Business Plan

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It has been noted in that from the 21st century going forward; education is going to be the main driver of change and development worldwide (Princeton 2004). Further, according to Wise (2007), education is increasingly becoming relevant as far as the elimination of income disparities is concerned. However, many analysts point towards a different kind of education as the main issue to look out for. In their book why we want you to be rich, Donald Trump and Robert Kiyosaki are of the opinion that financial education will be in high demand as world governments seek to cushion the populace from the adverse effects business cycles and as organizations seek to enhance the skills of their employees in the light of increasing competition due to globalization. In the light of all these new developments a business school to cater for the varying needs of individuals and organizations operating in the global marketplace is timely.


It is with this in mind that I seek individuals interested in investing in a progressive as well as truly global business school, The Inter-global School of Business. The likely investors in this case should be those with existing interests (business or otherwise) in the education sector. It is important to note that plans are already underway to engage/approach those whose interest in education may motivate their investment in this venture.


The choice of name for the business school i.e. The Inter-global School of Business augurs well with the global orientation the establishment should be tailored to have. The business school shall concern itself, initially, with MBA only although it can later be tailored to offer foundation courses, undergraduate courses as well as postgraduate coursed that are business related. It is also good to note that the location of the business school is deliberate to ease access to transportation as well as other necessary infrastructure. The proposed location of the business school is in a large cosmopolitan city i.e. New York, Chicago, and Atlanta Washington DC etc.


When it comes to the main program to be offered at the business school, that is, MBA, it is important to note that the main specializations in this regard shall be finance, accounting, human resource, strategic management, management science as well as insurance options. The choice of specializations in this case is largely informed by the prevailing global standards as well as specific areas of expertise that are in high demand at the corporate marketplace.


1. Business History and industry outlook

As an MBA Director of a school of business in a U.K. University, I have a wide range of experience in the UK education system having clocked 20 years in the same. I am hence convinced that I fully understand the education industry especially as far as MBA is concerned and hence I am well placed to take any business startup in the same field to the next level.


1.1 A brief background

Initially, business schools were established to complement other courses but according to Greiner (2009), this trend has come to be replaced by full blown as well as stand alone business schools being found to address disciplines in management as well as business administration. In the recent past, we have also seen rankings dedicated entirely to business schools.


Further, it is important to note that in the recent past, recruiters have been specifically keen on seeking and retaining personell from reputable and established business schools offering competitive business courses that can take their organizations to the next level. Currently, professionals worldwide are seeking to be affiliated with competent business schools for purposes of facilitation their assent up the corporate ladder. This essentially means that the future prospects of well run business schools are particularly bright going forward.


1.2 Major competitors

It is important to note that as a start up, The Inter-global School of Business shall not seek to compete with the Ivy League business schools. However, with proper management and continuous improvement or what is popularly referred to as Kaizen in Total Quality Management (TQM), The Inter-global School of Business should be able to take on the Ivy League business schools a decade from the date of its establishment. The top 5 Ivy League business schools which are herein referred as the the next frontier for competition include the Wharton school of business, the Tuck school of business, the Harvard Business School, the Columbia Business School as well as the Yale School of management.


In the light of the above, our current competition shall be informed by the other business schools not in the top five Ivy League category as well as other startups. Based on the fact that The Inter-global School of Business shall have a global orientation hence recruiting students from abroad with a keen focus on several foreign countries, it is projected that our business school shall also encounter competition from other business schools with a similar orientation.


1.3 Market trends and statistics

According to Wolverton (2004), the expanding global job market is the main driver of the demand for MBA specializations. This is more so the case in the so called Asian tigers economies whose rate of economic growth has been largely laudable. The demand for business courses shall be further driven by the need for corporations to be more competitive in the light of globalization where the world is increasingly becoming a global village. Petersons (2009) notes that businesses have realized the need to have competent managers from business schools that are reputable. It is in the light of this that we project a sustained increase in the demand for business courses.


