5 Steps of the Build a Business Engine
While creating their business from idea to bank students build on their creativity, critical thinking, collaboration and communication.
Ideas - Create & discuss ideas
- Develop ideas regarding products, marketing, planning & sales.
- Consider what has been done before & identify any new opportunities.
- Evaluate ideas with reference to the team’s goals.
- Prioritize which ideas to explore further or action, so to efficiently manage time.
Customers - Explore customer preferences
- Establish a competitive advantage.
- Explore what data would be useful & how to design a survey that elicits this.
- Analyse collected data to help understand the customer.
Products - Refine products & develop a financial plan
- Consider source of capital required to cover initial costs.
- Explore opportunity cost & the trade-offs involved.
- Forecast sales, such as for best- & worst-case scenarios.
- Make business decisions in light of potential risks & rewards.
Sales - Track sales live
- Analyse sales data & history.
- Consider potential ways to increase sales, such as modifying products, quantities, running costs or marketing strategies.
- Make strategic decisions regarding discounts.
- Explore the role & impact of sales tax.
Bank - Monitor income & spending
- Measure business performance compared to peers & the community.
- Explore the mechanics of banking, & make financial decisions such as spending, saving, investing, lending & donating.