The Women Entrepreneurs Business Support Centre hosted a webinar on the topic of Business Intelligence Solution (BIS) to educate and empower women entrepreneurs about the advantages of using data-driven insights to enhance their business operations. The session featured keynote speaker Mohammad Nakibul Alam, Senior Executive and Data Analyst at Icreation Limited, who introduced the importance of BI systems and their potential impact on small and medium enterprises (SMEs).
Date: October 8, 2024 Organized by: Women Entrepreneurs Business Support Centre Participants: 40
Key Points Discussed
1. Importance of Business Intelligence for SMEs: Mohammad Nakibul Alam highlighted the crucial role of BI systems in improving decision-making processes. He emphasized that transforming raw data into actionable insights enables businesses to identify trends, evaluate performance, and implement strategic initiatives effectively.
2. Benefits of the Sales Dashboard for SMEs:
Sales Forecasting: Entrepreneurs can use historical sales data to predict future sales patterns.
Performance Tracking: A Sales Dashboard provides a comprehensive view of daily, weekly, monthly, quarterly, and yearly sales performance, including profit margins and product-specific sales data.
Identifying Business Loopholes: The dashboard allows business owners to detect operational gaps and make strategic adjustments to boost performance.
Customer Analytics: By leveraging customer analytics, entrepreneurs can build a loyal customer base and reduce social media advertising costs.
As the Associate Professor of the Department of Marketing and International Business, Dr. Farzana Nahid added valuable insights, highlighting the wider benefits of Business Intelligence for SMEs, particularly in streamlining decision-making and fostering growth. And Adnan Ahmed who moderated this session also added the importance of using Artificial Intelligence in Business.
Key Entrepreneur Insights
Many participants, including Afroza Naznin Shumi, Lameya Mitu, and Rudronil Das Gupta, expressed a strong interest in integrating BI systems into their business models. While the concept was new to several attendees, there was a notable eagerness to adopt these tools to enhance their operations and improve decision-making.
Conclusion
The primary objective of the webinar was to introduce women entrepreneurs to the potential of Business Intelligence systems in driving growth and resilience in the current challenging business climate. By integrating BI solutions, entrepreneurs will be equipped to better navigate future challenges and make informed decisions that align with their business goals.
The WSME Business Support Centre hosted a webinar titled “Bangladesh 2.0: We Are On Your Side” to provide support and guidance to women entrepreneurs in the wake of Bangladesh’s political crisis and the formation of a new interim government. The session aimed to address the challenges faced by women entrepreneurs, discuss strategies for business resilience and mental health, and chart a path forward for recovery and growth.
Opening Remarks
The webinar began with a minute of silence to honor the martyrs of the recent student movement. Participants shared personal stories and reflections on the difficult days, highlighting a sense of solidarity and the collective impact of the crisis.
Key Discussion Points
Sustaining Businesses and Families:
Dr. Farzana Nahid, Adnan Ahmed, and Asif Ahnaf discussed how entrepreneurs, particularly Jamdani traders, are sustaining their communities and weaver families during these challenging times. The speakers emphasized the importance of resilience and adaptability in business operations.
Proposals to the Government:
It was proposed that the government consider reducing the trade license renewal fees for small traders to alleviate financial burdens. This measure would support small businesses in maintaining operations despite the economic downturn.
Building Community and Collaboration:
Participants were encouraged to form communities among themselves, fostering an environment of mutual support. The idea of exchanging business products within the network of women entrepreneurs was discussed as a strategy for survival and sustainability.
Experience Sharing and Mentorship:
Entrepreneurs were urged to share their experiences and offer mentorship to each other. By leveraging their collective knowledge and expertise, they can help one another navigate the crisis and rebuild stronger businesses.
Unity and Positive Mindset:
The session highlighted the need for unity and a positive attitude among women entrepreneurs. Emphasizing collaboration over competition can lead to a more supportive and thriving business community.
International Market Opportunities:
Merina Hussina spoke about the desire for more opportunities to showcase women-led businesses internationally, advocating for easier access to global markets.
Entrepreneur Insights
Farhana Munmun: Expressed concern for artisans struggling to survive due to a lack of financial resources.
Afroza Naznin Shumi: Highlighted a government proposal to reduce trade license renewal fees for small traders.
Hasina: Shared hopes of completing international project-based work orders that have been delayed due to the crisis.
Saleha Begum: Suggested buying and selling products within the women entrepreneurs’ network to support each other.
Khurshed Jahan: Stressed the importance of unity and a non-judgmental, supportive community.
Merina Hussina: Spoke about the potential for women entrepreneurs to access international markets and the opportunities it could bring.
Conclusion
The main objective of this webinar was to provide a platform for women entrepreneurs to voice their concerns, share experiences, and discuss strategies for overcoming the current crisis. The session underscored the importance of unity, collaboration, and constructive guidance in navigating these challenging times. Moving forward, the WSME Business Support Centre will continue to support women entrepreneurs, fostering resilience and promoting growth through shared knowledge and community support.
