1.

0 Introduction:
The parson who takes all risk to open a new business simple the parson is an Entrepreneur
(Kathrin, Werner & Frank 2008). For a successful entrepreneur there have strong
characteristics. Efficiency developments to existing services and goods dont organize true
entrepreneurial prospects; only the introduction of whole new services, goods and new
organizing styles can get the term entrepreneurship (Larson, 2000). Meantime, Aman and
Nakhaie in 2011 also indicated that this innovation could be market, process, factor, product
innovation, and even organizational innovation. For this reason principle of entrepreneurship
is to do something different rather than to do something better. The entrepreneurs must very
innovative spirit, like Steve Jobs, are more like a passionate artist rather that an entrepreneur.
Innovation will lead to the creation of new businesses headed by entrepreneurs and these new
firms are engine of innovation in any economy and society (Bridge & ONeill, 2013).
1.2 Literature Review:
The main reason of this part is to analysis the characteristic tools . These attributes vary
widely across literature; however there are common vital traits that are required to achieve
any form of victory. Frederick et al (2013) suggest entrepreneurs are optimistic, risk takers,
have sound judgment and an ability to manage. While a review of literature relating to the
psychology of an entrepreneur reveals a large variety of characteristics in a successful
entrepreneur, these can be consolidated to a few traits that are essential for a successful
entrepreneur. Whilst taking into consideration Frederick et al (2013) point of view of key
characteristic, other research suggests that there are further primary attributes that a
successful entrepreneur necessitates.

There are many characteristics are show that any kinds of business or goal one entrepreneur
must should to have it such as:


Here some essential traits are discussed and presentation the example.

1.3 Confidence

First of all one entrepreneur needed confidence. Without confidences entrepreneur cant
riche his goals. Confidence is a trait generally described in literature as an essential trait for
any entrepreneur. Its essential for their confidence to not waver in times of difficult down
periods and consequently assists maintaining their confidence as well as the one of the people
around them. Their own optimism and creates a level of self confidence that is required in
decision making such that Nandan (2011) suggests that it is the self-confidence that allows an
entrepreneur to make decisions to overcome any obstacle. Frederick et al (2013) describe
self-confidence as a belief within their own ability, which lacks hesitation.

1.3.1 Weakness of confidence:

Although confidence is an essential trait for an entrepreneur, recent research has suggested
that there is a cognitive bias of overconfidence in entrepreneurs (Fitzsimmons et al 2011)
leading to failure. While Fitzsimmonms and Douglas suggest that the overconfidence is what
separates them from being a leader, studies have found that overconfidence can be unsafe
when taking decisions in response to setbacks (Trevelyan 2008). This has also been backed
up by Koellinger el al. (2007) who proposed that a negative relationship between
entrepreneurial confidence and the ability for their survival. The evidence collected by
literature suggests a general negative correlation between excessive confidence and success
of an entrepreneur but it tends to be the case that without confidence an entrepreneur cannot
succeed. While literature seems to indicate a fine line between confidence and an excess of it,
it is clear any form of overconfidence is seen to be destructive.


1.3.2 Example

One very successful entrepreneur in Australia's coal mining, Nathan Tinkler, has made his
fortune by backing his judgment and investing in a bold play in Middle mount mine at a
young age of 26, by taking half a million dollar loan. The subsequent sale of the land
pocketed himself a sizable profit in which he continued to build his wealth on to become a
billionaire and one of Australias richest men. However, it is his overconfidence in the coal
mining has become his downfall in 2012. While it was Tinkler's optimism and
overconfidence on new venture activity resulted in his wealth, the research has detailed that
excess optimism and overconfidence can be a drawback. Whyte et al (1997) found that
overconfidence predicts an escalation of commitment to losing course of action and similarly
in a simulation study conducted by Audia et al (2000) found that entrepreneurs that
experience success were more likely to be overconfident and stuck to their original course of
action (Audia et al, 2000). This is research is shown most prevalent in Tinkler's actions
immediately after his initial success to the point that his blindness and lack of any ability to
review alternative decisions with his wealth resulted in is wealth halving. A further instance
of this was when Tinkler invested heavily back in the coal mining sector with his wealth as
this was the original course of action that made his wealth. Consequently, with a dip in the
global coal price, Tinklers wealth halved from 1.18 billion to 630 million with many of his
coal business's put into receivership (Low 2013).
His over confidence lead to an over evaluation of his business (Hayward and Hambrick 1997)
and resulted in him investing in now unprofitable ventures (Zacharakis and Shepard 2001)
because of his excess in confidence and belief of the business he had while lacking the ability
on new venture development.

