ENTREPRENEUR CASE STUDY:

CRITICAL ANALYSIS ON SUCCESS FACTORS.

Md.Golam Forkan.

ID: 07882558
BBA 4th year 2nd semester.
Department of Management Studies
Jagannath University.Dhaka.

Under supervision of:

Md. Qazi Moinuddin Mahmud
Lecturer
Department of Management Studies
Jagannath University.Dhaka.

For the fulfillment of the BBA program

Course Name: Internship and Project Paper with Defense.
Code: BBA- I.

Letter of Transmittal
To,
Md. Qazi Moinuddin Mahmud
Lecturer
Department of Management Studies
Jagannath University
Dhaka.
Subject: Prayer for accepting The Report on the Critical Analysis On the Success factors
of an Entrepreneur
Dear sir,
It is indeed a great pleasure for me to be able to hand over the result of my hardship the
report on critical success factors of an entrepreneur. I have tried to make it more
informative and realistic. I tried my level best for preparing this report. The information
of this report is mainly based on information collected through interview method and
internet browsing. Some other details were gathered from the proprietor of that company.
I gave my hundred percent labors for making this report come together. I think that I have
done it and it will be able to fulfill your requirements.

I, therefore, pray and fervently hope that you will find this plan worth reading. Please feel
free for any query or clarification that you would like me to explain. Hope you will
appreciate my hard work and excuse the minor errors.
Thanking you for your co-operation.
Sincerely,
Md. Golam Forkan.
Id: 07882558
BBA 4th year 2nd semester.
BBA 3rd Batch
Department of Management Studies
Jagannath University. Dhaka.

Supervisors Forwarding

__________________________
Md. Qazi Moinuddin Mahmud
Internship Supervisor.

.
Acknowledgement

At the very beginning I would like to express my deepest gratitude to Almighty Allah for
giving me the composure to finish the task within the schedule time.

Secondly, I would like to thank my academic supervisor Quazi Moinuddin Mahmud for
guiding me and for giving me the opportunity to initiate this report. More specifically, I
would like to thank him for imparting his time and wisdom.
I am deeply to Mir Nazrul Islam the owner of Fashion Island Limited for providing me
lot of support to start my term paper in Entrepreneur success factor .And I want to give a
lot of thanks to him for his help and support.

I would like to express my gratitude to Mr. Moin Uddin Ahmed Nayon, Senior
merchandiser, for his valuable guidance. His interest, enthusiasm in my subject material
has helped us to produce a respectable result. I would like to thank him for co-operating
for giving us necessary information on how I would work in this project

Executive Summary
Entrepreneurship is one of the main important drivers of a market nation and economists
have underlined the crucial task acting in the market development. In a developing
country like Bangladesh entrepreneur is a vital way of solving unemployment problem.
This research aims to analyze the success environmental factors of entrepreneurship in
Bangladesh. Concerning the methodology, the one case study in readymade garments
industries in Bangladesh called The Fashion Island Ltd as a qualitative approach were
conducted by using the direct interview method for the analysis. The main findings from
the research are as the entrepreneurial culture and mindsets in addition to the
entrepreneurial supports and governmental policies are the factors that contributed to the
success in entrepreneurship. The elements such as entrepreneurial role models, presence
of experienced entrepreneurs, skills and knowledge of entrepreneurs, cultural attitudes
towards entrepreneurship and proximity of entrepreneurial training and education are
strongly correlated with the entrepreneurial culture and mindsets. The entrepreneurial
supports and governmental policies is related with the business angels and risk capital
availability, availability of financial resources, government influences and supports for
entrepreneurship in addition to role of government policies on entrepreneurial activity.

This report consists of suggestions, encouragement, main qualifications of a successful

entrepreneur, and the contribution of an entrepreneur to the economy of a country. These
things definitely help us to be self-employed and be a useful manpower to our country.
Over all this report will be proved as a helping hand in solving the unemployment
problems as well as to be a successful entrepreneur.

