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Transcript of Entrepreneur pROJECT
Entrepreneurship Final Project
IN THE NAME OF ALLAH THE MOST BENEFICIENT
AND THE MOST MERCIFUL.
COMSATS Institute of Information Technology Islamabad 1
Entrepreneurship Final Project
ENTREPRENEURSHIP
FINAL PROJECT REPORT
SUBMITTED TO:
MR. JAVED ZAFAR
SUBMITTED BY:
MUHAMMAD AHSAN
(SP09-BBA-040)
ALI MUMTAZ GONDAL
(SP09-BBA-103)
MUHAMMAD WAQAS
(SP09-BBA-101)
SUCCESS STORY OF AN ENTREPRENEUR
DATED: 19TH MAY 2012
COMSATS Institute of Information Technology Islamabad 2
Entrepreneurship Final Project
SUCCESS STORY OF AN
ENTREPRENEUR
MR.AMIR ADNAN
COMSATS Institute of Information Technology Islamabad 3
Entrepreneurship Final Project
ACKNOWLEDGEMENT
This project is one of the most challenging projects that we undertook and we would like
to take this opportunity to thank all the people who contributed to the successful
completion of this project. I would like to express our sincere gratitude to Mr.JAVED
ZAFAR, our supervisor, who served as a mentor for us throughout the research. We would
like to thank him especially for his patience and time, for his constant encouragement,
advice and guidance during the entire period of our project. His support was indispensable
in completing this project. It was truly a great learning experience working with him.
We are extremely grateful to our parents for their constant support and loving
encouragement, and for always believing in us.
Above all, we would like to thank ALLAH – The Almighty for rendering all his blessings on
us.
COMSATS Institute of Information Technology Islamabad 4
Entrepreneurship Final Project
DEDICATION
“We dedicate all our sincere efforts and hard work to our parents and teachers and all
those people who have supported us in hard times of academic and social life. Teachers’
guidance made us capable to do this project and so is this project specially dedicated to
our teachers, with love and respect”
~ Group Members
COMSATS Institute of Information Technology Islamabad 5
Entrepreneurship Final Project
TABLE OF CONTENT
INTRODUCTION-------------------------------------------------------------------------------07
BIOGRAPHY-------------------------------------------------------------------------------------08
SOURCE OF IDEA-----------------------------------------------------------------------------09
TYPE OF INNOVATION----------------------------------------------------------------------09
BUSINESS PLAN--------------------------------------------------------------------------------11
TARGET MARKET-----------------------------------------------------------------------------11
MARKETING STRATEGY--------------------------------------------------------------------11
AMIR ADNAN AS AN INTERNATIONAL ENTREPRENEUR-----------------------13
SWOT ANALYSIS-------------------------------------------------------------------------------14
LEARNING & CONCLUSION---------------------------------------------------------------15
COMSATS Institute of Information Technology Islamabad 6
Entrepreneurship Final Project
INTRODUCTION
The concept of entrepreneurship is age old and has witnessed evolution through the past
centuries. An Entrepreneur is not supposed to be superman but, he needs to be gifted with
some basic Qualities one of such qualities is the quality of creating something new and
being inspired. We usually got to see such kind of qualities in artists, because artist truly
shows creativity in their creations. They always look forward to create something new with
value. Mr. Amir Adnan is one of such kind of artist. He brought a very sophisticated change
to the men’s fashion and proved the quote “Fashion is not about glitz and Glam” as false
and reintroduced the Sherwani style to the industry of PAKISTAN.
He went to Italy and learned a sense of fashion there. In 1992 he designed his first range of
italic jeans, conventional denims block printed with a hint of ethnicity, and launched them in
America. The association of two apparently mixed cultures set the international market on
fire, giving Adnan his indication to venture up the same path in the Pakistani fashion
industry. In the same years he brought new dressmaking ties that revolutionized the necktie
style in Pakistan. Amir Adnan is a Business Graduate from Institute of Business
Administration (IBA), one of the prestigious Business Schools in Karachi, Pakistan and is a
proud recipient of the Pride of Performance Award bestowed by the Government of
Pakistan. Amir Adnan currently houses its flagship store in Karachi, with complimenting
domestic stores in Lahore, Multan, Faisalabad, Islamabad, Gujranwala and Hyderabad.
International outlets include Dubai. In India the brand was recently launched and the stock
is currently selling at a Fashion house by the name of Fuel. Fashion awareness is setting in
and though mass consumer in Pakistan may not be as trendy or fashion savvy as that in
America and Europe but the learning process has begun. He also remained the CEO of
Pakistan Fashion Council. His Brand is considered the top designer enterprise in Pakistan.
Amir Adnan is ranked among the Big and top names in the list of Pakistani fashion designers.
