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. Label the steps on your paper.
Foundations STEP 1: Watch 10 Shark Tank Episodes
Complete a Shark Tank log for each episodes.
Foundations STEP 2: 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.
Foundations STEP 3: Entrepreneurship Lessons
9 Lessons in Entrepreneurship From Shark Tank: Click the link, read and take notes on the article.
Foundations STEP 4: 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. Write the definition of the terms in your own words. 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.
Foundations STEP 5: Business Basics
Take notes on the valuable information in the following resources:
Foundation STEP 6: True Story
Watch the film Joy. Length: 2.5 days
PHASE 0: TIME TO BE AN ENTREPRENEUR!!!
Now the creativity begins!!! Choose one partner or work individually to create a physical product or service that you will build a company around. Some students have gone on to use the knowledge gained in this project to build their own real company. I have had alumni return and tell me that this project really helped them in their business classes and with the their own companies.
Big Questions from Students:
What am I supposed to do the day I pitch my idea?
You will enter the classroom while the Shark Tank theme music plays. Your pitch slideshow will be projected on the whiteboard. Mr. Wonderful H (a shark) and other sharks will be seated to the left of the whiteboard. You will be standing to the right of the whiteboard with the iPad on the table as you present your pitch/slideshow.
Note: The slides this year should be better than the examples provided.
Checklist for Slideshow:
Slide 1: Introduce yourself, share company name and logo, and the investment you are seeking
Slide 2: Business card and webpage
Slide 3: Share product/service background story, how you acquired startup money, and what problem it solves
Slide 4: Provide a picture of your product or service (If applicable, post product blueprint and patent document and share samples of product)
Slide 5: How long have you been in business and what is your business performance history. Create a fake performance story for your product. How much does it cost to produce a unit? How much is the unit sold for? What are your margins? How many units have you sold? How many years have you been in business? What have your sales been? How many employees do you have? What does your business growth look like? What is your profit to date? What is your company valuation? Ask for help with the math if you need it. Everything you state should be as realistic as possible. If the numbers don’t add up, that may be reason enough for a shark to drop out.
Slide 6: Repeat the investment you are seeking and what the money invested will be used for. How much equity will you offer in return for what amount invested? What is your company valuation? In other words, how much is your company worth? You have to get the numbers right here or the sharks will drop out immediately. What offers do you anticipate from the sharks? What offer counters are you ready to use?
Slide 7: Title the slide “LET’S NEGOTIATE!” and also restate the investment you are seeking. You must be ready to answer questions from the sharks and have questions for them.
PHASE 1: Brainstorm Ideas
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
PHASE 2: Create a Blueprint
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.
PHASE 3: Logo and Business Card
On SLIDE 2 you need to have the following: Company Logo and business card
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. You can draw the logo or create it using illustration software. Take a snapshot or picture with your iPad, crop it, then paste it in the slide.
Make a Business Card Note: After completing the business card design online, take a snapshot and put it on the slide.
PHASE 4: Design a Business Webpage
On Slide 3 you need to have the following: Pictures of your business webpage
Build a Website Note: Building a webpage is free. Use your company logo on the webpage and once your webpage looks professional,
take snapshots on the iPad and put them in the slide.
PHASE 5: Acquire Money and A Patent
If order to start a business you need money. Where will you get your money from? Will you go to family or friends? You could use gofundme.com.
If you are creating a product, it really helps to have a patent. Otherwise, anyone can take your product idea and produce it themselves without having to pay you a dime.
Research and determine what will it takes to obtain a patent?
Create a fake patent for your product on google slides.
PHASE 6: CONSTRUCT YOUR PITCH
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?
What percentage 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?
PHASE 5: ENTER THE SHARK TANK
Present your pitch in the Shark Tank. Mr. Wonderful H, Mrs. Mercado, and a few worthy students will pose as venture capitalists or "sharks."
Project Assignments (Top to Bottom)
Shark Tank Logs
Notes on Entrepreneurship Lessons Article
Notes on Business Basics