Business Involvement among University Students - Research Paper Example

A SMALL SCALE SAMPLE SURVEY Student’s name Code & Course Professor’s Name University City Date Part 1 1.0 Introduction Student life, especially in the universities has always proven to be a challenge in most cases to most students. Apart from the day in and day out challenges experienced while dealing with course study, students always engage in efforts towards self-realization (Rose et al. 2013). Unfortunately, getting into a world where most of the time the students are subjected to self-independence for the very first time, various constraints affect various students operations in the universities (Owston, York & Murtha 2013). Issues such as research works and challenges faced in research and studies, love life, student politics among other issues play a major role in the lives of university students. However, the most prominent and predominant challenge among students is related to finances (Den Heijer 2012). The key strategy for these businesses is always to target the university population using products that are needed by the students (Den Heijer 2012). While some students engage in genuine and legal businesses and benefit from the profits, others on the other hand venture into illegal business ventures such as selling illegal drugs or trading in stolen items (Owston, York & Murtha 2013). 2.0 Aims and Objectives of the Research The aim of the research is to identify the factors that influence university students’ engagement in business activities while in the university. The objectives of the research are: i. To identify the factors that influence university students’ engagement in business activities. ii. To identify the strategies used and explored by university students engaging in businesses. iii. To identify the impacts and implications of student businesses on students’ life at the university. iv. To identify the main goals, both short term and long term goals, of university students’ businesses. 3.0 Methodology In conducting any survey, it is important to come up with an effective method of data collection. This enables the survey to collect not only reliable data and information but also to sustain objectivity which is necessary for the success of the research (Ritchie et al 2013). The following factors were considered: i. Sampling strategy ii. Sample size 3.1 Sampling Strategy The research encompassing an aspect of university students’ life demanded significant focus on university students. As such, the survey focused on student samples that formed reliable sources of data and information for the survey. In order to get divergent and diversified view and opinion regarding the subject matter, our sources were not only university student participants in businesses but also those not directly engaged in business activities. 3.2 Sample Size The survey was conducted relying on views from a randomly selected sample of 30 students, among who 10 were actively engaged in business while the other 20 were not. Additionally, the research involved five graduates from the Coventry University currently actively engaged in business in the ‘outside world’. The following methods were used in the collection of data for the survey: i. Use of questionnaires ii. Use of Interviews 3.3 Questionnaire Survey Thirty questionnaires were distributed to 30 students: 10 actively involved in business while the other 20 were not involved in business activities. A student representative was selected to distribute and collect the questionnaires after the students had filled them. The questionnaires will have both closed and open-ended questions. In line with the aims and objectives of the study, the questionnaires are divided into two major sections: 3.3.1 Factors Influencing Students’ Involvement in Business This section is strategically designed to gather responses that go in line with the objectives of the survey. As such, the questions target the following areas: i. Factors influencing university students’ involvement in business, ii. Business strategies used by university students engaged in businesses, iii. Impacts of businesses on the students’ lives, with a specific interest in the academic life and iv. The business goals of such businesses run by university students. 3.4 Interview Survey Five graduates from Coventry University currently engaging in active business were interviewed. This was with the specific objective of understanding the nature of their businesses in relation to their past university life. This targeted to gain an understanding as to whether, their current businesses were products of university business ideas or even, expansions to their former university businesses. As such the interviews seek to acquire the following details as per the survey aims and objectives: i. The current nature of the business being managed by the graduates in relation to university businesses. ii. Impacts university business (es) had on the current business. 4.0 Results and Findings To effectively discuss this results and findings, the information is discussed under the methodologies of data collection used in the collection of the data. 4.1 Questionnaire Survey Findings The questionnaires had two main sections, where one aimed at collecting the demographic details that impacted or influenced students’ involvement in businesses. The second part entailed identifying other university-related factors that influence students’ involvement in business. 