Junior Achievement Student Workbook.

JA COMPANY PROGRAMME Student Workbook Junior Achievement Ireland, 8 Longford Place, Monkstown, Co. Dublin. E-mail: [email protected] Web: www.jai.ie The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storing in an information retrieval system, or otherwise except in the course of conducting a registered Junior Achievement Company or with the permission of the publisher. Copyright © 2011 Junior Achievement Ireland Printed in Ireland.

1 Company Programme Student Workbook.indd 1

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Student Workbook

TABLE OF CONTENTS Your JA Company .........................................................................................3 Company Competition ...................................................................................4 Planning Checklist .........................................................................................5 Activities 1. STEP 1: Company Organisation .............................................................6 2. 3. 4. 5. 6. 7.

STEP STEP STEP STEP STEP STEP

2: 3: 4: 5: 6: 7:

Market Research ......................................................................14-21 Select a Product / Service .......................................................22-28 Operations................................................................................29-30 Selling your Product .................................................................31-33 Presenting Your Business........................................................34-35 Report Checklist .......................................................................36-38


06/09/2011 14:37:23

Your JA Company Junior Achievement Company Programme gives Transition Year students an opportunity to set up and manage a business. Helped by a consultant, you and your classmates will take on different roles within your JA company. What will I learn from taking part? You will:

8QGHUVWDQGKRZEXVLQHVVHVDUHRUJDQLVHGDQGRSHUDWHG )LQGRXWKRZWKHGLIIHUHQWGHSDUWPHQWVRI3URGXFWLRQ+XPDQ5HVRXUFHV0DUNHWLQJ and Sales function. 'HYHORSSXEOLFVSHDNLQJWHDPZRUNDQGOHDGHUVKLSVNLOOV *HWWRNQRZ\RXUFODVVPDWHVRQDSURIHVVLRQDOOHYHO +DYHWKHRSSRUWXQLW\WROHDUQIURPDEXVLQHVVPHQWRU 'HYHORSEXVLQHVVDQGHQWHUSULVHVNLOOVWKDWZLOOKHOS\RXODWHULQOLIH

What is involved?

1. Organisation

2. Market Research

6HWFRPSDQ\JRDOV $VVLJQUROHV

%UDLQVWRUPLGHDV (YDOXDWHSURGXFWVHUYLFHLGHDV

3. Select a product/service

4. Operations

'HYHORSDSUHOLPLQDU\EXVLQHVVSODQ ,QYHVWLJDWHDQGGHFLGHRQSULFLQJ 6HOHFWDFRPSDQ\QDPH

6WDUWRSHUDWLRQVRUGHUPDWHULDOV .HHSDUHFRUGRI\RXU¿QDQFHV sales and stock

5. Marketing /Advertising

6. Presenting Your Business

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'HVLJQDVWDQGIRUDWUDGHIDLU &RPSOHWHDEXVLQHVVUHSRUW

Entrepreneurial Quote “We were young, but we had good advice and good ideas and lots of enthusiasm.” - Bill Gates, founder of Microsoft Corporation


06/09/2011 14:37:24

Company Competition Company of the Year Competition Enter your student company in the ‘Company of the Year Competition’ and have the opportunity to

&RPSHWHDWD'UDJRQ¶V'HQVW\OHUHJLRQDOFRPSHWLWLRQ Win Regional Finalist & Finance Awards &RPSHWHDW1DWLRQDO)LQDOLQ'XEOLQZLWKDQRYHUQLJKWVWD\ Represent Ireland in Europe with an all expenses paid trip!

Consider creating a Social Enterprise? Social Enterprises are businesses set up to tackle social, economic or environmental issues. You can choose to run your JA company as a Social Enterprise and make a real impact on your community and more! $VD6RFLDO(QWUHSUHQHXU\RXUWHDPFDQLPSOHPHQWQHZLGHDVWRWDFNOHVRFLDOSUREOHPVDQG¿QG solutions within areas such as the environment, human rights, health and education. Remember to be eligible for the competition your JA product must be:

Portable. SAFE for production workers and

customers. No food items.

What do you need to do?

