21st & 22nd March 2024: Khadija-tul-Kubra Business Incubation Center (K-BIC) organized a two days workshop on Business Plan Development for incubates as part of their Entrepreneurial curricula. The workshop was also mandatory for focal persons to K-BIC from different departments of LCWU. Dr Adeel Nasir, Chairperson Department of Management Sciences, conducted the workshop by covering various elements of Business Plan through case study and interactive session with participants.
Fatima Jinnah Medical University, consortium partner of K-BIC, LCWU also participated in the workshop. An open call for participation was also shared with LCWU faculty to reach a wider community. K-BIC is determined to continue its journey to develop Entrepreneurial ecosystem at LCWU and thankful to participants for their interest, and collaboration. The Entrepreneurial club of K-BIC actively played its role in organizing the workshop and maintained its spirit to facilitate young entrepreneurs in their journey.
Day 1: March 21st, 2024
The inaugural day focused on laying the foundational aspects of a robust business plan. Key discussions revolved around the importance of an Executive Summary, emphasizing the need for a unique selling proposition (USP) to differentiate businesses in the market. Dr. Adeel Nasir elaborated on the significance of a compelling vision and mission, highlighting their role in defining the purpose and reason behind ventures.
Market analysis took center stage, delving into comprehensive assessments of competitors, customers, industry landscapes, and target markets. Considering COVID-19 pandemic like situation, special attention was given to crafting solutions that ensure sustainability amidst challenges. Strategies for market entry, including innovative approaches such as free trials and brochures, were explored. The session also addressed sales strategies, profit timelines, and the formation of effective management teams. Additionally, retention strategies were outlined to foster long-term customer relationships.
The workshop underscored the instrumental role of a strong business plan in showcasing growth potential to investors, fostering promotion, and attracting funding during capital shortages.
Day 2: March 22nd, 2024
The second day of the workshop delved into the financial projections’ aspect of business planning. Dr. Adeel Nasir, led an insightful discussion on developing financial projections to support business pitches.
The culmination of the workshop was marked by a group photo, capturing the collaborative spirit and shared learning experiences of participants. The event not only equipped participants with practical insights into business plan development but also fostered a sense of camaraderie among attendees, paving the way for future entrepreneurial endeavors.
