Creating a Business Proposal to Pitch Innovative Ideas to Industry Experts

Summary

Students learned essential business concepts by exploring the key components of a business plan, such as target markets, marketing strategies, and financial planning. Before writing each section, students studied its purpose and importance: for example, understanding target markets before identifying their own. The project integrated both writing and math skills as students developed comprehensive business plans for proposed products or services. These plans were then evaluated by subject matter experts (SMEs) and formally presented to the Small Business Administration, giving students authentic feedback and experience with real-world entrepreneurship.

Takeaways

Students are often frustrated by the amount of research they have to do, especially when it comes to product costs, manufacturing, etc. No matter how often feedback was given early on and attempts were made to warn them about these challenges, they get excited about their ideas and often ignore any warnings. Their elaborate ideas are very innovative, but often the legwork in determining product price is time-consuming.

It would be beneficial in the future to show more student examples so students can see how their peers implemented their business plans. After having multiple groups come through, I have accumulated a portfolio of work worth showing students. This could help spark student engagement and highlight the challenges and success of past students.

Advice

I would come up with a list of questions or things for students to consider before they get started. I try to warn them about some of the challenges they might face before they get started, but they tend to not listen.