Business Report

April 2019
TEA TIME
Lin Yang

Business Report

Summary

This is a report which indicates what I have learned at the business conference. At the conference, I learned a lot of new ideas, concepts, and skills. Now, I want to introduce three of them to you. Meanwhile, I will also mention that how I will use these skills in the future. In the end, I will provide some recommendations.

Introduction

At the beginning, this business conference required us to come up with a company which we want to open. Then it will teach us how to operate it step by step. I set up a business which is a bubble tea shop, TEA TIME. We provide DIY bubble tea service. Our goal is to provide the best drink and unique experience for our consumers. This conference lead us to a lot of different situations that might happen in the field. In this way, we learned how to appropriately deal with these issues immediately. Over all, I think SWOT Analysis and plan of action and Grant information and letter of application are the most valuable skills.

Findings and Discussion

• SWOT Analysis and plan of action

S stands for strengths. W means weaknesses. O represents opportunities. T implies threats. This conference asked us to analyze it for our business when we just started it. After doing that, I noticed the strengths, weaknesses, opportunities, and threats for my firm in the field. Then I should come up with some solutions which help us to deal with these weaknesses and threats. I also need to think about how to use these opportunities and strengths to make TEA TIME become better.

In this experience, I learned that how to analyze the SWOT for my business. Since I just started this business at that time, I need to think about all of the different situations that might happen in the future. I think it is really good for a beginning-stage company. I have to think about the industry status and physical environment in order to find the weakness, strengths, opportunities, and threats. Finally, when I got the result, I have to come up with some plans. For TEA TIME, after doing the SWOT analysis, we find some ways to populate the DIY bubble tea service on social media and traditional media in order to stand out in the center philly where there are many cafe and other drinking shops.

• Grant information and letter of application

In this part, I found three organizations which can grant us a amount of money for doing other things, such as social outreach. First of all, I need to look for these grant organizations which satisfy my business situation online. Then I should know the requirements and application procedures. Next, I will compare these three organizations in order to choose the one which is better fit my situation. Finally, I need to write a letter to apply this grant.

Before doing this task, I don’t really know what grant and grant proposal are. This is the first thing that I learned. Next, I learned how to come up with a social outreach for my business. For example, TEA TIME chose to corporate with nursing homes and orphanages, and we invited couple of them each month to come to our store to have a big meal. After the lunch, they can relax and have fun. When they leave, we will give each of them a bag of gift. Then I learned how to search these grants online, and I learned how to compare them in order to choose the most suitable one. Finally, I learned how to write the letter in order to convince the organization to give us this grant. In my opinion, I think it is a way to brand our business and that some special part to attract more consumers.

Conclusion

• SWOT Analysis and plan of action help TEA TIME to notice the broad situation at the beginning stage.
• Grant information and letter of application let TEA TIME make a little effort for improving the society and increased the popularity.

Recommendations

I highly recommend you all to attend this conference. You will learn a lot about how to start and operate a business. SWOT analysis helps people to know their strengths, weakness, opportunities, and threats. According to the result, people will know how to use their strengths and opportunities to populate their brand, and they will know how to come up with some plans in order to overcome the weakness and threats in the future. For the Grant information and letter of application, people will learn what grant is and how to write a grant proposal. I believe that every business person have to learn these skills in order to run a business successfully. At this conference, you will learn all of these skills once. Therefore, I think attending to this conference is a pretty efficient and smart decision for everyone.