1.4 Leadership

Leadership is extremely important for a good entrepreneur. Several types of task need to do
as an ideal leader such as:







Leadership is a method that is used to obtain a business goal or desire though the means of
influencing, motivation and sharing of a vision (Samson & Draft 2007). Studies suggest that
leadership is associated with confidence where without self-assurance there would not be any
leadership where it indicates that self-confidence is the fundamental basis of an entrepreneur
(Francisco Dau). Furthermore according to Nandan (2011), self-confidence is key to
overcome any obstacles that may lie in front of an entrepreneur which is essential low periods
and periods of uncertainty.

1.4.1 Example

Leadership was best demonstrated by Lee Iacoca in the late 1970s and 80s in his ability to
reshape the automotive industry. He is widely seen as one the most influential leaders of the
20th era that helped reshape America. Indeed, it was his leadership that save Chrysler auto-
motives from bankruptcy. Studies conducted by Samson and Draft illustrated that a
organizations performance correlated to whether the high-ranking executives and managers
demonstrated strong leadership. They also indicated that strong leadership from the top
resulted in increase in job satisfaction and promise which assists in promoting creativity and
sharing a vision of change. As a result Iacocca developed his nine C's for leadership
(curiosity, creative, communicate, character, courage, conviction, charisma, competent)
where he utilised them to share his vision for change and influenced his employees to support
him. Choosing to reduce his salary to 1 a year in order to help restore the company, Iacocca
was able to illustrate his commitment to stakeholders and through rational persuasion was
able to get the stakeholders to believe in his credibility. His 1 a year salary motivated others
and assisted him inspire labor unions to accept a pay cut.

Without this level of leadership, entrepreneur's are not able to share their idea with their
employees as entrepreneurs want a team to support them achieve their goals. Iaccoca
suggested that having a dynamic team and keeping their interest and support was critical to
achieving any change and vision.

1.5 Risk-taking
Risk taking is first step of an entrepreneur. A new business entrepreneur need to take lots of
decision all kinds of decision related with risk. Entrepreneur must capable to take risk
without risk its not possible to be an entrepreneur. The term entrepreneur dates back to the
1700s, and has received periodic mentions in academic literature for two centuries,
recognizing in particular entrepreneurs ability to control and organize productive processes
under conditions of risk and uncertainty (Larson, 2000).
According to the risk and opportunity analysis, it is clear that high risk and uncertainty
always accompany with opportunities in most certain markets. In fact, according to the
discussion above, it is clear that entrepreneurship refers to a process in which the
entrepreneur establishes new jobs and firms, new creative and growing organizations and this
process is associated with risk taking by new and creative ideas and entrepreneurship
identification of the new opportunities and resources mobilization (Aman & Nakhaie, 2011).
Therefore, as the basic requirement, entrepreneurs need have enough courage to confront risk
and uncertainly when entrepreneurs deal with their businesses.

