THE ICFAI UNIVERSITY TRIPURA
Fatikchhara,Kamalghat,Agartala
Internal 2
On,
INTERVIEW OF AN ENTREPRENEUR
MR. AJAY SARKAR
SUBMITTED BY;
Sanjit Debnath (22IUT0150129)
Uday Narayan Gupta (22IUT0150155)
Arnab Das (22IUT0150157)
BBA 3RD YEAR || SECTION- B
SUBJECT- ENTREPRENEURSHIP
SUB CODE- MGT306
SUBMITTED TO:
DR. GOKUL ACHARJEE
Faculty of Management and Commerce
About the entrepreneur:
Mr. Ajoy, born on August 14, 1994, has become a well-known entrepreneur in his
community, establishing Boss Varieties—a popular retail shop he opened in 2014 near ICFAI
University Tripura. His shop has become a go-to spot for students and locals, meeting their
needs with convenience and care. Living in Mohanpur, Agartala, West Tripura, Mr. Ajoy has
a strong, personal connection with his customers, and his shop reflects a deep understanding
of their preferences.
From the beginning, Mr. Ajoy focused on making Boss Varieties more than just a retail store;
it’s a welcoming place that meets his customers' daily needs. His approachable, friendly
nature has earned him the trust and loyalty of his community, particularly among students
who often rely on the shop for essentials, snacks, and supplies. Over the years, he has
adjusted his business approach to navigate market challenges, including managing inventory
and cash flow. These early experiences taught him the value of careful planning and
resilience, which have been instrumental in his growth as an entrepreneur.
Boss Varieties has become well-regarded for its wide range of products and welcoming
atmosphere. Mr. Ajoy’s commitment to staying current has led him to implement digital
payment options and expand his product selection, ensuring his shop adapts to changing
needs. His journey as an entrepreneur highlights his dedication to continuous learning, quality
service, and community support. Today, Boss Varieties is not just a thriving business but also
a testament to Mr. Ajoy’s hard work and the positive influence of local businesses on
community well-being.
Executive summery:
This study examines the journey of Mr. Ajoy, a retail shop owner whose store operates in a
vibrant, competitive area near ICFAI University Tripura. Retail businesses like his serve an
essential role in local communities, especially near educational institutions, where demand is
driven largely by student needs. Mr. Ajoy’s shop has become a regular stop for students,
offering a range of daily essentials, snacks, and academic supplies. Yet, behind the familiar
storefront lies the complex work of running a small retail business, where success depends on
strategic planning, adaptation, and understanding customer demands.
The study explores the varied challenges Mr. Ajoy has encountered, from initial missteps in
inventory management to managing cash flow amid unpredictable demand patterns. For
instance, early in his journey, he stocked products he thought would appeal to students, only
to find some items slow to sell, leaving him with unsold stock and strained finances.
Managing cash flow has also been a significant learning curve, especially in planning for
slower periods after high-demand seasons. Mr. Ajoy’s experience with inconsistent suppliers
taught him the importance of reliable partnerships to maintain consistent stock and meet
customer needs.
By focusing on these real-life challenges, the study highlights the daily complexities faced by
small retail business owners. Mr. Ajoy’s story provides valuable insights into the resilience
and adaptability required to operate in a competitive environment. Through his responses to
these obstacles and the lessons he has drawn from them, this research aims to uncover key
strategies for sustaining small businesses. Ultimately, it seeks to offer practical advice not
only for Mr. Ajoy’s shop but for other small business owners, emphasizing the importance of
adaptability, customer-centered service, and financial planning as the cornerstones of
successful retail management.
Questioner:
1.Name of the Entrepreneur.
2. Address of The Entrepreneur.
3. Year of establishment.
4. Number of members of the ventunes.
5. Initial amount they have invested.
6. Raw Material.
7. Sales volume.
8. what are the problem they facing,
9. whether they have receive any benefits from the Indian Government.
10.Proballe competitors of the entrepreneur. (if any)
11. Import of about the failure.
12.Upload a Geo-Tech photograph. (with 3 members and entrepreneur)
Personal Details of the entrepreneur
Name of The entrepreneur: Mr. Ajoy Sarkar.
Age; 30+
Address of the entrepreneur: Mohanpur, Agartala west Tripura.
Name of The Shop: Boss Varieties.
Year of establishment: 2014
Number of members of the ventune: Individual
Initial amount they have invested.
