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Harvard Case - Starting a Student-Run Business at Loyola University Chicago

"Starting a Student-Run Business at Loyola University Chicago" Harvard business case study is written by Ugur Uygur, Jonathan Ferrera. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Mar 31, 2022

At Fern Fort University, we recommend that the Loyola University Chicago student group proceed with their student-run business idea, focusing on a financial services platform tailored to the needs of fellow students. This platform should offer a range of services including financial education, investment management, and debt management while prioritizing transparency, accessibility, and ethical practices.

2. Background

The case study centers around a group of Loyola University Chicago students seeking to launch a student-run business. They recognize the need for financial literacy and accessible financial services among their peers, particularly related to managing student debt, investing, and personal finance. The group aims to create a business that addresses these needs while providing valuable experience for themselves.

The main protagonists are the student group members, who are passionate about financial education and eager to build a successful venture. They face challenges in determining the optimal business model, securing funding, and navigating the legal and regulatory aspects of operating a financial services business.

3. Analysis of the Case Study

The case study can be analyzed using a strategic framework that considers the following aspects:

  • Market Analysis: The student group needs to identify the target market, understand their financial needs, and assess the competitive landscape. This includes analyzing the existing financial services available to students, their pricing, and their strengths and weaknesses.
  • Business Model: The group should develop a clear and sustainable business model that outlines the value proposition, revenue streams, cost structure, and key resources.
  • Financial Viability: A comprehensive financial analysis is crucial to assess the feasibility of the venture. This involves developing a projected income statement, balance sheet, and cash flow statement, and conducting a break-even analysis.
  • Risk Assessment: The group must identify and analyze potential risks, including regulatory compliance, competition, and market fluctuations. They should develop mitigation strategies for each risk.
  • Legal and Regulatory Compliance: The group should consult with legal and financial professionals to ensure compliance with all relevant regulations and laws governing financial services.

4. Recommendations

The following recommendations are tailored to address the challenges and opportunities identified in the case study:

1. Focus on a Niche Market: The group should focus on a specific niche within the student market, such as providing financial education and guidance on student loan management, investing in low-cost index funds, or developing a peer-to-peer lending platform. This allows for a more targeted marketing approach and a deeper understanding of the specific needs of the target audience.

2. Develop a Hybrid Business Model: The group should consider a hybrid business model that combines elements of a non-profit organization with a for-profit venture. This allows them to offer some services at subsidized rates or free of charge while generating revenue from other services.

3. Secure Funding through Partnerships: The group should explore partnerships with financial institutions, universities, and other organizations to secure funding and access resources. This could involve securing grants, sponsorships, or equity investments.

4. Build a Strong Team: The group should recruit individuals with complementary skills and expertise, including finance, marketing, technology, and legal. This ensures a well-rounded team capable of tackling the various challenges of starting and running a business.

5. Prioritize Transparency and Ethics: The group should prioritize transparency and ethical practices in all aspects of their business. This includes clearly disclosing fees, providing unbiased financial advice, and adhering to all applicable regulations.

6. Leverage Technology: The group should leverage technology to create a user-friendly platform that provides access to financial information, tools, and services. This could include a mobile app, online portal, or chatbot.

7. Seek Mentorship and Guidance: The group should seek mentorship and guidance from experienced professionals in the financial services industry. This can help them navigate the complexities of the business, understand regulatory requirements, and develop a sound financial strategy.

5. Basis of Recommendations

These recommendations are based on the following considerations:

  • Core Competencies and Mission: The recommendations align with the group?s core competencies in finance and their mission to provide accessible financial services to students.
  • External Customers and Internal Clients: The recommendations address the needs of both external customers (students) and internal clients (the student group members).
  • Competitors: The recommendations consider the competitive landscape and aim to differentiate the group?s offering through niche focus, technology integration, and ethical practices.
  • Attractiveness - Quantitative Measures: The recommendations promote financial viability through a hybrid business model, partnerships, and a focus on generating revenue from value-added services.
  • Assumptions: The recommendations are based on the assumption that the student group has the commitment, skills, and resources to execute their plan successfully.

6. Conclusion

By focusing on a niche market, developing a hybrid business model, securing funding through partnerships, building a strong team, prioritizing transparency and ethics, leveraging technology, and seeking mentorship, the Loyola University Chicago student group can create a successful and impactful student-run business. This venture has the potential to address the financial needs of students, provide valuable experience for the group members, and contribute to the broader financial literacy landscape.

7. Discussion

Alternative Options:

  • Traditional Consulting Model: The group could focus on providing traditional financial consulting services to students, charging fees for their expertise. However, this model might face challenges in attracting clients and generating revenue.
  • Non-Profit Organization: The group could operate solely as a non-profit organization, relying on donations and grants for funding. This model might limit their ability to offer paid services and scale their operations.

Risks and Key Assumptions:

  • Regulatory Compliance: The group needs to navigate complex regulations governing financial services, which could be challenging and costly.
  • Competition: The group faces competition from existing financial institutions and other student-run businesses.
  • Market Demand: The success of the business relies on the demand for their services from students.
  • Team Commitment: The group needs to maintain a high level of commitment and dedication to succeed.

8. Next Steps

  • Develop a Detailed Business Plan: The group should develop a comprehensive business plan outlining their strategy, market analysis, financial projections, and operational plan.
  • Secure Funding: The group should actively seek funding through partnerships, grants, or investments.
  • Legal and Regulatory Compliance: The group should consult with legal and financial professionals to ensure compliance with all applicable regulations.
  • Launch Pilot Program: The group should launch a pilot program to test their services and gather feedback from students.
  • Marketing and Outreach: The group should develop a marketing strategy to reach their target audience and promote their services.

By taking these next steps, the Loyola University Chicago student group can move forward with their entrepreneurial venture and make a positive impact on the financial well-being of their peers.

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Case Description

This case is about evaluation of an entrepreneurial idea in a setting that is relatable to the students, a university. Michael Brosko, Director of Capital Planning at Loyola University Chicago, had to decide on a recommendation to the president of the university about a building under construction. It could be sold as condominiums, rented as apartments, or a team of undergraduate students could start and manage the country's first student-run guesthouse. On one hand, it presented an exciting entrepreneurial opportunity, consistent with the mission of the university. On the other hand, the novelty of the concept created uncertainty about the financial and operational feasibility of the venture. In January 2010, a residential building was in late stages of construction near the campus. The original intention of the administration was to either sell the building as condominiums or rent them as apartments. When the real estate market went into decline, Brosko remembered his entrepreneurial experiences at his alma mater and imagined an alternative use for the property that would provide a hands-on experiential learning opportunity for students. After preliminary meetings with several professors and administrators who were skeptical, he found an ally in Assistant Professor Uygur, who taught entrepreneurship courses in the MBA program. Impressed by Brosko's enthusiasm, he agreed to design a feasibility study as part of an MBA course. The feasibility analysis investigated several issues concerning that venture with the experiential learning mission: potential demand, customer profiles, competitor analysis, operational feasibility, financial feasibility, and educational benefits to the student workers.

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