Creating a Business in School

Creating a Business in School

Introduction

Learning to do business in school is one of the best ways to gain business experience. There are a variety of businesses that can be conducted in schools with the results being positive because students are often willing to purchase goods at cheaper prices from stores located in the campus. The objective of this paper is to discuss the various strategies used in order to start up a business in UEA.

Discussion

Gaining business experience in school is very beneficial for students as they get to learn the basics of starting and running a business on their own. The experience of the marketing, finance, and operations aspects of business teaches students the way business should be conducted. Before beginning any business, a complete research is needed in order to ensure that they business remains successful (Thomas & Wasmund, 2010). This research is usually a simple survey in which various aspects of the customers are determined. Once the characteristics of the market are determined, it needs to be segmented and the best segment should be selected. Once the target market is selected, the nature of the business should be determined along with the products that would be offered. This would ensure that the goals with respect to profitability are achieved (Adams, 2012).

Importance of a Strategy

No business can be successful without a strategy and a business plan. The strategy is the first step that develops the steps that would be taken in order for the business to achieve its goals. There are various strategies that make up the overall strategy of the business (Barringer, 2010). These include operations strategy, marketing strategy, product strategy etc.

Objective of the Business

The main objective of starting up this business is to gain some knowledge about the how a business is run. The things taught in class may be sufficient but without experience, nothing can be considered complete (Council, 2011). Along with the objective of learning to methods of conducting a business, this business is also aimed at providing a small amount of profit since a lot of time would be put into the business.

Since I would be continuing my studies, I would have to ensure that even if the business gets profitable, I would have to manage it in a way that my studies do not get affected. The best way to do this is to keep the business small and refuse to expand it no matter how successful it gets. This would ensure that the profit motive does not get in the way of my education.

Analysis of the External Environment

The external environment is one of the most critical things to be analyzed and continuously monitored because it can greatly impact the success of the company. For a store that will be operating in the campus of UEA. The main factors affecting the external environment are the competitors and the behavior of the customers. The first step in analyzing such an external environment is to conduct surveys in order to determine the ...