Chapter 1
Introduction of the Report

1.0 Introduction
Unemployment and professional redundancy have been two major problems Bangladesh.
Thousands of young people, armed with all kind of degrees and diplomas, get pushed into
the job market every year. Even among those who manage to find a job, several remain
badly under-employed, doing something, which otherwise they might not have preferred
to do in the first place.
The question is whether there can be any practical solution to this longstanding and
ever growing problem of unemployment? A possible answer could be suggested in
strategies of self-employment and development of entrepreneurial culture. Developing
entrepreneurship as a culture is essential because it is not something which could be
adopted easily by everybody. It is a career, which not only requires a specific kind of
aptitude, but also a different kind of mindset. The question is that can these people, who
have been out of job and likely to be running low on money though high on morals,
dream to embrace successfully something as challenging as entrepreneurship?
Entrepreneurship is nothing but an enlarged/magnified version of self- employment
capabilities. Both require similar fundamentals for success. Interestingly, selfemployment can serve as an ideal launch pad for becoming a full-fledged entrepreneur.
To begin with the definitions, while self-employment is largely about earning a living
by being on ones own,
An entrepreneur is a person whose aim is to provide an income by a certain combination
of labor, capital and knowledge to run a business or maintain. Always leads the
entrepreneur and his company as long as the goal is achieved or the company profits.
Many definitions of entrepreneurship can be found in the literature describing business
processes. The earliest definition of entrepreneurship, dating from the eighteenth century,
used it as an economic term describing the process of bearing the risk of buying at certain
prices and selling at uncertain prices. Other, later commentators broadened the definition
to include the concept of bringing together the factors of production. This definition led
others to question whether there was any unique entrepreneurial function or whether it
was simply a form of management. Early this century, the concept of innovation was
added to the definition of entrepreneur-ship. This innovation could be process innovation,
market innovation, product innovation, factor innovation, and even organizational
innovation. Later definitions described entrepreneurship as involving the creation of new
enterprises and that the entrepreneur is the founder.
The major characteristics of entrepreneurs that have been listed by many commentators
include the following.

Self confident and multi-skilled. The person who can 'make the
product, market it and count the money, but above all they have the

confidence that lets them move comfortably through unchartered

waters'.
Confident in the face of difficulties and discouraging
circumstances.

Innovative skills. Not an 'inventor' in the traditional sense but one

who is able to carve out a new niche in the market place, often
invisible to others.

Results-orientated. To make be successful requires the drive that

only comes from setting goals and targets and getting pleasure
from achieving them.

A risk-taker. To succeed means taking measured risks. Often the

successful entrepreneur exhibits an incremental approach to risk
taking, at each stage exposing him/her to only a limited, measured
amount of personal risk and moving from one stage to another as
each decision is proved.

Total commitment. Hard work, energy and single-mindedness are

essential elements in the entrepreneurial profile.

1.1 Background Analysis

The BBA program is designed to focus on theoretical and professional development of
people that they can take up the business as a profession and can do success in their
career. For this reason the student have to complete the internship course or thesis on
selected topics and prepared a report on this work.
This report is based on the information regarding success factors of an entrepreneur. To
find --out the success factors of an entrepreneur we should observe a successful
entrepreneur. The main purpose of this study is to find out the success factors of
Entrepreneurship. The Fashion Island Ltd is one of the famous readymade garments
factories in Bangladesh and Mir Nazrul Islam is the proprietor of this business
organization. He is a successful entrepreneur in Bangladesh.

1.02 Objectives of the study

Primary objective:

The primary objective of this report is to find out the success factors of an entrepreneur.
Entrepreneur must have to possess some certain qualities.
General objective:
To get experience about the factors behind the success of an entrepreneur. This report will
give a clear idea about the success factors of an entrepreneur and the contribution of an
entrepreneur to the economy of our country.
Specific Objective:
1. To know the benefits of entrepreneurship.
2. To know success factors of entrepreneur.
3. To know how one can be an entrepreneur.
4. To know how to identify potential source of entrepreneurship.
5. To encourage persons to be self employed.
6. To find out the opportunities of entrepreneurship.

1.03 Methodology
Primary data collection:
In this report direct interview method has used to collect the primary data. Direct
interview of the proprietor of Fashion Island Ltd Mir Nazrul Islam has been taken by
visiting his office.
Secondary data collection:
All the secondary data has been collected from different website and different articles
written by different persons.

