Creating Your Own Business “ It is the mark of an educated mind to be able to entertain a thought without accepting it.” Aristotle

Objectives Using your smart device, you and your partners will create a business plan to be presented in front of the Shark Tank members. You may decide to design and create a different smart device to present. The business plan will be followed in order to be successful in selling your idea to the Shark Tank.

Vocabulary Entrepreneur – someone who organizes a business venture and assumes the risk for it. Supply – the quantity of that article which could be had at that price. Demand – the quantity of a given article which would be taken at a given price Economics- the branch of the social science that deals with the production and distribution and consumption of goods and services and their management. Scarcity – a small and inadequate amount Market – the world of commercial activity where goods and services are bought and sold Monopoly – a market in which there are many buyers but only one sellers Productivity – the quality of being productive or having the power to produce Promotion – a message issued in behalf of some product, cause, idea, person, or institution Capital – assets available for use in the production of further assets. Distribution – the commercial activity of transporting and selling goods from a producers to a consumer. Consumer – a person who uses goods or services Profit – the excess of revenues over a given period of time Loss- the amount by which the cost of the business exceeds its revenue. Revenue – the entire amount of income before deductions are made

Matter of Importance When creating and designing a product or device, you always need to think about its purpose and how it will make an impact on our lives. Choose four or five of the FPS topics and take a poll of which topic is of the most important. Create a question which you will ask 20 to 30 people of various ages. This must be done before you begin to design and build.

Business Plan How does your smart device solve a problem? How does it work? What impact will it have on communities outside the realm of your town? What futuristic features does your device presently display? What are the benefits? What features will you add to your device? What are some potential problems with your device? Use the handout to fill in all your information. How much do you plan to charge for your device?

Business Plan Continued Where is the location of your business? Why did you choose that site? How many employees do you expect to hire? What are their responsibilities? How do you plan to advertise your product? What propaganda will you use in your commercial? How much do you plan to charge for your device?

Advertisement You will create a 5 minute commercial displaying your motto and logo for your business. You will be the actors, but you may use other students, if needed. Create a catchy jingle so people will remember your company. MI MI

Presentation Your group will choose the format which you will use to present your business plan. (technology, poster….) The smart device clearly displays the main FPS topic which you plan to solve. A logo which is eye appealing and will be quickly recognized. A 30 second commercial about your product

Now it is time to test your smarts about supply and demand. coffee-shop/ coffee-shop/ Questions to think about first. What supplies are needed the most? the least? How much should I charge my customers? What unexpected events might occur which would change the outcome for the day? What do my customers want?

Shark Tank You will have a panel of three to four teachers who will take on the role of the show, Shark Tank. Things you must prepare for: – How much do you want from the Sharks and what percentage of your company are you willing to give up? $100,000 for 20% of the company? Be prepared to negotiate. – How long have you had your business? – Where is it located? – How many employees do you have? – How much money have you spent on your company? – How much money have you made and how long did it take? – Where do you presently sell your item? Internet, trade shows, small business shop, etc… – How much does it cost to make? What is the margin?

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