Business Owner Dishes Out Inside Knowledge for Outsider Perspective

Posted by on February 24, 2012

Small business management class analyzes locally owned video kiosk business

After completing a class project analyzing Elk River-based business Pik Ur Flik, business students realize owning your own business is hard work.

“Students commented that this project showed them that becoming a small business owner would be very involved and time consuming, which may have them thinking twice,” instructor Angie Norbeck said.

Before students started analyzing the different aspects of Pik Ur Flik, a video kiosk system similar to Red Box, business owner Jennifer Wagner gave them the rundown of how her business operated and what kind of costs and profits she had to work with.

Working in teams, the class put together an analysis showing Wagner the strengths, weaknesses, opportunities and threats for her business and presented their findings to her.

Amongst other items, the class identified offering new releases earlier than competitors as a strength, not allowing customers 24 hour access as a weakness, competing with larger businesses like Red Box as a threat, and adding an option to rent games as an opportunity.

“I received a lot of great insight,” said Wagner.  “And from a diverse group of people, which is similar to my customers so that was a plus.”

Norbeck said the students commented that the project really made their course content come to life and brought the material they were learning to a full circle.

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