ENTREPRENEURSHIP MANAGEMENT

PRESENTED TO:- PROF. ANJU

PRESENTED BY:

ROLL NO. NAME

B-01 ABISHEK AYARE

B-10 RIMA JADHAV

B-21 ABHISH PATIL

B-27 TUSHAR SHELKE

B-33 ADITYA VIRKAR

RUBYASHRAF

FOUNDER OF PRECIOUS FORMALS

BACKGROUND OF RUBY

• Ruby grew up in Delhi and from an early age she was exposed to business, meetings, clients.

• She had heightened sense of self awareness. And the ability to take tough decisions.

• She quit medical school and got a bachelor’s and master’s in science from Delhi University.

• She got admission in Birmingham, England to do a PhD in Fish Embryology. That was her special interest.

• She got an admission in IIM Ahmedabad which groomed her very drastically in 1983

• Ruby's first job out of campus was in the HR department of BHEL.

• Ruby got married with Javed who was a professor in Rice University in Houston and shifted to America in 1987

• An old and enduring love for clothes took her in a different direction.

• Ruby always had the title ‘Best Dressed Girl’ of the batch.

• Ruby wear a dress designed by her own on X-Mas party of collage and it was appraised by every one

• Ruby her self started creating case studies and searching for information regarding to clothing industry in all over America .

• She believed in shlock of GEETA ‘Karmanyewadhika raste maa phaleshu kadachana’ Kuch toh karte rahna chahiye.

• As per ruby, “At the end of the day, you should feel that I have given my 120% to it. And the day should not be wasted.”

• Ruby chose to focus on evening wear as the margins were high in evening wear and design and demand were high.

• Ruby’s lucky break came when she designed a dress for the wife of her husband’s boss, and a photograph of it appeared in Rich and Famous magazine.

• This gave her the drive to turn her passion into a business.

• She started designing her own clothes and for her friends with no formal training

• She went to school in Delhi to learn the art of dressmaking and then spent a year visiting retailers across the country to build up her knowledge of market demands and retailer needs.

• She got her husband’s company for opening the factory in Delhi but not in America as the hand work on material is needed which is not done in America.

• According to Ruby, “You have to go door-to-door, you have to do things at the grass root level.”

• “The first thing in business is, you have to sell yourself. And people should trust you. Do your work sincerely”

• She found a lot of weaknesses in her as a designer, after that she realized that you should always look around and future trends in fashion world

• The above qualities helps her to establish and sustaining in market of India, America and China as well.

• Javed resigned her job to help Ruby in her business.

• Her husband turned his hobby of photography into business to help in issuing catalogue for her dresses.

• He handles IT and FINANCE as well as ACCOUNTS of the company

• As a couple and backbone of the company, they both discuss the problems regarding the business and solve it out.

PRECIOUS FORMALS

A $10 million Company Precious Formals was

founded in 1990 by Ruby Ashraf

• It has 10,000sq ft showroom in Atlanta and does its ramp shows there

• Employees are graduated from fashion school and Some are from Ralph Lauren.

• Every garment is checked and then they are Shipped to USA

• “It was consistently introduced fresh new trends to the formalwear industry in the USA.

• PF styles have made an impact on prom, pageant, and evening-wear markets by combining traditional designs with imaginative and creative appeal.

• PF garments are sold in 2000 retail stores and is also sold in Europe

• In 1992, Manufacturing was shifted to China from India not only because of cost advantage but as a designer she realized that there were many limitation while manufacturing in India.– Factory in India were not so mechanized

– Finishing were not perfect in India

– In China, there are excellent pattern maker

– Technology is better in China

– Pre-trained and Skilled employees

PRODUCT CATEGORIES

BRIDALS/BRIDAL ACCESSORIES

GIRL’S APPAREL

PROM/SOCIAL OCCASION

TWEEN

PRODUCT LINES

• 15 Teen

• Glam Gurlz

• Lux Gal

• Posh Precious

• Precious Angels

• Precious Brides

• Precious Divas

• Precious Formals

• Ruby's Gems

PRICE OF PF PRODUCTS

• Precious Formals dresses - $400-800

• 'Posh Precious‘ - $600

• ‘Glam Gurlz’ - $200

REASONS FOR HIGH PRICE OF PRODUCTS

• As a designer, she wants to design only expensive Cloths.

• In expensive cloths she can put many ornaments

• If prices are kept low than they have to sell in higher quantity to earn a descent profit.

• Even the prices are not too high as too high price are not appreciated.

DOWN PHASES

• Things get difficult when stock in inventory are unsold.

• Money get stuck in inventory

• Causing problems in cash flows

• Treads and state of economy keeps on changing

• Grows has slowed down recently due to internal as well as external factor

• Firms value has stuck to $10m since 9/11.

CHARACTERISTICS OF RUBY AS AN ENTREPRENEUR

• Opportunistic

• Hardworking

• Passionate

• Goal oriented

• Has an eye for detail

• Convert interest into business

• Futuristic

• Self awareness

• Tough decision maker

• Updating of market trends

• Dedication and sincerity

JAVED’S CONTRIBUTION

• In 1996, a devastating illness left her wheelchair-bound. Ruby’s husband Javed gave up his work as a university professor.

• He is photographer and converter his hobby into a major assets for the firm.

• He handles Finance, accounts and IT of the firm.

• His photography was better than other expensive photographer as he gives his total dedication as it was his own company.

• He looks after designs and touchup work.

FUTURE PLANS

• Ruby and Javed wants to make PF a Billion$ company

• They want to make a legacy

AWARDS FOR PRECIOUS FORMALS

• The Dallas Fashion award and the Atlanta DIVA award.

• Contestants in popular pageants, including the Miss America, Miss USA, and Miss Teen USA competitions, have adorned PF designs

• Photos of dresses on the Cover page of many Magzine.

MOTIVATIONAL WORDS

• You can achieve beyond your dreams, so it’s OK to dream and make an action plan to turn it into realty.

• There is not one formula to be successful; everyone who is successful has gone through failures in the process. It depends upon how hard we kick that failure and learn from it and take up the challenge stronger to be successful.

• As an entrepreneur you don’t say that ‘I have to reach a particular place in five years’. You just keep doing whatever you are doing. You have plans, you have goals, and you know a strategy. But still one doesn’t even anticipate that so much work will be done… you just keep doing it.

THANK YOU!!!!