1.04 Limitations of the Report

This report is prepared based on the information that I was able to collect from him
through direct interview. In collection to the necessary information for the report I had to

face some difficulty and I was not able to prepare such a report which has no limitations.
This report has several limitations.
The entrepreneur of an organization has to busy in maximum time with his official work
so he had not sufficient time for providing information to me.
I have to face much difficulty in collection his previous information about his early
period of starting the business.
There were some restrictions to have access to the information to the other party for their
secrecy.
Last of all, two month is very limited time to gain practical knowledge and prepare a
report. So shortage of time is a major drawback for the whole.

Literature Review
This study will use a case study methodology for the study design and the methodology
to collect and analyze qualitative data. For that reason, we follow first the conceptual
framework proposed by Gartner (1985) for describing the phenomenon of new venture
creation and more towards to the variables in the environment dimensions as a base. This
framework classifies the articles according to four key dimensions of venture creation
and ownership: individual, environment, process and organization. Nevertheless, in order
to be able to apply the model to this research, we narrowed down this framework towards
the environmental dimension. This research was concerned generally to see how the
environmental variables influenced the success in entrepreneurship. The phenomenon
(e.g., new business start-ups) and its context (e.g., the local business and community
environment), according to Yin (1989), may not be readily distinguishable, thus he
suggests that the case study definition include characteristics stipulating data collection
and analysis requirements. Consorting the literature of Yin, in Case Study Research
Design and Methods (2003), defines case study research as an empirical inquiry that
investigates a contemporary phenomenon within its real -life context, especially when the
boundaries between phenomenon and context are not clearly evident. Therefore, with
respect to this, we arranged into group the environmental situation into two proportions,
which are the entrepreneurial culture and mindsets and entrepreneurial supports and
governmental policies. Figure below presents the integrated model and the interaction we
have assumed here between success factors in entrepreneurship and these variables.

At this moment people is being encouraged by government and some other sectors.
Government already has taken some revolutionary steps to encourage entrepreneurship in
Bangladesh. Especially they are concerning on women entrepreneurship in Bangladesh.
They have some new regulations in the constitutions for this purpose.

Chapter- 2
Entrepreneur Success Factors

2.01 Entrepreneur Success Factors:

The most critical and most important factors that can make an entrepreneur to become a
successful entrepreneur are:
1. Willingness to take action. This is the first and most important factor for each
would be and current entrepreneur. All other factors presented below, is not
important if you dont take a real action. Actions are something that
leads entrepreneurs to the success. Without them, they are nothing.
2. Knowledge. Entrepreneurs are persons who must have superior knowledge about
specific business issues for business that they start.
3. Creativity. You must be creative persons if you want to be unique and with the
power of continuously improvement of your business.
4. Skills. Each entrepreneur and each business will need different entrepreneurial
skills that in some cases can be crucial for business success.
5. Intelligence. You must be intelligent to manage all possible situations and solve
the hardest problems that will be a constant in your business life.
6. Patience. You must be patient and ready to continue even if you lose the first
battle, because the war is not finished. Its only the beginning.
7. Persistence. Persistence simply is a refusal to give up from something, or ability
to keep your actions against your personal feelings that youre not ready for these
actions. Feelings and motivation didnt produce results, but the action is
something that will produce it.
8. Teamwork. Nobody can achieve anything alone so this is true also for an
entrepreneur because theyre not a Superman. They must be team players for
their own and business success.
9. Calculated risk. This is truly one of the most important questions: Are they
taking enough risk? Yes, each business startup is in some level risky. However,
more important is how a successful entrepreneur takes a risk? The word
calculated risk is the most appropriate word for this feature.
10. Self-Confidence. Self-confidence is a really important and key factor. I think that
nobody would be an entrepreneur if dont have self-confidence that he knows how
to start and manage their own business.
11. Experience. Sometimes experience is in category not must have as a factor, but it
is something that will increase business potential energy. They must employ all
present and previous experience they have into the business that they are building.