He is the second fashion designer of Pakistan who was given the Pride and Performance
award by the Government of Pakistan. From classical to modern ties to turbans and from
designing couture for Pakistan's Ex. President Pervez Musharraf to India's PM Vajpayee,
Amir Adnan aims at softening boundaries, playing up to the synergy that exists between
COMSATS Institute of Information Technology Islamabad 7
Entrepreneurship Final Project cultures and generations.
BIOGRAPHY
Amir Adnan is ranked among the top names in the List of Pakistani Fashion Designers. He is
a popular Pakistani fashion label for men and women. Amir Adnan is an IBA Graduate and is
a proud recipient of the Pride of Performance Award bestowed by the Government of
Pakistan.
Currently, Amir Adnan is the largest enterprise of designer clothing in Pakistan, and provides
to an upper-class client. His mission was to revive the Sherwani, the traditional long coat,
which was buried with the lords and maharajas of former times. The modern day man had
adopted the western three piece suit as the only acceptable vision of grooms wear and Amir
Adnan had guaranteed to change that. He realized that it was our local abilities and culture
and by this realization he assured himself that one day I would put our these abilities on
international map of fashion.. 1990 saw the evolution of men's fashion in Pakistan when
Amir Adnan, a business graduate by profession from Institute of Business Administration,
Karachi, stepped out to realize his own individual style, at the same time translating it to the
demands of a frustrated market. The need for a simple necktie took him to Italy where he
trained and returned with an ingenious approach to reconstructing this basic accessory.
Suddenly ties were no longer boring or stereotyped in Pakistani fashion; the image meta-
morph sizing from the severity of formalwear to the emancipation of the modern day man.
The new image of the tie spoke for a new era of menswear in Pakistan. Packed with
insatiable desire to design, Amir Adnan the Pakistani fashion designer was charged with
energy to revolutionize mind sets and stimulate the senses of the modern eastern man.
In 1992 he designed his first range of italic jeans, conventional jeans block printed with a
hint of ethnicity and launched them in America. The combination of two apparently mixed
cultures set the international market on fire, giving Amir Adnan his cue to venture up the
same path. This path, relatively unknown at that time, had taken him from strength to
strength to the international fame which he has achieved today.
Amir Adnan began researching the different dimensions of his newly found passion and in
1994, at a close friend's wedding, realized that fashion to him would not be about
modernizing culture but more about making one's identity universally acceptable. His
COMSATS Institute of Information Technology Islamabad 8
Entrepreneurship Final Project mission was to revive the Sherwani, the traditional long coat, which was buried with the
lords and maharajas of yesteryear. The modern day man had adopted the western three
piece suit as the only acceptable vision of grooms wear and Amir Adnan had vowed to
change that. He had the vision to see that it was our indigenous craft and attire which would
help us make it to the international map of fashion. Today, almost a decade later, Amir
Adnan's design philosophy has evolved clearly, marking itself permanently on the map. He is
the largest enterprise of designer clothing in Pakistan, creating retail and manufacturing
structure that can rival an international competitor. His new Brand FNK Asia has created
new boundaries in innovation and style in Pakistan fashion; he had shown how a simple
kurti can be made extraordinary by careful application of embroidery.
SOURCE OF NEW IDEA
Ralph Waldo Emerson says, “Every artist was first an amateur”
Artists get inspired by the craziest things around them for an instance, they might see a
damaged and rotten flower but find the beauty in the concept and find inspiration and MR.
Amir Adnan Pakistani entrepreneur also always look for bringing beauty in outfits. After
completion of his academics he knew he had the background the knowledge and that the
Pakistani industry had fashion potential. Back then three piece English suits were the most
prefer men's wear BUT! He didn't like the ties! So he decided to move to Europe where in
Italy he found his inspiration in the bright colors and different styles in ties, this he carried
with him and introduced this extravagant tie culture in Pakistan and it turned out to be a
huge success.
Moving forward in 1994, while attending a dear friend’s wedding, he again got an
inspirational vision and he realized that fashion was just about being trendy but about
making your culture and your identity known, and making it universally acceptable. Today
the trend of Sherwani's and lehenga’s , long lost a few decades back, are considered to be a
luxurious fashion and the credit goes to revolutionary designers, one of them AMIR ADNAN.
TYPE OF INNOVATION
ORDINARY INNOVATION:
Ordinary innovation complies with minor changes minor innovations like changing of color
schemes, or a tuck here or a tuck there. This is what fashion is all about and Amir Adnan was
COMSATS Institute of Information Technology Islamabad 9
Entrepreneurship Final Project not only aware of it, but also brought it into practice.
He changed the total face of the fashion industry when suddenly he went from western to
traditional. This was a huge blast in the industry, and took Pakistan's fashion face by storm.
