Question 1: After looking at Shujaat’s entrepreneurial journey,

what do you think about the role of money, risk, a formal business
plan, and failures in entrepreneurship?
Answer: Shujaat’s entrepreneurial journey proves that he had been doing
during his entrepreneurial journey is generating ideas, looking for
opportunities. Availing opportunities in the best possible way. Ensuring
continuous improvement with passion. Remained humble and simple. He did
not switch to luxurious lifestyle even after being successful in the international
market. Ensured continuous expansion with passion. Although he gave least
preference to financing from banks but when deemed necessary for further
expansion he availed financing of Rs.60 Million from bank. that the role of
money, risk, a formal business plan, and failures in entrepreneurship is not as
much important as that of the passion is. At the time of starting
entrepreneurial journey, Shujaat had only Rs.350/- . He had no formal business
plan of expanding his business to Rs.300 Million exports. He had not thought of
failures and risks too.
Question 2: How did events in Shujaat’s business journey transpire?
What steps do you see him taking to become successful? What
steps should he take now to recover?

Answer: Events in Shujaat’s business journey transpired as sequential phases

of his business growth. His first start up began with his savings of350 ($23),
which he spent buying jewellery ₨@
36 ($2.40) per dozen from a large wholesale market in Karachi. He earned1,900
($127) ₨₨over the last 10 days of Ramadan by selling these small pieces of
jewellery @8 each which ₨had costed him.3 per set. Shujaat’s second, but
relatively bigger, venture was selling ₨children’s apparel in a Friday bazaar
through the stall which costed him between35 to55 ₨₨($2.30 to $3.60) per
day, depending on the size of the stall. The sale of a single outfit provided him
with a profit of15–20 (about $1). His third venture was provision of services of
plumbers, ₨painters, carpenters, electricians, and medical assistance to
people in Karachi filling a gap of solving their daily, small problems for which
the people didn’t have time hence they wanted someone else to look after
these issues on their behalf He kept this business going until 1991. His last
venture was selling of leather jackets This time, bought some raw leather from
a factory for 3,000 ($120), and took that to a tailor and had three jackets
made. The design of these jackets ₨was his own, which he named G-10. He
took these G-10s to a newly built shopping arcade in the Sheraton hotel in
Karachi and pitched them to a leather goods store. All of his jackets were sold
the same day. Shujaat received1,050 ($42) for each piece sold. Thus, he made
a profit of ₨150 ($6) per jacket, giving him a total of450 ($18), and received an
order for 10 more ₨₨jackets. Shujaat kept up his jacket distribution for a year,
strengthening his network with the eather goods sellers every day. In addition
to his resilience, business acumen, and resolve, Shujaat now had a strong
network in the leather industry to use. Thus, the nurturing continued. This
venture eventually led him to enter in international market. His first
international sale/ export of the finished waistcoats to the United States @ $18
per piece; he was barely saving US$1 (25) per piece. Although It was a very low
margin, but the number of pieces was ₨relatively large and the order was
helping which eventually paved his way to a formal leather goods production
setup. Taken steps to become successful Shujaat has been Continuously
Generated ideas. Continuously looked for opportunities. Availed opportunities
in the best possible way. Ensured continuous improvement with passion.
Remained humble and simple. He did not switch to luxurious lifestyle even
after being successful in the international market. He spent significant portion
of his savings for international travelling to attend international exhibitions for
understanding foreign clients ‘expectation and developing international
linkages and exploring new avenues of trade. Ensured continuous expansion
with passion. Although he gave least preference to financing from banks but
when deemed necessary for further expansion he availed financing of Rs.60
Million from bank. Steps need to be taken now to recover Following steps
need to be taken to recover:- Shujaat estimated that he would require
approximately50 million to start his production again ₨Would his foreign
buyers co-operate with him in this time of need? Had his dealings been fair
enough to earn their loyalty? Would his local suppliers sympathize with him?
He had taken their supplies on credit, so payments for his previous deliveries
were still due. Would his reputation be good enough to extend his credit for
more supplies? And how should Shujaat deal with his employees Shujaat
estimated that he would require approximately50 million to start his
production again. ₨He had savings of about10 million, which included a few
million rupees in a bank account ₨and an insurance policy that would pay
around7 million. Immediately after the fire, one of his ₨closest friends offered
him a cheque for5 million. Shujaat did not accept the check initially, ₨but he
was reconsidering this option. Taking a government loan or partnering with a
business friend were other options…
 Question 3: Shujaat's entire fortune has been destroyed by fire he
now has to figure out how to rebuild his business. What assets and
resources does he have that may prove useful in starting again?

Answer: When faced with the aftermath of a devastating fire, Shujaat can take
several steps to rebuild his business. Here are some practical actions he can
consider:
1. Document Everything:
o In the chaos following a fire, Shujaat should meticulously document all
interactions, contacts, and phone calls. Keeping a log helps track conversations
with insurance agents, property owners, and anyone involved in the recovery
process. Collect receipts for expenses incurred during the recovery period.
2. Contact the Insurance Company:
o Shujaat should promptly reach out to his insurance agent to report the loss.
Immediate action can prevent delays and missed deadlines. If he leases the
space, he should also inform the owner or property manager.
3. Arrange for Security:
o Empty buildings are vulnerable to theft or vandalism. Shujaat should contact the
local police department to request extra patrols around the property. If
necessary, he may need to arrange for private security to protect the premises.
4. Secure the Company’s Space:
o Shujaat is responsible for mitigating damages. If the building’s exterior has
been breached, he should arrange for it to be boarded up. Tarps can prevent
leaks from a compromised roof. Keeping receipts will aid reimbursement for
these expenses.
5. Turn Off Utilities:
o As a safety measure, Shujaat should have all utilities (gas, electricity, and
water) turned off. Utility companies should inspect and clear them before
resuming use.
6. Provide Updated Contact Information:
o Shujaat must inform all relevant parties about the situation. This includes the
fire department, police, utility companies, post office, credit card companies,
bank, employees, vendors, suppliers, and customers.
7. Retrieve Valuables:
o Once permitted by the fire department, Shujaat should retrieve valuables. Look
for insurance policies, business licenses, employee documentation, inventory
records, and accounting information. Be cautious while handling items,
especially fire safes.
8. Proceed With Caution:
o While Shujaat may want to resume normal business operations quickly, it’s
crucial to proceed with caution immediately after the disaster. Rushing can lead
to costly mistakes1.

By taking these steps, Shujaat can lay the groundwork for rebuilding his
business and overcoming the challenges posed by the fire