This project was to use the principals of entrepreneur meet the needs of our local and global community. Our group was following the driving question, the Marco Polo Snack Bar is aware of not serving meat and no unhealthy ingredients like oil. What made us aware and engaged into the project is that there has been a hypothesis that many scientists made, our planet will run out of resources in around 85 years if we continually keep our consistent habits of wasting.
Throughout the project we had some problems, every process will have a problem point, our problem was that our group was slowly processing during planning, so the first day our group wasn’t able to sell one of our products, so then our group did terrible the first day of selling.
But then we have our successes, we were able to sell the missing product we weren’t able to sell in the first day, and the people who bought our products last bake sale came again, so it was slowly getting popular every few minutes. The most products we sold was our oreo milkshake. So then here come another problem, the third bake sale we weren’t able to sell much oreo milkshake because we didn’t have enough milkshake, and then there wasn’t much people coming to our snack bar.
Our group came to a conclusion that we definitely made a profit out of 2 of the sales. The first sale did not go too well, because our group thought that people weren’t reminded to bring their money and didn’t have anything to buy our product. But the rest was a success because that the other group that was selling bubble tea was gone, that was our observation.
Our initial intentions for the project was simple: earn some quick bucks, reduce environmental pollution, and to satisfy local and global needs. Through market research on our target audience, we catered our products to their preferences. Which lead to a dramatic increase in demand, creating an escalation in our benefits while cost was still kept low. Peeled is an organization that promotes the SDGs: Good Health and Well-Being, Quality Education, and Reduced Inequalities by contributing 100% of our profit to Smile Week. In the process of this project, we strived to become social entrepreneurs, to create a better local and global community while satisfying yours and our needs.
Social entrepreneurship is when someone uses entrepreneurship to meet social needs. Our business was to make pet collars for pet’s fashion. Some principles of entrepreneurship that we used were:
Market research to find out how many people who have pets to see if our business was a good idea.
We had more supply than demand
We pitched to the investor and got their support and ideas.
We didn’t change pricepoint, we made cookies that were sold and we made some extra money.
I had the idea to make food because it was lunch, and a lot of people want cheaper lunches. For the projects, the SDG is “Good Health and Wellbeing” because we donated the money to Smile week which helps little babies with Cleft Pallet. This will impact our community by making pets look better and no hunger from cookies. The conclusion is that we will try and feed people with cookies and help with the fashion of pets.
I had the idea to make food and not dog collars, but my teammates didn’t listen, they thought dog collars we’re good and that’s the reason why our company was created, I respect that, but when we really went out there, we didn’t sell enough, so one of our group members decided to listen to me, so she made cookies, then we made some extra money.
The business we chose was full of potential-carnival game. This sounds a bit childish. After our research, we discovered that the demands of carnival games are frantically crazy. In our pitch, we mentioned that “an American spent above $1000 on carnival games”, which is a strong piece of evidence. The evidence proved that carnival games can actually get customers addicted. In our selling, we proved our prediction. On the first day, the price we set was quite high, it was ¥10 for one ring. Sounds outrageous, doesn’t it? Since we didn’t even know the demands, we were risking. The result turned out to be reasonable. After that day, we decreased the price. It was ¥10 for four rings. The income increased a lot. On the last day of sells, we raised the price of 3 rings but kept the 20 rings the same. The demand didn’t decrease despite we rose the price.
After the summarization of our selling experience, I would like to share more about our preparation. On the first four weeks, we were mostly just dawdling. On the fifth week, we finally finished planning. And then, we encountered another problem: JL and I get some conflicts on whether we should import stuffed toys or not. We’d been discussing this for a few days, then we both agreed on his plan. At last, everything emphasized he was shrewd.
Last but not least, let me tell you something about our desire. We realized that people need quality education because about 0.8 billion of children in the world don’t have a fair opportunity of education. Improving the quality of education could let children who were suffering in poverty get a decent job. The process may develop the economy of our world. On the other hand, some of the children might also be passionate about SDG, so they can support us to solve or meet all global need, in other words, we are making the world better. These are the reasons why our company chose to support world education.
