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.
Learn how to register a trade license in Dhaka with this detailed guide. We explain the step-by-step process, required documents, fees, and how BreakBite eBusiness can help with your registration.
Introduction:
Obtaining a trade license is a crucial step for any business operating in Bangladesh. This legal document, issued by the local government authority, certifies that a business is permitted to operate in a specific area and trade in a particular sector. Whether you’re starting a small business or a larger company, knowing the process and requirements for obtaining a trade license ensures that your business is compliant with local laws.
This guide provides a step-by-step breakdown of the registration process, documents required, and the associated fees. For those looking for professional help, BreakBite eBusiness offers complete solutions for trade license registration and renewal services in Dhaka.
Businesses in other cities will need to apply to their respective City Corporation or Municipality.
It’s important to determine where your business is located and understand which local authority governs that area. You will also need to classify your business as a commercial, industrial, or professional entity.
Step 2: Gather the Required Documents
To register for a trade license, you need to prepare the following documents:
Application Form: Obtain the trade license application form from your respective city corporation office or download it from their website.
National ID Card (NID) or Passport: Copy of the owner’s NID or passport.
TIN Certificate: A Tax Identification Number (TIN) certificate is required to prove your tax status.
Proof of Ownership/Rental Agreement: A deed of ownership or a rental agreement showing the address of the business premises.
Recent Passport-Sized Photographs: Typically, two copies of passport-sized photographs of the business owner.
VAT Registration Certificate: Depending on your business type, a VAT certificate may be required.
Municipal Holding Tax Payment Receipt: Proof of payment of the municipal holding tax for your business premises.
Fire Service Clearance Certificate: For businesses that handle sensitive or hazardous materials, a clearance from the fire department may be required.
Check with your local authority for any additional documents that may be specific to your business type.
Step 3: Submit Your Application
Once you have gathered the required documents, you will need to submit them along with your filled-out application form to the City Corporation’s Trade License Department.
For Dhaka North and Dhaka South, the application can typically be submitted in person at the city corporation office or through online portals where available.
You will be given an application reference number to track the status of your application.
Step 4: Pay the Trade License Fees
After submitting the application, you will need to pay the required trade license fee. The fees vary based on the type and size of the business and location. Typically, trade license fees range from BDT 500 to BDT 40,000, depending on the nature of the business.
The payment can be made through the designated bank branches or online payment portals of the respective city corporations.
Step 5: Inspection by the Licensing Authority
After the fee payment, the licensing authority may conduct a site visit to inspect the business premises. This is particularly common for businesses that require specific safety measures, such as industrial units or those dealing with hazardous materials.
The inspection ensures that the business complies with local regulations before the trade license is issued.
Step 6: Issuance of Trade License
Once the application is approved, the City Corporation will issue the trade license, which will typically include:
License number
Business name
Business location
Type of business
This trade license is valid for one year and needs to be renewed annually.
Step 7: Trade License Renewal Process
To ensure your business remains compliant, you must renew your trade license every year. The renewal process is simple and involves submitting:
Your existing trade license
Updated documents, if any
Renewal fees (often the same or slightly higher than the initial fee)
Failure to renew the license on time may result in penalties.
Legal Compliance: Operating with a valid trade license ensures your business is legally recognized.
Trustworthiness: A registered trade license builds trust with customers and clients.
Government Assistance: Only businesses with a trade license are eligible for government subsidies, grants, and other support services.
Tax Filing: Having a trade license allows you to maintain better tax records and simplifies VAT/TAX filings.
Conclusion:
Obtaining a trade license in Dhaka is essential for running a compliant business. By following this guide, you can easily navigate the process. However, if you prefer professional assistance, BreakBite eBusiness offers complete trade license registration and renewal services to ensure a smooth process for your business.
Learn how to register a limited company in Bangladesh with this comprehensive guide. From name clearance to RJSC filing, our step-by-step process will walk you through every phase.
Introduction:
Starting a business in Bangladesh requires you to follow certain legal procedures, especially when registering a limited company. Whether you’re a local entrepreneur or a foreign investor, understanding these steps is crucial to ensure compliance with the laws set by the Registrar of Joint Stock Companies and Firms (RJSC).
In this guide, we’ll provide a step-by-step breakdown of how to register a limited company in Bangladesh.
Step 1: Name Clearance from RJSC
Before you can register your limited company, you need to secure a unique company name.
Once approved, the name will be reserved for 90 days, during which you must complete the registration process.