Submit entry by November 2011 Prepare a 6 page Company Report and send to www.jai.ie in January 2012 If your team is successful, Regional Final competitions will be held in March 2012 5HJLRQDO:LQQHUVWUDYHOWR'XEOLQLQ0D\

/DVW\HDU¶VZLQQHUZDV%HDXWLIXO$QG*UHHQ%$* IURP0HUF\&ROOHJH6OLJR %$*PDNHVSURGXFWVWKDWDUHIDVKLRQDEOHDQGDIIRUGDEOHXVLQJWKHPD[LPXPDPRXQWRI UHF\FOHGPDWHULDOVDVSRVVLEOHLQWKHSURGXFWLRQSURFHVV%$*UHSUHVHQWHG,UHODQGLQ Olso, Norway in 2011.


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PLANNING CHECKLIST

8VHWKHIROORZLQJOLVWDVDUHPLQGHURIWKHLPSRUWDQWWDVNV\RXUFRPSDQ\QHHGVWRFRPSOHWH Person Responsible Step 1-Organisation Agree on company goals Conduct interviews and select roles Complete an “Organisation Chart” Set up a school bank account Step 2-Market research Brainstorm ideas Evaluate product/service options Plan and conduct market research 'RZQORDGUHFRUGNHHSLQJVRIWZDUHIURP www.jai.ie Organise share sales; sell shares Step 3 - Select a product/service Present market research Choose product or service Complete “Sandwich Activity” Investigate product/pricing Select a company name Start work on the business plan Write your company’s “Product Service 'HVFULSWLRQ´ Write your company’s “Mission Statement” 'HVLJQ\RXUORJR Step 4-Operations Continue to work on business plan

Done

All All/Teacher HR )LQDQFH'LUHFWRU All 0DUNHWLQJ'LUHFWRU 0DUNHWLQJ'LUHFWRU )LQDQFH'LUHFWRU )LQDQFH'LUHFWRU 0DUNHWLQJ'LUHFWRU All All 6DOHV'LUHFWRU All All All 0DQDJLQJ'LUHFWRU$OO All 0DQDJLQJ'LUHFWRU$OO

Order materials Begin operations 8SGDWH¿QDQFLDOUHFRUGV Investigate and set up a website Step 5- Selling your product/service Sales training and sales kick off 'HVLJQDQDGYHUWLVHPHQWOHDÀHW Estimate projected sales 8SGDWH¿QDQFLDOUHFRUGV Step 6-Presentation Skills 'HYHORS\RXUSUHVHQWDWLRQVNLOOV 'HVLJQDVWDQGIRUDWUDGHIDLURSWLRQDO Calculate actual sales and review Complete report

3URGXFWLRQ'LUHFWRU All )LQDQFLDO'LUHFWRU 7HFKQRORJ\'LUHFWRU Sales Team Marketing Team Sales Team Finance Team All 0DUNHWLQJ'LUHFWRU Sales Team All


06/09/2011 14:37:24

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Assigning Roles

A JA company is no different to other companies. There are several job options for VWUXFWXULQJWKHFRPSDQ\DQGDYDULHW\RIMREVWR¿OO$WUDGLWLRQDO-$FRPSDQ\KDVDWHDPRI directors that provides leadership and monitors company progress. It also has employees to help produce and sell company products and services. 6WXG\WKHOLVWRI-$FRPSDQ\MREVDQGGHFLGHZKLFK\RXZRXOGOLNHWR¿OO &RPSOHWHWKHFDUHHULQWHUHVWLQYHQWRU\DQGDSSO\IRUDMREE\¿OOLQJLQWKHDSSOLFDWLRQIRUP on page 11.

Finance Director

Managing Director &Strong leadership and motivational skills &*RRGSODQQLQJDQGRUJDQLVDWLRQDOVNLOOV &*RRG¿QDQFLDOXQGHUVWDQGLQJ

&Excellent financial understanding &Trustworthy &Organised

9

9

Lead company meetings 0DNH¿QDOGHFLVLRQRQFRPSDQ\JRDOV

Secure start-up costs

Identify ‘Mission Statement’ Agree on pricing with directors Monitor company progress 5HVSRQVLEOHIRUUHYLHZLQJWKH¿QDO report

5HFRUGDOO¿QDQFLDOWUDQVDFWLRQV

Agree on pricing with directors Set up and monitor bank account )RUHFDVWFDVKÀRZDQGPDQDJHFDVK 3UHSDUHSUR¿WDQGORVVVWDWHPHQWDQG balance sheet

