The main focus is for students to experience the start of a new business initiative, the building and execution of an idea from the ground up.
Do you want to own your own business?
Do you want to dive deeper into what it takes?
Do you enjoy marketing and branding?
1.) Work with the mentor(s) toward the common goal of creating something that is meaningful.
2.) Conceptualize a business or a product which is original to you
Career Connection:
Personal Social
Critical
Communication
1. Conceptualize:
Authentic or fictional business, profit or not for profit
a. Reflect on the problem you are solving. You need to ask open-ended questions to yourself or a potential customer – ‘Why, What, Who, Where, When and How’ about the problem.
You need to think that you are the customer of your product or service and have that mindset. Remember that customers buy products or services that solve their problems.
b. Work with your teacher or mentor toward the common goal of creating a product!
2. Market research and analysis:
The process of gathering information which will make you more aware of how the people you hope to sell to will react to your current or potential products and services
a. Primary research: original information gathered through your own efforts to respond to a specific question or set of questions. This information is normally gathered through surveys, observation, or experimentation.
b. Research your entrepreneurial endeavor and prepare a business plan
3. Design a business plan: the acquisition of knowledge through researching, writing, interviewing, and application of the real-world skills (www.strategizer.com)
a. Product — Improve your product or service based on findings about what your customers really want and need. Focus on things like function, appearance and customer service or warranties.
b. Price — Set a price based on competitors' prices, or the price a customer is willing to pay.
c. Placement — Decide where to set up and how to distribute a product. Compare the characteristics of different locations and the value of points of sale (retail, wholesale, online).
d. Promotion — Figure out how to best reach particular demographics (teens, families, students, professionals, etc.) in areas of advertising and publicity, social media, and branding
e. Implementation of Service or Product Budget- In the startup phase, you'll have to make reasonable assumptions about your business in establishing your budget.
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