Entrepreneurship Challenge

In this PBL, students will take on the role of entrepreneurs and work through the process of starting and managing their own businesses. The project is designed to be a one-month-long initiative for students in grades 10-12. Through this project, students will not only develop their math skills, but also gain valuable 22nd-century skills such as critical thinking, communication, collaboration, and problem-solving.

Learning Objectives

By the end of this project, students will be able to:

Conduct market research, analyze data, and make informed decisions on pricing, marketing, and sales.
Develop a financial plan and evaluate their business goals in terms of profitability and sustainability.
Create and manage an inventory management system that reflects real-world business operations.
Work collaboratively in a team to produce a comprehensive report and provide constructive feedback to peers.
Apply mathematical concepts and skills to real-world situations.
Present their business plan and reflections in a clear and effective manner.

Step-by-Step Process for Entrepreneurship Challenge Project:

Decide what to sell:

Brainstorm ideas for a product or service that could be sold at Entrepreneurs' Day.
Conduct market research to identify potential customer needs, competition, and pricing trends.
Consider your budget and determine how much you can afford to invest in your business.

Determine how much you can sell and the price:

Conduct a market survey to gather data on customer preferences and willingness to pay.
Use this data to determine your potential sales volume and revenue.
Evaluate your business goals in terms of profitability and sustainability.
Determine a pricing strategy that will maximize profits while still remaining competitive.

Establish an inventory management system:

Develop a plan for tracking inventory, including when to order more stock and how to manage excess inventory.
Develop contingency plans in case inventory levels are too low or too high.
Consider the costs associated with holding inventory and make decisions on how much to keep on hand.

Report and peer review:

Work in a team to draft a comprehensive report that includes your business plan, financial projections, inventory management system, and marketing strategy.
Provide constructive feedback to your peers on their plans, focusing on specific criteria such as clarity, creativity, and feasibility.

Start the business:

Implement your business plan and begin selling your product or service at Entrepreneurs' Day.
Keep track of your sales, expenses, and inventory levels.
Make adjustments to your plan as needed based on real-world data and customer feedback.

Presentation:

Prepare a presentation to share with the class at the end of the project.
Reflect on your experience and evaluate your performance in terms of meeting your business goals.
Identify areas for improvement and suggest ways to enhance your plan in the future.

Evaluation Process:

The evaluation process will involve multiple stages, including peer reviews, self-reflections, and teacher assessments.

Peer Reviews: Each team member will provide constructive feedback to their peers on their business plans, financial projections, and inventory management systems. The feedback will be based on specific criteria, such as clarity, creativity, and feasibility.
Self-Reflections: Each team member will reflect on their own contributions to the project, identify areas of strengths and weaknesses, and set goals for improvement.
Teacher Assessments: The teacher will assess each team's overall performance based on their business plan, financial projections, inventory management system, report, and presentation.

Assessment criteria	Excellent (4)	Good (3)	Fair (2)	Poor (1)
Quality of Peer Review	- Provided detailed and thoughtful feedback to all team members	- Provided feedback to all team members, but could be more specific and detailed	- Provided limited feedback to some team members, and not all team members received feedback	- Did not provide any feedback to team members
Report	- Report is well-organized, comprehensive, and includes all necessary components	- Report is mostly well-organized, comprehensive, and includes most necessary components	- Report is somewhat disorganized, lacks some necessary components, and could be more comprehensive	- Report is disorganized, lacks necessary components, and is not comprehensive
Team Contribution	- Consistently demonstrated excellent collaboration skills, actively engaged in team meetings, and contributed equally	- Demonstrated good collaboration skills, participated in team meetings, and contributed to the project	- Demonstrated some collaboration skills, but did not consistently participate in team meetings and/or did not contribute equally to the project	- Did not demonstrate collaboration skills, did not participate in team meetings, and did not contribute to the project
Execution of Business Plan	- Successfully followed the business plan, adjusted as needed, and achieved all business goals	- Mostly followed the business plan, adjusted as needed, and achieved most business goals	- Somewhat followed the business plan, but did not adjust as needed and/or did not achieve all business goals	- Did not follow the business plan, did not adjust as needed, and did not achieve business goals
Presentation	- Presentation is engaging, well-rehearsed, and effectively communicates all aspects of the project	- Presentation is mostly engaging, rehearsed, and effectively communicates most aspects of the project	- Presentation is somewhat engaging, rehearsed, and could be more effective in communicating aspects of the project	- Presentation is not engaging, not rehearsed, and does not effectively communicate aspects of the project