4.11 Demographic Information The survey revealed that most of the students engaged in businesses were males. Lesser females had an interest in the business. This could be attributed to the fact that most families pay more attention to the girl child than the boy child in terms of maintenance (Lim & Envick 2013). As such, the girls face significantly lesser financial challenges as compared to the boys who opt to indulge in money making ventures (Hewitt-Dundas 2012). 4.1.1 Factors Influencing Students’ Involvement in Business The survey here revealed that most students run small business operations within university premises. The students reported various reasons that led to involvement in business while at the University. The survey questions had identified four major reasons that were: i. Gaining business experience ii. Making extra cash through profits iii. Luxury purposes iv. To keep busy It is evident that the students were to single out one major reason that they considered contributed to business engagements by university students. The following findings were obtained, tabulated and used to construct chart representations. Additionally, the survey was able to collect data on the implications and impacts of business involvement in the academic life of the student participants. Similarly, the results were tabulated and represented in charts as shown below.   Positive Negative Positive & Negative More Positive than Negative More Negative than Positive Respondents' views on impacts of businesses on academics 2 5 6 7 10 Student business persons or investors strategically target available markets, which is mostly comprised of fellow students by offering services and products that are in high demand in universities (Karpinski 2013). As such, the attract market preferences within the university premises. They offer the convenience of service and products which would have otherwise forced students to go out of the universities to the outside markets (Gordon, Hamilton & Jack 2012). Moreover, for most businesses, the student business personalities in most cases target the short term goals (Collis & Hussey 2013). Mostly this is to raise some income or extra cash for sustainability, as observed in Chart 1 and Chart 2 above. However, there are cases where the some students target long-term goals, which include expansion of their businesses beyond the university borders. 4.2 Interview Survey Findings The interview process provided significant information and data related to the topic of study. Considering the nature of the survey and the objectives of the study, the findings would be incomplete without the involvement of university graduates doing business. Most of them, the study showed had their entrepreneurial seeds sowed back in their university days. Through the interviews, the study further revealed, that these graduate businessmen were as the earlier discussion explained, the ones who had long-term business goals. 5.0 Conclusion University businesses have become a common phenomenon in the current generation (Thomas 2012). Most common, is the increasing number of university students who opt not only to focus on their studies but also go out of their ways to invest in businesses (Leyden & Link 2013). While the businesses may be well paying, venturing into businesses has significant implications for the academic life of the students (Rose et al., 2013). Arguably, most of the implications are negative. Gordon, Hamilton & Jack (2012) point out that those students who can effectively strike a balance between the academic and business operations, they may as well attain admirable success on both ends. University businesses, like any other business, have goals either short term or long term. In conclusion, University students venturing into business are expected to optimize on strategy, embrace and counter business challenges, focus on business goals but at the same time effectively strike a balance between academic work (Thomas 2012). 6.0 Appendix Questionnaire This questionnaire seeks to identify the factors that influence university students’ involvement in business activities. The survey is not intended for any personal use. It will take approximately 6-10 minutes to answer all the questions. Demographics Information 1. What is your gender? [Check the appropriate box] Male Female 2. Which year of study are you in? [Circle the appropriate] 1st 2nd 3rd 4th 5th 6th Other…………. 3. Which is your level of university study? Certificate Diploma Undergraduate Postgraduate 4. What is your course of study? E.g Bachelor Degree in Education (Arts) ………………………………………………………………………………………… Factors Influencing University Students’ Involvement in Business Activities 5. Are you involved in any business activities: a) Within the university? Yes No b) Outside university? Yes No 6. If your answer is yes to either or all of questions 5(a) of 5(b) above, explain you the nature of the business? Eg. Electronic shop, etc. If your answer is No, explain why. ………………………………………………………………………………………….. 