Sales Director

Marketing Director

&Excellent communicator &*RRGEXVLQHVVNQRZOHGJH &Excellent motivational skills

&Creative &Innovative thinker &Interest in consumers 9

9

'HYHORSPDUNHWUHVHDUFKTXHVWLRQQDLUH Carry out SWOT analysis

Estimate projected sales Monitor customer satisfaction

'H¿QHSURGXFWFKDUDFWHULVWLFV Identify markets 'HYHORSSURPRWLRQRIWKHSURGXFW Agree on sales forecast with sales director Responsible for completing the Market Research and Marketing Plan

Train sales team Calculate actual sales Responsible for completing the Sales and Marketing Plan


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Production Director

Technology Director

&Highly Organised &*RRGXQGHUVWDQGLQJRIFRVWV &Logical

&*RRGXQGHUVWDQGLQJRIWHFKQRORJ\ &Web design experience &&UHDWLYHÀDLU 9

9

Contribute to product/service development Balance production and demand Order materials, maintain stock and keep an up-to-date inventory. Complete Production/Service Implementation Plan 3URYLGHYLVXDOVIRUWKHUHSRUW3KRWRV HWF

Assess the IT facilities available at school Work with managing director to create a website Work with production director to allow customers to place orders Contribute to the Production/Service Implementation Plan

HR Manager

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&*RRGLQWHUSHUVRQDOVNLOOV &Excellent negotiation skills &Interviewing/counselling abilities

&Highly organised &Multi-tasker &*RRGFRPPXQLFDWLRQVNLOOV &Excellent administrator

9

9

With directors, decide on motivation and reward policy for employees 0DQDJHFRQÀLFWDQGGLVFLSOLQH

Write the minutes of meetings Complete Executive Summary Assist directors with all administrative tasks

Monitor safety Complete HR Manager Report


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CAREER INTEREST INVENTORY

Take an inventory of your interests. Tick the activities that interest you. This should help you decide on what role you would like to play in your JA company. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21.

Work on a farm or help save a rain forest Solve complicated maths problems Act in a film or play Study social groups in society Interview strangers for the TV news Learn about and study the economy Study “how-to” mechanics manuals Perform science lab experiments Manage an art gallery Conduct a religious service Bargain at a flea market Write up graphs or charts with statistics Build cabinets or furniture Study nature or trace the effects of pollution on the environment Write a film screenplay Lead a club or scout troop Buy merchandise for a store Work nine to five in a corporate office Operate heavy machines Play chess Work on an art or music magazine *HWLQYROYHGLQDFKDULW\RUFRPPXQLW\ organisation 'RIDVWSDFHGKLJKSUHVVXUHVDOHVZRUN 'HVLJQFRPSXWHUJDPHVDQGSURJUDPPHV

25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 37. 40. 43. 44. 45. 46. 47. 48.

Work outside in a national park Research a law case Play a musical instrument Work with babies or children Run for class office Work after school to save money Set up a stereo system Read science fiction Write a short story, play or novel Entertain at a party Work in a politician’s office .H\GRFXPHQWVLQWRFRPSXWHUV Build a jet aircraft model 8VHDQHOHFWURQLFPLFURVFRSHRUD high-tech medical instrument 'HVLJQDOLQHRIFORWKHV Read and discuss literature 'HEDWHSROLWLFDODQGVRFLDOLVVXHVRQ79 .HHSDFFXUDWHEXVLQHVVUHFRUGV Repair a car engine Identify constellations of stars Take pottery classes Work with senior citizens Sell products on commission Set up a budget for running a large company or government agency

Below, circle every number you check off. For example, if you checked “Work on a farm,” circle number 1. A.

1

7

13

19

25

31

37

43

B.

2

8

14

20

26

32

38

44

C.

3

9

15

21

27

33

39

45

'

4

10

16

22

28

34

40

46

E.

5

11

17

23

29

35

41

47

F.

6

12

18

24

30

36

42

48

Evaluate yourself - Next transfer your total for each line above to the proper spaces below: for example, if your total for line A is 4 items circled, write the number 4 in box A below.

