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Shark tank project
1. Students will research what it takes to start a business and develop their own business idea to present to the class and teachers in a Shark Tank-style competition. 2. One group's business idea is an automatic attendance system called "Biometric Attendance" that uses weight sensors in desks and fingerprint scanners to take attendance electronically. 3. The group researches competitors for their product including systems that use swipe cards or phone apps to take attendance but lack the fingerprint scanner or weight sensors. They determine their market structure is most similar to monopolistic competition.
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Shark tank project
- 1.
- 2. You Be theEntrepreneur! Working in small groups you will research what it takes it start a business and come up with a business to present to your class and teachers. SHARK TANK ANYONE???
- 3. Part 2: Market,Industry, and Competition Analysis
- 4. My Product My Product BiometricAttendance What it does This is an automatic attendance taker. It uses both the weight in the seat of a desk, and a fingerprint scanner to determine attendance and transfers it over to an attendance taking app.
- 5. Research Competitors Is yourfriend! ● Look for websites that end in .ORG or .GOV for the MOST reliable information. You can also use .COM just be a little more careful! ● Do not use Wikipedia as a source. ● Must list all websites used as a source at the end of each section (simply writing the website is fine)
- 6. My Competition Automatic Attendance ●Uses a swipe card to take attendance. ● All students must carry the eCard and swipe to ensure accuracy. ● Parents get an SMS notification when students enter and leave school. ● No desk/weight feature ● No finger scanner
- 7. My Competition TeacherKit ● Appfrom ITunes ● Import your student roster/and take attendance from the app. ● Create seating chart. ● Can take attendance through photos. ● Does not have a fingerprint scanner/or weighted desk feature.
- 8. What type ofMarket Structure? What type of market would the Biometric Attendence be in? Based on the competition, what type of Market Structure would Biometric Attendence be in?? ● Perfectly Competitive ● Monopolistic Competitive ● Oligopoly ● Monopoly
- 9. Today’s Task- Write-updue tomorrow! Market, Industry, and Competition Analysis: When you start a business, you need to look at the market in which you are entering. If there are already a lot of competitors in your market, it may be hard to start a new business in that market. Also consider what makes your product/service stand out compared to others (what sets it apart from the rest?) so that people will demand your products or services. Your task for this element is to analyze your industry (if you want to produce beer you are in the beer market, if you want to create a store that sells designer clothes you are in the retail market) and your competition. What kind of competition exists in the market and what would you need to get your business started in this market? Include this in your final product
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- 11. We need moneyfor the production of our trial run Valencia High School-- The test site of Biometric Attendance 10 classrooms will be given a set (40 desks) of these for testing 10 classrooms X 40 desk units _____________ 400 units to produce
- 12. The math... A factoryin China will be producing our products for the following rates: $20/fingerprint scanner x 400= $8,000 $40/chair with weight component x 400 = $16,000 Cost of production= $25,000
- 13. How are wegoing to make money? Selling each individual unit for $120 x 400 units= $48,000 Cost of production= $25,000 _____________________________________________ _
- 14. Other Information ● BiometricAttendance desks will be sold online (Ecommerce) ● Currently not taking a salary ● Invested $30,000 of own money ○ $15,000 Patent (pending) ○ $5,000 technology ○ $10,000 website
- 15. Business Plan 1. CoverPage a. Product Name (logo optional) b. Group Member Names 2. Index 3. Page Numbers 4. Company Description a. Information on your business (what does your company do? What makes your company different?) 5. Type of Business 6. Market Industry and Competition Analysis 7. Financing 8. Marketing, Advertising, and Product Description 9. Operation Nuts and Bolts
- 16. Self- Reflection ● 1page ● What went right with your project? What went wrong? What would you change? ● Did you enjoy this project? ● What grade would you give yourself? What grade would you give your group as a whole? ● Any other comments about the project or ways to improve it?