3 Steps to Business Success

1. Identify a Need
2.  Make a Plan
3. Take Action

Watch these videos and be able to tell us how they followed the three steps:

Logan Magazine
The Tie Guy

MARKET RESEARCH

Click here to watch "Millionaire Inventor"
What is a PROTOTYPE?

What Types of Market Research are there?  Which types do the Millionaire Inventors use?

          SURVEYS:  Face-to-face, Email, Telephone, etc…  Businesses can offer samples of their product to evaluate response  (how could you do this with your business?)

          FOCUS GROUPS:  A group of people are brought together to ask questions or lead 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) .  While this doesn’t give a broad sense of a target market, it can raise issues like what was wrong with previous products in that category… 

OBSERVATION:  Individual responses to surveys and focus groups are sometimes at odds with 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.

FIELD TRIALS:   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?)

BELOW, COMMENT ABOUT WHICH FORM OF MARKET RESEARCH YOU COULD USE FOR YOUR BUSINESS IDEA...

SUCCESS IN THE CLASSROOM STARTS HERE!

Plus:  Don't forget the 3.1 Rule in the hallway!

Social Entrepreneurship

One organization which seeks to benefit their country, through many different social entrepreneurship projects, is called the Galila Foundation.  Click on the link below.  Then choose one project that interests you, under the "Projects" tab.  Report on what you read by answering these questions in the form of a paragraph:

1.  What is the project?
2.  How do they operate the project?
3. How does it benefit the community around them?



Click here to go to the Galila Foundation website

How important are the sales of "services" in a business that also sells "goods"?

Let's take a look at how a car dealership works.
click here to read a Forbes magazine article about the importance of service, loans, lending, and insurance to the car industry world!

CLICK HERE TO FIND OUT WHAT PERCENTAGE OF PROFITS A DEALERSHIP MAKES FROM SERVICES

A great example of Problem-Solving by another middle schooler!

click here to see Peyton Robertson's award winning idea!

How to Dress for Success

Click here to read what the Shark Tank guys have to say!