$'2(56

&$57,676

((17(535,6(56

%,19(67,*$7256

'+(/3(56

)'(7$,/(56

In what two did you score the highest? Write their names in the blank spaces below, then go to the next page. ________________________________________________________________________________________ ________________________________________________________________________________________


06/09/2011 14:37:24


WHAT CAREER COULD BE FOR YOU? Read each statement and decide whether the activity is one you think you would like or dislike, even if you lack the skills to do the activity. This should help you decide which department in your JA company that you would like to work in. DOERS If you enjoy working with your hands, especially on projects that allow you to be physically DFWLYH\RXPD\EHDGRHU'RHUVDUHRIWHQFODVVLILHGDVEHLQJSUDFWLFDOVWDEOHVHOI controlled and independent. A doer might work well in the production department of your JA company. Career Possibilities

Landscape Architect Forester 'HQWDO7HFKQLFLDQ Electrician Athletic Trainer Carpenter/Plumber Engineer Licensed Practical Nurse

Air Traffic Controller Archaeologist *DUGD)LUHILJKWHU Mechanic Hairdresser Physical Therapist Chef/Caterer

INVESTIGATORS Investigators are observant and curious about things around them. Typically they are LQTXLVLWLYHDQGLQWHOOHFWXDOO\VHOIFRQILGHQWDVZHOODVTXLWHORJLFDO$QLQYHVWLJDWRUPLJKW work well in the technology department of your JA company. Career Possibilities

Medical Lab Assistant Pharmacist Nurse Biologist/Ecologist Surgeon 'HWHFWLYH Veterinarian 0HWHRURORJLVW

Computer Analyst Science Teacher Technical Writer/Reporter Paralegal Lawyer /LEUDULDQ Astronomer 'HQWLVW

ARTIST Artistic people value creative self-expression. Artists tend to be innovative, imaginative and unconventional. They love working freely. An artist might work well in either the production, marketing, or technology departments of your JA company. Career Possibilities

Artist 'UDPD&RDFK Music Teacher *UDSKLF'HVLJQHU :ULWHU5HSRUWHU Photographer

Architect 0XVLFLDQ Painter )ORULVW ,QWHULRU'HFRUDWRU Make up Artist


06/09/2011 14:37:24

^dWϭ͗KƌŐĂŶŝƐĂƟŽŶ HELPERS Helpers enjoy jobs that let them interact with people. This may include teaching new skills or helping with personal problems. A helper might work well in the human resources department of your JA company. Career Possibilities

Youth Services 7KHUDSLVW Counsellor/Social Worker Clergy Athletic Coach Claims Adjuster Parole Officer

Paramedic 1XUVH'LHWLWLDQ Childcare Worker Receptionist Waiter/Waitress Home Health Aid

ENTERPRISERS Enterprisers are most often self-confident, sociable and adventurous people. They enjoy making decisions, selling products, leading groups and debating politics. An enterpriser might work well in the sales and marketing or the human resources departments of your JA company. Career Possibilities

Banker 3URSHUW\'HYHORSHU Florist Lawyer TV/Radio Announcer Branch Manager Lobbyist Insurance Manager

Personnel Recruiter 2IILFH0DQDJHU Travel Agent Advertising Agent Advertising Executive Politician Business Manager

DETAILERS 'HWDLOHUVDUHFRQYHQWLRQDOSHRSOHZKRHQMR\FROOHFWLQJDQGRUJDQLVLQJLQIRUPDWLRQ7KH\ work well within a system and are efficient and practical. A detailer might work well in the finance department of your JA company. Career Possibilities

Accountant/Auditor Actuary Proof Reader Administrative Assistant &UHGLW0DQDJHU Estimator Reservations Agent Medical Lab Technologist

Cartographer Court Reporter Financial Analyst Tax Consultant ,QVXUDQFH8QGHUZULWHU Computer Operator Paralegal


06/09/2011 14:37:24

^dWϭ͗KƌŐĂŶŝƐĂƟŽŶ ,I\RXKDYHGHFLGHGRQDUROH¿OOLQWKHDSSOLFDWLRQIRUPEHORZDQGSUHSDUHIRU\RXU interview. Interview tips are provided on the Junior Achievement website at www.jai.ie. JA Company: _________________________________________________________________________________________________ 3RVLWLRQ'HVLUHG ____________________________________________________________________________________________ 'HSDUWPHQW'HVLUHG _______________________________________________________________________________________ Why do you think you deserve this job? _____________________________________________________________ ____________________________________________________________________________________________________________________ ______________________________________________________

______________________________________________________

SPECIAL SKILLS Computers:

Word Processing_______ Spread Sheets _____ Website

________________________

List clubs/societies you belong to:. ____________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________

List any special experience or skills you have for the job: ____________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________

EDUCATION INFORMATION List any courses that have prepared you for this position: ______________________________________________________

______________________________________________________

______________________________________________________

______________________________________________________

EMPLOYMENT HISTORY List employers and describe your duties and responsibilities. Current Employer: __________________________________________________________________________________________ 'XWLHV _______________________________________________________ Hours per week:___________________________ Previous Employer: _________________________________________________________________________________________ 'XWLHV _______________________________________________________ Hours per week: __________________________ REFERENCES Name: _______________________________________________________ Phone: ________________________________________


06/09/2011 14:37:24


What are your company goals? Before organising a business, it is important to set some goals for the company activity. List two goals for your company. below:

1.

