What should be on your Business Plan?

• Title slide--Business Name and Owners
• Slogan and Logo--how did you decide on these?  What do they represent? Show images
• Overview of the Business--How did you come up with the idea?  Was there a change of plan?
• Business Concept:  Goals and Objectives.  Be specific. Was your goal to make $25 net profit?  Was it to donate $50 to a specific good cause?
• Who was your Target Market?
• Market Research-- how did it impact decisions? (1 form for 5/6 grades, 2 forms for 7/8)
• Advertisement:  Show picture of advertisement.  Did you do a lunchtime announcement?  Where did you advertise? 
• Start-up Costs? What were they?  Where did you get the money?  Show exact amounts based on receipts or calculations
• Gross Profit and Net Profit.  Be specific.  What were your best sellers?
• Cost of Goods per unit (show the math)
• 7/8 ONLY:  Profit Margin (show the math)
• 7/8 ONLY:  How much would you pay in sales tax, if you were a real business? (Gross Profit x .075)
• Contract/ Division of Labor
• SWOT Analysis of your business (strengths, weaknesses, opportunities, threats)
• Where will you donate and why?
• What You Learned and would do differently
• 
  

Extra Notes:

PRACTICE SPEAKING AHEAD OF TIME.  DIVIDE THE SLIDES AMONG BUSINESS OWNERS.  WINNERS HAVE ALWAYS BEEN GOOD PRESENTERS.

• Your presentation will last five minutes.  Practice ahead of time, or you may be cut off.
• I don't care how many slides you use, but you need all this information in there.
• You will be speaking through the presentation.  You can use "key words" on your slides instead of typing up paragraphs.  This makes it easier for the viewer.

Don't Forget These Things for Your Business!

• 1.  Advertisments should be up one week in advance to get full credit.  For an event (like sports or a fun party), advertisements should be up two weeks in advance.  This is for your own benefit, so you have more customers.  Check the blog for what should be on the advertisement.
  
  
  2.  Double-check the blog calendar to make sure your business is listed.  Also, make sure your products are listed under the description.  If it is not, I need to know ASAP!  
  
  
  3. Bring change for customers.  I recommend at least $20.  You will make it easier on yourself if you charge by $1 or $0.50  increments.  But the pricing is totally up to you. 
  
  
  4.  Do you need cups? Napkins? Utensils?  Prepare for that ahead of time.  
  
  
  5.  REMEMBER:  You will pay back any expenses.  If parents loaned you start-up money, you must pay them back.  Once you have your net profit, you will donate at least 10 percent.  Then divide the remaining net profit among business owners. 
  
  
  6.  If you need help, hire some friends!  Just make sure you negotiate a payment.  
  
  
  7.  Be sure to have a parent (or another adult) at the sale, to help organization and supervision.

  
  

  8.  Have a price list of your products displayed clearly, so customers see before getting to the table. 

  
  

  9.  You need to seek permission AHEAD OF TIME to get out of class early, to set up your tables.  If you are selling at lunch or after school, you need to ASK NOW if the teacher will let you out to set up on your sale date.  If they say NO, then you have to figure out another plan. 

CHECK AHEAD OF TIME ABOUT LEAVING CLASS EARLY.  TEACHERS DON'T NEED TO LET YOU OUT EARLY. 

STAY PROFESSIONAL!  NO YELLING AT CUSTOMERS OR RUNNING AROUND.  Thank your customers for their business. 

ADVERTISING

Guidelines for Advertising around Campus:

•  Ads must be approved by teacher.  We check for spelling, grammar, etc...and make sure all the elements are on the Ad.
• Food sales Ads go up one week before event.  Workshop or Party event Ads need to be up 2 weeks in advance.  This is for your success. 
• Ads can only be placed on whiteboards in middle school.  Stairwells and bulletin board in LS are fine, if you talk to the secretary first.  You can create a monitor slide, which your teacher will forward to the correct people.
• Lunchtime "commercials" are an option, but must receive prior approval from Dean Dokken (MS) or Mrs. Eubank (LS). You also must get permission from teacher if you are leaving a class to make the lunchtime announcement.  You cannot say, "Mrs. Brake says I need to..."  If they say no, then you cannot do it. 
• Advertisement poster or monitor slide must contain:

1. Name of Business
2. Logo
3. Slogan
4. WHAT the business is selling (the product or service)
5. Contact Information
6. Date and Time
7. Location
8. Cost
9. Must contain this phrase, for purposes of business office:      "This is an Entrepreneurship class business.  10% of the net profit will go to (fill in name of donation center you chose)"

E-Traits homework

E TRAITS!

Here is a list of the 10 most common characteristics of successful entrepreneurs.  Do you have some of these traits? Analyze yourself, then ask you friends and parents which of these apply to you. List three in the comment section below.

CONFIDENCE: belief in yourself and your abilities; self-confidence

PERSISTENCE:  to continue firmly in a plan or course of action; to last or endure

INTEGRITY: moral character;  honesty; consistently following rules of right behavior    

                              

CREATIVITY:  the ability to “think outside the box” and come up with original and imaginative ideas

ENTHUSIASM:  a lively interest that is applied to different activities;  excitement

DETERMINATION: making a strong decision and being purposeful about following through on it

RISK- TAKING: being able to take decisive action, even if the outcome is unknown.

INDEPENDENCE:  able to act on one’s own;  free from the control of others

ADAPTABILITY: able to adjust to new situations;  the ability to make changes to fit a new situation or set of problems

HARD WORKING- willing to put in the extra time and effort to make a project successful

What Types of Market Research Are there?

What Types of Market Research are there?  

          SURVEYS:  A set of questions designed to find out information about the Target Market's interest.  This helps the business owner make wise decisions about which products to sell  and how to market.  Surveys can be on paper, digitally sent (email), or even asked in person or over the phone.  

          FOCUS GROUPS:  A group of people are brought together to answer questions or to have a discussion, which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way

        

          PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions) are asked in person.  This is especially helpful in determining why a particular product is not doing well.  

OBSERVATION:   How do people really act?  What do they really want? Watching people's behavior tells you a lot!   Individual responses to surveys and focus groups are sometimes different than people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.  (for example, on surveys, parents say they want to buy healthy cereals.  But, in fact, data shows that more parents still buy the sugary cereals).

FIELD TRIALS:   SAMPLES!  Businesses can offer samples of their product to evaluate response.  Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)