Entrepreneurship Final Project

IN THE NAME OF ALLAH THE MOST BENEFICIENT AND THE MOST MERCIFUL.

COMSATS Institute of Information Technology Islamabad

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

Entrepreneurship Final Project

SUCCESS STORY OF AN ENTREPRENEUR

MR.AMIR ADNAN

COMSATS Institute of Information Technology Islamabad

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

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

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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

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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 mens 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 cultures and generations.

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Entrepreneurship Final Project

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 metamorph 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 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 COMSATS Institute of Information Technology Islamabad 8

Entrepreneurship Final Project 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 friends 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 lehengas , 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 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 COMSATS Institute of Information Technology Islamabad 9

Entrepreneurship Final Project 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 wasnt. 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 months. It is a totally different set of idea that hasnt been practiced in Pakistan as a separate domain. Amir Adnan along with his wife Huma was able to bring in this new COMSATS Institute of Information Technology Islamabad 10

Entrepreneurship Final Project 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:
Mens 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 thats 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: 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 COMSATS Institute of Information Technology Islamabad 11

Entrepreneurship Final Project 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 Adnans 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 firstmover 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 made a mark in the industry, none of them has been able to pull him off his saddle.

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Entrepreneurship Final Project

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. Threats: Include contractors in performance based incentives programs and motivate them through non-monetary benefits. Duplication cannot be stopped so COMSATS Institute of Information Technology Islamabad 13

Entrepreneurship Final Project 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 (FRANCHISING):

ENTRY

INTO

INTERNATIONAL

BUSINESS

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 Adnans 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:
With FNK Asia Amir Adnan saw huge potential in Pakistan as theres 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 COMSATS Institute of Information Technology Islamabad 14

Entrepreneurship Final Project 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 its 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.

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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.

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