Company and Product Information
OpenHearts Café is a recreational café company that aims to provide NTU students with a meaningful experience of their university life. Apart from providing food and beverages, our café aims at providing a place for relaxation and fun for students, a place where they can temporarily forget about their academic workload and other stresses. Our café solves the pain-point of NTU students not having a place to freely be loud and celebrate with their friends, which is an essential part of university life. Located slightly away from residential and academic areas, OpenHearts Café offers an easy solution to this problem. 1.2
Considering that there is currently no such place in NTU where students can behave like children, and ‘let go’ for a while, our team believes that there is tremendous opportunity for such a café. 1.3
Since we ourselves are NTU students, we have an edge over external cafés who might want to open up branches in NTU, as we understand the problems faced by NTU students, and what will be preferred most by them. We are also in a position to communicate directly with students, who will be our customers, to understand what exactly they want. 1.4
Our marketing strategy will be to provide a unique service, catered specifically to meet the needs of NTU students. To achieve an edge over competitors, and provide the best service to our customers, we will provide an ambience that is not available elsewhere on campus. We will also aim at providing ‘More for Less’ through competitive pricing. We will mainly use social media and posters/flyers on campus to promote OpenHearts Café. 1.5
The start-up cost of the business will be around $200,000, which we expect to secure from NTU Ventures, SPRING Singapore and some other venture capitalists. With this investment, we start earning positive cash flows in the first month of operations, and expect to break-even and earn a profit after 9 months of operations. The Return on Equity is expected to be around 99% in year 3. 1.6
Our business has been planned for a long-term period, and not just for the EN105 course. Our team plans to control the café for at least a period of 3-4 years, and then sell off the company to either students who are interested in buying the café, or external companies who want to take over the company. 1.7
Our Management Team comprises of 6 individuals from diverse academic backgrounds, ensuring that each one of us contributes effectively to decision making. Each of us knows our job scope well and thus make up an efficient and balanced team.
OpenHearts Café is set up by six NTU undergraduates who aim at providing NTU students with a wholesome university life. Our company is strongly committed to ensuring that at NTU, every student feels at home. 2.1
The management consists of six individuals from diverse academic backgrounds and strong team dynamics that add to the overall efficiency of the company. Each one of us is very dedicated and constantly strives to achieve better performance. 2.2
The political environment in Singapore is quite stable, and our café shouldn’t face any issues on a political front. Moreover, the political structure of NTU is quite open to entrepreneurship, and quite supportive of new ideas and student initiatives. 3.1.2
The economic condition will have an impact on OpenHearts café’s functioning. A period of recession can be harmful to OpenHearts, as students will be more careful in spending their money. However, our services are competitively priced, so students will not have to be too hesitant in spending at our café. 3.1.3
Today’s society has seen an increasing tendency of young consumers to hang out in various places. Even if youngsters...
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