A Business Seminar was held on 25th August 2018 at Shadab Function Hall, Galib Nagar, Parbhani. This Seminar was organized by Rifah Chamber of Commerce and Industry. Seminar was focusing mainly on the topics How to do Start-up & How to Scale up an existing business. It was a three hours program and 200 participants attended it.
Mr. Md Azim was the Convener of the program. The program started with the recitation of the Holy Quran followed by Mr. Faisal Hasmi and he also gave the brief introduction about ethical business practice which is preached by Islam.
Mr. Salahuddin Ahmad, Chief Operating Officer of Rifah Chamber of Commerce and Industry addressed the audience on the topic How to do Start-up. He focused on the following points: For every start-up self-learning interest is a key point. Either we should do a start-up with innovative ideas OR learn the technical knowhow of the exiting industries. If selected an innovative idea then it need to be gaged. After that we need to identify market and customer segment. Also trained on the points, how to make project reports to lure financers. He emphasized new start-up should take the benefits of Government schemes and start-up India is good platform. He should the videos of start-up India exhibition and start-up India learning program. Q&A session was done where audience benefited from the guidance given by Mr. Salahauddin Ahmad.
Mr. Mirza Afzal Baig (General Secretary of Rifah Chamber of Commerce and Industry) on How to Scale up an existing business. It was a powerful lecture in which he shared basically 5 points: Always have big visions for your business if you want to Scale up. If you have a small vision like buying a bungalow or a car then your growth would be stopped once you achieve it. We mainly hire staff within are family or a close rather than this we should focus on talent. While staff hiring do the planning of growth cycle for an employee and treat him in a respective manner to retain a talented employee. We always play with our cash flow instead of investing in our own business we keep on buying fixed assets and loose liquid when cash is required. Do financial planning and always keep certain amount as a backup for business so cash flow doesn’t get hampered. When customer squeezes you and bargain about the rate that time you go in loss due to negligence about knowing your net profit, hence always have an update of your profit margin. To become a listed company OR a fortune 500 companies make sure all the business documents like billing, invoices, tax filling, reporting etc., should be in a very professional way. Cash business can make you a good shop keeper in your locality but not a business tycoon. Q&A session was also done where Mr. Mirza Afzal Baig gave some suitable answers to businessmen’s and on how to overcome with the coming challenges to become a successful entrepreneur.
Last but not the least Mr. Salahuddin Sb, COO of Rifah Chamber of Commerce and Industry gave the reason of Rifah formation and also discussed about challenges of Muslim community not growing in business field. How RIFAH is becoming a platform to deal with the challenges.
The program ended up with the Vote of thanks which is given by Mr. Md. Azim as a convener.