Accounting from
Carmichael College, Rangpur. After finishing honors, business
ideas come to their minds and they import products from outside the
country with the help of someone they know. They basically did not
have any license to import from abroad. They periodically import
goods starting from tk 50,000 to a maximum of tk 300,000. They
had a great start. And business was going well. They have to rely
on the help of others for not having a license. The friendly
relationship between them was good and the dreams, hopes and
expectations about business were all right. But the disaster
happened when they paid tk 300,000 for importing goods. I have
said before that they did not have a license. So people have to bring
products with money believing. When they gave so much money
together to bring the goods, the man who gave the money went
away with the money and did not return.
The incident happened in 2017, and since then they have not been
able to turn around.

Reason behind fail:

Sujon and Mohammad ali started a beautiful business but I think
startup failed.
The reason is given below:

1. Depending on the people: They were dependent on others for

importing goods. This wouldn’t be a problem if they were
licensed to do business.
2. Not smart enough: If they were smart enough they definitely
make the license of import business. So I think they are not
that much smart.
3. Lack of proper direction: They started this business without
the right direction. If they had gone into business with proper
direction, they probably wouldn’t have this problem.
 4. Lack of proper knowledge: They started the business any
plan. They can be successful if they think properly and have a
good understanding of what they are going to do business with.
5. Don’t have enough idea: They don’t have enough idea about
business this is one of the main reasons for their loss. At first
they should have got the idea about the business first.
6. Take too much risk: Sujan and Mohammad Ali take too much
risk at once. But they have only one thing, if they buy from
different people then if one cheat and other were exist. It’s
another fault for failing their business.
Thereby causing the Business to shut down in 2017.

How they become successful in business career:

1. Take too much risk: To be successful in business, they have
to take a lot of risks along with the right ideas. If they could
take risks with the right plan without taking risk in the wrong
place, their business could run smoothly.
2. They need to get the business idea properly: Entrepreneurs
understand that the success of the business ultimately rests
upon their shoulders. When you run a startup whether or not
rent paid depends on how you run the business.
3. They make the big decision carefully: Every decision has
consequences, whether good or bad, over time these
consequences shape our reality and tell the story of our lives.
Entrepreneurs who are doing well take rest and carefully
 identify the potential long term effects of each decision, while
seeking counter before making major decision.
4. Must have good knowledge about business: The right idea
is one of the ways to succeed in business. They could be
successful if they got the right idea about the business they
started and then started the business. Business cannot succeed
without the right idea.
5. Basic money management skills and knowledge: We often
think of successful entrepreneurs as big picture people who
don’t worry so much about managing the day to day. And its
true that you might have an accountant or other team members
to help you manage the business. However, if you want to be
successful, you should still have basic money management
skills and knowledge. Understand how money works so that
you know where you stand, and so that you run your business
on sound principles.
6. Comfortable with failure: Is addition to managing risk and
making calculated decisions, entrepreneurship requires a
certain level of comfort with failure. It’s estimated that nearly
25 percent of new startups fail. The reason of failure is vast
and encompasses everything from a flawed business model to a
lack of focus or motivation. While many of these risks can be
avoided. Successful entrepreneurs prepare themselves for, and
comfortable with failure.