- Start out by writing up your plan. What do you need to get done before standing in front of the panel of sharks? Here are a FEW ideas, but you probably need several more!
- Describe your product. Do you have pictures or a video of the product/prototype?
- Explain what purpose your product serves.
- Demonstrate or explain how your product (or the process) works. Step-by-step.
- Costs are super important! I need REAL numbers based on websites that you research.
- How much do your materials cost?
- How much money are you asking the sharks for? Remember that we only have $2000 total. Not everyone will receive funding, because we will need to save some of our money for future costs. (We shouldn't spend it all!)
- How much will shipping cost (or is it too expensive to ship your product?
- How much will you sell your product for?
- How much money will you make?
- How will you sell or give away your product? Online? In person? Through our window? Another way?
- What other things should you tell the sharks?
- What other things should you be prepared to answer? If you don't seem knowledgeable about your company, the sharks won't feel confident investing in you!
- Everyone should be working at ALL times. Feel free to divide up the work! Just check back in with the group every time you accomplish something and be sure to ask each other questions!
Preparing for the Shark Tank!
A prototype is a working model of your product that can be shown and demonstrated to potential customers or investors.
Our job is to create a working prototype of your product that you can show to the sharks in a Shark Tank episode. I should see your product in action (if that applies) and what your product will look like when you ship it or sell it (your packaging). This can, of course, change as you get investments of money.
If the demonstration of your product is longer than 60 seconds, make a video of it and cut the video down to 60 vital seconds that can be shared.
If possible, create enough prototypes to give each of the four sharks during your pitch.
Entrepreneurship Survey #1
Lesson 1: Brainstorming Ideas
Partner Up and Pare Down:
Combine partnerships and pare down to 2-4 total ideas.
Combine groups and pare down to 2-4 total ideas.
Within your group of 8+ students, choose your favorite two ideas to do this assignment on:
Write something about yourself. No need to be fancy, just an overview.