Part of money would go towards rent, renovations, furniture, staffing, and inventory. Part 1 – Let’s hear your idea! Do you have a great innovative or entrepreneurial idea? Let’s hear it. Discuss with your partner(s) and answer the questions below with your best idea! The teacher may ask you about your other ideas so have at least 2-3 in mind. Each member will keep a copy of the answers.
- What kind of products would you offer? A product can either be a good or a service: a good is a physical item that you can sell while a service is a non-physical item (e.g. movie).
- What are the benefits or features of the product or service? (i.e. How does it help people? What problems does it solve?)
- What name would you call your business?
- Who are your competitors? (i.e. Who sells similar items?)
- What makes your product or service better or different from others? (Quality, price, location, etc.)
- Who is you target market? Imagine an actual person who buys from your store. Identify the person’s gender, age and interests.
- How much will it cost to create or obtain this product? How much will you sell it for? At this price, how many can you sell in a day?
- What are some external risks or obstacles that you might run into? How can you minimize some of these risks? Start with the greatest risks.
- Is their plan realistic? If not, why not?
- Did they miss anything? Did they forget to mention anything? If so, what?
- What did you like about their idea?
- What would you like clarified?
- What could they do to improve their business idea?
- Create a new Gmail account that will be shared among your group members. The
- The username should start with the word “business8.” (with a dot) and be related to your store’s name. For example, if your store is called GamerTag, then create an e-mail called business8.GamerTag@gmail.com.
- Gmail might need to send you a text message to verify your account. If you do not have a cell phone, first ask a member from your group before asking another group.
- Remember the username and password–the teacher will not be able to retrieve it for you. Do NOT log on the account on three or more computers. You and your group members may be locked out for 24 hours or longer.
- Note that it takes 24 hours before students have full access to the account. The teacher will show a demonstration at the beginning of next class. It is important that students speak with the teacher one day before the next class if they are having trouble with sign-up at home.
“Failure to plan is a plan for failure.” – Winston Churchill]]>