7. Why do you think university students engage in business? To gain business experience To make extra cash For luxury purposes Not Sure 8. Considering university life; a) What do you think is the central determiner of the business success of the students doing business? Strategy Adequate finances Commitment b) What are some of the strategies you think the students involved in business use for the success of their businesses? …………………………………………………………………………………………………………………………………………………………………………………… c) On the impacts of this business on students’ university life: a) Do the businesses have impacts on the student’s academic lives? Yes No Not Sure b) If yes to 9(a) above, what is the nature of the impact? If no or not sure, skip this part. Positive Negative Positive and Negative More positive than negative More negative than positive d) How can you define the overall goals of these businesses? Short term Long term Short term and Long term Not Sure Reference List Collis, J., & Hussey, R. (2013). Business research: A practical guide for undergraduate and postgraduate students. Palgrave Macmillan. Den Heijer, A. (2012). Managing the university campus. Gordon, I., Hamilton, E., & Jack, S. (2012). A study of a university-led entrepreneurship education program for small business owner/managers. Entrepreneurship & Regional Development, 24(9-10), 767-805. Hewitt-Dundas, N. (2012). Research intensity and knowledge transfer activity in UK universities. Research Policy, 41(2), 262-275. Karpinski, A. C., Kirschner, P. A., Ozer, I., Mellott, J. A., & Ochwo, P. (2013). An exploration of social networking site use, multitasking, and academic performance among United States and European university students. Computers in Human Behavior, 29(3), 1182- 1192. Leyden, D. P., & Link, A. N. (2013). Knowledge spillovers, collective entrepreneurship, and economic growth: the role of universities. Small Business Economics, 41(4), 797-817. Lim, S., & Envick, B. R. (2013). Gender and entrepreneurial orientation: a multi-country study. International Entrepreneurship and Management Journal, 9(3), 465-482. Owston, R., York, D., & Murtha, S. (2013). Student perceptions and achievement in a university blended learning strategic initiative. The Internet and Higher Education, 18, 38-46. Pickard, A. (2012). Research methods in information. Facet Publishing. Ritchie, J., Lewis, J., Nicholls, C. M., & Ormston, R. (Eds.). (2013). Qualitative research practice: A guide for social science students and researchers. Sage. Rose, M., Decter, M., Robinson, S., Jack, S., & Lockett, N. (2013). Opportunities, contradictions and attitudes: The evolution of university–business engagement since 1960. Business History, 55(2), 259-279. Thomas, R. (2012). Business elites, universities and knowledge transfer in tourism. Tourism Management, 33(3), 553-561. Part 2 Question 2 Demand for the year = 200 boxes First Order cost for each = 40 Euros Solution EOQ = where D= Annual demand S = Order Cost H = Annual holding cost per Unit EOQ For Unit price at Euro 40 D= 2000 S= 40 H= 20 % ×40 = 8 = 141.42 The total EOQ is 141 which is outside the range (99 or less) EOQ for Unit price of 39.50 H= 20 % × 39.5 = 7.9 EOQ = = 142 (within the range of between 100-499) EOQ for unit price of 39.00 H = 20 % × 39 = 7.8 EOQ = = 143.22 (outside the range of 500 or more) TC(500) = (2000 39) + ( 40 ) + ( 7.8 ) 78,000 + 160 + 1950 = 80, 110 TC (142) = (2000 39.5) + ( ) + ( 79,000 + 563. 38 + 560. 9 = 80, 124. 28 TC (99) = (2000 × 40) + ( × 40) + ( × 8) 80, 000 + 808.08 + 396 81, 204.08 Question 3 (a) 2012 Q1 = = 100 Q2 = = 100 Q3 = = 116 Q4= = 100 2013 Q1 = = 114.67 Q2 = = 122.67 Q3 = = 134.67 Q4 = = 122.67 2014 Q1 = = 123.33 Q2 = = 134.67 Q3 = = 144 Q4 = = 137.33 Year Quarter Y AQMA Trend 2QMA Y-T Seasonal Index 2012 1 100 -2.749 2 100 2.831 104 3 116 12.164 107.67 4 100 110.5025 -10.5025 -11.175 113.335 2013 1 114.67 115.66875 -0.99875 -2.749 118.0072 2 119.66875 3.00125 2.831 121.335 3 134.67 122.4175 12.2525 12.164 123.5 4 113.33 125 -11.67 -11.175 126.5 2014 1 123.33 127.665 -4.3365 -2.749 128.833 2 134.67 131.83275 2.83725 2.831 134.8325 3 144 12.164 4 137.33 -11.175 Q1 Q2 Q3 Q4 -10.595 -0.99875 3.00125 12.2525 -11.67 -4.3365 2.83725 Total -5.3353 5.8385 + 12.2525 -22.1725 Average -2.667 2.91925 + 12.2525 -11.08625 0.254625 Error = 0.354625 0.08865625 Q1 = -2.667 – 0.8865625 = -2.74865625 Q2 = 2.91925 - 0.8865625= 2.83059375 Q3 = 12.2525- 0.8865625= 12.16384375 Q4 = -11.08625 - 0.8865625 = -11.17490625 (b) Holt-Winter’s trend and seasonality method Step 1: Determine ℓ0 and Gt ℓ0 = = =  = 134.83 Initial Trend factor, otherwise known as Slope = 2.80 To Initial lever factors, otherwise known as, Intercept 134.83 ℓ0 Contrariwise; Tt+1 = LT + TT → F1 = Lo+To = 134.83 + 2.8 = 137.63 To continue the company now observes the first period of demand, D1 = 110. With such values the important, the trend factors and levels can be updated such that they are present as of period 1. In this regard the forecast has chosen a smoothing parameter of  = 0.1 for the level factor. Lt= Dt + (1-)(Lt-1 + Tt-1) L1= D1 + (1-)(Lo+To) = 0.1 (110) + (1-0.1)( 134.83 + 2.8) = 148.63 Tentatively, with a smoothing parameter of β=0.2 for the trend factor Tt= β (Lt – Lt-1) + (1- β) Tt-1 T1= β (L1 – L0) + (1- β) To = 0.2 (148.63- 134.83) + (1-0.2) 2.8 = 16.04 A forecast for 2015 can now be made; Tt+1 = Lt + Tt → F2 = L1 + T1 = 148.63+ 2.8 = 151.43* *Some calculations may be influenced by rounding off the values Period Time Prd Demand Level Trend Forecast Error 0 134.83 2.8 1 Month 1 (January) 110 148.63 4.87 137.6 27.6 2 Month 2 (February Read More