Faculty member Adrienne Baker’s Economics class finished up a 3rd Quarter, real world project of creating an entrepreneurial business here at Orme. After requesting seed money, three groups of students worked together to come up with an idea for something to be sold on campus. In addition to figuring out how to price their items, the students evaluated niche markets and the concept of competition.
To model their business proposal, each group needed to consider:
- Proposal – What does your group intend to sell and when?
- Market Analysis – To whom are you selling, and why is this a worthy investment?
- Budget Proposal – What is the total amount of seed money you are requesting?
- Marketing Strategy – How will you ensure you have customers, and how will you publicize your product?
- Cost Analysis & Market Price – Create a table with items you plan to sell, and the price at which you plan to sell them. What will your profit be for each item? And, create a graph to show what you imagine will be the market equilibrium of 0.
- Conclusion – Wrap up your main ideas and note why your product will be successful.
Items marketed and sold by Groups 1 – 3:
- Coffee, sweet bread, donuts, and other morning treats.
- Candy and soda.
- Boba milk tea and a famous Chinese dish called Hot Pot.
Each of the three groups succeeded in making a profit! Group 1 made $47.50, which they are donating to the Spanish Club. Group 3 made $60.99 and are donating their profit to the International Club. Group 2 is still deciding where to donate and ‘invest’ their profits.