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Entrepreneurial £5 challenge
- 1. £5 Entrepreneurial Challenge Charlotte, Harry, Connor, Eleanor, Charlotte, Tabitha, Kane
- 2. Our Aim? • The Entrepreneurial Challenge first emerged in the US. • Raise as much money as possible from a £5 starting point within 2 hours • Stick to the rules of the entrepreneurial challenge – no illegal activity, not allowed to state it is for charity. • Make use of our learnings over the year – applying methods such as bootstrapping, team work and idea generation • Give all the proceedings to a charity - 'Rehab Relief Worldwide'
- 3. Processes Involved Idea generation Planning Gather materials and set up stall Go through with event
- 4. Initial ideas • Selling items: Yoghurts, Lemonade, Coffee, Pizza • Snooker or games evening in college bars • Auction of donated items • Holding the library ransom • Final idea - Face painting for Roses (Didn't need start up financing, materials available)
- 5. ▸ Testing the face paint designs. Simplistic and quick to paint as many in 2 hours as possible ▸ Created a Facebook event to spread the word about our project ▸ Posting on the event wall to remind people and give more information – location, paint designs etc. ▸ Analysing the Roses timetable to pick the busiest period/location ▸ Chose to set up on the last day before the rugby final by the sports centre. ▸ Games inside the sports hall as well as the rugby final a few hours later. ▸ Lots of customer traffic Planning
- 6. Events Page
- 7. Trading stage ▸ Allocated roles to all the team members ▸ Advertising, face painters and money collection (created a work line) ▸ Booked a suitable place to carry out the activity: a stall by the sports center ▸ Painted all of the team members face so that customers could see what it looked like and free visual advertising
- 8. “ Problems throughout the day ▸ Weather wasn't appropriate for the event planned, got even worse towards the end and ended up finishing earlier than planned ▸ Few people from the Facebook page actually turned up – resorted to pulling in people walking past ▸ Few resources – only had 1 face paint pot ▸ Thought it would be easy to go around the events and carry out the face painting there, however it was too busy to do this
- 9. What we learned ▸ Asking for donations was successful, although there was no consistency of donations – ranged from 10p to £3 ▸ People who say they are interested or going to come on the event page, don’t always turn up ▸ You can still make a viable amount of profit with minimal or no start up costs ▸ Providing a service seemed a lot more suitable than re-selling products, as it is harder to place a value on a service • Cut optional expenses • Focus on making money, not (just) saving money • Be smart, not cheap • Use all your resources • Do it in-house • Always negotiate
- 10. Weather analysis Have a banner Have a wider range of products/ services Create the Facebook page sooner What would we do differently ▸ Plan according to the weather and much earlier ▸ Better promotional methods ▸ Offering wristbands, food, other roses event items alongside primary offering
- 11. How much did we raise and for who? ▸ £37.82 (including £5) ▸ Charity: Rehab Relief Worldwide ▸ Rehab Relief Worldwide (RRW) is an organization dedicated to supporting rehabilitation professionals (physiotherapists, occupational therapists, support assistants etc.) in volunteer activities in disaster and conflict areas. ▸ RRW have recently been helping those in need in Macedonian Refugee camps, supplying water, clothing and first aid supplies. ▸ As the charity is fairly new, our money will go towards the printing of educational pamphlets for new volunteers.
- 12. Was our challenge financially viable? ▸ If we were to instead work for minimum wage for the duration of the challenge, the group would have made £5.30p/h each, totaling £37.10p/h. ▸ Since we raised £37.82 in the hour that we were able to do it, YES!
Editor's Notes
- Charlotte - introduce everyone
- Charlotte - The entrepreneurial challenge gained recognition from Stanford University, we carried out some initial market research into successful case studies which took place - students sold spaces in queues at expensive restaurants.
- Connor - as a result from our research, we realised the project is not all about selling products but using the resources we already control and maximising our potential output. This ties in with the academic literature on 'opportunity exploitation' - we exhibited the effectuation model in which you move from the resources you already control to create a product or service. The benefits of this model is that it is highly adaptable and more affordable as there is less upfront investment. This builds on the work of Israel Kirzner who identified alertness of opportunities as a core trait and Schumpeter who identified innovation as a key trait too. These are the stages of processes involved for delivering our entrepreneurship project, which we will go through now.
- Harry -
- Harry/Connor - Prior to the event, we refined our designs to be striking but simplistic, in order to maintain a strong presence without it taking too long to do. We also created a Facebook event that we regularly updated with information and designs which my colleague Ellie will go on to talk about shortly. To ensure maximum trade, we chose the presumed busiest period of the Roses Weekend which was to catch the most trade from the 4pm Rugby match on the sunday, so chose to trade between 3-5pm
- Ellie - This is our Facebook event page, initially it was used to create publicity for our event but also to ascertain feedback on our potential designs. We applied the process of the Lean Startup to act iteratively, refining our designs from gradual feedback. From the respondents whom we invited, we were able to gather an understanding of the numbers who would come to our stall. We used Facebook as a means of marketing, as most of the students and potential customers are all young adults, and all on Facebook- so they are easily accessible to reach through social media platform.
- Ellie - It was crucial to be effective and efficient during the trading stage. Therefore we allocated roles to each team member, for example Tabby and I were lead face painters, the two Charlottes were treasurers - in charge of our finances. And Harry, Kane and Connor were our salesmen, bringing in customers, and acting as a form of social interaction. We negotiated with LUSU in order to secure a tent outside of the sports centre, which was crucial for our success as it allowed people to step out of the rain and get face painted. It also gave our service a more professional and legitimate feel, which drew in more customers. Another way we drew in attention and trade was by face painting ourselves with all of the designs, so when we asked the customer what they wanted they could simply point to the person's design which we would then recreate. This acted as a free form of visual advertising and allowed the customer to see what the finished product would look like.
- Charlotte - The main problem which we faced during our 2 hour challenge was the miserable weather. Not only was the trade less than expected, but there wasn't as much support and anticipation as Lancaster had already won the roses earlier that morning. Also, perhaps to the poor weather, the people who said they would come on the Facebook page didn't turn up. Due to bootstrapping methods, we had limited resources meaning we had to share the face paint amongst two people - this caused problems when half the team went into the sports hall to faceprint indoors , however people seemed happy to wait.
- Kane -
- Tabby
- Tabby
- Kane
- Kane