1.5.1 Example

In 2009, when Zhang Ruimin, the CEO of Haier, decided to establish Haiers businesses in
Middle East, regardless of its turbulent political and economic situations at that time. This
strategy is seen as an extreme risky action during the historical development process of Haier.
Its generally believed that, influenced by Chinese culture, prudence is always a basic
standard of conduct of Chinese businessman. However, the historical financial data of Haier
from 2009 to 2012 in Middle East have proved this extreme risky strategy is proper and
successful. In addition, after that, Haier also built its industrial parks in this area and this
region has become essential and critical part of Haiers global strategy.
The entrepreneur as the acceptor of risk and uncertainty, and this is the fundamental
characteristic of the entrepreneur. It is linked to the level of uncertainty that exists within any
economy and with which the entrepreneur must deal.
1.6 Creativeness and Innovation
Creativeness and innovative mind are very important for a great entrepreneur. Nobel laureate,
Dr.Linus Pauling says, "The best way to have a good idea is to have a lot of ideas." But I say
that it is the capability to turn those ideas into something of value that makes one innovative.
To be innovative, the idea has to be creative and implemented. To be competitive, it has to be
a great leap onward. Staves jobs are great example for creativeness and innovation.

1.7 Conclusion

Here some main characteristics explained on top and some examples are explained. They all
shared a common view point that confidence, leadership , creativity and innovative , risk
taker characteristics are all associated with successful entrepreneurs. Based on the examples
of previous successful entrepreneurs Steve Jobs and Lee Iacocca, it was illustrated that they
all shared the same essential characteristics listed above.

The first and most important characteristic for a successful entrepreneur was to be able to
have self-confidence. Without this key trait, it was illustrated through literature that other
characteristics are not possible or ineffective and that it was the fundamental trait any
entrepreneur requires. It was followed by the need for entrepreneurs to require a form of
creativeness and innovation to create new cheaper solutions, and change the market by
implementing services and products subjected to the surrounding culture. Finally, Leadership
and its ability to influence and motivate employees to assist the entrepreneur achieve the
change and goals they seek is only possible with the help of self confidence

Part-2
Business Plan: Liberal consulting service
2.0 Executive Summary
Liberal consulting service is one of the new consulting services in current market. Its based
on Bangladesh current market. Liberal Consulting service will be designed as a consulting
service specializing in marketing of great technology products in Bangladesh markets. Its
founders have previous marketers knowledge of consulting services, personal computers,
and market research; all are in national and international markets. Its target client is usually a
manager of a medium and larger corporation, and president of a medium-sized and large-
sized company in a high- growth period. The company future plan is to increase company
area in international market.

2.1 Business description
2.1.1 Background of Liberal consulting service
Liberal consulting service is a new consulting service in Bangladesh. Its one and only
branch at Dhaka city in Bangladesh. Its chairman name Md. Farid Uddin. He completed his
graduation by university of Sunderland. He is an accountant based in UK market. He worked
two years for Chris consulting service in Uk and one year in Bangladesh. He gets an award
for great consulting service in Bangladesh. Now he thinking to give his own consulting
business based in Bangladesh.
2.1.2 History of Liberal consulting service
Liberal consulting service is a new consulting service in Bangladesh. The company will
provided high-level expertise in national high-tech business development, distribution
strategies, channel development and marketing of high tech service. Liberal consulting
service is set up 2014 at Dhaka city in Bangladesh. The new company first will start with ten
staffs. The Chairman of company was thinking to do this business last couple of year.
2.1.3 Goal of Liberal consulting service
Regarding to offer the high tech manufacturers Liberal consulting provides quality resources ,
reliable alternative to in-house business development, development for market, and land for
the development of the chain. A real alternative provides resources for the high degree of
practical experience how to communicate and meet the confidentiality. Service users need to
know to work with liberal tips, a less venture professional way to develop that same work
under the same roof with their own people new areas. If the board can maintain financial
balance, the cost of high marks from service and value to their customers will develop very
easily in the Bangladeshi market.

