Written by Mr. Alex
The entrepreneurship workshop is back at Bucksmore. This year, we explored entrepreneurship from many an angle, culminating in a business plan presentation.
We started from the basics. The students were asked what entrepreneurship means, and the benefits and drawbacks of running one’s own business. Whilst there is the attraction of being your own boss and being able topursue your passion, the video we watched of a young Steve Jobs reminded usabout the huge personal commitment that running a company entails.
From there, we talked about the fundamentals of business. This included topics such as how to find a gap in the market, focus groups, complementary and substitute goods, the aims of firms, and the prisoners’ dilemma.
We watched clips from the popular BBC TV show Dragons’ Den, critiquing both a disastrous and successful pitch. The students quickly put these insights, such as the using McKinsey pyramid principle and the importance of preparing for predictable questions, into practice.
Three pairs were given short descriptions of businesses seeking investment (such as a Colombian-English Fusion Restaurant and a health app titled ‘Doctor You’). They then fleshed these out into fully-formed business pitches, asking the rest of the group, who took on the role of ‘Dragons’, for an investment. These ‘Dragons’ were a scrupulous bunch, peppering the speakers with questions such as ‘how will you use the investment?’ and ‘if I invest in you, how do I know that I will get my money back?’.
The main project was creating a business plan. These were completed to a very high standard. In groups of four, the students agreed on a business idea, and then completed a marketing plan, SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis, market research, competitor analysis, financial projections and more.
These were presented to the rest of the group. The four ideas pitched were a fusion between a lounge and a club in Bucharest, clothing that helps muscles to recover, water fountains for Oxford, and cigarettes from which a plant sprouts when dropped. A strong grasp of key business concepts was demonstrated during these presentations, with the students suggesting partnerships with Uber Eats, accounting for the impact of repaying a bank loan in financial projections and patenting their technology. There was even a video demonstration of a custom-made app!