We know that dreaming up a business idea is the easy part,
making the dreams come to fruition is the real challenge. And one of the first
steps to take on the challenge is creating a business plan, a task that can be
pretty daunting no matter how great the idea is.
The following are the most challenging part of creating our
2019 School Enterprise Challenge business plan.
1. 1. Filling out our financials section of the
business plan was the most difficult part of creation our business plan. It was
difficult for us to project or estimate figures on our new business ‘MOBILE
BANKING SERVICE. There was not road map, no one to follow, but thanks such much
for the Educational materials send by School Enterprise Challenge team and the
effort of our Lead Teacher Nnamso Esu who spent his time researched internet,
read financial accounting books, took us to meet with similar business outside
our school environment and asked questions on price, cost and profit so that we
could know how to project, estimate and calculate the financial section of the our
school business plan.
1. 2. Another part of creating our business plan was
MARKET RESEARCH and TARGET MARKET section of the business plan. Market research
requires very specific knowledge and experience that most of our students especially
those students that joined us newly simply don’t have. This is similar to
accounting and any field of studies where common knowledge is not enough. We
need to know how to research the market, make reliable financial estimates for
offer and demand conditions, know those we need to render our service to and
how big the market is to estimate with some accuracy how many people we can
reach and sell our service to and then put it on paper in an understandable way
for the School Enterprise Challenge team to be convinced. We overcome this
challenge by conducting market research. Talk to real people who are in the
business we want to go into, we also talk to people who might be our customers
and get their views and opinions. This was not easy for us.
Written by : Daniel Monday & Hossana Joseph(Student)-Business team Bloggers
Edited by: Nnamso Esu-The lead teacher
