Purpose: This project will help you experience what it takes to become a successful entrepreneur. Be creative, communicate, collaborate, and think critically. Keep all of your work together. Credit will be given each week based on your progress.
Step 1: Meet the Sharks
Meet the Sharks: Click the link, read the short biographies of each shark, and write a short summary of what you read for each shark.
Step 2: Entrepreneurship Lessons
9 Lessons in Entrepreneurship From Shark Tank: Click the link, read the article, and take notes on what you find to be valuable.
Step 3: Business Terminology
If you want to talk business, you have to know business terminology. The link below will explain many of the words you've heard being used on Shark Tank. You will be quizzed on terms from the Shark-tionary. I have had former students visit me and tell me that all of this information really helped them in their first business class in college.
Step 4: Business Basics
Take notes on any information that you find valuable from the following resources.
Building a Business Resources
Step 5: True Story
Watch the film Joy. Length: 2.5 days
Now the creativity begins!!! Choose a group of business partners or work individually to create a physical product or service that you will build a company around. From this point on, you should be throwing around business terminology in your conversations. You get better at using words by making a concerted effort to use them until they become a natural part of your everyday speech.
First, each person will brainstorm ideas on their own on an 8.5" x 11" sheet of paper. Second, after a period of time all business partners will share their ideas and brainstorm collectively using a 8.5" x 11" sheet of paper. After this brainstorm session all business partners need to agree on what their product or service will be.
1. One idea at a time
2. Encourage wild ideas
3. Go for quantity
4. Be visual
6. Build on others' idea, "Yes, and"
7. Defer judgement
8. Marketing and sifting
Product or Service Development
After deciding what your product or service will be, each partner will draw sketches on an 8" x 11" sheet of paper and then share. Product or service development can take many trials. If developing a product, use graph paper for your design blueprint. Click on the link below for examples of blueprints. Ask Mr. H for graph paper.
How much capital do you need to start your business? Where will you obtain the money from? Do you have savings? Are there any family members that can loan you money? Will you go to a bank? Will you try gofundme.com?
If developing a product, determine where you will go to develop a prototype. How much will producing the product cost per unit? What will you sell it for? What are the pros and cons of domestic versus overseas manufacturing? Where do you want to sell the product?
If developing a service, what will it take to sell it? Do you need to rent a property? Is it an online service? Who will you be competing with?
Know your industry.
Step 7: Building a Brand
After you have settled on a product design or service, come up with a company name and build a brand for your product. Come up with a logo that is an attention grabber.
Step 8: Build a Business Plan
Building a business plan is a critical element in starting a business. You need to know where you are, where you are going to go, and what needs to be done to get there. Write your business plan in a google doc. You can find examples of business plans by going back to Step 4.
Step 9: Build a Business Webpage and/or Card
Build a webpage and card for your business. You can find the resources needed to complete this task by going back to Step 4.
Step 10: Get A Patent
Research and determine what will it takes to obtain a patent?
Create a fake patent for your product on google slides.
Create a fake performance story for your product. How many years have you been in business? What have been your sales? How many employees do you have? What is the cost to run the business? What does your business growth look like?
Your business is growing but you don't have the capital needed or production power to fulfill some recent big orders in a timely manner. You desperately need money to help your business grow. Develop a pitch for Shark Tank. Use google slides to aid in your presentation. Remember, you only get one shot in the tank. One or more of the venture capitalists can help you become a multimillionaire or you may go bankrupt.
Write out a script for your pitch and practice it. Anticipate questions you will be asked by the sharks so you are not caught off guard.
What is your company worth?
How much equity will you offer in return for what amount invested?
What offers do you anticipate from the sharks?
What offer counters are you ready to use?
Present your pitch in the Shark Tank. Mr. H, Mrs. Mercado, and a few worthy students will pose as venture capitalists or "sharks."
Past Presentation Examples
Pros: Beautiful slides, slides are easy to follow, animations, dressed professional, great negotiation
Cons: No stats or graphs on business performance, no samples