2.2 Business opportunitis

2.2.1 Potential customer

Large companies Manufacturer: It is an important part of our market is a leading
manufacturer of high-tech products such as Microsoft, Apple, Hewlett-Packard, Siemens,
IBM, , or Olivetti. Companies will ask the Liberals operate independently of the development
of better management at home as well as market research, and forums index.

Medium growing companies: Especially in software, multimedia and related sectors with
particularly strong growth, the Triangle to be an interesting option for the development of the
management company to provide limited and cannot support new market segments and
opportunities.
Development medium businesses.
Manager and chairman are main customer of Liberal consulting service.
2.2.2 Geographical area
This consulting firm is based in Bangladesh. Bangladesh is a developing country. There have
many kinds of business, multinational company world class gourmands, Hotel, Restaurant are
available. Bangladesh has International strong communication system. Nearly 160 million
people live in Bangladesh. Bangladesh is south Asian country.

2.2.3 Business competitor
1.It is indicated the significant competition for all companies who choose to listen. Business
and channel development and market research internally. Their own managers do in the
ordinary course of their business operations. Our greatest advantage over in-house
development is that managers are already overloaded with responsibilities and finding more
resources for additional responsibilities in the development of new markets and new
channels. Convenient liberal approach can provide opportunities through secret channels to
collect information and first contact with business leaders.

2 To keep the levels of management consulting validity, High-Tec, San Diego Consulting
Group, etc., essentially take the advice of global brand management in their specific fields.
The other major drawback is the managing partners selling new jobs and experienced
colleagues to complete the project. We compete with them as experts in our field and to
ensure our customers the highest level of people who do the actual work.

. 3 The third type of competitor is the study of market challenger which are common in
Electronic Data International Corporation, Dataquest, the Stanford Research Institute, etc.
These companies are serious competitors for market research and market analysis published
forums, but the kind of high triangle not provides consulting services.

4. Fourth form of competition at least special national level. For example: Nomura Research
in Japan (now assigned IEDC).

Catalyst 5 must. Representation expenses of sale, brokerage and trading companies efforts are
an AA ad hoc decision detailing the specifics of each case)
((
Few of existing companies are
ARK out sourcing limited
OSS Japan Bangladesh limited
Business resource management monon soft ltd.
Business resource management company in Bangladesh.


2.3 Marketing strategy
2.3.1 Target Market Segment Strategy
Liberals main target market is the startup companies. Advice Links intend to stay tuned for
new businesses in the region. In addition, business contacts, references the group, and
marketing efforts on the Internet to reach new customers.
Needs for market
Owner of start-up companies often have a wide range of knowledge and skills to start a new
business. There is a great need in the market and of course a great demand for this type of
shoe heard.
Business Analysis Services

Consultancy is a very fragmented business. Some large multinational companies dominate
the sector, and a much smaller possession (and often specialized) companies in their market
segment. Management Consultants created a dominant position and have departments of
large companies in various industries. Accounting firms Council established a global
presence and sells packaged for businesses of all sizes and industries services. At the same
time, believes that many companies and individual consultants to be successful players in the
market, it is more profitable to go new ventures.The marketing sight Liberal consulting are
follows few steep most important one are porter five Forces:

Fig 3: Porter Five Forces, Harvard Business Review, Jan, 2008

Liberal consulting service are strongly follows porters five all threats
Threat of new entrants is most important part of marketing section. The company
strongly concern about it. Liberal consulting owner have long time experience about
consulting so he have good idea about market new threat.
Buying power are another threat of porters five forces. Liberal consulting service is
main product are consulting service now a days nearly all company have all types
specialist this company (Liberal consulting service) are strongly aware of it.
All types of company have strong managing body they can be substitute threat for
company.
Bargaining power is another threat for Liberal consulting service. Liberal also aware
of it.
There are few company in this market based in Bangladesh but its not affect the
company because they are cover really small area.