Huge but minor change, concept was still clothing, but from western to traditional a
sensational innovation.
CUSTOMER VIEWPOINT (CONTINUOUS INNOVATION):
Amir Adnan was one of the few designers and brands that paid great attention to their
customers. To them Amir Adnan was something new, but at the same time he wasn’t.
Amir Adnan was and still is presenting new styles, innovative color combinations, but at the
same time he tends to be affordable. Nothing changes the customer's previous life styles
just to get one design by Amir Adnan unlike international designers Karl Lagerfeld or
Georgiou Armani, whose one design might put an average customer into life termed debts.
NEW PRODUCT NEW MARKET:
Amir Adnan conceptualized the new product new market concept very effectively by acting
upon his vision to make the world experience and accept the cultural heritage he tried to
depict in his designs. So he took his new mughlai designs to Europe and to the near orient.
He showed how versatile and unique the pak-indian heritage really is.
Now across America and Europe, special heritage weeks are held in which multi-ethnic
people like to buy and wear these designs and are considered to be rare luxury.
Amir Adnan is one of the successful designers who have managed to blend couture with
culture and make designs wanted worldwide. Has been a hit in UK and UAE, and has had
opportunity to present his designs in the France Couture show in Paris.
OLD PRODUCT NEW MARKET:
Old product new market concept was captured by Amir Adnan during his career span at
least two times. First, was when he decided to bring totally new concept of a variety of new
styles for ties? Tie, an ancient old product, brought in different styles to Pakistan the new
market. Second, was the sherwani, again an older timer design which Amir Adnan intended
to bring back to the market as a fashion essence?
NEW PRODUCT OLD MARKET:
Fnkasia promotes youth & freedom of spirit. It is wild and bold in colors- it is predominately
for women. In Fnkasia new designs and new colors are introduced every three to six
COMSATS Institute of Information Technology Islamabad 10
Entrepreneurship Final Project months. It is a totally different set of idea that hasn’t been practiced in Pakistan as a
separate domain. Amir Adnan along with his wife Huma was able to bring in this new
concept of creating a line totally for the youth into his already captured market.
OLD PRODUCT OLD MARKET:
Usually it is seen that after a little glam and success, the artist tends to fade away. This can
be said for any artists including designers. But Amir Adnan has been able to hold the market
he had targeted a few decades back. He has been bringing back the same product, only
different and better than before. Different in designs and colors, and better as it is human
nature to change their taste, he has managed to meet his consumer's expectations, and
present exactly what they wanted sometimes even better.
BUSINESS PLAN:
Men’s line
Bridal
FnkAsia
Jewelry line
High magazine
TARGET MARKET:
Target market for Amir Adnan was the culture loving people. It is well said that blood
connects you to your roots, Amir Adnan used the main essence of these roots in his designs
and that’s all he needed to do. People felt drawn back to their long lost heritage, he saw an
opportunity and took hold of it. His main targets were men as he designed for men at the
beginning. With Fnkasia he grabbed a total different kind of market. This time he targeted
young people in particular young women and teenage girls with variety of extraordinary
designs and vivid color combinations.
MARKET DEVELOPMENT STRATEGY:
But Amir Adnan has been able to hold the market he had targeted a few decades back. He
has been bringing back the same product, only different and better than before. He used
branding as his premium market strategy and has been able to keep hold of the captured
market for 15 years now. Introducing state of the art embroidery patterns, Amir Adnan has
kept up with the expectations of his consumers.
Positioning:
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Entrepreneurship Final Project
Market leader in providing quality apparels with traditionalism being their forte.
They have made sure that whenever customers enter one of their outlets, they are able
to feel the unique ambience and standards of Amir Adnan Adnan. They have positioned
themselves as trendsetters as far as men's wear is concerned.
Presentation:
Amir Adnan considers presentation to be extremely important and displays its
merchandise in adequate luxury by the help of racks and mannequins. They pay
special attention to the overall look of the store, which also helps them to present
their products in a much more fashionable way
Direct Marketing:
Database of buyers
Discounts to loyal customers
Objectives that Amir Adnan followed were, "To be a global leader by providing maximum
satisfaction through our products and services".
DIVERSIFICATION STRATEGY (FNKASIA):
Amir Adnan’s FNK Asia in collaboration with AHAN (aik humar aik nagar) has set a goal of
reviving the handicraft potential in Pakistan. Apart from the stitch and design, handloom
cloth from Multan and Bahawalpur are extensively used in their pieces.
All these diverse designs are widely loved and craved for by his fans and customers.
It is known for the trendy and funky clothes which are not available in any traditional outlet
in Pakistan.
THE EARLY BIRD GETS THE WORM:
In business, being the first company to sell a new product may provide long-lasting benefits
or competitive advantages. First movers are also called market pioneers. The benefits of
pioneering may result in market dominance and higher-than-average profitability over time.