12. Talent. Talent is something inborn in an entrepreneur. Sometimes talent can be

replaced with knowledge.
13. Honesty. Honesty is important in every case, but sometimes honesty, being real
can be the biggest enemy of an entrepreneur in some complex conditions.
14. Connections. More connection means more possibilities for building a successful
business.
15. Luck. Luck is a psychological factor. Some people can say that they dont have
luck. And indeed there are some lucky people who just accidentally found the
right place at the right time with the right idea. However, it is a small percentage
and cannot be included as a serious factor for success.
On the other hands there are some other factors that plays a vital role to become a
successful entrepreneur. These factors are..
1. Entrepreneurial Role Models.
2. Presence of Experienced Entrepreneurs.
3. Skills and Knowledge of Entrepreneurs.
4. Cultural Attitudes towards Entrepreneurship.
5. Proximity of Entrepreneurial Training facilities.
6. Entrepreneurial Supports and Governmental Policies.
7. Business Angels and Risk Capital Availability.
8. Availability of Financial Resources.
9. Government Influences and Supports for Entrepreneurship.
10. Role of Government Policies on Entrepreneurial Activity.

Naveen Jain is a philanthropist, entrepreneur and a technology pioneer. He is a founder

and CEO of Intaglios, chairman of education & global development at Prize foundation
and on the board of trustees at Singularity University. Previously, he was the founder and
CEO of Info Space, and a senior executive at Microsoft Corporation. Among his
achievements are: Ernst & Young Entrepreneur of the Year; Albert Einstein Technology
Medal for pioneers in technology; "Top 20 Entrepreneur. He suggests that an
entrepreneur must follow the following rules to be a successful entrepreneur.
1. Be passionate. You must be passionate about what you're trying to achieve. That
means you're willing to sacrifice a large part of your waking hours to the idea you've

come up with. Your passion will ignite the same intensity in the others who join you as
you build a team. And with passion, both your team and your customers are more likely
to truly believe in what you are trying to do.
2. Maintain focus. Great entrepreneurs focus intensely on an opportunity where others
see nothing. This focus and intensity helps to eliminate wasted effort and distractions.
Most companies die from indigestion rather than starvation. Companies suffer from doing
too many things at the same time rather than doing too few things very well. Stay focused
on the mission.
3. Work hard. Success only comes from hard work. There is no such thing as overnight
success; behind every "overnight success" lies years of hard work and sweat. People with
luck will tell you there's no easy way to achieve success-and that luck comes to those
who work hard. Focus on things you can control; stay focused on your efforts and let the
results be what they will be.
4. Enjoy the journey. The road to success is going to be long, so remember to enjoy the
journey. Everyone will teach you to focus on goals, but successful people focus on the
journey and celebrate the milestones along the way. Is it worth spending a large part of
your life trying to reach the destination if you didn't enjoy the journey? Won't your team
also enjoy the journey more as well? Wouldn't it be better for all of you to have the time
of your lives during the journey, even if the destination is never reached?
5. Trust your gut instinct. There are too many variables in the real world that you
simply can't put into a spreadsheet. Spreadsheets spit out results from your inexact
assumptions and give you a false sense of security. In most cases, your heart and gut is
still your best guide. We've all had experiences in business where our heart told us
something was wrong while our brain was still trying to use logic to figure it all out.
Sometimes a faint voice based on instinct is far more reliable than overpowering logic.
6. Be flexible but persistent. Every entrepreneur has to be agile, continually learning and
adapting as new information becomes available. At the same time, you have to remain
devoted to the cause and mission of your enterprise. That's where that faint voice
becomes so important, especially when it is giving you early warning signals that things
are off-track. Successful entrepreneurs find the balance between listening to that voice
and staying persistent in driving for success-because sometimes success is waiting right
across from the transitional bump that's disguised as failure.
7. Rely on your team. It's a simple fact: no individual can be good at everything.
Everyone needs people around them who have complementary skill sets. It takes a lot of
soul searching to find your own core skills and strengths. After that, find the smartest