When I initially started the retail shop, I decided to invest a substantial amount to set a strong
foundation. The total investment was around 5 lakh rupees. This figure wasn’t randomly
chosen; I carefully calculated it based on what I’d need to cover various startup expenses to
make the business functional and inviting from day one. First, I looked into the costs of
setting up the shop space itself. This included rent for the location, as I wanted to choose an
area with good foot traffic to draw in a steady stream of potential customers. Finding the right
location was crucial because I needed visibility, but it also had to fit my budget. Then came
the fixtures and interior setup. I allocated funds for shelving, counters, display racks, lighting,
and other essential elements to create a welcoming and organized shopping environment.
The goal was to make the store easy for customers to browse and find what they need, which
I believed would contribute to positive experiences and repeat business. The largest portion
of my investment went into acquiring initial stock. I aimed to provide a variety of quality
products, and I needed enough stock to meet customers' needs without overcommitting to
products that might not sell right away. Carefully choosing suppliers helped me negotiate
some good deals while maintaining quality, which allowed me to stretch the budget a bit
further.
Lastly, I set aside a portion of the funds for initial marketing. I wanted people to know about
the shop, so I invested in some local advertising, like flyers, banners, and small promotions to
attract first-time customers. In this way, the 5 lakh rupees investment was spread across
different areas to ensure a well-rounded launch, giving the shop a solid start in the market.
Raw Material:
In running my retail shop, my investment priority is on finished goods—products that are
ready for sale, unlike manufacturing businesses that rely heavily on raw materials for
production. My shop purchases items directly from suppliers and wholesalers who provide
these ready-made goods, allowing me to focus on offering a wide selection without the
complexities of production.
Choosing the right suppliers is crucial, as I look for those who consistently deliver quality
items at competitive prices. Whether I’m stocking household goods, electronics, or daily
essentials, I ensure each product meets my quality standards. I also pay close attention to
seasonal trends and popular items, so my inventory remains fresh and appealing to customers.
Although raw materials aren’t part of my primary investment, I do make smaller purchases
for items like packaging and branded shopping bags. These aren’t traditional raw materials,
but they play a valuable role in enhancing the customer experience and promoting the shop’s
image. By sourcing these from reliable suppliers, I make sure that every customer leaves with
a polished, positive impression.
In short, my focus is on stocking high-quality, ready-made products from trusted sources,
with a smaller investment in packaging to support branding and customer satisfaction..
Sales volume:
Being located near ICFAI University Tripura has been a major advantage for my shop, with
students forming a large portion of my customer base and significantly contributing to my
sales. They frequently stop by for essentials, snacks, and other convenient items, creating a
steady daily flow of sales.
With students as key customers, I make sure to stock items that suit their needs and budgets
—like stationery, affordable snacks, drinks, and everyday essentials. Offering small discounts
or deals on certain products has also proven effective, as students often spread the word,
bringing in more visitors.
This steady stream of student traffic not only boosts sales but also brings a lively atmosphere
to the shop. Knowing that many students depend on us for their daily needs, I focus on
keeping items fresh and reasonably priced. I appreciate having such a reliable customer base
and am always exploring new ways to enhance their shopping experience!
what are the problems that he faced before?
Running a retail shop has been rewarding, but I’ve definitely faced my share of challenges
along the way. One of the main issues I dealt with initially was managing stock. In the
beginning, it was hard to predict exactly which products would sell quickly and which would
sit on the shelves. I ended up overstocking some items that didn’t move as fast, which tied up
funds that could have gone toward other essentials. It took some trial and error, as well as
closely observing customer preferences, to find the right balance and keep a steady flow of
the right products.
Another problem I faced was dealing with supplier inconsistencies. Since my shop relies on
local suppliers for items, there were times when they couldn’t meet the demand or deliver on
time. This was especially frustrating when I was trying to keep up with high-demand items. It
forced me to build a network of backup suppliers to avoid letting customers down and to have
more reliable sources for essentials.
Being located near a university brings foot traffic, but it also comes with the challenge of
seasonal fluctuations. When the students go home for breaks, I notice a dip in sales. This
makes it important to plan for these quieter periods, adjusting stock and keeping cash flow
steady so I’m prepared for both busy and slow times.
Security has also been a concern at times. There have been instances of minor theft, which is
unfortunately common in retail. I had to invest in some basic security measures, like
installing cameras and arranging the layout so I can keep an eye on the entire store, especially
during peak hours.
Overall, each problem taught me something valuable. From optimizing inventory to
managing supplier relationships and planning for seasonal changes, each lesson helped me
fine-tune the business and serve my customers better.
whether they have receive any benefits from the Indian
Government?