Fitch (2007) notes that since 1759 when we had the Lisbon Aula do Comercio being the first college to concern itself entirely to commerce, the number of commerce institutions has grown by a large extent. It is estimated that currently, there are a total of 4,800 business schools in the world spread over Africa, Australia, Asia, Canada, Europe, the U.S., Chile, as well as New Zealand.


2. The service: The MBA course

2.1 Unique features

As already stated earlier, the business school shall concern itself primarily on MBA with several specializations under the same. However, it is important to note that the proposed business school can later be tailored to incorporate foundation courses, undergraduate as well as postgraduate disciplines. However, MBA shall still be preferential.


As stated in the earlier sections of this text, the MBA to be offered at The Inter-global School of Business shall incorporate a number of specialties including Finance, Accounting, Human Resource, Management Science as well as Insurance options. the program shall be tailored to give graduates hands-on skills in business management as well as administration in the light of the current happenings in the world of business. The course shall also equip students with superior business leadership skills so as to make students highly competitive. This shall be a deliberate move as it has been demonstrated that organizations are increasingly seeking out individuals with proven as well as superior skills for higher positions in the management.


Candidates will also be equipped with superior skills on how to handle complex business scenarios. This is another aspect of the course that is expected to enhance the school of businesss program especially in the wake of unpredictable business circles like the recent downturn in economic activity that has been billed as one of the worst in history since the 1920s great depression. We shall also undertake to invite business leaders as well as reputable CEOs in the marketplace so as to enhance the networking capabilities of students.


2.2 Niche served

Fitch (2007) defines the niche market as the specific area within a larger market in which a given service or product is aimed at. The MBA course in this case shall be aimed at upwardly mobile professionals with at least two years of experience at the management level. The two year experience expectation is a deliberate effort to ensure that those who enroll for the program already have well laid out career goals. This shall in the long term serve as a timely boost for the institution as its gradates shall be regarded as relatively successful and hence at a vantage point of influencing others to join the course.


2.3 Market comparison

It is important to note that currently, there are very few business schools offering MBA courses to those who primarily have several years of experience at a management level. Indeed, in the United States, there are only 67 business schools that have this as a requirement. We can hence use this as a competitive advantage for The Inter-global School of Business.


Further, it should be noted that with the exception of the Ivy League universities which essentially offer stellar quality MBA courses, a majority of business schools do not put much effort at ensuring that the modules offered are responsive to the prevailing marketplace needs. Wolverton (2004) notes that currently, approximately 70% of business schools design their modules without any remote reference to what the market needs.


2.4 Future growth

It is important to note that the future growth of The Inter-global School of Business and its MBA course shall be driven by kaizen or continuous improvement in TQM as has been alluded earlier in this text. In our own view, continuous improvement is the process of adapting all our courses to ensure that they are fully responsive to not only global standards but the expectations of the business marketplace as well. In the current day and age, a graduate is not only expected to display familiarity in a given concept but hands on skills as well as an enhanced responsiveness to the modern businesses are of the essence. We shall hence embrace every opportunity there is to enhance the popularity, growth as well as development of the business schools discipline of choice.


3. Competition

As far as the establishment of The Inter-global School of Business is concerned, an analysis of the various competitors in the marketplace is not only vital but also highly desirable. It shall be noted that the main competitors herein are the business schools offering an MBA with features similar and/or identical to what we plan to offer at The Inter-global School of Business. These characteristics include but are not limited in any way to;


  • The global orientation where students are initially recruited from abroad with a focus on several countries (one or two).
  • The specific admission requirement where students must have at least two years experience at a management level.
  • The tailoring of the MBA modules in such a way that they are fully responsive to the requirements of the business marketplace.

According to a research I carried out recently, approximately 32 business schools in the United States have identical characteristics like the ones stated above. This are essentially the institutions with which we shall directly compete with as well as a number of other startups in the same field.


