University of Liberal Arts Bangladesh (ULAB) Business Club hosted a webinar on 'Entrepreneurial Decision-Making Mind-map' on 8 May 2021, states a press release.
The honorable guest for that webinar was Mr. Samit Bin Salam, the founder of Kiva Han Gruppo as well as the Managing Director at SAS Ventures. The advisor ULAB Business Club Assistant Professor Niaz Morshed Patwary moderated the webinar. The webinar was held to provide a deeper understanding of the entrepreneurial mindset of the students who aspire to become future entrepreneurs.
A graduate of Bath University and Imperial College, Mr. Salam spoke about trying different options before deciding on the food and beverage industry. He spoke about how to identify an industry, do a competitive analysis to understand the market, methods of segmentation, and how to select a target market. He emphasized the concept of due diligence.
The speaker also talked about various struggles he faced and strategies he had to adopt to launch a business in a sector that is very competitive. According to him, someone who plans to become an entrepreneur should have proper knowledge about the market, need to be innovative and creative while working on different market segments, etc. He also mentioned that someone who's in the food and beverage business should study the trends of the market, be flexible in bringing about changes in the pricing, and identify new product lines.
His talk emphasized on transferable skills and unique strategies which one must possess while running multiple businesses. Mr. Salam discussed his strategies behind launching another food business named 'BAO'; focusing on foreign food items and 'Shack,' a burger joint at an affordable price point.
The seminar which had closed to 100 participants was quite interactive. The guest answered various questions from the audience regarding the entrepreneurship process, funding, management style, surviving a new business during the new normal, etc.
Mr. Salam ended the webinar with parting advice on the importance of proper research on the industry, competitors, finding one's own strength, and trying to fill the gap in the particular industry. He advised the students to carefully choose a domain they are passionate about and to adopt various creative strategies especially to focus on the digitalization of business in the face of the pandemic.