5k Challenge

5K challenge
Malini
12, May 09
The 5K challenge is an interesting activity in the Deshpande Fellowship Program (DFP). In this activity fellows were provided Rs5000/- from foundation to operate a business. Fellows were having the liberty to choose any business. Fellows were given one week time for this activity. This was a group activity; two fellows to a group. The groups are expected to invest a part /whole of capital and operate the business. The earned profit will be given to DFP fund. By this typical business module fellows will learn about need of the customer, finding proper niche, business strategies, price fixing and accounting of the business.
Description
The team decided to sell readymade ladies garments. Purchasing of goods from wholesale shop made the team to get goods at lesser price compare to retail shop (65less).Team has decided to buy varieties of goods like dress materials, stitched dresses, 3/4th pants so as to give choices for the customer. Team targeted college girls as customers. Reasonable price attracted the customers easily. Team used the help of Deshpande Foundation brand. Team members wore name tags and expressed the reason behind the activity to the customers.
The team faced some challenges while operating the business. First two days were spent in search of good wholesale shop. It was a big challenge for the team members to convince the customer to buy the product. Customers were skeptical and asked lot of questions. It was difficult to take permission before entering the hostel, some time it was not possible.
Key Points
Profit and Loss account
Exp Amt Income Amt
To travel 123 123 By gross profit 440
To net profit 317
440 440


Learnings
Profit would have increased if the team invested more money. Motivation and convincing skills are very important in dealing the business. Lot of patience is required to deal with the customer.