Coursework submission form

COURSEWORK SUBMISSION FORM

STUDENT USE		STAFF USE
Module Name	New Venture Creation	First Marker’s (acts as signature)
Module Code	6BUSS011C	Second Marker’s (acts as signature)
Lecturer Name	Elnora Mirzalieva	Agreed Mark
UoW Student IDs		For Registrar’s office use only (hard copy submission)
WIUT Student IDs	00007168
Deadline date	April 19, 2021
Assignment Type	GroupIndividual

SUBMISSION INSTRUCTIONS
COURSEWORKS must be submitted in both HARD COPY (to the Registrar’s Office) and ELECTRONIC unless instructed otherwise.

For hardcopy submission instructions refer to: http://intranet.wiut.uz/Shared%20Documents/Forms/AllItems.aspx - Coursework hard copy submission instructions.doc

For online submission instructions refer to: http://intranet.wiut.uz/Shared%20Documents/Forms/AllItems.aspx - Coursework online submission instructions.doc

MARKERS FEEDBACK (Continued on the next page)

Table of Contents

Executive Summary 4

1.Introduction 6

2.Market Research Findings 6

PESTEL Analysis 8

Porter’s 5 Competitive Forces 9

STP Analysis 10

SWOT Analysis 11

3.Start-up Summary 12

Business Ownership Structure 13

Critical Success Factors 13

4.Description of Services 13

5.Operations Plan, Organizational Structure and Management 14

Online Classes and Exams 15

Website 16

Management and Human Resources 17

6.Marketing Plan 18

Sales promotions through free-trial weeks 19

Posting interactive content on Tik Tok and Instagram platforms (SMM) 19

Visits to high schools and lyceums for promotional campaigns 19

Sales Forecasts 20

7.Financial Projections 22

Income Statement 22

Balance Sheet 23

Cash Flow Statement 24

Breakeven Point Analysis 26

8.Conclusion 27

Bibliography 28

Appendices 29

Marketing Expenses 29

Executive Summary

The COVID-19 pandemic has had a drastic impact on education, particularly influencing the means teaching is delivered to students. This has dramatically influenced the financial performance of educational institutions that rely on conventional methods, yet creating new business opportunities for entrepreneurs who are willing to embark on establishing an online education business. The author of this report, who has experience as a teacher of mathematics and English subjects at various learning centers (LC), has determined online prep courses for university students to be a profitable business opportunity. Thus, he plans to establish Big Ben School which will become an online platform for university applicants to prepare for their admission exams into prestigious universities of Uzbekistan such as WIUT, MDIS and Inha. Big Ben School offers online mathematics courses in English language, specifically targeted to learners planning to apply for WIUT, MDIS and Inha. Certainly, to compete in this niche market, the owner is expected to carefully plan the operations, marketing and finances of his business.

Since the school provides online teaching, there is no need for investing into rent of the office and other office related expenditures. Nevertheless, the key operations expenses include development of the website, internet bills, purchasing computers, Outlook mailing system subscription fee and other equipment required for conducting online lessons.

Turning to the promotional campaigns, the founder of Big Ben School has decided to harness social media platforms as the primary sources of promotion. Also, during the first year of operations, it is planned to offer discounts and free trials as a way to engage the target customer segment into the service provided by Big Ben School. Overall, the goal of marketing campaigns for the first two years is to build strong brand awareness and customer trust.

When it comes to financial performance of the firm, it can be inferred that the demand for the service is expected to be seasonal. In other words, sales are expected to grow from January 2022 to August 2022, when the demand for preparation courses is high. However, once the exam periods in June, July and August have passed, the owner expects a drastic decline in sales figure, which will hopefully recover towards November and December. This has been illustrated in the sales volume chart below.

Figure 1 - Sales Volume of Big Ben School

Finally, the main objective of Big Ben School is to provide high school graduates and university applicants effective and short-term online preparation for mathematics exams, without sacrificing the quality. Various quality control and performance appraisal tools will be used in achieving high university acceptance rates and, thus, boost the reputation of the company.

1.