Create Your Own Business Plan
You are going to become an entrepreneur and design, make, market and sell a product in class.
Instructions:
1. Create a group of 2-4 people that you would like to go into business with. You may not work alone!
2. Brainstorming Ideas (100 points)- Brainstorm 5 ideas of what product your group could manufacture that meets a want or need of society and will be profitable. This product does not have to be made of wood. It just has to be legal in the state of Virginia. I highly suggest using the Universal Laser Systems Laser Machine to make uniform products. Draw on paper or digitally and submit your brainstorm on Canvas.
3. Conduct Market Research (800 points-300 points to make the 10 question survey, and 10 points per survey logged in Google Forms) Survey at least 50 people that are not enrolled in Mr. Cornwell's class on their preferences about what you would like to manufacture and sell. One point extra credit for each additional survey turned in. (Max 500 points EC)
Use a Google Form to create 10 questions for your market research.
* Narrow down your business plan to TWO items you could possibly manufacture.
* Create 5 questions for each possible product.
* Do not ask open-ended questions. Ask the participant if they want option A, B, or C only. Only provide options for production that you are capable of producing!
* Include photos and descriptions in every question. If you need to combine photos into a collage, use Adobe Photoshop
* Make sure to ask what price the participant is willing to pay for your product.
* You must log their email address in the form!
You will present your market research in your final presentation. Download the results as a MS Excel file and turn this in with the link to the survey.
Instructions:
1. Create a group of 2-4 people that you would like to go into business with. You may not work alone!
2. Brainstorming Ideas (100 points)- Brainstorm 5 ideas of what product your group could manufacture that meets a want or need of society and will be profitable. This product does not have to be made of wood. It just has to be legal in the state of Virginia. I highly suggest using the Universal Laser Systems Laser Machine to make uniform products. Draw on paper or digitally and submit your brainstorm on Canvas.
3. Conduct Market Research (800 points-300 points to make the 10 question survey, and 10 points per survey logged in Google Forms) Survey at least 50 people that are not enrolled in Mr. Cornwell's class on their preferences about what you would like to manufacture and sell. One point extra credit for each additional survey turned in. (Max 500 points EC)
Use a Google Form to create 10 questions for your market research.
* Narrow down your business plan to TWO items you could possibly manufacture.
* Create 5 questions for each possible product.
* Do not ask open-ended questions. Ask the participant if they want option A, B, or C only. Only provide options for production that you are capable of producing!
* Include photos and descriptions in every question. If you need to combine photos into a collage, use Adobe Photoshop
* Make sure to ask what price the participant is willing to pay for your product.
* You must log their email address in the form!
You will present your market research in your final presentation. Download the results as a MS Excel file and turn this in with the link to the survey.
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4. Use the information you learned from market research and develop a business plan with 8 parts (800 points). Open a Google Doc and share this document with everyone in your group. In the document, you must have these 8 sections (7 typed paragraphs and a computer drawn logo). Label them in your paper and include who completed each section. When complete, download the paper for submission on Canvas.
I. Introduction- A company name and what part of the world you plan to conduct business. Describe what type of business you are making. Your product helps people in what type of business? (Service, retail, franchise, manufacturing, distribution, or network marketing)
II. An explanation of what you are going to sell. If it is a manufactured good, explain if it is going to be custom, intermittent, flexible or continuous manufacturing.
III. A company logo (someone will have to do the graphics for this) Example: The Nike Swoosh
IV. Research on what you are going to make. Find a how to video on a product similar to your idea and describe how your innovation will be more lucrative and successful. Additionally, explain how your product is trending on Google Trends.
V. A budget with how much you plan to sell this item for. (You need to show how you got this sales price) Example: light bulbs that last a decade have to be sold for lots of money, because the company would go out of business if they sold them for little money.
