Unit 3Assessment

You Be the Entrepreneur!

Working in small groups you will research what it takes it start a business and come up with a business to present to your class and

teachers.SHARK TANK ANYONE???

Part 2: Market, Industry, and

Competition Analysis

My ProductMy Product

Biometric Attendance

What it does

This is an automatic attendance taker. It uses both the weight in the seat of a desk, and a fingerprint scanner to determine attendance and transfers it over to an attendance taking app.

Research CompetitorsIs your friend!

● Look for websites that end in .ORG or .GOV for the MOST reliable information. You can also use .COM just be a little more careful!

● Do not use Wikipedia as a source. ● Must list all websites used as a source at the end of each

section (simply writing the website is fine)

My CompetitionAutomatic Attendance

● Uses a swipe card to take attendance.

● All students must carry the eCard and swipe to ensure accuracy.

● Parents get an SMS notification when students enter and leave school.

● No desk/weight feature● No finger scanner

My CompetitionTeacherKit

● App from ITunes● Import your student

roster/and take attendance from the app.

● Create seating chart.● Can take attendance

through photos. ● Does not have a

fingerprint scanner/or weighted desk feature.

What type of Market Structure?

What type of market would the Biometric Attendence be in?

Based on the competition, what type of Market Structure would Biometric Attendence be in??● Perfectly Competitive● Monopolistic Competitive● Oligopoly● Monopoly

Today’s Task- Write-up due tomorrow!

Market, Industry, and Competition Analysis: When you start a business, you need to look at the market in which you are entering. If there are already a lot of competitors in your market, it may be hard to start a new business in that market. Also consider what makes your product/service stand out compared to others (what sets it apart from the rest?) so that people will demand your products or services. Your task for this element is to analyze your industry (if you want to produce beer you are in the beer market, if you want to create a store that sells designer clothes you are in the retail market) and your competition. What kind of competition exists in the market and what would you need to get your business started in this market? Include this in your final product

Step 3: Finances

We need money for the production of our trial

runValencia High School-- The test site of Biometric Attendance

10 classrooms will be given a set (40 desks) of these for testing

10 classroomsX

40 desk units_____________400 units to produce

The math...A factory in China will be producing our products for the following rates:

$20/fingerprint scanner x 400= $8,000

$40/chair with weight component x 400 = $16,000

Cost of production= $25,000

How are we going to make money?

Selling each individual unit for $120 x 400 units= $48,000Cost of production=

$25,000______________________________________________

$23,000 profit

Other Information● Biometric Attendance desks will be sold online

(Ecommerce) ● Currently not taking a salary● Invested $30,000 of own money

○ $15,000 Patent (pending)○ $5,000 technology○ $10,000 website

Business Plan1. Cover Page

a. Product Name (logo optional) b. Group Member Names

2. Index3. Page Numbers4. Company Description

a. Information on your business (what does your company do? What makes your company different?)

5. Type of Business6. Market Industry and Competition Analysis7. Financing8. Marketing, Advertising, and Product Description9. Operation Nuts and Bolts

Self- Reflection● 1 page● What went right with your project? What went wrong?

What would you change? ● Did you enjoy this project?● What grade would you give yourself? What grade would

you give your group as a whole? ● Any other comments about the project or ways to

improve it?