Page 132 - 2502_Pakistan-kifayat_C-6

spot an attractive gap in the market. They then test that idea’s appeal, feasibility, competitive edge,
and risks, asking: Do my skills and passions align with this opportunity?

2. Developing the Business Plan: Once the idea looks promising, a detailed plan is prepared. This sets
out the vision, mission, goals, funding needs, product descriptions, and performance metrics that
will later guide and measure progress.

3. Resourcing: The entrepreneur secures the finance, people, and partnerships required. This might
mean pitching to investors, applying for loans, or recruiting the first team members.
4. Operating (Managing): With money and staff in place, the venture begins trading. The entrepreneur
sets up an organisational structure, assigns roles, and tackles day to day challenges such as
procurement, marketing, and quality control.

5. Harvesting: Finally, the founder reviews actual growth against plans to decide whether to stabilise,
expand, or exit. This is the point at which profits may be reinvested or the business might be sold.

To see how these five stages play out in real life, consider the following scenario:
1. Discovery: Sara, a young graduate in Lahore, notices that many people struggle to find affordable,
chemical free skincare products. She interviews shoppers, consults dermatologists, and surveys
local stores to confirm the unmet demand for organic soaps.

2. Developing the Business Plan: Sara writes a 20 page plan outlining her mission of “making natural
skincare accessible”, her target of selling 5,000 bars in the first year, the capital she needs for
equipment, and the channels (Instagram, farmer’s markets) she will use.

3. Resourcing: Sara pitches her concept to a local micro finance bank and secures a small loan. She
also persuades a chemistry student to help refine the soap formula and hires two part time workers
for production.
4. Operating (Managing): Sara rents a small workspace, organises production shifts, launches a social
media campaign, and implements strict hygiene checks to keep her soaps consistent.

5. Harvesting: After 18 months Sara compares sales (8,000 bars) with her target (5,000). Seeing strong
demand, she invests in new shapes, opens an online store, and explores exporting to the Gulf region.

HOW TRADITIONAL BUSINESSES CAN USE TECHNOLOGY TO GROW?

Today, many shopkeepers, small business owners, and workers are using technology to make their
work easier and faster. Even people who run traditional businesses like tailoring, grocery stores, or
repair shops can use mobile phones, apps, and the Internet to grow their business. With the help of
technology, they can talk to more customers, manage their work better, and even sell things online. In
this lesson, we will learn how different tools and apps can help traditional businesses become smarter
and more successful.

1. Do Work and Projects Easily
Technology helps business owners and workers plan and finish their tasks faster.

They can use apps like Monday.com, TickTick, or ClickUp to create task lists, share work with team
members, and see how much work is done.

130 Premium Edition-VI