Make Your Mark 2 w/c 15th November 2010
Welcome to Global Entrepreneurship Week • Last year, over 32,000 events run in 88 countries, attended by more than 7.5 million people. • “Entrepreneurs are not born, they are made. Entrepreneurship is a skill that can be taught just like any other” Peter Jones
Why am I here? • One winning team from today could get to the South Yorkshire Finals • If successful, First place teams will receive a trophy and each team member will get £50 Shopping Voucher • Second place teams in both categories will receive a trophy and £15 Shopping Voucher.
Background In our town/city many shop spaces have become empty as businesses struggle to survive in difficult economic times.
Background • This year MYM2 would like the entrepreneurs of the future (that’s YOU!) to think about the best way to use one of these spaces.
The Challenge Sheffield currently has a number of empty shops. As a young person visiting the City Centre, what would you like one of those shops to be? A club? A shopping space? An internet cafe? You can design whatever you want it to be as long as it will make money as a business.
The Process • Select an empty retail space in the Town/City Centre • There are different sizes and costs to choose from • Brainstorm different ideas to select the best use of space • Design the space • Work out the finance – cost and profit • Decide who your customers will be and how you will reach them • Prepare a report and presentation
Task 1 Choosing your business • Develop your business ideas. Will you offer products or services? What competition is there at the moment? Who will your customers be? • Do you want to provide something for young people, for families or adults? • Is there something that you think is missing from the Town/City Centre that could make YOU money?
Task 2 Setting up your business • Select the best space for your idea. The bigger the space, the higher the cost to set up, but perhaps you can make more money when the business is running? • How will you design the internal space, do you need special equipment? What budget should you set for the furniture and decorating costs? Create a plan to show what the space will look like and an image of the front of the shop.
The Space Use Google SketchUp?
Task 2 (cont.) Setting up your business - Detail the product range/services that will be offered from the outlet.
Task 3 Marketing your business • What is your company name? • Do you need a logo and a strap line? • Identify who your customers will be. • How will you advertise your business? Make an advert for either TV, radio or newspaper Design a poster or leaflet
Which business? “Have it your way.” “The World’s local bank” “Good with food” “I’m lovin’ it!”
Task 4 Your Finances • How will the business make money? • How much will it cost to rent the space? How much will it cost to set up? How much will your marketing cost? What will your running costs be? (staff etc) • How much profit will you make by selling your products or hiring out your services? Are there extra ways that you can make money? e.g. by renting the whole space for events.
Profit and Loss • Produce a Profit and Loss Account 1- What the income is going to be (what people will pay you per month for your products) 2- What the cost of sales is going to be (what you have to pay out to sell the products e.g. cost of production) 3- What the overheads are (e.g. staff costs, advertising, rents) • Work out 1-2+3= Profit (money you make) or Loss (how much you will owe)
Task 5 Presenting your Business • As a group you will need to present your idea to the other teams. • A winner will be chosen, who may get to represent the school at the South Yorkshire finals on 29th November. • Remember to include: a description of your idea, who your customers are, how you will tell your customers about you business, how much it will cost you to set up and how much money you will make!
Presentation tips • Use visual aids • Eye contact • Speak up • Divide between the team • Practice, practice, practice • And Smile!
What next? Entering the South Yorkshire Finals The winning team will need to email their business plan by 3pm on Friday 19th November This report will be judged by an independent panel and the best businesses will be invited to present their business at Barclays Bank in Sheffield on Monday 29th November.
Well Done • All teams have come up with some very creative ideas • Some of these could be developed into real businesses • Remember- “Entrepreneurs are not born, they are made. Entrepreneurship is a skill that can be taught just like any other” Peter Jones