Business case study

1. What do we know?
 Julia is a student
 Julia is 16 years old
 Julia’s current grade is ‘C’
 Julia’s income is $18,000 per year
 Julia is working at her Mother’s salon
What do we think we know?
 If Julia chooses to forgo the first year of a college degree in exchange for her
current job, her new annual income would be $25,000
 Julia’s monthly income if she works full-time is $2083.33
 If Julia chooses to forgo full-time work in exchange for attending the first year in
college, her annual income would be $12,000
 Julia’s monthly income (if she works part-time)
 Julia’s total cost of tuition and fees for college is $65,000
 Julia’s additional earning potential post-graduation is 60%
 Julia’s total earning potential (60% higher than her potential income as a full-time
hairstylist) is $40,000
What do we need to know?
 Total fees that Julia’s parents are willing to cover (if she scores a C average) is
$0
 Total fees that Julia’s parents are willing to cover (if she scores a B average) is
$45,500
 Total fees that Julia’s parents are willing to cover (if she scores an A average) is
$58,500
 Number of months, Julia has to forgo in order to pay for her college fee with her
part-time job (if she scores B) is 19.5 months
 No months of pay that Julia will have to forgo in order to pay for her outstanding
college fee with her part-time job (if she scores B) IS 5.85 months
 Julia’s total earning over 5 years if she chooses not to go to college ($25,000 x 5)
would be $100,00
 Julia’s total earning over 5 years if she chooses to attend the college (after
subtracting student loan) would be $135,000

2. What do we need to do now?
 Make sure Julia gets an A or B grade so her outstanding fee will be somewhat
paid by her parents.
 Julia needs to decide her priorities, if it is her work or education
Write a mini business plan for the year based on what you know about
entrepreneurship
An entrepreneur is a person who starts a new firm and bears the most of the risks while
reaping the majority of the benefits. Entrepreneurship refers to the process of starting a
firm, and the entrepreneur is frequently portrayed as an innovator, a provider of new
ideas, goods, services, and business/or operations.
Too many young people (and people new to business ownership) end up in over their
heads because they believe in these common entrepreneurial myths: Entrepreneurs
come in all shapes and sizes, and it IS possible to develop the necessary traits to
become a successful entrepreneur. It is true that having a hot idea can give you an
advantage in the entrepreneurial world. Even the best ideas, however, might fail if they
are not properly supported. Many people are intrigued to the concept of starting a
business because of the potential independence it offers.
Entrepreneurship is a path to wealth creation with a high probability of success; with the
right variables in place, there's no limit to how much money you can make. The typical
image of a successful entrepreneur is of someone whose company skyrocketed to
success overnight. No entrepreneur has ever achieved complete success on his or her
own. Most ecstatic new entrepreneurs believe they have the secret to success: they
know their idea can't be matched, or they believe they have the perfect timing, or they
believe they have a "secret weapon" that will propel them to success. Almost always
this is a delusion.
Entrepreneurs are defined by their passion, resourcefulness, readiness to improvise
and listen to others, and a strong desire to succeed. And this is something you must
remember if you want to be a great business yourself. Recognize your current collection
of skills, knowledge, and resources. Determine who you want to be and where you want
to go in the short and distant future. Make a list of the talents, expertise, and resources
you'll need to reach your objectives.
Being a successful entrepreneur is not simple, but the first step is to come up with a
creative way to advertise your company, to be a good role model for your employees,
and, most importantly to understand how to interact with customers.