Takin' Care of Business
posted: Wednesday, April 12, 2017
This week has been big on the business front for Grade 9 students! Business students were challenged with the task of creating their own businesses, and running them publicly in the School for the next three weeks. There are a variety of businesses showcasing and selling their product on any given day, with each team given the opportunity for a pitch six times throughout the three-week cycle.
Students created teams, came up with business models, chose their line of merchandise, and presented their ideas in order to apply for small loans from the School, which, at the end of the project, they will have to repay (and hopefully still have a profit leftover!). They could pick the amount they were requesting in order to set up, purchase supplies, and any advertising they chose to do. “If we don’t make enough to pay back our loans,” said Jennifer, whose team of four came up with ‘Fresh Breath,’ selling varieties of chewing gum; “we’ll have to volunteer around the School, and help out teachers.” The amount owing will be converted into blocks of time which will be made up based on an hourly rate. Jennifer’s team asked for $65 to invest in starting up their business, which was based on identifying a need in the School community. “We chose gum because people always want it!”
Randil and Erik joined forces to become The Supplier, having put in $10 of their own funds and requesting only a $15 loan to purchase stationery and school supplies, a naturally fitting choice of product, and offering them at affordable prices.
Spencer, Ian, Tia and Chloe, known throughout the project as “Casetomize,” are offering cellphone cases along with stickers based on celebrities, TV, social media, and pop culture in general. Ian came up with the name, and along with Spencer, purchased the products (phone cases from Amazon, and stickers from Red Bubble) and designed the logo. Tia and Chloe were in charge of marketing, including making posters, setting up an Instagram account, and cross-promoting on their own social media channels. At their business presentation, the team requested a loan of $150, and project a total revenue generation of $350, leaving them $200 profit. Instead of keeping the profit, the team have decided to give this to charity. “The experience of setting up and running a business was more important to us than making money,” said Ian, “so it’s something we can do to give back.”
At the end of the three weeks, each team will have to give a presentation on their business and profit margin. Fingers crossed nobody will be in the red – volunteer duties have yet to be announced! Students can visit the Grade 9s’ tables at lunch hours outside the Senior School lounge from 1:10 to 1:35 daily until April 28.