Date: July 3, 2024 Organized by: WSME Business Support Centre Participants: 44
Introduction
On July 3, 2024, the WSME Business Support Centre hosted a webinar focused on the “Implications of Intellectual Property (IP) for Packaging and Marketing.” The webinar aimed to enhance understanding of intellectual property rights among women entrepreneurs, emphasizing their importance in protecting innovations, maintaining competitive advantage, and supporting effective marketing strategies.
Ms. Mahua Zahur, a prominent advocate and Director of CLIP, served as the keynote speaker. She provided an insightful overview of the significance of intellectual property in fostering innovation and protecting business interests. Ms. Zahur highlighted different categories of IP rights, such as patents, designs, copyrights, trademarks, and trade secrets, illustrating their relevance in the business landscape.
Discussion Points
The webinar covered several critical topics related to IP and its implications for packaging and marketing:
Importance of Packaging: Emphasized packaging as a key element in product presentation and brand recognition.
Functions of Packaging: Discussed how packaging not only protects the product but also serves as a marketing tool that can influence consumer behavior.
Packaging Protection through IP: Explored how IP rights can safeguard packaging designs from unauthorized use.
Copyright Protection for Creative Packaging: Addressed the use of copyright to protect artistic and unique packaging designs.
Geographical Indication (GI): Explained the role of GI in distinguishing products based on their geographic origin and quality.
Eco-Friendly Packaging as a Marketing Strategy: Highlighted the growing trend of using sustainable packaging as a selling point to attract environmentally conscious consumers.
Participant Questions and Discussions
The webinar included an engaging Q&A session, where participants raised pertinent questions related to their businesses. Below are some key discussions:
Tanjerina Begum (Homemade Decor):
Issue: Inquired about the type of logo suitable for identifying all products under her business.
Discussion: Ms. Zahur advised that the legal strength of a logo depends on its distinctiveness and relevance to the brand or business name. She emphasized creating a logo that is unique and not directly descriptive of the products.
Monika Das:
Issue: Asked about using “Shataranji” as an IP for packaging.
Discussion: She was recommended to register as an authorized user of GI products to legitimately use “Shataranji” in her packaging.
Konica Sharma (Architect, Interior Design):
Issue: Wanted to know where to use trademarks when incorporating products from different brands, but the design is her intellectual service.
Discussion: Ms. Zahur suggested using service marks for her company’s services and claiming design copyrights on her business cards to protect her unique design work.
Romana Pervin (Food):
Issue: Sought guidance on obtaining approval from BSTI.
Discussion: Advised to first obtain a trademark license from GPD and then apply for BSTI certification through the Ministry of Industries.
Issue: Inquired about acquiring a trademark for the name “Rupban.”
Discussion: Ms. Zahur explained that if “Rupban” is distinct from other brands, it could be a strong trademark. However, if it resembles existing trademarks, it may lead to rejection due to customer confusion.
Sheuli Akter (Kasha & Pitol):
Issue: Questioned whether to register her page name or customized products for IP protection.
Discussion: Advised to register her page name with a trademark and protect the designs as intellectual property, ensuring comprehensive coverage for her business.
Key Takeaways
During the webinar, Ms. Mahua Zahur emphasized the importance of understanding and implementing IP protections in packaging and marketing strategies. She highlighted that IP not only provides legal safeguards but also adds competitive advantage and unique value to a business. Entrepreneurs were encouraged to be vigilant in differentiating their brands and ensuring that customers are not misled by similar packaging.
This webinar served as an essential platform for women entrepreneurs to learn about the practical applications of IP in their businesses, fostering a better understanding of how to protect and enhance their brands.
Conclusion
The webinar was highly informative and engaging, providing valuable insights into the implications of IP for packaging and marketing. Participants left with a deeper understanding of how IP can be a critical tool in maintaining brand integrity and driving business success.
Next Steps
We recommend organizing follow-up sessions and one-on-one consultations to further assist entrepreneurs in applying IP protections in their specific contexts.
Burn rate is a critical financial metric for startups, representing the rate at which a company spends its capital to cover its operating expenses before generating positive cash flow. It essentially measures how quickly a startup is “burning” through its cash reserves.
Types of Burn Rate:
Gross Burn Rate: The total amount of cash a company spends each month on operating expenses, including salaries, rent, utilities, and other overhead costs.
Net Burn Rate: The amount of cash a company loses each month, calculated as the total revenue minus total expenses. This figure is more critical as it indicates how long a company can sustain its operations with its current cash reserves.
Why Burn Rate Matters:
Burn rate is a key indicator of a startup’s financial health and sustainability. It helps entrepreneurs and investors understand how long a company can operate before it needs to secure additional funding. A high burn rate can indicate potential financial distress, while a low burn rate suggests efficient management of resources.
