April 24, 2023Print | PDF
By: Archana Jagannathan
BU121: Functional Areas of the Organization, a required course in the Bachelor of Business Administration (BBA) program at the Lazaridis School of Business and Economics at Wilfrid Laurier University, provides first-year students with a comprehensive overview of the various functional areas of a business. This includes marketing, finance, human resources, and operations. In addition to gaining an in-depth understanding of how these areas work together to contribute to the success of an organization, students are provided with the unique opportunity to compete in the New Venture Competition, which offers them a chance to apply their new-found knowledge in a practical setting by coming up with their own business idea.
As a first-year business student, I was beyond excited to participate in this competition and put my skills to the test. The project began by working in groups to identify a gap in the market, analyze the competition, define the target market, and outline the marketing, financial, and operational strategies needed to successfully launch a new business idea. Through several group discussions and brainstorming activities, my team and I came up with a unique idea that we felt had great potential.
Through a variety of exercises covered in both lectures and labs, we were taught about product design, pricing, promotional strategies, and distribution. Relating to financial management, concepts such as sales forecasts and cash budgets were also covered in great depth. Additionally, the course provided instruction on human resource concepts, such as hiring, training, and performance management, as well as operations management principles like supply chain management.
Course material, as well as a variety of additional research conducted by my group, provided us with the tools we needed to solidify our business plan, and come up with a product that was desirable, feasible, and viable. After weeks of fine-tuning, we concluded by presenting our idea in front of our lab.
One group per lab was chosen to move on to semi-finals, and my group was given the opportunity to be our lab’s representative. After putting in countless hours of hard work to improve our slide deck and presentation structure, we presented to a panel of Instructional Assistants and Laurier alumni at the semi-finals on April 1st.
Following the semi-final rounds, one group per panel was chosen to progress to finals. A total of six groups were given the opportunity to present their business idea to BDO, the competition’s sponsor.
24-Brew is an on-campus self-service coffee dispenser that provides university students with a wide variety of customizable coffee options while leveraging a timely and convenient value package with 24-hour service
Team Members: Benjamin Shewchuk, Bianca Aghar, Jamie Belinsky, Louise Owen, Yash Thakur
IntelliTint is a high-tech car window tint that automatically and optimally adjusts to different amounts of light, which provides additional features such as improved visibility and safety when driving. IntelliTint offers greater comfort, UV protection when in the car, better aesthetics, and more privacy for drivers, whether day or night.
Team Members: Gavin Sandhar, Grace Vanmoerkerke, Janani Jeyakanthan, Juan Park, Shayna Mehta
The Good Morning Gummy is a revolutionary hangover remedy that leverages natural ingredients to effectively alleviate the most taxing symptoms of hangovers.
Team Members: Ashton Kennedy, Faith Pagunsan, Marlie Cohen, Samuel Walker, Vivian Yan
PARKLock is a revolutionary, innovative technology that combines existing machinery such as robotic grippers and floor locks to robotically latch onto the tire of any wheelchair and secure it in place, thereby eliminating the risk of injuries to disabled individuals using public transit.
Team Members: Bryce Co, Jordan Sheahan, Linda Basha, Vanessa Manrique
AlertBase is a base layer clothing line with embroidered medical alert information on the cuff and necklines, that ensures ease of access to medical information and improved accessibility for athletes that have health concerns.
Team Members: Aleksandar Miletic, Kyle Caetano, Maxwell Milovick, Rajpreet Vohra, Sartaj Brar
SootheWear is an innovative jacket for individuals whose daily lives are impaired by anxiety that applies deep pressure on the body to provide immediate relief and calmness. At the click of a button, users are able to control the level of pressure they desire for the appropriate duration.
Team Members: Guo Chen, Janet Jian, Jia Hong, Max Tan
And an extra congratulations to SootheWear who took first place in the competition and impressed the judges.
Participating in the New Venture competition was an invaluable opportunity that allowed me to apply my business knowledge and enhance my presentation skills. Moreover, it provided me with the chance to establish lasting relationships with peers, leading to an enriching experience both academically and socially.
The Lazaridis School would like to thank BDO for participating in this invaluable learning experience. To learn more about the Lazaridis Bachelor of Business Administration (BBA) program, visit our website.