Shark Tank, But Not Task
Click here to download the teacher resource for "Shark Tank, But Not Task."
Course(s): Introduction to Business and Marketing; Business Management
Task Length: Approximately 45 minutes - 1 hour
“It’s like Shark Tank, but not”: A how-to-write-a-business plan activity |
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Task Description |
Standards |
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In this activity, students will develop a business plan using a guided worksheet for a company or product line they admire by focusing on the following components: business description/summary, management plan, market analysis, marketing strategy, and financial plan. Students will present a 2-3 minutes pitch using Flipgrid. For their post-activity assessment, using a scoring rubric, students will watch and evaluate their peers’ pitches. |
Introduction to Business & Marketing (S14): Explain the purpose of a business plan, and list the four major parts typically included (business description, management plan, marketing plan, and financial plan). Describe the importance of developing a business plan when seeking out potential investors or lenders. In preparation for a future career as an owner or entrepreneur, develop an original business philosophy detailing one’s beliefs for how a business should be run. |
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Business Management (S6): Analyze the elements of a sample business plan or business plan template |
Business Management (S8): Design, write, modify, and evaluate a business plan for the identified existing business. |
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Business & Entrepreneurship Practicum (S6): Building on standards from Entrepreneurship and Business Management, individually or in teams, develop a new or modify an existing business plan for the proposed startup/business venture. |
Business & Entrepreneurship Practicum (S11): Critique the business plan of another team or classmate, annotating the plan with recommendations and suggested edits. |
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Virtual Enterprise International (S2.1): Define and analyze a business plan and understand the economic roles and responsibilities of citizens at the national, state, and local levels. |
Virtual Enterprise International (S5.5): Critique business plan presentations. |
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Entrepreneurship (S10): Write, review, and revise a business plan for a potential entrepreneurial endeavor. |
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Principles of Agribusiness (S5): Write a business plan for an agricultural entrepreneurial enterprise that includes basic business and entrepreneurship principles such as budget, target customer, product information, and risk assessment. Develop a three-minute speech to pitch the plan to prospective investors. |
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Agricultural Business and Finance (S7): Articulate the components of a business plan, and research exemplars from national or local companies. |
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Content Understandings |
Extending Understandings |
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Upon successful completion of these tasks students will demonstrate the ability to:
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To move students towards deeper understanding, they should be given opportunities to:
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Support Strategies |
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If students are struggling to access this task, additional supports and strategies could be employed as students are engaging with the task.
Additional Resources Teacher Instructional Materials (See Appendix)
Online Resources – Business Plans
Tutorials
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Activity
‘IT’S LIKE SHARK TANK, BUT NOT”: A HOW-TO-WRITE-A-BUSINESS PLAN ACTIVITY
Context:
This activity will follow at least two lessons on writing business plans.[1] The first lesson should focus on the purposes and components of a business plan; here, the instructor should focus their lesson on both providing students an overview of the purpose and form of a business plan and helping them to identify the purpose and form of the separate components. In the second lesson, the instructor should provide students a sample business plan and through both guided practice and independent work, ask students to evaluate the business plan. Once students have a strong understanding of the content, form, and purpose of a business plan, they will move on to the business plan activity.
Activity Steps:
- Each student will select a company they admire and create a startup business plan for that company.[2]
- After selecting a company and/or product line, students will use the guided worksheet to craft a business plan by focusing on the following components: business description/summary, management plan, market analysis, marketing strategy, and financial plan.
- To help facilitate this step, the instructor will distribute the “How-to write your business plan worksheet.”
- For a more advanced class (i.e. “Business Management”), the instructor can still choose to supply the worksheet, modify it to align with the level of their students, or turn it into a business plan template.
- After students have developed their business plan, they will use Flipgrid to put together a short (2-3 minutes) virtual “pitch” to present to the class.
- During the pitch, students need to address the main questions they answered on their business plan worksheet.
- During their pitch, students should focus on clarity and simplicity of their delivery.
- Students will submit their final Flipgrid pitches at the end of class.
Post-activity Homework:
- Students will watch and complete the attached scoring sheet for each pitch.
- Once they’ve watched and scored each pitch, they will need to use an online poll[3] set up by the instructor to vote for their favorite.
- The instructor will use the polling information to announce the top 3 plans, and then using the information from the scoring sheets, the instructor will create an online discussion board where students discuss why they found these 3 plans and pitches most successful and reflect on their overall experience with this activity.
Appendix: Teacher Instructional Materials
“It’s like Shark Tank, but not”: Business Plan Worksheet
Directions: Use this business plan worksheet to guide you as you create your business plan for your own company or for a selected company you admire. Be as detailed as possible to ensure that you have a successful business.
Company/Business Name ____________________________________________________________
Business Plan Worksheet |
BUSINESS DESCRIPTION AND SUMMARY What product or service will your company/business offer? How will you offer it? What market needs will you address with your product or service? Why is your business idea viable?
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MANAGEMENT PLAN Who makes up your management team? What are their titles and roles? What skills and knowledge do they bring to the table?
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MARKETING ANALYSIS What does your competition look like? What are the strengths and weaknesses of your competitors? Where do you have the advantage over your competitors?