There are several reasons why these benefits may develop, but research has shown that
being the first mover does not always provide advantages. Sometimes there are even first-
mover disadvantages, where companies that enter a market later can achieve superior
results to those attained by the first-mover firm.
Amir Adnan is one of the few people like Calvin Klein who captured this advantage for
himself in Pakistan. Though many competitors have emerged over time, and many have
COMSATS Institute of Information Technology Islamabad 12
Entrepreneurship Final Project made a mark in the industry, none of them has been able to pull him off his saddle.
SWOT ANALYSIS:
STRENGTHS:
Cheap Labor
Unique Craftsmanship
Innovation Management
Value Chain Management
Online Retailing
Indefinite hierarchy- quick decision making
OPPORTUNITIES:
Working on local lines
Expansion of Business
WEAKNESS:
Labor dependency
Team management under each decision
THREATS:
Contractors of workers have little loyalty
Duplicate design at cheap rates
Cost of technology Investment due to low awareness of product
ACTION PLAN:
Strength: Maintain the core competencies (Unique design and stitching, Innovation
and Quality)
Weakness: Implement project planning system and introduce performance based
incentives
Opportunities: Diffuse into market through better market analysis and strategies. It
can be done by local partnership.
COMSATS Institute of Information Technology Islamabad 13
Entrepreneurship Final Project
Threats: Include contractors in performance based incentives programs and
motivate them through non-monetary benefits. Duplication cannot be stopped so
better work on high quality product and services to enhance customer satisfaction
factors.
AMIR ADNAN AS AN INTERNATIONAL ENTREPRENEUR:
Amir Adnan not only has made a mark in his home country but has also managed to become
one of the sparkling stars in the international skies. Amir Adnan has made crafts and artisans
of far off areas of Pakistan available to local Pakistani and international clients. Apart of
having a number of outlets in Pakistan, Amir Adnan also deals with the US, UK and Dubai
international market. He is one of the innovators of international retailing in Pakistan. Amir
Adnan became an international entrepreneur with his newest brand FNK Asia.
ENTREPRENEURIAL ENTRY INTO INTERNATIONAL BUSINESS
(FRANCHISING):
Amir Adnan expanded his business like any business mastermind would do. He did not rely
only on third parties to bring his stuff to the market, but he started franchising across UK,
and UAE. Amir Adnan also has full-fledged fashion stores in America and Dubai and is
planning the same for Bangladesh and India in the near future.
SELECTION OF GOOD PARTNER (HIS WIFE):
The main essence of a partnership lies within the understanding and synchronization of the
partners. Who would be a better partner for the business then the one already partner of
your life. Amir Adnan’s success is partially courtesy to his partners' faith in him which is his
wife Huma Adnan. Both share a brand FNK Asia which they both design in beautiful
synchronization as he makes the designs and she chooses the fabrics. The main inspiration
comes from nature and elements like flowers, sea, seashells, seaweeds etc.
MARKET POTENTIAL:
COMSATS Institute of Information Technology Islamabad 14
Entrepreneurship Final Project With FNK Asia Amir Adnan saw huge potential in Pakistan as there’s no such brand in
Pakistan that is particularly targeting the youth of Pakistan. Amir Adnan saw an opportunity
and grabbed it and so far FNK Asia is a huge success. The designs and colors are results of
inspirations both husband and wife gathers from nature and elements. Huma believes that
when a girl decides to buy FNK Asia design she should be able to do so with eyes closed,
without having to worry about quality of the fabric, because it’s the best. Even the price
range is affordable starting 950 apiece. There was an opportunity, he took it and he is
sticking to it for as long as he can. So far Aamir Adnan is the only Pakistani designer who has
made a brand like this and had success with it not only nationally but also internationally
capturing the market of US, UK and Dubai.
COMSATS Institute of Information Technology Islamabad 15
Entrepreneurship Final Project
Learning & Conclusion
To achieve anything in life one should be determinant, committed and a bit creative. There
have been many entrepreneurs in history and there is one common thing in all these
entrepreneurs. They all were determinant; they all were committed with their work. One
can only achieve his goals until or unless he is committed to his work. Mr. Amir Adnan is
truly an entrepreneur. He showed creativity in his work, he was also determinant. By the
utilization of his skills he achieved many things in his life so far and he is hoping to achieve
even more than that. So what we have learnt is that
“To become successful in life we should try doing new things, we should identify our skills
and then we should rightly utilize our skills”. Means we should utilize right skills at the right
place. We should also realize that in which area we could show some creativity. By rightly
utilization of our limited resources and by putting creativity into work we can dream to
become a successful entrepreneur.
------------THE END--------------
COMSATS Institute of Information Technology Islamabad 16