End of the Quarter Project
Starting a Business - Overview
JTHS Economics Classes
Summative Project
Starting a Business
For our first summative project, you and a team of 3 of your classmates will be forming a new company (4 people total). Each of you will have a defined role in the project. If you choose to have only 3 people in your group, you will still be responsible for the work of the 4th participant.
(***Suggested point breakdown***)
The project will be worth 100 points, and be broken down into 3 categories:
1. Work Ethic on Project (5 points daily): 25 points
2. Business Plan (*15-20 pages): 25 points
3. Group Presentation: 50 points
(***Teachers are free to decide what points and categories they wish to include***)
The group will need to have a presentation that demonstrates their work, knowledge of their product or company, includes all group members, and has some type of visual/multimedia component. This might be a video, a song, an infomercial, an in-class presentation, etc. The only stipulation for the company is that it must be something that is school appropriate (meaning no sex, drugs, or swearing, etc.)
Roles in the Company:
Entrepreneur/Business Leader: There are three specific aspects you need to cover in your role. You need to identify the specific type of company you will be and why. Do a location analysis on the location of your potential business. You should also be able to project how much money you will need to have invested to start your business (called a “runway”). You MUST also include a formal business plan, graphs and projections of how your company will grow.
o Type of Business Organization (Sole-Proprietorship, Partnership, Corporation).
▪ Advantages of your chosen type of ownership
▪ Disadvantages of your chosen type of ownership
o Location Analysis
▪ Where will your business be located?
▪ How will this location enhance the sale of your product?
▪ How much would it cost to buy/rent? Which would be more beneficial?
o Investment
▪ How much money will you need to start this business and to give yourself an 18-24 month “runway”?
▪ What percentage of ownership or profits will investors be entitled to?
Inventor/Engineer: You will be in charge of designing the product(s) or service(s) your company produces. Talk about exactly how you will make the product (the types of machines/tools you will need etc.), how much it costs to produce (you need to look up prices for all of the components).
o Designing your product:
▪ What machines or tools are needed to create your product/service?
▪ Build or design a realistic (physical or digital) example of your product/service.
o Price Determination and Costs
▪ What are the fixed and variable costs to make your product? (Make a list)
▪ How do you think your costs compare to your competitors?
▪ Why will customers pay your price?
Sales Rep/Marketer: You will design an add campaign for your company. You need to understand markets (specifically whom you are marketing to, how large that market is, and the current demand for your product). Be sure to discuss how you will reach your intended market. You should take the lead role on designing the presentation for the group (commercial, posters, flyers, business cards, etc.).
o A visually stimulating logo/slogan that will make your brand instantly recognizable (think Nike Swoosh, McDonalds golden arches, The Mercedes-Benz emblem, etc.)
o Target Market
▪ What needs are sought by your customers that your product satisfies?
Describe your potential customer in detail (use those that apply: age, sex, income level, education, geographic location, occupational area, leisure interests, buying habits and personal goals).
▪ What is the expected size and value of your target market?
▪ Of that target market, what is the expected volume of actual paying customers?
o Competition
▪ Who are your major competitors?
▪ Why are they successful?
▪ What substitutes exist for your product?
▪ What distinctive differences separate you from your competitors?
▪ Why should customers leave your competitors to choose your product?
o Marketing Approach
▪ Where (or from whom) do your customers seek information about purchasing your product?
▪ Which media and promotions (e.g. internet/social media, newspaper, TV, radio, fliers, samples, etc.) are most suitable for your advertising?
Lawyer/Researcher: Talk about how you will protect your new company’s name and ideas (remember that patents are for inventions, copyrights are for written or spoken words, and trademarks are for slogans). Also, be sure you include information about the taxes the company will pay (local, state, and federal). Lastly, look up the actual business applications or paperwork for the specific city or state you will be located in.
o Trademark or Patent Application
▪ Print off and fill out (to the best of your ability) the correct trademark or patent application and include it in your business plan.
o Taxes
▪ Identify the correct taxes your business will have to pay
▪ Print off and fill out (to the best of your ability) the correct local, state, and federal tax forms and include them in your business plan.
o Business Applications
▪ Print off and fill out (to the best of your ability) all of the applicable business applications and forms for the city and state you wish to locate your business in and include them in your business plan.
Starting a Business - Rubric
Summative Group Assessment
|Group Member--( |Group Member 1 (Name): |Group Member 2 (Name): |Group Member 3 (Name): |Group Member 4 (Name): |
| | | | | |
| | | | | |
| | | | | |
| |Role: |Role: |Role: |Role: |
|Individual Work Ethic, | | | | |
|Preparation, and | | | | |
|Organization (25 points) | | | | |
| | | | | |
|CCSS.ELA-Literacy.SL.11-12| | | | |
|.1a | | | | |
|Completed Business Plan | | | | |
|with all components | | | | |
|printed and bound (25 | | | | |
|points) | | | | |
| | | | | |
|CCSS.ELA-Literacy.SL.11-12| | | | |
|.2 | | | | |
|CCSS.ELA-Literacy.SL.11-12| | | | |
|.5 | | | | |
|Quality of Visuals - | | | | |
|Presentation | | | | |
|(20 points) | | | | |
| | | | | |
|CCSS.ELA-Literacy.SL.11-12| | | | |
|.1 | | | | |
|Connecting their business | | | | |
|or product to why they | | | | |
|will be successful - | | | | |
|Presentation | | | | |
|(20 points) | | | | |
| | | | | |
| | | | | |
|CCSS.ELA-Literacy.SL.11-12| | | | |
|.1d | | | | |
|Demonstrates knowledge and| | | | |
|understanding of their | | | | |
|company and/or product for| | | | |
|class - Presentation | | | | |
|(10 points) | | | | |
| | | | | |
| | | | | |
|CCSS.ELA-Literacy.SL.11-12| | | | |
|.3 | | | | |
Total (out of 100):
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