Dealing With the SHARK TANK. A Critical Thinking project based on the Shark Tank show for 4 th -7 th Grades Advanced Social Studies Students

Transcription

1 Dealing With the SHARK TANK A Critical Thinking project based on the Shark Tank show for 4 th -7 th Grades Advanced Social Studies Students

2 Dealing with the Shark Tank Entrepreneurship Project Project Overview I. Project Introduction: Renew, Reuse and Make it Better! You are going to become the founders of a new company and product. You will be working in groups to create this product and business through a series of steps. Your goal will be to sell this to sharks in the shark tank, who will hopefully invest in your company for a percentage of the profits. You will not be inventing something new but rather making something better by either combing, substituting, adapting, etc. II. III. Research You will be conducting research (market research and research online) for your project as well as establishing roles. Research is important for your overall business plan. This will help you to make improvements to your product. Official Business Plan You will be creating your official business plan. You will need to type your business plan in a word document. You will also need to complete your financial plan to find out how much your product will cost to manufacture, and how much it will cost at the retailers, along with the projected earnings plan to find out how much you will be asking the sharks to lend to you. IV. Advertising/Marketing Plan You will be creating a script and putting together either a radio commercial or a television commercial. This commercial can be no longer than one minute. V. Presentation You will be creating a presentation about your business and product. This presentation must be very persuasive. You will need to entice the sharks to give you a lot of money for your company for a portion of the profits in return.

3 Dealing with the Shark Tank: Entrepreneurship Project Part I: Project Introduction: Renew, Reuse and Make it Better! Name: Date: You are going to become the founders of a new company and product. You will be working in groups to create this product and business through a series of steps. Your goal will be to sell this to sharks in the shark tank, who will hopefully invest in your company for a percentage of the profits. You will not be inventing something new but rather making something better by either combing, substituting, adapting, etc. Use the scamper form below to come up with ideas for a business. Part I: What do you have a passion for? What interests you? Part II: What problems do you want to solve that are associated with the above list? For example, you might not like that your skis can become crossed when you are skiing Part III: What products do you wish to improve using the above lists? Now choose a product from #s 1,2 or 3 to SCAMPER and create a new improved product: Product: S (Substitute) What can I substitute? C (Combine) How can I combine this with other things? A (Adapt): What can I adapt or copy from...? M (Magnify/Modify): What can I magnify or put more emphasis on? P (Purpose-put to other uses): How can I put this item to other uses? E (Eliminate): What can I eliminate or simplify? R (Rearrange/Reverse): How can I change, reorder or reverse?

4 Dealing with the Shark Tank: Entrepreneurship Project Part II: Research Name: Date: In this portion of the project, you will be conducting research for your project as well as establishing roles. Research is important for your overall business plan. This will help you to make improvements to your product. Part I: Establish Group Roles Business Team Manager: Your role is to make sure your group members are working on a specific task every day. You will be assigning different portions of the project to different team members based on what your team member s strengths are. For each time you meet, you need to record what each team member has worked on during the session. Time Management is very important in this project! Artistic Director: Your role is to design and edit the presentation that you will be giving to the sharks. You will also be approving and overseeing the design of the product as well as the advertisement. You will need to make sure everything is ready to go for your group s presentation before the official shark tank day. Editor-in-Chief: Your role is to oversee the business plan, making sure that your plan has all of the necessary components. You will also be responsible for checking grammar, spelling and word choice of all parts of the project. You will approve the final draft of the business plan as well as anything else that the group finalizes before it goes public. General Questions: 1. What is your team s Business Name going to be? a. How is it related to your product? 2. What is the name of your product? Research Questions: 1. Research the history of your original chosen product or products (if you combined multiple products or adapted a product). a. Who invented your product? When? b. What was the original purpose of the product? c. Have consumers bought a lot of this type of product? Why or why not?

5 If you combined multiple products, research your second product here: Market Research: a. Who invented your product? When? b. What was the original purpose of the product? c. Have consumers bought a lot of this type of product? Why or why not? Market Research is defined as the action or activity of gathering information about consumers' needs and preferences. Market researchers create questions to help guide them in making a product to suit a consumer s needs. Examples of the questions are below: Would you be willing to pay $10 for this product? If not, why? Rate this product s usefulness on a scale of 1-5 (1 being not useful and 5 being very useful ). If you could improve this product, tell how you would improve. Create own questions below to survey students in the class. Write down your survey questions here: Question 1: Question 2: Type up a survey to pass out to 5 of your classmates whom you think might enjoy this product. Include the name of the product and an explanation of the product at the top of the survey, then type of the questions. Remember to leave room for answers. After receiving your survey back, answer the questions below: How will the answers to the survey questions help you to improve your product?

6 Dealing with the Shark Tank: Entrepreneurship Project Part III: Official Business Plan Name: Date: In this portion of the project, you will be creating your official business plan. You will need to type your business plan in a word document. Use this as your guide for your official business plan. There are four main parts to the business plan: I. The description of the business II. The advertising plan III. The financial plan IV. The Projected earning plan Include all of these parts in the plan: 1. Cover Page- Include your: a. company Name, Address, Contact information with Owner(s) Name 2. Statement of Purpose- Write a paragraph about the purpose of your business. a. Tell why you started your business b. Who your business will help c. What your business goals are d. Title it Statement of Purpose 3. Product description/customersa. Include who your customers will be (age range and gender). b. Give a description of your product and what it does. c. Tell why your product is better than some of the competitors. d. This is also where you will include a drawing of your product (see attached graph paper). 4. Advertising Plana. How will you plan to advertise (a commercial, advertisements, a radio advertisement, etc.)? b. Tell what you will do in your advertisement to entice people to purchase your product. 5. Financial Plana. Fill out the financial plan worksheet and include it with your business plan.

