Students work with local professionals as part of SME business challenge
A group of undergraduate students took part in the SME business challenge, working with local professionals to put together a business plan for launching a new restaurant in Liverpool.
Within teams, students were asked to put together a comprehensive business plan considering the legal issues around the start-up, branding and marketing, funding requirements considering different options and identifying the key target audience. The groups had just one day to discuss their ideas and put together a presentation for a panel of judges which included Phil Birss (MD and owner of Elephant Digital), Dave Malone (Partner of O’Connors LLP), Peter Charlery (Managing Director of PDC Online Accountants) and Harry van Breemen (Partner at Moose Coffee).
On getting involved in the project Harry van Breemen said: “From my point of view, working as part of my own business all is I’ve ever done so it’s been great to share my experience and knowledge. Everyone involved has been fantastic.”
Each group was given the opportunity to work with the panel who were able to provide advice, each offering a different perspective and area of expertise. BA Business Management student, Cameron Jordan said: “It was interesting to learn from local businesses about how they operate. This process has highlighted issues that I wouldn’t have thought of when setting up a business.”
Each of the proposed business plans were judged on originality, financial viability, and creativity in the marketing plan, basis of the legal structure as well as the quality of the presentation and delivery.
Dave Malone said: “I never had these kind of opportunities when I was at university and would never have considered anything like this. It’s a good opportunity for students to get a view on what real life issues they would come across when starting a business. To produce what they have in such a short period of time is remarkable”.
The task was designed to challenge each group and emulate a working environment, bringing together students from different disciplines and nationalities including students from Liverpool International College. Academic Director, Susan Putt commented on the fact that projects like this provide not only international students, but all students the opportunity to put their knowledge into practice as well as learning new things which really help to enhance employability.
Students were able to experience the practical aspect of their degree subject and really develop skills which will be beneficial to their studies and in their careers beyond graduation. Students found the session to be beneficial in terms of developing skills such as team working, working to tight deadlines as well as presentation skills which are essential for assessment centres and job interviews.
Paul Matthews Director of Studies for BA Marketing who set up the challenge commented: "The SME Challenge was set up to offer students an insight to the world of the SME. I am very grateful to the panel of experts for their time in preparing for the event as well as the care and attention they gave the teams during the day. I know the students have gained a very good insight into business ownership and have begun to see the holistic nature of their degree programmes and how they fit together in a practical way. I am looking forward to making this an annual event on the calendar".
Each group was awarded a prize and certificate with the winning team receiving a plaque to acknowledge their achievement.
Phil Birss emphasised the quality of the work produced commenting that each idea had its own individuality and a clear USP. He said: “Things like this really help students to understand the importance of practical skills. Having something like this on your CV is fundamental especially in terms of the type of graduates we want to hire in the future. Peter Charlery echoed this and commented on how much the support behind practical employability skills has developed since he was a student at the University 20 years ago.
The winning team came up with a unique concept that focussed on healthy eating in a high tech environment aimed at young professionals within the creative Baltic Triangle region of the City.
Member of the winning team and BA Business Economics student Nadine Debrah said “Everyone brought interesting ideas to the table and were willing to hear each other out. If you are thinking of getting involved in a project like this, just do it! Jump into absolutely everything at university”.