Enterprise – investigate a business idea
I am a student at Scarborough Sixth Form College studying avce business studies, as part of my course I have to investigate a business idea, which the whole group could help organise and run. When all the research has been done if the idea is good then it will be tested to see how well it does. I have chosen to do a film watching session in which there are set times at which the students can pay to watch films. This would involve booking a room and then booking a TV and a DVD player to use. The films will be randomly selected on each day.
I thought of this idea because I like watching films always try to buy the new films and find time to watch them. I also know how expensive it is to go watch films at the cinemas or to rent them from a video shop. I also chose this idea because I think it will be successful with the students, as some young people like to watch films when they have the time to watch them. I intend to ask the students various questions relating to the idea (for example I might ask them what their favourite films are and also I might ask how much they would be willing to pay). I also intend to use the Internet to research the ratings of films to see which films are the best and to see if there are any opinions from young people about the films.
This is my action plan: Action Target date Date achieved 1. To get permission from the principal to run the event. 2. To research about films students like 3. Decide the times to run the event 4. Decide who is going to run the event at different times. 5. Decide a price for students to pay for watching the films 6. To find films to use 7. To book a room to use 8. To book a TV and DVD/VIDEO player to use 9. To make posters for advertising the event 10. To run the event
The objectives of the business are: 1. To get repeat business. 2. To make a profit. 3. To have satisfied customers. 4. To attract customers. 5. To break even. 6. To have good advertising/promotion. 7. To have a good reputation. 8. To survive.
To get repeat business- the business needs to get repeat business because it needs to make money so having customers coming back means they are making money. To make a profit- the business needs to make a profit to make sure that it is above the break-even point. Also if it makes a profit it means that it can support itself if it falls below the break-even point sometime. To have satisfied customers- this is important to the business because if the customers are not satisfied then they might not come back and also they might tell other people not to come to the business. However, if the customers are happy then they might come back (repeat business) and they might tell other people to come to the business. To attract customers- this is important because if the business does not attract customers then it will not break even or make a profit but instead it will make a loss which means the business will not survive.
To break even- if the business does not break even then it will find it hard to survive. However, if the business breaks even then it will survive and also it might start gaining more money through customers and making a profit. To have good advertising/promotion- this is important because good advertising will attract customers, which means the business might make a profit, which will help it to survive. To have a good reputation- this is important to the business because a good reputation means customers might keep coming back to the business (repeat business), also it might attract new customers to the business which would increase money coming into the business and this might mean there is an increase in profit.
To survive- this is important because if the business does not survive then it will not be able to make a profit also it will not be able to attract new customers because the business will have ended. Primary research Primary research is where you gather the information directly. For example you might go to a supermarket and stand outside asking people questions, this would be primary research because the person has asked the respondents directly. The primary research that I will be doing is a questionnaire that will be handed out to students. From the questionnaire I hope to get information about the films students like, whether they are male or female, how much they would be willing to pay, how often they go to cinemas to watch films, if they would be interested in the service etc.
Secondary research is where you use information that someone else has gathered analysed and processed by someone else. For example you might decide to use a textbook or information from the Internet and this information has been gathered, analysed and processed by someone else. The secondary research I will be carrying out is searching the Internet and the information I hope to collect will be about the ratings of films and what films are popular amongst different people.