Your JA Company goals might be to: OHDUQDQHZVNLOO PDNHDSHUFHQWDJHSUR¿WHJ PDNHDFRQWULEXWLRQWRDFKDULW\

2.

Tips for generating a new business idea Tick each approach off as you try it (Brainstorm ideas with friends.

9

(Talk to a variety of people of different ages and occupations. (Research the web for existing businesses and services. (5HDGUHOHYDQWWUDGHPDJD]LQHVRUGLUHFWRULHVHJ*ROGHQ3DJHV (Think about what annoys you or what you find hard to use - the solution could potentially be a business idea. (Look at your own strengths. Have you got a particular skill or talent?

QUICK TIP:

Carry a notebook with you to write down ideas as they occur.

#


06/09/2011 14:37:24


The Organisation Structure The JA Company HR Manager should complete an organisation chart for the report. It VKRXOGUHÀHFWWKHGHSDUWPHQWDOVWUXFWXUHRIWKHFRPSDQ\DQGWKHPDQDJHUVUHVSRQVLEOHIRU HDFKGHSDUWPHQWOLVWHG1DPHVRIVWDIIZLWKLQHDFKGHSDUWPHQWFDQDOVREHLQFOXGHG8VH the template below to guide you.

Managing Director

Production Director

Finance Director Finance Director

Marketing Director

Sales Director

Technology Director

Human Resources Director

6DIHW\2IÀFHU


06/09/2011 14:37:25

     STEP   2:   Market   Research

CreativeMinds :KDWDQQR\V\RXRUZKDWGR\RX¿QGKDUGWRXVH"0DQ\LQQRYDWLRQVDQGLQYHQWLRQVFRPHIURP problems. Finding the solution to a problem could potentially be a business idea. Below is an example: 7KHLQYHQWRURIWKHHDUPXIIZDV\HDUROG&KHVWHU*UHHQZRRG:KLOHWHVWLQJDQHZSDLURI LFHVNDWHVKHJUHZIUXVWUDWHGDWWU\LQJWRSURWHFWKLVHDUVIURPWKHFROG+HGHFLGHGWR¿[WKH problem by shaping two ear-shaped loops out of wire. He then asked his grandmother to sew fur on to each loop.

7U\DQVZHULQJWKHIROORZLQJTXHVWLRQVDQGZULWHGRZQDQ\LGHDV\RXKDYH (Can you think of any problems at school or at home that you could help solve? (If you could invent something to make your life easier what would you invent? (Have you seen anything really cool over the last few months?

#

'RHVDQ\RQHLQ\RXUFODVVKDYHDQ\VSHFLDOVNLOOVHJFRPSXWHUPXVLFDO ZRRGZRUNGHVLJQLQJVSRUWVHWF WKDWFRXOGEHXVHGDVWKHEDVLVIRUWKHEXVLQHVV"

# 14 Company Programme Student Workbook.indd 14

06/09/2011 14:37:25


SCAMPERing can help you generate ideas! You could be inspired by the idea of changing existing products or services. 8VHWKH6&$03(5DFURQ\PWRKHOS\RXGHFLGHKRZWRDGDSW\RXUH[LVWLQJSURGXFW

Questions to Ask

Example

Swop

Can you swop part of the Swop glasses for service/product for contact lenses something else to make DQLPSURYHPHQWHJ SHRSOHPDWHULDOVHWF

Combine

Can you add something A mobile phone was to an existing product to combined with a make it more appealing? camera and then an MP3 player.

Adapt

What idea can we alter or adapt?

The roll-on deodorant was an idea adapted from the ballpoint pen.

Modify

Can you make the product bigger, smaller or change the shape, colour etc. ?

Post-it Notes® come in different sizes, colours, shapes, and uses.

Change

How can you put the product to different or other uses?