Step 2: Drafting the Memorandum and Articles of Association (MoA & AoA)
Once the name is cleared, the next step is to draft the Memorandum of Association (MoA) and Articles of Association (AoA). These documents are crucial for defining the purpose and structure of your company.
Memorandum of Association (MoA): Outlines the primary business objectives of your company.
Articles of Association (AoA): Governs internal operations, rights, and responsibilities of directors and shareholders.
Make sure to include:
Shareholder details (name, address, national ID/passport).
Company’s registered office address.
Details of the directors and managing personnel.
Step 3: Open a Bank Account and Deposit Initial Capital
Before you can proceed with registration, you need to open a bank account in the proposed company’s name. This bank account will be used to deposit the initial paid-up capital.
Visit a bank in Bangladesh with your name clearance approval.
Open an account under the company’s name.
Deposit the required paid-up capital (the amount depends on your business type).
Obtain an Encashment Certificate from the bank, confirming the deposit of capital.
Step 4: Submit Documents to RJSC for Registration
How to register a limited company in Bangladesh? Once the bank account is set up and the initial capital deposited, you’re ready to submit all documents to the RJSC for registration. This is the most critical step in the process.
Documents required for company registration:
Name Clearance Certificate.
Memorandum of Association (MoA) and Articles of Association (AoA).
Directors’ particulars (including Form IX for director appointments).
Form XII: Annual return form detailing the company’s financial status.
You will need to pay the applicable government fees at this stage. Once submitted, RJSC will review your application, and if everything is in order, your company will be officially incorporated.
Step 5: Obtain the Certificate of Incorporation
Once your registration is approved, RJSC will issue a Certificate of Incorporation, officially confirming that your company is registered. This document includes:
Your company registration number.
Date of incorporation.
The company’s legal status.
At this point, your company is now legally recognized in Bangladesh.
Step 6: Post-Incorporation Compliance
After registering your company, there are several post-incorporation formalities you must follow:
Trade License: Apply for a trade license from the City Corporation where your business is located. This is mandatory for operating any business in Bangladesh.
Tax Identification Number (TIN): Register your company for a TIN with the National Board of Revenue (NBR) to ensure compliance with tax laws.
VAT Registration: If your business meets the VAT threshold, register for VAT to ensure proper tax reporting.
Step 7: Additional Considerations for Foreign Investors
If your limited company includes foreign shareholders, there are a few additional steps:
Board of Investment (BOI) approval is required for certain industries.
A business visa may be necessary for foreign directors, and you may need to secure work permits for expatriates working in the company.
Foreign investors must inject at least USD 50,000 into the company’s capital to obtain a work permit.
Conclusion:
By following these steps, you can successfully register your limited company in Bangladesh and ensure it operates legally and efficiently. Whether you’re starting a local business or setting up operations as a foreign investor, understanding the registration process is the first step toward success.
If you need professional help with the registration process, BreakBite eBusiness is here to assist you every step of the way, from name clearance to post-registration compliance.
Call to Action:
Contact BreakBite eBusiness today to get started with your company registration. We offer complete solutions, including document preparation, compliance guidance, and more. You can easily do all the stuffs without any hustle by just ordering at https://breakbite.com/product/limited-company-registration-rjsc/
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 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.
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.
Empowering Women Entrepreneurs: Successful 5th Physical Workshop on Financing and Investment at NSU Campus
Date: May 2, 2024 Time: 10:30 AM Location: North South University Campus
The Women Entrepreneurs Business Support Center, a pivotal initiative under the We-Fi project of the World Bank and organized by BreakBite in collaboration with North South University, successfully conducted its 5th physical workshop on Financing and Investment on May 2, 2024, at the NSU Campus. The workshop, led by Mr. Mirza M Ferdous, Senior Lecturer in the Department of Finance & Accounting at NSU, attracted over 120 women entrepreneurs eager to enhance their financial acumen.
The primary objective of the workshop was to address questions submitted by the participants. The organizers carefully filtered, combined, and rephrased these queries into seven broad questions covering various aspects of financial management. A secondary goal was to respond to any additional questions from the audience at the end of the presentation.
The workshop began with a concise yet comprehensive overview of financial management, breaking it down into three functional areas: operations, investments, and financing. Given the workshop’s time constraints and scope, it was emphasized that the main focus would be on the subject of “risk.”
Understanding Risk: Risk was redefined not as a negative concept associated with loss, but as the idea of uncertainty, described mathematically as “we don’t know exactly what will happen in the future.” This concept of risk was a recurring theme throughout the workshop, with various facets of risk and risk management discussed in detail.