As you write your reflection, look back at your Sales Reflection. Consider using the vocabulary of entrepreneurship – some of them are:
We used to supply and demand to figure out witch price we should maintain to keep the supply and demand in equal value to raise money for March for life.
We used Market research to survey people to get to know which product people most liked. In our first survey we got bubble tea the most vote but at the final day of our bake sale Oreo milkshake was sold out in 10minutes and this helps us to raise our money for March for life.
Looking back at this project, I’ve learnt supply and demand, golden zones for price, and partnerships with other companies. Even though some companies may get a lot, their ideas are too mainstream. What is important is imagination. Maybe you can make over 1 000€ with milk tea, one day you’ll run out of boba, or tea, but you’ll never run out of imagination space, unless you’re an 8GB phone.
Social entrepreneurship is when you earn money but consider the 17 UNSDGs. I won’t go further into the SDGs, since it’s very long. Social entrepreneurship companies may be non-profit or semi-non-profit, as they will donate to organizations like Indspire and Smile Week.
We’ve used the principles of social entrepreneurship to create a product that was eco-friendly, and healthy. The donation part of SE, we’ve decided Smile Week will be the receiving end.
As social entrepreneurs, Kate, Michael and I started a business called “Bobagiri Tree” (non- profit business). We used principles of entrepreneurship to meet a local and global need. We first had to combine our passions and skills to solve this meet this need. We all were interested in cooking, and enjoyed eating onigiri and bubble tea. Because our product was what we were skilled with and felt passionate about, when facing difficulties, it was easier for us to get over. Afterwards, we researched our customers and competitors to increase our odds of success. Since Marco Polo’s Snack Bar was also selling bubble tea as their product, we had to do more market research to figure out how we would be able to attract the customers in order to make our business successful. During our sale, we realized we had low supplies and high demand. Everything was sold out during the first day, so we decided to make 10-15 cups of bubble tea more on day 2 and day 3. Because we made more profit, we were able to donate more to Smile Week leading to social change.
At the end, by using the principles, our group was able to have an impact on SDGs (sustainable development goals) such as reducing inequality, quality education, good health and well being, and more. For this cause, we donated 100% of our profit to Smile Week babies with cleft palate for a better life with new family members.
Driving Question: How do we use the principles of entrepreneurship to meet a local and global need? What problems did you try to help solve?
In order to use the principles of entrepreneurship to meet a local and global need, we need to take each step seriously and efficiently. If you have an idea that you think your target customers might like, you have to have the evidence to prove that your idea is worth the time and the cost. So We made people take the survey and most of our customer said yes, they will buy our product so we knew that our product is good to go. Next, we had to think about our costs and benefits. We set up our price and we also calculated our estimated benefit every week to make sure that we won’t mess up. We also thought about our supply and demand. For example, how will our profit change when there is a competition and when there is not or will we mark up the price when there are more customers that are more interested in this specific product. After that, we started thinking about more major things. We thought about what problem we would like to fix in the world. We chose three from Sustainable Development Goals and they were economy and job, hunger, education. To reach these goals and earn enough profit at the same time, We had to follow the rules that social entrepreneurs follow. After earning our final profit, we decided to donate them to donations called Smile Week and Kiva. Now we can make others dream come true and provide them with opportunities to be like us. In the end, we will be able to solve the problems that world has now.
In the unit project entrepreneurship, our group used the principles of entrepreneurship to meet the SDG goal 14, LIFE BELOW WATER. One example of the principle that we used is: to use our investor’s idea. Our investor said that we should make our project more useful, so that the demand of our project may be higher. After our investor said that, the day after, we were discussing that if we would use her idea. At last, we remembered one quote of her: the higher the demand is, the more customer you would have. After that, we decided to use the suggestion to put key chains on it to make it more useful. we are donating 50% of the profit to CMA to meet the SDG goal: life below water. CMA is a charity that receives donation to help sea animals or land animals near to the sea, we donate CMA because it is the closest charity the relates to the SDG goal 14. If our donation worked, then CMA could use it to clean the water near Florida clean the plastic in the ocean. And the money could let CMA build a stronger and bigger place to accommodate more and more animals and help them with proper medicals.