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© All Rights Reserved, Lionel Bunting, 2016
Lights, camera, action!Financial literacy in enterprise education
Lionel Bunting @SussexClimber
© All Rights Reserved, Lionel Bunting, 2016
© All Rights Reserved, Lionel Bunting, 2016
IntroductionLearningExerciseNumbersFeedback
Agenda
© All Rights Reserved, Lionel Bunting, 2016
© All Rights Reserved, Lionel Bunting, 2016
Senior Lecturer at University of Chichester
Previously Enterprise & Employability Lecturer at University of Central Lancashire
Marketing Consultant & Agency Principal
Start up & new business experienceBusiness Link Northwest & DTIDelivered enterprise programmes in
Sri Lanka and Nigeria for the British Council
Current research: Brand & adventure sport Pinterest & Social Media
Introduction
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© All Rights Reserved, Lionel Bunting, 2016
University Strategy - one of the key priorities
Employability
A focus on employability and enterprise skills will mean our graduates are equipped to thrive in a global economy“ ’’
Introduced real life scenarios and created case studies to develop employability & enterprise skills and learn more interactively
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Success of themed film festivals Discussions with independent cinemasFilm Art, Hong KongChallenges with studentsWide appealExperiential Something familiar & exciting
The idea
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© All Rights Reserved, Lionel Bunting, 2016
Creative thinkingProblem solvingBusiness planning & analysis Team workingFinancial considerations & calculationsSales forecastingProduct developmentMarketing
Session aims
Employability FrameworkUniversity of Central Lancashire
The primary focus of the workshop is to develop financial literacy in business enterprise
© All Rights Reserved, Lionel Bunting, 2016
Students tasked with reporting to the board of directors of the cinema for approval to run this proposed festival.
Key questions for students:What facts do you need to have?What information do you need to launch a new product?What are the benefits for the business?
The business case
© All Rights Reserved, Lionel Bunting, 2016
© All Rights Reserved, Lionel Bunting, 2016
Facts & figures
Detailed handout for review and discussion including marketing facts & figures, cinema information, costings & revenue projectionsAngeline Jolie highest paid female A lister #fact
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© All Rights Reserved, Lionel Bunting, 2016
Various sales assumptions are made but allow enough opportunity for them to be challenged
Suggested sales revenue figures provided in format to students to calculate income from:
Ticket salesDrinksProgrammeSponsorship
Time provided for wider workshop discussion
Revenue
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Specific cost for some aspects provided including for a projectionistFigures provide with enough scope to question these and consider viability and alternativesSome costings are deliberately missing to encourage group discussion and bring in prior learning from the moduleSimple cost sheet given to introduce spreadsheets for financial recording and calculations of income, expenditure, profitability and sales modelling
Costs
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Profit or loss?Look at figures to calculate if the event makes a profit or a loss Debate whether the event is worth hostingLook at hidden costs & other business considerations
Biggest grossing film worldwide $2.79bn (plus higher margin than Star Wars)
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© All Rights Reserved, Lionel Bunting, 2016
© All Rights Reserved, Lionel Bunting, 2016
Asked to look back at the event and see where efficiencies and modification can be made to maximise income and/or reduce costsConsider new creative ways to add more value and increase revenue streams and indeed increase profitabilityExamples of real life consultancy brought in to evidence this further and make relevant to variety of disciplinesOption to formalise this and present back
Maximising income
Generated $1.3b tickets & DVD and as much in licencing – translated 41 times and at least 600 products! Image: www.downvids.net© All Rights Reserved, Lionel Bunting, 2016
© All Rights Reserved, Lionel Bunting, 2016
Making best use of resourcesLook at instructions & evidence in detailConcepts using scenario make more senseStarting a business is complex
Feedback
Engaging learning environmentUsing a range of skillsBringing all knowledge togetherBroad range of thinking
Reflect on own business proposal!
Importance of financeThinking about forecasting salesStrategies on managing profitNever give anything away for free!
Image: Lionel Bunting
Image: Lionel Bunting
© All Rights Reserved, Lionel Bunting, 2016
Simplify: Focus only on ideas creation & discussion Tick toc: Set time pressured limits on tasksMore of: Critically evaluate actual materialsAdd in: Storyboarding a newspaper or radio advertLocation: Run the session on locationResearch: CompetitionIncrease: Sales forecast & scenario planningPitching: Incorporate a formal business pitchConsult: Bring in Entrepreneurs for ‘mini’
consultations on key discipline areas
Extensions
Flexibility of case study allows for various time constraints plus add or remove activities and skills tasks
© All Rights Reserved, Lionel Bunting, 2016
Storyboard press, radio or tv advertRun the session on locationCritically evaluate actual materialsAnnual sales forecast & scenario planning
Feedback
Research competitorsAcquire costingsMini consultation sessions Pitch to the boardReflective element
Focus only on ideas creation & discussionSimple revenue and costingsSet time pressured limits on tasks
© All Rights Reserved, Lionel Bunting, 2016 Image: marathalbt.wordpress.com/2014/10/14/fin/