Liberal consulting also considers 7p mix see

7p on the marketing mix has to be considerate the product, price, promotion and place. The
further three more elements are people, process and physical evidence. The first four P
considered the foundation pillars of the marketing process. Each must be carefully considered
that correct value is assigned to each. It is believed that the success of a product depends on
how they are 4 and 7 elements can now work together in the same state. 3P is the latest
addition to product commercialization process (McCarthy, Jerome E.,1960).


Fig6: 7 Ps of Marketing Mix, McCarthy, Jerome E.,(1960)

Product

A well regulated kitchen can only provide good food. The Liberal consulting service will be
provided the well range consulting service and the top of the classic and continues to add new
products, creative and interesting offer.

Price

The specific amount that the buyer must give the price of the product and the consumer and
seller focused certain amount of product is commonly used as of a quality indication
(Dalrymple and Parsons 1986). Liberal consulting will offer special consulting service with
many other things. The service sealing per unit, daly, grope consultancy system. Every single
unit have different price.
Promotion

In order to develop the market and receive good reputation from the very first, The Savour
Coffee shop will be promoted in various ways.

1.Eastern Daily Press For free showing the night special in Bangladesh the Photom_alo
Daily Press has come to the door daily and read by the people wide spread. The distribution
areas of this newspaper are mainly the peoples door, car and rail station areas, and local
office buildings. This will be considerate the first option for the Savour to promoting their
business and the cost will be more considerate and negotiable.

2. Radio - The second option for promotion has to be considerate the radio option because
quite a lot of people specially who are on drive are usually hear the radio.


4. Web Presence - The Savour shop stimulates their promotion in Internet through the
website apart other promotional system and there the cost will be reduced significantly. Now
a days more people are surfing wave and need to find the perfect condition to get good
service.

Place

Liberal consulting service will be considerate in the most prominent place where are suitable
for consulting service. Company main target are manager and business owner. The Liberal
consulting service are the right place there have many business around.

People

Savour strategy mainly to become a neighbourhood not only giving the great deal of service.
Thus, they need to employ the very god hard working, jolly mined staff such that they can
give customer a warm welcome and well ability for chat with the customer to gain the more
intimacy and here one more important thing is that they need to be more professional to carry
on their duties. A well presentation and service can gain surely the repetitive customer.

2.4 Business operations
2.4.1 Operational function
Liberal Consulting service will maintain latest Windows and Macintosh capabilities
including:

. Complete installations Internet Mail, CompuServe and Apple Direct link with clients via
e-mail to projects and information.
. Full presentation facilities are to prepare and deliver multimedia presentations on
Macintosh or Windows computers, in formats such as the presentation of the disc, live
presentation or video presentation.
. Complete facilities desktop publishing for the delivery of regular reports retention
components, presents the results of projects, marketing, market research reports.


2.4.2 Services offered

Consulting for retainers: The retainer consulting service is advising a client as an extension of
business development and market development. It begins with a complete apprehend of the
clients' objectives and constraints. Thus, the client company quietly and confidentially
representing new developments and new market opportunities are appropriate for the client,
the client first talks with potential allies, suppliers and channels.

Consulting for project: Consulting projects main proposes is to advice a client projects in a
way to take advantage of the specific characteristics and use our expertise to solve specific
problems or to develop and / or implement plans, collect data specific.

Market Research Study is available for selected customers 5,000 per unit. Study is packed
and has published a comprehensive study of the market for the channel or specific content.
Samples can be studied. Evolution of consumer preferences in Japan or Mexico put the effect
of changes in the margins of software.




