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1 Shark Tank Project – Entrepreneurship ROP Entrepreneurial Economics th (Absolutely NO LATE papers will be Accepted for Full Credit) DUE: May 29 Presentations on Day of Final- This is your Final Task You will be creating a product and a business proposal as if you were planning to pitch your idea to the entrepreneurs on the TV show, Shark Tank. There will be a Shark Tank presentation in the classroom to a panel of your peers (Visual Aides needed for presentation). As you create your project, think about episodes of Shark Tank. We will watch some in class. What products did the sharks invest in? Why? What products did the sharks reject? Procedures and Requirements You may work individually, or in pairs (no more than 2). All groups members must contribute, participate and speak during the presentation. Review the SCAMPERing Chart for ideas and links to help you choose a product or service Complete the SWOT for your idea Create a unique product idea (good, service, non-profit, etc.) Develop a business plan and create an Executive Summary/Marketing Plan that addresses the following: 1-2 Minute Elevator Pitch. All group members should dress up on their presentation day in proper business attire. Scores: SWOT Worksheet 5 points Cover page 5 points Table of Contents 5 points Executive Summary 20 points Product 10 points Mock-up/Prototype 10 points Extra Credit Market 15 points Finances 15 points Presentation 25 points Sharks Scores 5 points Extra Credit Above and Beyond 5 points Extra Credit Total 100 points/ 20 points extra credit possible 2 SCAMPERing Example Business/Product ideas Questions and Clues Examples can come from: Substitute What else instead? Boxer shorts for outerwear What other ingredients? Sugarless gum What other…? Combine Blend purposes and ideas Brunch, cran-apple juice Adapt What other ideas does this French fries for the microwave suggest? Book of the month club What could I copy? Modify, magnify, Try a new twist: Double-stuff Oreos Change____ Mini Oreos minimize Add_______ Multi-colored Chocolate Chips Improve________ Low-salt foods Exaggerate_______ Reduce__________ Put to other uses What other use? Avon’s Skin-so-Soft as a bug repellent What other Markets? Old Tires into doormats or mulch Eliminate Subtract___ Sugar-free, fat-free foods Streamline_____ Seedless melon Donut (elimination of the pastry’s uncooked center) Reverse Interchange Bunk bed Turn it backwards Sectional couch Turn it upside down Modular storage Try opposites Yogurt with fruit on top Upside-down cake Helpful Links: 4 Steps to Brainstorming a Great New Business Idea Shark Tank Elevator Pitches 3 SWOT (5 Points) (Rough Draft) Analysis Chart for Shark Tank Business Project: The SWOT analysis is an extremely useful tool for understanding and decision-making for all sorts of situations in business and organizations. SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. The SWOT analysis headings provide a good framework for reviewing strategy, position and direction of a company or business proposition, or any other idea. Completing a SWOT analysis is very simple, works well as a brainstorming tool. Use SWOT analysis for business planning, strategic planning, competitor evaluation, marketing, business and product development and research reports.(Can be done several times for this project.) Business/Product/Service Name: ______________________________________________________________ Company Mission Statement: _____________________________________________________________________________________________ _____________________________________________________________________________________________ _______________________________________________________________________________________________ Directions: Include AT LEAST FIVE bulleted points for each section Weaknesses Strengths Opportunities Threats Goal: _______________________________________________________________________________ Steps to achieve goal (list three): _______________________________________________________ _______________________________________________________ _______________________________________________________ 4 BUILDING THE BUSINESS PLAN THE BUSINESS PLAN I. Create cover page that has your company’s logo, business partner’s names, date, class period (5 Points) II. Table of Contents- properly number and referenced pages (5 Points) III. Summaries should be free of grammatical mistakes and typos. Be sure to use spellcheck and PROOFREAD. All Executive Summaries should be typed – one printed copy will be submitted for the idea. IV. Executive Summary (20 points) Answers all posed questions Presented in an easy to understand way/well-organized Realistic figures ($)/well-researched Include: o DESCRIPTION OF THE BUSINESS: What does the Business do? o Name of firm : Business Name o Owners (Anyone with an investment in the firm): Your names o Hours of Operation : What days of the week are you open? Hours? Holidays? o Location : Look online at commercial space www.Loopnet.com is a good place to start o Legal Forms : Licenses, Licenses and Permits, Training certifications, etc. o Business philosophy/purpose (Mission Statement) o Ex) McDonalds - "To provide the fast food customer food prepared in the same high- quality manner world-wide that is tasty, reasonably-priced & delivered consistently in a low-key décor and friendly atmosphere." o Ex) Courtyard by Marriott - "To provide economy and quality minded travelers with a premier, moderate priced lodging facility which is consistently perceived as clean, comfortable, well-maintained, and attractive, staffed by friendly, attentive and efficient people" o Where do you see your company in ten years? Twenty? o Why should the sharks invest in your company? MANAGEMENT: Identify the management and key personnel. o Name : o Title/Role : FACILITIES: www.Loopnet.com o Describe your business location including the building, physical features, age, dimensions, parking, etc. o Do you plan to lease or own the building? o Why did you choose this location? o What are the major items of equipment used in your business? o What other businesses are in the area that may have an effect on your business? o Are you close (in miles) to your customers?
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