DESIGN YOUR OWN BUSINESS PROJECT
In this project, you will design your own business, making economic decisions using the knowledge you have learned in Economics class. Consider what elements will make your business successful.
Your answers must be typed on a separate sheet of paper in google docs. Copy the questions.
1) What kind of business are you starting and why did you choose it? 3-4 sentences.
2) Why do you think your business will succeed? 3-4 sentences.
3) Where will your business be located? Find the address and print out a map showing its location. Why did you choose your location? (Note: your business must be located in the Los Angeles area. For our purposes, you may use an address of an existing business.)
4) What product or service will you provide? Why do you think your business will be successful? (Not a club, no alcohol or drugs). 3-4 sentences.
5) Who are your competitors? Explain if they will be a threat to your business or not. 3-4 sentences.
6) Design a Slogan for your business. Think about popular business slogans used by companies today. For example, Nike uses the slogan “Just do it.” Volkswagen’s slogan is “Drivers wanted.” A slogan is a catchy phrase used by a company to help consumers or customers remember their business. The shorter the slogan is, the better, because it will be easier to remember.
Write a short slogan that will be used to represent and advertise your business. It should not be more than six or seven words.
7) Will you have employees? If so, how many and how much will you pay them? What educational requirements do the employees need? Explain why you will pay them the wage rate (money) you decided upon. Write your own detailed description of each position you will need filled in your business. Use the Internet to look up samples of job descriptions for your business type.
The job description must contain all of the following:
Who this employee reports to
Summary of Job
List of specific qualifications/skills
8) What benefits (if any) will you offer your employees? (Health insurance, pension plan, discounts etc.) Why is it important for many businesses to offer benefits? 3-4 sentences.
9) Newspaper Advertisement: Design a full-page (8 ˝ x 11), color advertisement for the newspaper, using white construction paper, color pencils and a pen. Look through some of the newspapers to get ideas.
The ad must include:
Business name and slogan
Purpose (what are you in business to do?) and a statement that would draw customers