Introduction
Entrepreneur is a person who carries on a business or the process of distributing economic goods and services, bearing lots of risk in the hope of a good reward in the near future. Doing business is not only for the benefit of oneself, but it also creates social benefits like proving goods and services, improves living standards, employment opportunities is created and brings social development in the country. Bhutan being a developing country, the numbers of people coming up with an enthusiastic business idea is increasing year by year. Mr. Summit Tamang is a young entrepreneur who carries on a computer solution business in Geadu.
Background of entrepreneur
Mr. Summit Tamang is the owner of Druk Computer Solution located near Geadu college of Business studies at Zero. He is one of the young inspiring entrepreneur and role model for many of the young student like us. He started his business because of his background in IT knowledge. He was born at Gedu to a farmer and he started his study in Sarpang. After class twelve, he persuaded his further studies in Indian college; he did software engineering from NIT College and took Bachelor in Science Information Technology there.
The aim of becoming entrepreneur came into his mind only after his completion of college, since he couldn’t find a proper job as per his qualification, so with six month of experience he started his business now known as “Druk Computer Solution” at his hometown in Gedu. Summit have started his business in the year 2014 with a financial support from his parents. Druk Computer Solution sells goods like computer parts, mobile parts, and mobile covers too. And they provide services like software updates of mobile and laptop, printing (photo/passport size photo), printing of documents (both color/monochrome), Photo copy and scan too. Since 2014, this business has been providing quality goods and services that satisfy its customer and thus, the business has been a great success. One thing that Mr. Summit is very happy of his business is he is getting good feedback from his customers and most of them come back to avail the service again.
Challenges
Labor Shortage
Shortage of employees is the great weaknesses to Druk Computer Solution, because he is not able to give the services on time to his customers as and when they required. Therefore Mr. Summit is planning to recruit some of the skilled and experienced labor in the near future to provide better and on time services to his customers.
Inadequate working capital
Working capital in small business like Druk Computer Solution represents business current assets minus current liabilities. There is insufficient of working capital in the business. Shortage of capital is the major causes for closing the business organization. Due to shortage of working capital, raw material cannot be purchased on time and other expenses cannot be made on time. Because of this problem, Summit is not able to earn profit. Therefore, he is planning to solve this problem by getting some money from financial intuitions.
Low customer retention during winter season
The main customers of Druk Computer solution are faculties and students of Geadu College of Business studies and Gedu School. During vacations both students and faculties will be in vacation. Because of low customer retention during winter season, it could seriously affect his revenue generation. Therefore, it is one of the greatest challenges to Mr. Summits business.
Poor management
The business has poor management because even the business is small scale there should at least have minimum of two members, but in Druk Computer Solution there is only one person who serves as an employer as well as employee. because the business is owned by one person he is not able to provide his service on time, therefore due to poor management, they lose the daily customer and that the business cannot earn enough profit.
Opportunities
Advancement of Technological
Advancement of technological is one of the opportunities to the business. The owner of Druk Computer Solution ordered printers and other stationeries to provide printing services to the customers at a reasonable price. Because of advance technology that the owner ordered can increase speed, efficiency and effective operation of business, helps to create less costly and all. Therefore, it makes easier for employer to work and able to earned more profit.
Changing customer’s preferences
As the entrepreneur of Druk Computer Solution is running stationery business, so the preference of customer’s changes from old product to new product. The business was started in 2013 and any product that he purchases from supplier are new product that every customer demanded. For an instance, he is selling stationary product such as laptop, headset, drive, mobile phone, its cover and all. Before customers’ preferences are for Samsung, vivo, oppo and all. But now most of the customers, their preferences changes from these type of phone to apple phones, which is greatest opportunities to the business because people’s preferences for various often change and as a result there is change in demand for them. When demand changes, it can maximize their profits.
Location
Since Mr. Summit have started his business in Geadu which is near college and few kilometers away from Phuntsholing, the location of his business becomes an opportunity for him because firstly his services are mostly availed by the college and high school students and secondly he can easily get that is required in his business from Phuntsholing.
Exemption of taxes
Mr. Summit is exempted from paying taxes for 15 years because every small business is exempted from paying taxes. Because of exemption from paying taxes, he could expand his business by purchasing more products rather than paying taxes. Expansion of business can provide better quality at a reasonable price, which results into increase in the number of customers. Therefore, business can earn more profit.
Carry forward
Planning for future makes a business focus on common goal and objectives and moreover coordination or good communication between the owner and worker will be there in business. Mr. Summits business that is Druk Computer solution provides some countable services to the customers for now; he is planning to extend his business by
Conclusion
To be a successful entrepreneurship one should have a trust within them and a good personality thought. One should be bold enough to take lots of risk in order to become a successful entrepreneur. Success won’t follow one with a first try. Everyone falls, but trying again and again leads to success. Whatever the size of the business whether it be a big company or a small grocery shop, it will have the business environment that affects the operation of the business. These environmental factors have either positive or negative impact on the business.
