Scholarly record

TOOL FOR FORECASTING OVERALL SUCCESS OF BUSINESS IDEAS FOR STUDENTS OF BUSINESS MANAGEMENT

Andrejs Cekuls

Abstract

The key features of good education are productivity and efficiency. At present, there is fragmentation in the study content and study process; too much emphasis is placed on isolated, passive learning and the content of teaching is not sufficiently related to real life situations. In order to introduce more effective education in practice, better professional development is needed. There must be a clear link between the practical needs and the teaching work. An effective education system is important because it delivers higher student achievement, saves resources, and builds a constructive approach to the profession. The purpose of this paper is to evaluate tool for forecasting the value, financial performance and overall success of business ideas, start-ups and investments for business students in the study process of business management studies. The problem to be solved with the work: Business students and potential entrepreneurs need a concrete way to justify business decisions, as well as to calculate the company's value in the market. The task of the study is to analyze the added value of successful companies in Latvia and around the world; understand their added values and fields of business in order to create an algorithm and release it through a universal UX-friendly business model cloud platform for students and other interested parties. No company entering the market becomes a global leader in competitiveness by simply adapting something that exists already and not adding any value whatsoever in a global context. As the most appropriate data collection method for research will be used - the content analysis. In this study, the focus will be more on general principles of analysis and guidelines for obtaining results rather than on specific techniques. For this purpose, we will use the distribution of qualitative data analysis of Brayman and Burgess (2002) in two aspects: on the one hand - strategies and on the other - processes. Written texts such as interviews, case studies, and other materials (for example, video and audio recordings) will be used for the content analysis [1]. It is planned to create a new tool to forecast and business plans that students create for their start-ups, to promote entrepreneurship and to attract potential business partners, for example, to evaluate the performance of business incubator?s members from the point of view of investors. The goal of the developed tool is to support the young entrepreneur-students studying business management in the study environment; to connect it with the rest of the world; and to promote the start-up movement in Latvia and the whole world.

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