VI. Production Costs- A list of every tool/machine and how many workers you need to produce this product. You must also have to list the cost of every tool/machine that you need. Include if you have to pay rent for a store, or warehouse, or the cost to buy a special tool/machine. You must provide cost of materials and proof of a source for said materials.
VII. Management Tree- A list of workers needed to produce your product. You are going to lay out a management tree of your new business. What qualifications or degrees does each worker need to work for you?
VIII. Distribution- How do you plan to sell and distribute your product? Amazon, a brick and mortar store? Personal website? Explain! Explain! Explain!
5. (500 points) Create a Google Slides Presentation and share it with all members of your group. You will be presenting your idea to class as if you were on the show Shark Tank. You will be giving a 3-minute presentation (minimum 5 slides) on why someone should invest in your company. You should explain the who, what, where, why and when of your company. Your presentation should have pictures and bullet points. (No one wants to read a presentation)
6. Create a Visual(800 points) - A tangible item used in your presentation. Examples are a brochure, a newspaper/radio/television ad promoting your service, a YouTube review, a social media influencer using your product, a website, or prototype or mock-up.
You are going to create a scale model of what your company will produce. If your prototype is not fully functional, it must come with an explanation of what the finished product will do.
7. Selling your product (100 points per member)- Each member is required to make 2 products. One to keep, and one to sell. +50 points extra credit awarded for each product sold over two products per person. For example. If a group of 4 makes 20 products, meaning they sell 16 (12 extra, the four in the group will split the 600 EC points, or +150 EC each).
8. (200 points) Grade each group member and assign them a grade on the quality and amount of work they did for the group.
I. Introduction- A company name and what part of the world you plan to conduct business. Describe what type of business you are making. Your product helps people in what type of business? (Service, retail, franchise, manufacturing, distribution, or network marketing)
II. An explanation of what you are going to sell. If it is a manufactured good, explain if it is going to be custom, intermittent, flexible or continuous manufacturing.
III. A company logo (someone will have to do the graphics for this) Example: The Nike Swoosh
IV. Research on what you are going to make. Find a how to video on a product similar to your idea and describe how your innovation will be more lucrative and successful. Additionally, explain how your product is trending on Google Trends.
V. A budget with how much you plan to sell this item for. (You need to show how you got this sales price) Example: light bulbs that last a decade have to be sold for lots of money, because the company would go out of business if they sold them for little money.
VI. Production Costs- A list of every tool/machine and how many workers you need to produce this product. You must also have to list the cost of every tool/machine that you need. Include if you have to pay rent for a store, or warehouse, or the cost to buy a special tool/machine. You must provide cost of materials and proof of a source for said materials.
VII. Management Tree- A list of workers needed to produce your product. You are going to lay out a management tree of your new business. What qualifications or degrees does each worker need to work for you?
VIII. Distribution- How do you plan to sell and distribute your product? Amazon, a brick and mortar store? Personal website? Explain! Explain! Explain!
5. (500 points) Create a Google Slides Presentation and share it with all members of your group. You will be presenting your idea to class as if you were on the show Shark Tank. You will be giving a 3-minute presentation (minimum 5 slides) on why someone should invest in your company. You should explain the who, what, where, why and when of your company. Your presentation should have pictures and bullet points. (No one wants to read a presentation)
6. Create a Visual(800 points) - A tangible item used in your presentation. Examples are a brochure, a newspaper/radio/television ad promoting your service, a YouTube review, a social media influencer using your product, a website, or prototype or mock-up.
You are going to create a scale model of what your company will produce. If your prototype is not fully functional, it must come with an explanation of what the finished product will do.
7. Selling your product (100 points per member)- Each member is required to make 2 products. One to keep, and one to sell. +50 points extra credit awarded for each product sold over two products per person. For example. If a group of 4 makes 20 products, meaning they sell 16 (12 extra, the four in the group will split the 600 EC points, or +150 EC each).
8. (200 points) Grade each group member and assign them a grade on the quality and amount of work they did for the group.