Introduction
The Shark Tank Project was modeled after the ABC TV show, "Shark Tank". "Shark Tank" features aspiring entrepreneur contestants making business presentations to a panel of "shark" investors, who then choose whether or not to invest. The first part of our project was exactly this, except that we were the aspiring entrepreneurs, and Mr. I was the shark. After we had pitched our business ideas, Mr. I invested an initial $50 into each of the businesses that he had chosen. The chosen businesses were then given the scraps of people who's businesses had not been chosen to add them to their own company, and then began buying supplies with the money that Mr. I had invested in us so that we could launch our company. Sales began shortly after. The culmination of the Shark Tank Project was a Shark Tank company market that we ran for our at-school exhibition, where students, parents, and teachers could buy our products for the final time. After all of this, each companies total income was calculated and split evenly between each member.
The Shark Tank Project was modeled after the ABC TV show, "Shark Tank". "Shark Tank" features aspiring entrepreneur contestants making business presentations to a panel of "shark" investors, who then choose whether or not to invest. The first part of our project was exactly this, except that we were the aspiring entrepreneurs, and Mr. I was the shark. After we had pitched our business ideas, Mr. I invested an initial $50 into each of the businesses that he had chosen. The chosen businesses were then given the scraps of people who's businesses had not been chosen to add them to their own company, and then began buying supplies with the money that Mr. I had invested in us so that we could launch our company. Sales began shortly after. The culmination of the Shark Tank Project was a Shark Tank company market that we ran for our at-school exhibition, where students, parents, and teachers could buy our products for the final time. After all of this, each companies total income was calculated and split evenly between each member.
Some of the main things that we learned during the Shark Tank Project were:
--How to manage company finances
--Advertising
--Efficient, "factory line" style production
--Sales strategies
--How to manage company finances
--Advertising
--Efficient, "factory line" style production
--Sales strategies
Parts of the Shark Tank Project
Part 1: Researching and Pitching our Business Ideas---Description
At the beginning of the Shark Tank Project, our class split up into 2-person groups. Each group decided on a product and a business name, and began planning the business pitches that we would present before the Mr. I. After all of the groups had pitched their business ideas, Mr. I chose a few of the groups that he saw fitting to invest his money in, and divided the remainder of students evenly between each chosen group. There were three total company groups in our class, each of whom received $50 as our initial investment.
At the beginning of the Shark Tank Project, our class split up into 2-person groups. Each group decided on a product and a business name, and began planning the business pitches that we would present before the Mr. I. After all of the groups had pitched their business ideas, Mr. I chose a few of the groups that he saw fitting to invest his money in, and divided the remainder of students evenly between each chosen group. There were three total company groups in our class, each of whom received $50 as our initial investment.
Part 1: Researching and Pitching our Business Ideas---Reflection
My original group's business name proposition was "Jedi Pies". Jedi Pies would have sold mini pies in green apple and mixed berry flavor. Unfortunately, Jedi Pies was not selected by Mr. I to be invested in and launched, so my partner and I were grafted into one of the chosen companies: "Quesa-G'rilla". I think that our original business, "Jedi Pies" would have done well, but I was also glad that I became a part of Quesa-G'rilla.
My original group's business name proposition was "Jedi Pies". Jedi Pies would have sold mini pies in green apple and mixed berry flavor. Unfortunately, Jedi Pies was not selected by Mr. I to be invested in and launched, so my partner and I were grafted into one of the chosen companies: "Quesa-G'rilla". I think that our original business, "Jedi Pies" would have done well, but I was also glad that I became a part of Quesa-G'rilla.
Part 2: Launching the Companies and Selling Our Products---Description
After each company had received their $50 initial investment from Mr. I, we purchased the materials needed for our first sale, updated our company financial records and budget, and started selling. After we ran out of supplies, Mr. I increased our company budget so that we could replenish our materials. However, this action (although necessary) effectively deducted from our total company profits because of our new expenses. In this way, it was difficult to make money because we kept running out of materials. This pattern continued for the following couple weeks of sales.
After each company had received their $50 initial investment from Mr. I, we purchased the materials needed for our first sale, updated our company financial records and budget, and started selling. After we ran out of supplies, Mr. I increased our company budget so that we could replenish our materials. However, this action (although necessary) effectively deducted from our total company profits because of our new expenses. In this way, it was difficult to make money because we kept running out of materials. This pattern continued for the following couple weeks of sales.
On the left is our Quesa-G'rilla promotional sales flier. On the right are some images of our company members at work.
Part 2: Launching the Companies and Selling Our Products---Reflection
Quesa-G'rilla was a food company that sold quesadillas and grilled cheese. Our slogan was "just cheese it". Quesa-G'rilla's company jobs consisted of website management, sales, organization, marketing, documenting, production, and finances. Website managers were the ones who made our official company website, salesmen had to sell our products, and the organizers kept Quesa-G'rilla in check. Company members under the marketing department were responsible for promoting our company, the documenters took photos and videos of the company's work, and the producers were the ones who made our food on sales days. This phase of the project was definitely the most active for me because I had the finances job, and I had to manage and record our company's money after each sale that we did.
Quesa-G'rilla was a food company that sold quesadillas and grilled cheese. Our slogan was "just cheese it". Quesa-G'rilla's company jobs consisted of website management, sales, organization, marketing, documenting, production, and finances. Website managers were the ones who made our official company website, salesmen had to sell our products, and the organizers kept Quesa-G'rilla in check. Company members under the marketing department were responsible for promoting our company, the documenters took photos and videos of the company's work, and the producers were the ones who made our food on sales days. This phase of the project was definitely the most active for me because I had the finances job, and I had to manage and record our company's money after each sale that we did.
Part 3: Exhibiting and Distributing Total Profits---Description
The final phase of the Shark Tank Project consisted of an at-school exhibition where each company sold their product for the final time. This exhibition was our biggest sale because not only students, but teachers and parents alike all flocked to our sales booths to buy our goods. After exhibition was done, Mr. I calculated each companies total profits and distributed them evenly between each member.
The final phase of the Shark Tank Project consisted of an at-school exhibition where each company sold their product for the final time. This exhibition was our biggest sale because not only students, but teachers and parents alike all flocked to our sales booths to buy our goods. After exhibition was done, Mr. I calculated each companies total profits and distributed them evenly between each member.
This was the Quesa-G'rilla company poster that we displayed by our sales booth at exhibition.
Part 3: Exhibiting and Distributing Total Profits---Reflection
Our exhibition sale was my favorite part of the Shark Tank Project because it was fun and there were lots of people so we made lots of money. In the end, Quesa-G'rilla's total company profit was somewhere around $135. With 9 members, each person got to take home about $15. Regardless of how much we earned, the Shark Tank Project was a very good learning experience for everyone.
Our exhibition sale was my favorite part of the Shark Tank Project because it was fun and there were lots of people so we made lots of money. In the end, Quesa-G'rilla's total company profit was somewhere around $135. With 9 members, each person got to take home about $15. Regardless of how much we earned, the Shark Tank Project was a very good learning experience for everyone.