people you can who complement your strengths. It's tempting to gravitate toward people
who are like you; the trick is to find people who are not like you but who are good at
what they do-and what you can't do.
8. Focus on execution. Unless you are the smartest person on earth, it's likely that many
others have thought about doing the same thing you're trying to do. Success doesn't
necessarily come from breakthrough innovation, but from flawless execution. A great
strategy alone won't win a game or a battle; the win comes from basic blocking and
tackling. No matter how much time you spend perfecting your business plan, you still
have to adapt according to the ground realities. You're going to learn a lot more useful
information from taking action rather than hypothesizing.
9. Have integrity. I can't imagine anyone ever achieving long-term success without
having honesty and integrity. These two qualities need to be at the core of everything we
do. Everybody has a conscience-but too many people stop listening to it. There is always
that faint voice that warns you when you are not being completely honest or even slightly
off track from the path of integrity. Be sure to listen to that voice.
10. Give back. Success is much more rewarding if you give back. By the time become
successful, lots of people will have helped you along the way. You'll learn, as I have, that
you rarely get a chance to help the people who helped you because in most cases, you
don't even know who they were. The only way to pay back the debts we owe is to help
people we can help-and hope they will go on to help more people. It's our responsibility
to do "good" with the resources we have available.
You might do all of the above and will wonder "but am I successful?" Success, of course,
is very personal; there is no universal way of measuring success. What do successful
people like Bill Gates and Mother Teresa have in common? On the surface it's hard to
find anything they share-and yet both are successful. I personally believe the real metric
of success isn't the size of your bank account. It's the number of people in whose lives
you are able make a positive difference. This is the measure of success we need to apply
while we are on our journey to success.

Chapter- 3
Case Study on a Successful
Entrepreneur

Case Study:
The study of the success factors of entrepreneurs is considered as an essential part of this
report. Entrepreneurial success theories and success factors are put to practical
disposition by those who throughout their lives by crossing a hurdle race became quite
successful as entrepreneur. A careful reading of this case study is not only interesting but
will surely find out the reasons and success factors of becoming a successful
entrepreneur.
Entrepreneurs are very busy people. It took several times to collect information from the
entrepreneur. For this reasons this reports may have some information gapes and the
inadequacies.

Entrepreneur Profile:
Name

: Mir Nazrul Islam.

Age

: 55 years.

Education

: Masters in Political Science.

Religion

: Islam.

Address

: 385/1/A East Rampura, Dhaka.

Present Ventures Information:

Name

: The Fashion Island Ltd.

Location

: 385/1/A East Rampura, Dhaka.

Types of Business

: Readymade Garments (Export).

Nature of Business

: Knitting, Dyeing, Finishing and Sewing.

Product Range

: Ladies, Men and Children tops.

Total Capital

: 500, 00, 00,000

Total employee

: 4500

Monthly Income

: 50, 00,000

Customer

: International.

Market Area

: Western, Europe and North America.

About the entrepreneur:

Mir Nazrul Islam was born in a reputed Muslim family on April 05, 1958 in
Bakergoang.He completed his SSC from his village school and he completed his HSC
from Dhaka College. Then he got admitted in Dhaka University in Political Science.
After completed his post graduation he joined Meghan Garments as a commercial officer.
He was not satisfied in his job. His monthly salary was then 12000 taka. In his boyhood
he wants to be free. But his job bound him and he did not get self independent. So he
decided to start a new business. From this thinking and want to become a self dependent
and industrialist he established a new garments factory. In that period he had only 12 lac
taka capital and 35 employees. In starting this business he got help from his relatives and
some of his friends to manage his initial capital. In his starting period he faces many
problems just like capital, skillful workers, lack of government help and political
difficulties. But for his strong desire, high ambition, hard work, maintaining
responsibilities, self confidence, taking risk, better use of opportunities and his innovative
power he overcome all of his problem. Now his business position is so high. His success
factors of this business are:

Hard working.

Honesty.

Determination.

Unique Design.

Better quality.

Knowledge about the work.

Prior work experience.

Creativity Skills.

Connections.

Self- Confidence.

Calculated risk.

Talent.

Persistence.

Social Responsibilities:
He takes part in social development. He works for the poor people in his home
districts just like provide scholarship to the poor brilliant student. He also donate
money in mosque and madrasah.

Future Plan:
Mir Nazrul Islam wants to increase his business. He will establish a Dyeing and printing
factory in Gazipur. 80% of his work is complete. He also wants to establish Net,
Composites, Netting and Embroidery factory.

His Suggestions for the youth:

He suggests the youth to be self employed. He said that brain drain should be stopped.
We are being educated by the money of our people. So we should use our talent for our
nation.
To be an entrepreneur he suggests the followings;

One must have proper knowledge about what he wants to do.

He must be a hard worker.

He must be honest.

He must emphasize on quality product.

He should take calculated risk.

He must have confidence on himself.

He must be determined to achieve his goal.