Detailed Q&A Session:
Current Financial Trends: The first question addressed current trends in the financial and investment landscape, emphasizing the need for digitization. The discussion highlighted the importance of maintaining clear digital records for businesses to be eligible for financing opportunities, detailing the steps towards achieving digitization.
Capital Structure and Cash Flow Optimization: The second and third questions focused on capital structure and cash flow optimization. The relationship between enterprise value, equity, and debt was explained, followed by an in-depth overview of cash flow management.
Sources of Funding: The fourth question explored various sources of funding, highlighting their characteristics and pointing out unreliable sources to avoid, such as “shomobai shomities.” The significance of digitization and structured record-keeping was reiterated.
KPIs and Financial Health: The fifth question, primarily academic, dealt with key performance indicators (KPIs) for measuring a business’s financial health. The discussion centered around the cash conversion cycle, cash ratio, and revenue growth, making it easy for the audience to grasp.
Risk and Exit Strategies: The last two questions involved a detailed discussion on risk and exit strategies. Revisiting the concept of risk, the workshop drew connections between uncertainty and all the questions addressed.
The workshop saw active participation from the audience throughout, with the speaker encouraging questions. The Q&A session extended beyond the workshop, with participants seeking investment advice, clarifications on business structures, and discussions on various savings instruments. The workshop was engaging, beneficial, and well-received by all participants, providing valuable insights into financial management and fostering a deeper understanding of risk and its implications.
The Women Entrepreneurs Business Support Center, supported by BreakBite, continues to play a crucial role in helping women navigate the complexities of financial management and investment, equipping them with the knowledge and skills needed for sustainable growth.
Empowering Women Entrepreneurs: Successful Online Q&A Webinar on HR Strategy by WSME Business Support Center
Date: April 27, 2024 Time: 1:00 PM to 2:15 PM Mentor: Shabnin Rahman, Senior Lecturer, Department of Management, NSU
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 webinar on HR Strategy on April 27, 2024. The webinar was led by Shabnin Rahman, Senior Lecturer in the Department of Management at North South University, and focused on innovative human resource strategies for small and medium-sized enterprises (SMEs).
In her opening statement, Shabnin Rahman highlighted the financial hardships commonly faced by SMEs, which often hinder their ability to invest in attractive HR strategies. However, she emphasized that SMEs could implement effective HR strategies without incurring significant expenses. The webinar covered crucial HR topics, including:
Hiring Strategy
Training and Development Strategy
Retention
Employees’ Expected Behavior & Ethical Issues
The discussion was highly interactive, with many women entrepreneurs sharing their experiences and plans for managing and utilizing their workforce. Rahman provided practical examples and insights, illustrating how SMEs can adopt HR strategies without a designated budget.
Hiring Strategy: Rahman explained that hiring can be done cost-effectively. She suggested leveraging networks to search for employees, offering incentives to team members, and instituting a “day in the life” program to assess candidates’ passion for the job. Ms. Shahina agreed, noting that entrepreneurs could indeed hire without significant expenses by following these strategies.
Training and Development: Due to financial constraints, women entrepreneurs often cannot hire expert workers and must train their employees from the ground up. Rahman emphasized the importance of a proper training and development strategy, especially when the business is on the verge of expanding and introducing new products.
Retention: Entrepreneurs expressed concerns about retaining employees after investing in their training, as trained workers often leave for better-paying jobs or start their own businesses. Rahman offered several key points to enhance employee retention:
Make workers feel connected to the business.
Ensure employees feel like an essential part of the team.
Foster a team-oriented environment without hierarchical barriers.
Always pay employees on time and maintain a safe, healthy working environment.
Provide small perks, such as free beverages and occasional team meals.
Offer moral support and reasonable financial advances when needed.
Ethical Issues: Rahman addressed concerns about employees engaging in unethical practices, such as sharing product designs and sensitive business information. She advised dealing with such issues professionally by terminating unethical employees promptly and ensuring that employees do not feel indispensable.
During the webinar, Rahman shared insights from the Western business world, where employees handling customers sign documents committing to the principle that “Customer is always right.” This practice fosters a culture of respect and attentiveness towards customers, which many participating entrepreneurs found valuable.
The session was highly productive, providing women entrepreneurs with practical HR strategies and fostering a deeper understanding of effective workforce management. The Women Entrepreneurs Business Support Center continues to empower women entrepreneurs by offering valuable resources and insights through such webinars.
