Before starting a university, there are many important factors that should be accomplished

properly. Those are Identify and Evaluate the Opportunity:

Opportunity assessment: First of all, conduct a feasibility study to determine whether or

not theres a need for another university in the selected geographic, subject or viability
areas by gathering data, taking surveys, getting recommendations from experts in the
field, then analyzing this data to reach conclusions on how to best fill the void.
For my university, I would like to choose such a place where it could fulfill all the needs
of the students and maintain a dignified standard which would differentiate my university
from the other competitors in the market. Hence, I have selected to open this university in
Mohammadpur since there are no good quality university in this area.

Risk and returns of opportunity: In the initial stage, there will be no guaranty to gain
profits out of this and that is the risk I have to pursue to start out the university.
Eventually, it will gain acceptance to the people if it could run according to the plan.

Opportunity versus personal skills and goals: Both opportunity and personal skills and
goals are important to sustain in the market. Although, opportunity helps you to enter in a
market but without personal skills and goals you could not achieve success. So, there are
some important things to consider such as good faculties, good environment to study,
enough rooms, labs, refreshment areas etc. so that it could run in an efficient way.

Competitive environment: There are few good universities in Dhanmondi area e.g.
UIU, ULAB, DIU etc. But there are no such universities in this area which are the best.
Thus, these universities will be my competitors.

Develop a business plan:

Develop a business plan that includes a working budget, timelines, licensing and charter
requirements, accreditation standards, faculty guidelines and marketing plans.

Resource required:
Determine resources needed:

The Campus will be built with the purpose of imparting education in a befitting
infrastructure and congenial environment. Containing about 100,000 sq. ft. floor space,
the campus has 10 floors with two basements. With this capacity, university
accommodates state-of-the-art IT and computer Labs, Language Lab, different
Engineering Labs and other essential facilities.

I will hire faculty and recruit adjunct professors. Adjuncts typically have full-time jobs
and teach to make extra money or to enhance their credibility. They are compensated
according to the number of courses they teach and are rarely offered benefits. Staff
instructors require salaries, benefits, office space and other perks.

Then, establishing governance by drafting a mission statement, setting policies, outlining

personnel needs, establishing admissions parameters and determining how much facility

will be needed. Decide early what disciplines the faculty members should encompass.
After that, contacting with the state to learn what licensing requirements are necessary for
launching a university. Most states will require you to submit curricula before they issue
a license.
Develop access to needed resources:

Now, the most crucial thing is to raise funds so that the whole business plan could run
properly. Few enterprises in our capitalistic society can be jump started without adequate
funding. Since my bank account isnt the entire source for funding, raising capital by
borrowing from investors, getting loans or grants earmarked for higher education from
the government could be the way to collect funds. This task is time consuming and
laborious. Hiring a person to do nothing but identify and obtain cash is a great idea.

Manage the enterprise:

Research and acquire technology to run both the school and technology-based classes.
Launch a website immediately since it is an Internet-based establishment rather than a
bricks and mortar institution. For this, government recognition will be needed in the form
of accreditation before adding .edu to in the website, so I will be starting with .com and
switch over when I qualify.

Lastly, there has to be monitoring system to keep operations, student recruitment, and faculty
evaluation and school operation on track. And also assess strengths and weaknesses on a regular
timetable and make adjustments as necessary.