by BreakBite Editorial Wing | Aug 13, 2024 | WSME Business Support Center
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.
by BreakBite Editorial Wing | Jul 3, 2024 | WSME Business Support Center
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.
Keynote Speaker
Ms. Mahua Zahur
Advocate, Supreme Court
Director, CLIP
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.
- Shimul Billah Khan (Hand Painting & Rickshaw Painting):
- 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.
by BreakBite Editorial Wing | Jun 21, 2024 | Startup Studio
What is Burn Rate?
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:
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.
by BreakBite Editorial Wing | Jun 3, 2024 | WSME Business Support Center
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.
by BreakBite Editorial Wing | May 28, 2024 | WSME Business Support Center
Successful Online Q&A Session on Customer Support & Communication
Date: May 28, 2024
Time: 12:00 PM, Dhaka
The Women Entrepreneurs Business Support Center, a key initiative under the We-Fi project of the World Bank, successfully hosted an enlightening online Q&A session on Customer Support & Communication on May 28, 2024. The session, led by Abdur Rahman Shawon, Founder and CEO of Pendulum Motion, provided invaluable insights and strategies aimed at enhancing the customer service practices of women entrepreneurs.
Speaker:
Abdur Rahman Shawon, Founder & CEO, Pendulum Motion
The discussion began with Abdur Rahman Shawon sharing his journey of establishing a customer service business. He emphasized the critical importance of understanding what “customer” and “service” truly mean. Shawon prompted participants to reflect on their interpretations, setting the stage for a deeper exploration of effective customer service strategies.
Key discussion points included:
- Customer Service Strategy: Shawon explained that a robust customer service strategy is essential for any business aiming for long-term success. He discussed the importance of having clear protocols and procedures in place to handle customer interactions efficiently.
- Customer Behavior: Understanding customer behavior is crucial for providing tailored support. Shawon highlighted techniques to read and respond to customer needs, emphasizing empathy and active listening.
- Necessity of Loyal Customers: Shawon underscored the value of loyal customers, explaining how they can become brand advocates. He shared strategies to cultivate loyalty through consistent, high-quality service and personalized engagement.
- Turning Negative Experiences into Positive Ones: Shawon provided actionable steps to transform a negative customer experience into a positive one. He stressed the importance of quick resolution and genuine apologies, which can often turn a dissatisfied customer into a loyal one.
- The Principle that “Customer is Always Right”: Shawon elaborated on this principle, explaining that while it may not always be literally true, treating customers with utmost respect and consideration can significantly enhance their experience.
- Adding Extra Value: Shawon discussed ways to add extra value to the customer experience, such as through personalized follow-ups, exclusive offers, and thoughtful gestures that exceed expectations.
The session was highly interactive, with several women entrepreneurs actively participating and sharing their experiences.
Shimul Mojlish (Rupban):
Business: Hand Painting & Rickshaw Painting
Issue: Providing extra gifts to customers to add value.
Discussion Points: Shawon advised that gifts are not always valuable. He emphasized the importance of understanding the customer’s mind and providing what they truly value, rather than generic gifts.
Hasna Jahan Rini (Agro Product):
Business: Desi Masala
Discussion Points: Rini shared her approach to customer engagement and the strategic use of gifts based on purchase history. Shawon commended her personalized approach and suggested refining it based on customer feedback.
Farhana:
Issue: Feeling shy to repeatedly reach out to customers for advertising products.
Discussion Points: Shawon addressed her concerns, highlighting that overcoming hesitation is crucial. He suggested appointing a representative if she feels uncomfortable, ensuring that customer engagement remains consistent.
Sathi Parvin (Shopno Ghuri Lifestyle):
Business: Bedsheets
Discussion Points: Parvin shared her success in using Facebook business groups for customer support. Shawon encouraged her to continue leveraging social media and to keep learning and adapting her strategies.
Shawon also shared insights from his experiences in the Western business world, where employees handling customers often sign documents committing to the principle that “Customer is always right.” He explained that this mindset fosters a culture of respect and attentiveness towards customers, which is crucial for business success.
During the session, Shawon highlighted a few effective stress management strategies, such as maintaining a daily schedule with planning apps or calendars, which can significantly reduce feelings of being overwhelmed and improve overall well-being.
The session concluded with an engaging Q&A where Shawon addressed various issues affecting women entrepreneurs, providing tailored advice and actionable strategies. This session highlighted the critical role of effective customer support and communication in building a successful business.
The Women Entrepreneurs Business Support Center remains committed to empowering women entrepreneurs through such valuable learning opportunities, fostering a supportive community for their growth and success.
