It is the entrepreneurial week at The American University of Nigeria (AUN) – unofficially at least. As one of the requirements to graduate from the institution, students are required to develop and execute a business model on campus. In the course ENT 201, students are split into teams and are required to come up with a unique business plan to be executed during the period of the semester.
This semester, Fall 2023, students across all class sections were split into eight groups. Each group, which consisted of the management staff at the School of Business (SBE) at AUN, was given approximately two weeks to develop a business plan and present it to stakeholders. For the first time, the executive staff of Comercio Partners were also present for the presentation. They, along with faculty from SBE, analyzed and scored each presentation and gave critiques. Out of the eight groups that presented, four of them were chosen to receive capital to execute their business model.
Within the past week, each chosen business model, with a minimum capital of five hundred thousand naira provided by the school, has obtained all equipment needed to commence operations. By the end of this week, operations will have begun fully for all chosen business models.
Each team came up with an innovative business idea. The Kampus Mart proposed an on-campus provision store to provide students with essential commodities. The Student Shop also presented a provision store with a small student hub. Amigo's Cravings proposed a small café where students can purchase snacks, coffee, and other things. And finally, Games N' Treats proposed a business model with varying components. Alongside running a mini bakery that sells treats like cakes, rolls, and drinks, it also offers a gaming arena where students can let loose and play games with friends to pass the time. Games N' Treats also allows students who have individual services they render to work through Games N' Treats as a vendor to benefit both parties.
The uniqueness and creativity exuded in each idea are brought to life by AUN's initiative to give students this opportunity in the first place. As a developmental university, AUN aims to instill various skills in its students to prepare them to solve problems in the real world. Providing students with such a high level of financial literacy and business administration skills at an early stage will ensure the actualization of the aims and objectives of the institution as a whole.
Reported by Kamsi Maria Dan-Okereke
Natural & Environmental Sciences Dept., Work-Study Student at the Marketing & Communications Dept.