2.4.3 Future plan

Liberal council focuses on three geographic markets in future, the United States, Europe and
Latin America, and in some product segments: personal computers, software, networks,
telecommunications, personal agendas and products incorporating technology. The client is
usually the goal of a manager in a large company, and sometimes the head of a medium-sized
company in the high growth period.
2.5 Finance
Liberal consulting service will maintain a conservative financial policy, based on developing
investment for future growth.
2.5.1 Key Assumptions
The table in this area summarizes key financial assumptions, including forty-five day average
collection days, sales entirely on invoice basis, expenses mainly on net 30 basis, 35 days on
average for payment of invoices, and present-day interest rates. Next three years assumption
bellow:
General Assumptions

Year 2014 2015 2016
Short term interest
rates
8.00% 8.00% 8.00%
Long Term Interest
Rate
10.00% 10.00% 10.00%
Payment days 35 35 35
Tax Rate Parcent 0% 0% 0%
Expenses in cash 25% 25% 25%
Sales on credit 100.00% 100.00% 100.00%
Personnel Burden 14.00% 14.00% 14.00%
Collection days 43 45 45

2.5.2 Break-even Analysis

Break Even Analysis:
Monthly Units Break-even 125,000
Monthly Sales Break-even 125,000

Assumptions:
Average Unit Sale 1.00
Average Per-Unit Cost 0.20
Fixed Cost 100,000

2.5.3 Costing of liberal consulting
Total start-up expense (including legal costs, logo design, stationery and related expenses)
comes to 73,000. Start-up assets required include 3,000 in short term assets (office
furniture, etc.) and 1,000,000 in initial cash to handle the first few months of consulting
operations as sales and accounts receivable play through the cash flow. The details are
included in the table.
Start-up Plan
Start-up Expenses Legal 1,000
Stationery etc. 3,000
Brochures 5,000
Consultants 5,000
Insurance 350
Expensed equipment 3,000
other 1,000
Total Start-up Expense 18,350

Start-up Assets Needed Cash requirements 25,000
Start-up inventory 0
Other Short-term Assets 7,000
Total Short-term Assets 32,000

Total Assets 32,000

Total Start-up Requirements: 50,350
Left to finance: 0

2.5.4 Pricing Strategy

Liberal Consulting service will be valued at the higher edge of what the market will bear,
competing with the variety consultants. The pricing fits with the general positioning of
Triangle as high-level expertise.

Consulting should be based on
5,000 per day for project consulting,
2,000 per day for market research,
and 10,000 per month and up for retainer consulting.
Market research reports should be priced at 5,000 per report, which will of course require
that reports be very well planned, focused on very important topics very well presented.

2.5.5 Start-up Funding Plan

Investment Investor 1 20,000
Investor 2 20,000
Other 10,000
Total investment 50,000

Short-term borrowing Unpaid expenses 5,000
Short-term loans 0
Interest-free short-term loans 0
Subtotal Short-term Borrowing 5,000
Long-term Borrowing 0
Total Borrowing 5,000

Loss at start-up (23,000)
Total Equity 27,000
Total Debt and Equity 32,000
7.5.6 Projected Cash Flow

Cash flow projections are critical to our success. The monthly cash flow is shown in the
illustration, with one bar representing the cash flow per month and the other the monthly
balance. The annual cash flow figures are included here. Detailed monthly numbers are
included in the appendices.
(See Appendix -1)

2.5.7 Ratio analysis

Liberal Consulting will be formed as a consulting company specializing in marketing of high-
technology products in national markets. Its founders are former marketers of consulting
services, personal computers, and market research founder have idea about national and
international markets. They are founding Liberal consulting to authorise the consulting
services they offer.




0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
Gross margin Net profit
margin
Return on
assets
Return on
Equity
p
e
r
c
e
n
t
a
g
e

Profitability ratio
2014
2015
2016
2.5.8 Balance sheet of the company

The company balance sheet shows strong growth of net worth, and strong financial situation
of liberal consulting survice:


Year 2014 2015 2016
Expenses 396,350 560,000 682,000
Profit before Interest 35,650 105,000 167,000
Interest Expense ST 3,600 12,800 12,800
Interest Expense LT 5,000 5,000 5,000
Taxes Incurred 0 0 0
Net Profit 27,050 87,200 149,200
Net Profit 4.57% 11.25% 14.92%