Defining a Business Your friend believes that there is not enough assisting opti

Question

Defining a Business Your friend believes that there is not enough assisting options for students at UVI. She comes to you to talk about her idea. The gist of the idea is this: She plans on offering course-specific assistance to all UVI students for free. She will get help from other students that have previously had the courses students want assistance for. She tells you this will be a non-profit business, since the students will not have to pay for these services. Is this service idea, a business idea, or both? Why or why not? If it is not a complete business concept, what would it take to complete the business model? Be specific. (Remember to reference course material in your paper!)

Explanation / Answer

This is a service idea

The main factor that differentiates between a business and a service is profit making

Since she doesn't want to make money out of teaching it comes under service.

Business model for setting up an institution for UVI students:

A business model is a process through which the entire structure and purpose of the business which is defined as below:

1. Defining the mission and vision statement of an organisation and in this case it would be to educate UVI students.

2. Framing the organisation structure which would include staffs, volunteers and students

3. Deciding on setting up cost like location and infrastructure

4. Framing strategies like, a non profit organisation established to help students to learn UVI

5. Framing marketing strategies which includes advertisement to let people know about this institution

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