How to Calculate Burn Rate:
Gross Burn Rate: Total Monthly Operating Expenses
Gross Burn Rate=Total Cash Spent Over a Period/Number of Months in the Period
Net Burn Rate: Monthly Net Loss
Net Burn Rate=(Total Cash Spent Over a Period−Total Revenue)/Number of Months in the Period
Example Calculation:
Let’s say your startup spends $50,000 per month on operating expenses and generates $10,000 in monthly revenue.
Gross Burn Rate: $50,000 per month
Net Burn Rate: $50,000 (expenses) – $10,000 (revenue) = $40,000 per month
Managing Your Burn Rate:
Monitor Regularly: Keep a close eye on your burn rate by tracking your expenses and revenue monthly. Regular monitoring helps in making timely adjustments.
Cut Unnecessary Costs: Identify and eliminate non-essential expenses. Consider downsizing office space, renegotiating vendor contracts, or cutting discretionary spending.
Increase Revenue: Focus on strategies to boost sales and revenue. This could include enhancing your marketing efforts, expanding your customer base, or upselling to existing customers.
Extend Runway: Consider ways to extend your financial runway, such as securing additional funding, applying for grants, or deferring certain expenses.
Optimize Operations: Streamline your operations to improve efficiency. This might involve adopting new technologies, automating processes, or improving team productivity.
Communicating Burn Rate to Investors:
Investors often ask about a startup’s burn rate to gauge its financial health and runway. Be prepared to discuss your current burn rate, the measures you’re taking to manage it, and your plans for future financial sustainability.
Example Question from Investors:
Investor: “What is your current burn rate, and how long is your runway?”
Entrepreneur: “Our current gross burn rate is $50,000 per month, with a net burn rate of $40,000 per month. With our current cash reserves of $500,000, we have a runway of approximately 12.5 months. We are actively working on increasing our revenue and reducing non-essential costs to extend our runway further.”
Understanding and managing your burn rate is crucial for the survival and growth of your startup. By keeping a close watch on your expenses and finding ways to increase revenue, you can ensure that your startup remains on a sustainable financial path.
Successful Completion of 6th Physical Workshop on Mental Health at NSU Campus
Date: June 3, 2024 Location: North South University Campus
The Women Entrepreneurs Business Support Center, a key component of the We-Fi project under the World Bank, successfully conducted its 6th physical workshop on Mental Health on June 3, 2024, at Audi 801, North South University Campus. Organized by BreakBite in collaboration with North South University, this workshop is part of our ongoing efforts to support and empower women entrepreneurs.
Trainers and Keynote Speakers:
Dr. Farzana Nahid, Assistant Professor, Dept of Marketing and International Business, NSU
Dr. Mahmuda Muhsina Bushra, Psychotherapist, City Hospital
Ms. Samira Rahman, Lecturer, Dept of Marketing and International Business, NSU
Session Moderator:
Tilka Farzana, Lecturer, Department of Marketing, NSU & Partner, Wed Window
Dr. Farzana Nahid, the keynote speaker, highlighted the significant benefits of mental health awareness. She shared real-life experiences from her work as a counselor, demonstrating its impact on both personal and professional lives. Dr. Nahid emphasized the importance of prioritizing self-care as an essential tool for helping our loved ones.
Dr. Mahmuda Muhsina Bushra, a psychotherapist and trainer consultant with over 20 years of counseling experience, focused on women’s well-being and the importance of stable mental health. She conducted a mini meditation session, teaching women about self-love and techniques to overcome guilt, fear, and negativity. In her question-and-answer session, she addressed various issues affecting women in society and family. Her guidance and insights are expected to enlighten women entrepreneurs, benefiting them and encouraging a healthier lifestyle.
Another panelist, Ms. Samira Rahman, mentioned that mental health is a state of well-being that enables people to cope with stress. As she explained, stress is not always harmful; moderate stress can enhance task completion and problem-solving by providing energy and a sense of urgency, thus improving focus. This type of positive stress, or eustress, fosters resilience and helps maintain balance through anticipation and excitement. She also discussed effective stress management strategies, such as maintaining a daily schedule with planning apps or calendars, to reduce feelings of being overwhelmed and to improve overall well-being.
The workshop saw the active participation of 60 women entrepreneurs who shared their personal challenges and difficulties faced in their entrepreneurial journeys. Prominent figures such as Mr. Asif Ahnaf, CEO of BreakBite, Ms. Rakshanda Samin, Coordinator of WeFi project and Adnan Ahmed, CMO of BreakBite, were also present at the session, demonstrating their support for this vital initiative and engaging with the participants.
This workshop emphasized the importance of mental health and well-being for women entrepreneurs, equipping them with tools and techniques to manage stress and improve their overall mental health. The Women Entrepreneurs Business Support Center, as part of the We-Fi project, continues to dedicate itself to empowering women and creating a supportive community for their growth and success.