7 6. The Projected Earnings Plana. Fill out the projected earning plan worksheet and attach it with your business plan. Financial Plan Worksheet (Include this page with the Business Plan) Company Name: Group Members: Directions: Fill out the worksheet below to find out how much your product will cost to make. 1. Make a list of all of the items that your product will need in order to make it and write down the cost of each item below, then add it up to find out how much your product will cost to manufacture: a. Cost: b. Cost: c. Cost: d. Cost: e. Cost: f. Cost: g. Cost: h. Cost: Total Cost per unit: 2. How much money do you want to make on each product? 3. Add number two s answer to the total cost per unit, this is how much you will charge for your product at the retailer: 4. If you sold 100 products, how much money would your group make?

8 Projected Earnings Plan (Included this page with the Business Plan) Company Name: Members: Fill out the projected earnings plan below so that you know how much money you will need from one of the sharks to start your business. Include this with your business plan. 1. How much will your product cost to manufacture? 2. How many products will you make in the first year? Multiply #1 x #2 to find out how much money you will need from the lender: 1. How many of the products above (from #2) do you think will sell in the first year?: 2. Why do you think that many products will sell? 3. Based on 15% simple interest for your one year loan, you will be making monthly payments. Follow these steps to calculate your interest: Your loan amount x.15 (15%)= (your interest) Your loan amount + interest = (total payment) Divide the total payment by 12, your monthly payments will be 4. Can you pay back your loan? Multiply your profit per unit by the number of products you will actually sell to see. If you can t pay back your loan, you will have to adjust your numbers. 5. Assuming that you can pay back your lender for the first year, how much profit will you make by the end of the Second year (remember to count the profits that you get to

9 keep after you pay back your lender)? (this is your projected earnings) Dealing with the Shark Tank: Entrepreneurship Project Part IV: Advertising/Marketing Plan Name: Date: In this portion of the project, you will be creating an official script and putting together either a radio commercial or a television commercial. This commercial can be no longer than one minute. Your commercial must contain the following: -A catchy jingle or saying -Explains your product, and how it can benefit the consumer -Your product s price -Where you can buy your product My group will be creating a(circle one): Television Commercial Radio Commercial Use the RAFT form below to plan your commercial: Role: What roles is everyone going to play in the commercial? Are you going to be superheroes? Everyday kids? This is an opportunity to be creative with your commercial. Audience: What audience will your commercial be geared towards? (Preschoolers, male teenagers, etc., be specific) Format: In what format are you writing? Topic: What will your script be about? (Be specific, tell how you will make it creative and interesting) A Script

10 Advertisement Script Group Names: Business Name: Characters: - Played by: - Played by: - Played by: Setting: Script:

11 Dealing with the Shark Tank: Entrepreneurship Project Part V: Presentation Name: Date: In this portion of the project, you will be creating an official presentation about your business and product. This presentation must be very persuasive. You will need to entice the sharks to give you money for your company for a portion of the profits in return. Follow the guide below to create your PowerPoint. Presentation must haves: - Be up to 3 minutes in length (that includes your one minute commercial) - Should be creative and original Slide One: Title Slide Company Name Founded By: Student First Names, Last Initials Slide Two: Product Information Slide Name of your product as the subtitle Describe your product Price of your product to manufacture Price of your Product at Retailers (which retailers?) Profit you will be making on each product Slide Three: Product Picture Slide Include a picture of your product o In order to do this, you will need to take a picture with a camera and transfer it to your PowerPoint. See your teacher for assistance with this. Slide Four: Why does our product stand out? Include one or two bullets on why your product stands out from the competitors (Hint: use your business plan to help you).

12 Slide Five: Clip of your commercial Include a Hyperlink to your commercial on YouTube. See your teacher for assistance with this. Shark Tank Presentation Guide Use this Presentation guide to help you with your presentation during the Shark Tank Process. Be prepared to answer the questions below by writing out your answers in the space provided. Part I: Present Your Product with the PowerPoint. Total Presentation Time: Your total Shark Tank Presentation will be 3 minutes in length, not including your question and answer session with the sharks. Tips: Remember to be as concise as possible! The sharks are very busy, and wish to hear only the most important parts about your product. Remember that you only want to read the important parts of your PowerPoints to them; they can read the rest of the PowerPoint on their own. Look the sharks in the eye and show that you are confident in your product and proud of your business! Part II: Shark Tank Questions The investors (sharks) may ask you questions; have answers ready to the following questions: 1. What makes your product different than others? 2. How will your company stand out from other competitors?

13 3. What percentage of the profits will you offer to the sharks in return for their investment (money)? Why did you choose that percentage? Negotiations Page The sharks may offer you a different amount of money in return for a different percentage. Use this handout during your time Dealing with the Shark Tank to help you with the negotiations, and to discuss with your team-mates. The sharks offered $ in return for stake in the business. We would like to counter-offer $ in return for stake in the business. The sharks offered $ in return for stake in the business. We would like to counter-offer in return for stake in the business.