Yes, I have looked into the benefits offered by the Government of India for small businesses,
and some of these initiatives have been quite helpful. One of the biggest supports has been
the availability of affordable loans through schemes like the Pradhan Mantri Mudra Yojana
(PMMY). This scheme allows small businesses like mine to access low-interest loans, which
helped me during the initial phase when I was setting up the shop. The Mudra loan provided
me with the funds to stock essential products and handle some initial operating costs without
the pressure of high-interest repayments.
Another benefit has been the simplified tax processes under GST. Although transitioning to
GST took some time, it has since made filing taxes more straightforward. Additionally, under
GST, small businesses with annual turnover below a certain threshold qualify for
composition schemes, which offer a lower tax rate and simpler compliance requirements.
This is helpful for my cash flow, allowing me to keep more of my earnings to reinvest in the
shop.
The government has also been promoting digital transactions and, in some cases, providing
incentives for businesses that adopt digital payment systems. Since students from ICFAI
University often prefer digital payments, using UPI and other platforms has made
transactions easier and has even brought in additional customers who find my shop
convenient because of these payment options.
These initiatives and schemes from the government have really supported my growth,
especially in the initial stages. They’ve allowed me to expand my offerings, manage funds
better, and provide more efficient services to my customers.
Probable competitors of the entrepreneur:
My shop faces competition from several directions, especially given its location near ICFAI
University Tripura, where the student population plays a significant role in driving foot
traffic. There are other local convenience stores around, offering similar products like snacks,
stationery, and daily essentials, which compete directly with my offerings. These stores try to
attract customers with competitive pricing, and since they’re also close by, they can
sometimes be a convenient choice for students.
Another major competitor is any nearby grocery store that carries a wide range of products.
These larger stores can offer better deals and bulk discounts, which can appeal to students
who prefer to shop in bigger quantities for better value. While these stores might not have the
same level of personal service, they do have a broader selection that could sway some
customers.
Campus stores within the university are also in competition, particularly for academic
supplies and student essentials. These stores might be smaller, but they have the advantage of
being even closer to the students, making them an attractive option for a quick stop between
classes.
Despite these competitors, I focus on creating a personalized, convenient shopping
experience that keeps customers coming back. I’ve built relationships with many students,
which helps my shop stand out as a trusted place for all their daily needs.
Import of about the failure?
Like any business owner, I’ve experienced my fair share of setbacks and failures. One of the
most notable ones early on was when I misjudged the demand for certain products. I stocked
up on items that I thought would be popular with students, like branded notebooks and high-
end stationery, but they didn’t sell as expected. As a result, I had excess stock that I couldn’t
move quickly, tying up money that could have been better invested elsewhere. This taught me
a valuable lesson about understanding customer preferences and doing more market research
before making purchasing decisions.
Another failure I faced was when I didn’t manage my cash flow properly during the holiday
season. I was so focused on stocking up for the festive period that I didn’t plan well for the
post-holiday lull. This led to a cash crunch, as sales dropped after the busy season and I was
left with inventory I hadn’t sold yet. It made me realize the importance of managing finances
carefully, especially in a seasonal business, and to always have a buffer for slower periods.
There was also an issue with supplier relationships. I worked with a supplier who promised
fast deliveries and competitive pricing, but there were delays that affected my ability to
restock popular items in time. This was frustrating for my customers and affected my
reputation. Eventually, I had to find alternative suppliers who were more reliable, but it was a
learning curve in terms of how to choose the right business partners and maintain clear
communication.
Failure, though tough, has helped me grow. Each mistake or setback has been an opportunity
to learn and improve my business practices. Whether it was managing inventory, improving
cash flow, or working with suppliers, these failures have shaped me into a more resilient and
informed business owner.
Conclusion:
In conclusion, this study highlights the resilience and adaptability required to successfully
operate a small retail shop in a competitive environment, particularly one situated near a
student hub like ICFAI University Tripura. Mr. Ajoy’s experiences underscore the
importance of understanding customer preferences, managing inventory effectively, and
maintaining reliable supplier relationships. The challenges he faced—such as inventory
misjudgments, cash flow issues, and seasonal fluctuations—are common in retail, but his
ability to learn from these setbacks has allowed him to improve his business strategies.
The key takeaway from this study is that small business owners can build resilience by
staying adaptable, learning from mistakes, and focusing on their customers' needs. By
applying these insights, other shop owners can enhance their chances of achieving long-term
success in the retail industry. This report emphasizes that, despite the challenges, small
businesses have the potential to thrive by continuously refining their approach and staying
committed to growth and improvement.
