Mgt368 local Case on New Entreprenuership Gadget Plus PDF

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GADGET PLUS is basically an online based gadget selling company. The company was officially founded in 2018. The founder of the company is Shadat Rahman Eshan . The office is located in Mirpur area . Basically they have one branch for running their business. It's expanding its size day by day. First...

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LOCAL CASE ON BUSINESS CREATION

PREPARED FOR: Looksina Khan Lecturer Department of Management School of Business & Economics North South University

PREPARED BY: Shadat Rahman Eshan 1731419630 Sec- 05

Story of the founder The Journey of “Gadget Plus” started with the initial step of Shadat Rahman Eshan . The idea of starting this business is from his own hobby. Personal hobby has influenced him to fulfill his dream come True. He has a lot of addiction on mobile phones and new new gadgets since he was a school boy and this is the main reason to choose this business.. It was his hobby to use different types of phones at a time and he used to buy different gadgets and smart electronic items. However, he became an entrepreneur because he always wants to start his own business. You can call it ‘Sole Proprietorship’ business. So when he started his varsity he tried to start his business and he thought why not start with this thing which he knows better than everything else.So he opened a facebook page named GADGET PLUS and started to sell products. Initially he collects his product from Motalib Plaza but within a year his sales and business got bigger and then he started to import directly from China. In 2020 he opened an office/Physical store in Mirpur. In his business he has good communication with his customers. He can manage his customers by his good behavior and after sales service.

Brief Background about the Business GADGET PLUS is basically an online based gadget selling company. The company was officially founded in 2018. The founder of the company is Shadat Rahman Eshan . The office is located in Mirpur area . Basically they have one branch for running their business. It's expanding its size day by day. Firstly they started their business by a facebook page and group then they became the vendor of some renowned e-commerce companies like Evaly, Priyoshop and Daraz. After 2 year of business they opened their physical store. Their business product is gadget items like Mobile phones cover, Laptops accessories, Headphones, Speakers, Smart Watches, smart

gadgets etc. Gadget Plus mainly collects their product from the biggest gadget importers from motalib plaza. But now they also directly import products from China. The owner buys a huge amount of product at the whole sale rate and he has to sell his products within one month because in the gadget and accessories market there are sudden increases in the product rate because of increasing shipping charge or increasing money rate. Sometimes he has to face a small amount of losses, but he never ever dissatisfied Their customers.

Challenges of the business Though Gadget Plus was formed by the student entrepreneur they faced a lot of challenges for business. The challenges started when the wholesalers started to sell directly to the customers. Wholesalers were supposed to sell the retailers but because of the social media platform and ecommerce wholesalers are selling directly to the customers so that's why they can offer the minimum product price which the retailers cant beat their price. In the competitive market when they are many competitors all are trying to sell at minimum price so that they can capture the customer and all are selling the same kind of products but now they are losing many of their customers because of these problems

Solution strategies to overcome their challenge Now, Gadget Plus imports their own products. They directly import from China. China is the largest accessories assembly country. And also they offered the cheapest rate. When they collect from the local importers they have to sell a limited type of products which importers import,but now they import many different and unique gadgets and accessories. Also Gadget Plus now brings their own designed phone covers which is very attractive and people only can get these designs from them only. These unique ideas and strategies are a huge reason to increase their sales and stand out in the market for their uniqueness.

The Business strategy Gadget Plus’s Business strategy is mainly dependent on providing quality service at the most affordable price . They have designed their strategy based on Customer need . Their strategy actually ensures their success in future . Basically They : Focused on customer : Where they tried to figure out the wants of customers. And they found that customers are concerned about the service quality and pricing of the service . And the market is very price sensitive . So they designed their strategy considering that . Focused on low cost : Gadget Plus is following a focused low cost strategy . They are focusing on a specific niche market . They are providing that market’s desired services at the most affordable rate .

Future Plan for the Business Gadget Plus’s vision is become the number one gadget and accessories selling brand of Bangladesh. In Bangladesh most of the sellers sell accessories besides mobile or laptop. Their main business is either mobile or laptop or other things but in other countries like China, Hong kong there are several gadget and accessories shops which only sell these items only. So Gadget Plus is targeting to expand its operation and expand their branch which only sells the unique imported accessories all over the country.

Conclusion Gadget Plus companies are emerging day by day because of the entrepreneurial skills. The founder always motivates the employees . He encourages the employees to give their best . They are providing quality content to their customers and gaining customer satisfaction. This sector is very competitive . So Knowledge skill and innovation is the key to success in this field .

Advanced promoting can moreover make numerous work openings and contribute within the national economy. As a developing country Bangladesh has a computerized outsourcing centre for assorted administrations counting online promoting , social media site plan and advancement

Recommendations As we know Gadget Plus has started its journey in 2018 and is still going on . We can see its growth process . In terms of finance it is just going smoothly, it's just showing its performance perfectly . In strategic growth new products are launching and a huge number of people are liking their products and they even buying their products and recommending Their products to other people . This successful strategic growth ensures their financial growth also. In structural assets they have enough net assets to run this business and they are using these assets so properly . Their Strategic growth ensures their financial growth . At first they had only sold products online but now they have one branch and later on they have to open some more branches in Dhaka city to ensure that Gadget Plus should rapidly grow fast .

Appendix: Ma’am Gadget Plus is my own company. I am the founder of this. I am providing the page and group link, others e-commerce platforms selling evidence also the screenshot of the page and group adminship. Thank you.

Page link- https://www.facebook.com/groups/gadgetplusbangladesh Group link https://www.facebook.com/gadgetplusBangladesh Owner profile link - https://www.facebook.com/shadatrahmaneshan

Evidence drive link https://drive.google.com/drive/folders/1SzFpSjs8Imhx_S1pD_sheSKg3Snja567...