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MARKETING STRATEGY How will your business go about selling its products or services? What features of your product or service will you emphasize to help customers notice your product or service? What sorts of innovative marketing or sales techniques will you use? Where will you focus your efforts (e.g, locally, regionally, nationally, internationally)? Why?
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FINANCIAL PLAN How much startup capital does your company need? How will you use this money? How will your company make money? What risks do you foresee?
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“It’s like Shark Tank, but not”: Student Pitch Tips and Reminders
Directions: Students can use this handout to help them develop and prepare their Flipgrid pitch.
Task |
Yes No |
Do you open with an engaging hook that clearly identifies your company/business’s name and product or service? |
________ ________ |
Do you identify and explain the problem facing your consumers and/or the opportunity available to your company/business? |
________ ________ |
Do you explain how your business’s product or service will help solve a key problem for your consumers? |
________ ________ |
Do you state how your business intends to sell its products/services? |
________ ________ |
Do you address the competition and how and why you have the competitive advantage? |
________ ________ |
Do you identify the possible risks involved? |
________ ________ |
Do you explain how you will earn money and from whom? |
________ ________ |
Do you speak clearly and slowly throughout your pitch? |
________ ________ |
Do you look into the camera and make “eye contact” with your audience? |
________ ________ |
Do you present your idea with energy and enthusiasm? |
________ ________ |
Do you fidget or talk with your hands too much throughout your pitch? |
________ ________ |
“It’s like Shark Tank, but not”: Student Pitch Evaluation Handout
Directions: Students will use this handout to help them keep track of important details and evaluate their peers’ Flipgrid pitches.
Company/Business Name |
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Product/Service |
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Where do you see a need for this product/service? Does it fill a gap? Or is the market already flooded? |
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What risks did they identify? Do you agree? Explain. |
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Would you be interested in this product/service? Why? Why not? |
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One area in their pitch where they excelled? |
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One area in their pitch where they could improve? |
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[1] Depending on the level, structure, and size of a class, an instructor may decide to spend more than two class periods on these introductory lessons.
[2] The instructor could also give the students the options of working in small groups (2-3 per group). If so, the instructor will be responsible for setting up small group online discussion boards and/or email groups to facilitate conversation and collaboration within the groups.
[3] There are several free online survey sites available (e.g., Google Forms, Kahoot, Pollmaker, Typeform, and SurveyMonkey).
Student Resource
Click here to download the student resource for this task.
“It’s like Shark Tank, but not”: Business Plan Worksheet
Directions: Use this business plan worksheet to guide you as you create your business plan for your own company or for a selected company you admire. Be as detailed as possible to ensure that you have a successful business.
Company/Business Name _________________________________________________________________________
Business Plan Worksheet |
BUSINESS DESCRIPTION AND SUMMARY What product or service will your company/business offer? How will you offer it? What market needs will you address with your product or service? Why is your business idea viable?
|
MANAGEMENT PLAN Who makes up your management team? What are their titles and roles? What skills and knowledge do they bring to the table?
|
MARKETING ANALYSIS What does your competition look like? What are the strengths and weaknesses of your competitors? Where do you have the advantage over your competitors?
|
MARKETING STRATEGY How will your business go about selling its products or services? What features of your product or service will you emphasize to help customers notice your product or service? What sorts of innovative marketing or sales techniques will you use? Where will you focus your efforts (e.g, locally, regionally, nationally, internationally)? Why? |
FINANCIAL PLAN How much startup capital does your company need? How will you use this money? How will your company make money? What risks do you foresee?
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“It’s like Shark Tank, but not”: Student Pitch Tips and Reminders
Directions: Students can use this handout to help them develop and prepare their Flipgrid pitch.
Student Pitch Tips and Reminders |
|
Task |
Yes No |
Do you open with an engaging hook that clearly identifies your company/business’s name and product or service? |
________ ________ |
Do you identify and explain the problem facing your consumers and/or the opportunity available to your company/business? |
________ ________ |
Do you explain how your business’s product or service will help solve a key problem for your consumers? |
________ ________ |
Do you state how your business intends to sell its products/services? |
________ ________ |
Do you address the competition and how and why you have the competitive advantage? |
________ ________ |
Do you identify the possible risks involved? |
________ ________ |
Do you explain how you will earn money and from whom? |
________ ________ |
Do you speak clearly and slowly throughout your pitch? |
________ ________ |
Do you keep your pitch between 2-3 minutes? |
________ ________ |
Do you look into the camera and make “eye contact” with your audience? |
________ ________ |
Do you present your idea with energy and enthusiasm? |
________ ________ |
Do you fidget or talk with your hands too much throughout your pitch? |
________ ________ |
“It’s like Shark Tank, but not”: Student Pitch Evaluation Handout
Directions: Students will use this handout to help them keep track of important details and evaluate their peers’ Flipgrid pitches.
Student Pitch Evaluation Handout |
|
Company/Business Name |
|
Product/Service |
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Where do you see a need for this product/service? Does it fill a gap? Or is the market already flooded? |
|
What risks did they identify? Do you agree? Explain. |
|
Would you be interested in this product/service? Why? Why not? |
|
One area in their pitch where they excelled? |
|
One area in their pitch where they could improve? |
|