Report on Entrepreneurship Inspiration

REPORT ON ENTREPRENEURSHIP INSPIRATION

Sangita Gautam

Bn160761

BUS 651 Entrepreneurship and New Venture

Westcliff University

Mr. Caesar Rana

Abstract

The key motive behind this report is to examine the entrepreneurial expedition of the entrepreneurs, developing an enterprise, product improvement, plus setting the product within the market place. This paper includes an interview of two entrepreneurs including the details of the time when they started to what turned into the foremost cause in the back of doing it. It also consists of the future plans of these entrepreneurs.

Introduction

Entrepreneurship is the procedure to develop, endorse, and operate an entrepreneurial venture, which in many cases is small business at the beginning. And the creator of these types of business is referred as entrepreneurs or business people. It is usually viewed as a new idea or doing the same thing differently. Entrepreneurs are the individuals that practice initiative through operation of a business enterprise to earn profits by grabbing opportunities which are available. They prefer to start their own venture than work as an employee. They play a vital role in upliftment of the nation’s economy as well as job creation. We can get motivation through simple things that can lead to entrepreneurship. Usually, entrepreneurial ventures are created from scratch.

In Nepal, most of the entrepreneurs are motivated to enter into an entrepreneurial venture in order to escape from low economic condition there are also some cases that entrepreneurship is chosen just for purpose to get engaged at something. Some might as well enter as a mean of inner passion. Whatever be the reason, it requires a lot of hard work, dedication and patience.

For this assignment, two of the entrepreneurs that I have interviewed are Rachana Rawal, the founder and CEO of white socks and Rajib Sayami, the founder of RS Moto. Both Rachana Rawal and Rajib Sayami are hard working and opportunity obsessed entrepreneurs. They both grabbed opportunities in Nepalese market and placed their names in Nepalese entrepreneurial world.

Rachana Rawal (founder and CEO of white socks)

The pioneer in Napali socks brand manufacture is “white socks”. Founded in 2012 the company has 2 stores. Located in Kathmandu, and Lalitpur, and the socks are sold throughout Nepal. It is renowned for production of high quality socks designated to suit the taste of men, women as well as kids. Their design combines best combed cotton and intricate fabrics which are provided with good prints, colors and knit patterns.

Rachana  Rawal, the founder of white socks and had a desire to spread smile by means of a simple everyday material designing, her designs and patterns turned everyday necessity into an obsession via ‘white socks’

 The start of white socks is very simple Miss Rachana had the idea from the start when she was unable to purchase great quality socks in Nepal. She wanted to create a single place which provided with variety and quality socks.

There was no looking back after she started ‘white socks’. From an easy internet research, she was able to get knowledge of the manufactures from Thailand and flew there herself. All the products from white socks are produced in Thailand. Youths seem to love white socks as it is popular among the youths. It was a difficult phase making people understand the concept as nobody believed in her. Despite these difficulties, she decided to pull on arrow in the dark and it seems like it hit the bull’s eye.

The company has provided employment to 10 employees at present. It has planned to grow more in the coming years. the company made a sales of more than so thousand socks this year. The owner plans to endorse the brand internationally as she believes that Nepal doesn’t have a dynamic market with competition.

Attributes of Rachana Rawal as an entrepreneur

When talking of someone who believed in her passion and commitment in the entrepreneurial stage, we definitely think of Miss Rachana who has completely made success in Nepal’s entrepreneurial world.

For any entrepreneur to be successful, their idea must be innovative. Finding interest is the first step of entrepreneurial path. Rachana’s product is found to be both innovative and unique and hence, successful.   ‘

Rajib Sayami, the founder of RS Moto  

         I had never been to RS Moto before. The day of the interview in RS Moto with the founder (Rajiv Sayami) was my first time there. The interior was appalling with intricate features and I cannot wait revisit the place again. No one would ever imagine coffee shop, garments store and a repair center at a same place. But Rajiv Sayami combined all these elements in one place and created RS Moto. It occurred to Rajiv Sayami that one day his dream of bike modification would come true and he did not back down and created RS Moto. The business now is a Massive Success leading it to be the favorite hangout place for the local bike freaks.

        Mr. Sayami, himself a big fan of bike modification always had a dream of building bikes himself. Because of not having enough old bikes to Modifier.  Rebuild for learning purpose, he had to leave for a foreign country with the purpose of studying to build bikes.

        Sayami returned Nepal after staying few years in foreign land to a start entrepreneurial venture of his own and named it RS Moto. This enterprise is all about fulfilling the dream and giving your passion a chance.

        The fascinating thing regarding RS Moto is that the interiors of this place is not new and has been recycled. Sayami’s old home’s woods have been used for furniture and decoration which also demonstrates Sayami’s love for vintage and antique decoration and recycling also helps to reduce cost of the business.