4. Promotion and Development

It is important to note that to ensure that our Business School attracts students from out target markets; aggressive advertising is of the essence. The Inter-global School of Business shall therefore use a number of strategies including but not in any way limited to sending out targeted (solicited) emails to all those who may be interested in the same. Further, representatives can be sent out to those to whom the business school thinks are potential students. It can be noted that a veritable and relevant source of probable students is the annual report every company releases at the end of its financial year. These reports usually have the names of those at the management level and their credentials. It can hence be easy to single out those to whom emails should be sent.It is important to note here that while at it, incentives should be made to those singled out to join The Inter-global School of Business. Incentives here could include reduces fees below the market rates.


4.1 Pricing

The pricing can be as stated above, i.e. below the market rates. This is essentially because The Inter-global School of Business is a startup and hence needs to compete against more established business schools. However, the pricing of its MBA course can be reviewed once the business school gathers goodwill. This is projected to be in the next two or three years.


5. Administration and management

5.1 Management philosophy

The management philosophy of The Inter-global School of Business shall be continuous improvement. This is aimed at instilling in everybody the spirit of enhancement of all the business processes to ensure that the business school attains is able to dominate the marketplace in the long term (ten years).


5.2 Organizational Structure of the The Inter-global School of Business

It is important to note from the onset that The Inter-global School of Business organizational structure shall be relatively flat. Within the business school, we shall have three functioning groups which include General and administrative, business development and promotions and tutorial.


5.3 Reporting system

It shall be noted that the General and administrative function shall be made up with the senior management of the business school who shall be responsible fort the supervisory roles at the business school. With regard to the reporting relationships, both the business development and the tutorial levels shall report to the general and administrative function.


5.4 Employee skills and training

Is can be noted that The Inter-global School of Business shall ensure that all its employees meet global standards of competence and have the relevant skills necessary for the issue at hand.


6. Key personell

6.1 The chancellor

I will act as the chancellor of The Inter-global School of Business for the first five year term. I am confident that the skills and experience I have gained as an MBA Director of a UK university shall come in handy to ensure that the business school starts out on the right footing.

6.2 The vice chancellor

The vice chancellor for The Inter-global School of Business shall be Mr. Joe Macmillan. Mr. Macmillan has a wealth of experience in the management of startups having previously worked as the Vice Chancellor of an economics college in Philadelphia where his contributions saw the economics college become recognized on a global scale.


7. Potential problems and solutions

It can be noted herein that The Inter-global School of Business is taking on already established business schools. There is hence the risk of unfair business practices that might end up forcing the business school out in its infancy. However, this shall be addressed by hiring a team of lawyers to counter such practicesThe business school may also experience some cash flow problems due to low enrolment levels. This shall however be addressed by aggressively marketing the business school to ensure full enrolment.Last but not least, issues may arise in attracting adequate capital to keep the business afloat. This shall however be addressed by exhausting all the financing avenues available to the business school.


8. Financial information

Below are the financial projections for the first three years;

8.1 Pro-forma income statement

 

Year 1 ($)

Year 2 ($)

Year 3 ($)

Gross profit

16,000,000

17,000,000

19,000,000

Projected expenses

1,550,000

1,500,000

1,600,000

Net Profit

15,450,000

16,500,000

18,400,000

 

8.2 Startup costs


Cost items

Costs ($)

Salaries

400,000

Machinery

700,000

Infrastructure

300,000

Other Expenses

150,000

Total

1,550,000

 


References

Princeton (2004): The best 143 business schools. The Princeton Review

Wise, C.C. (2007): The Business School Buzz Book, Book 2007. Vault Inc.,

Greiner, L.E. (2009): Management Consulting Today and Tomorrow: Perspectives and

Advice from 20 Leading World Experts. Taylor & Francis

Wolverton, M. (2004): Elite MBA programs at public universities: how a dozen

Innovative schools are redefining business education. Greenwood Publishing Group

Peterson’s (2009): MBA Programs. Peterson’s

Fitch, T.P. (2007): Career opportunities in banking, finance, and insurance. Infobase

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