You can use a spoon to open a jam jar.

Purpose Eliminate Rearrange

Your Ideas

What elements of the A low cost airline like product or service can be Ryanair has eliminated? eliminated many elements of its service. What can be rearranged 0F'RQDOGV in some way? rearranged its restaurant by getting customers to pay.

Check if your idea is original )RULQIRUPDWLRQRQ3DWHQWV7UDGH0DUNV'HVLJQVDQG&RS\ULJKWFKHFNRXWWKH ,ULVK3DWHQWV2I¿FH:HEVLWHDQG*RRJOH3DWHQWVIRUPRUHLQIRUPDWLRQ KWWSZZZSDWHQWVRI¿FHLHHQVWXGHQWDVS[ http://www.google.com/patents


06/09/2011 14:37:25

  STEP   2:   Market   Research

Need inspiration So what products/services have been successful in the past?

Beauty

Education

& Bags made from recycled magazines &Reversible toilet bag

&Information booklet on safety &*HUPDQYRFDEERRN

Accessories/Toys

Computer/Web Based

& Bottle tops for cans &Toys made from wood

&e-learning for musical instruments &Internet based radio station

Clothes

Service

&Hand made bracelets &´*ORYHVRI/RYH´IULHQGVFDQKROG

&Coaster with a taxi number &School photo service

KDQGVLQVLGHRQHJLDQWJORYH

Entertainment/Sports

Home

&Pillows with speakers &A sports journal

&Handmade wooden clock & Wine holder

#


06/09/2011 14:37:25


MARKET RESEARCH - SAMPLE QUESTIONNAIRE Product Sample - Customised Mobile Phone Covers

'R\RXRZQDPRELOHSKRQH" Yes

No

'R\RXKDYHDGHVLJQFRYHU" Yes

4.

Open-ended questions leave room for an opinion and not simply a ‘Yes’ or ‘No’ answer. E.g. ‘Would you pay for this product and if so why?’ Closed questions ask for a ‘Yes’ or ‘No’ answer. E.g. ‘Would you buy this product?’

'R\RXKDYHDSODLQFRYHU" Yes

No

No

Would you be interested in buying a customised design phone cover? Yes

No

5.

Which of these designs appeals to you most? tick as appropriate

6.

Please suggest a design idea that you would like to have on your cover: ______________________________________________________________ ______________________________________________________________

7.

How much would you be willing to pay for your cover? tick as appropriate €8

€10

€12

Check the website www.jai.ie IRUPRUH H[DPSOHV


06/09/2011 14:37:25

  STEP   2:   Market   Research

Market Research

Why should your company carry out market research? It is important to know whether there LVDGHPDQGIRUDSURGXFWVHUYLFH%\FDUU\LQJRXWDVXUYH\\RXFDQ¿QGRXWZKHWKHUSHRSOH would buy your product/service. It can also reveal how much people would be prepared to pay DQGZKDWXQLTXHIHDWXUHVWKH\PLJKWEHORRNLQJIRU5HDGWKURXJKWKHVWHSVDQGZULWHGRZQ your ideas.

1.

Who would be interested in buying your product? Who is your target market? How many people do you need to survey?

#

2.

#

'HVFULEH\RXUSODQIRUVXUYH\LQJWKHVH people. Possible strategies include:

Interviewing family and friends Surveying students in different classes Surveying people entering or leaving a supermarket

3.

'HYHORSDVKRUWRQHSDJHPDUNHWUHVHDUFKTXHVWLRQQDLUHZLWKILYHWRVL[TXHVWLRQV

Briefly describe your product and its features Ask whether people would buy the product. Ask how much they would be prepared to pay for it. Ask what colours, features would they like. Tips for writing your questionnaire $VNTXHVWLRQVWKDWFDQEH answered and interpreted easily.

#

3LORWWKHVXUYH\7HVWLWRXWRQ your friends to make sure the wording is clear. 3URYLGHRSWLRQVHJÀDYRXUV colours etc. $VNDWOHDVWSHRSOH

4. Analyse your Results 8VHYLVXDOVEDUJUDSKVSLHFKDUWV WRSUHVHQW\RXU¿QGLQJVWRWKHJURXS


06/09/2011 14:37:25


Evaluating your idea Now that you have an idea for product/ service, evaluate your idea by asking the following TXHVWLRQV

A SWOT analysis is a simple tool used to evaluate business ideas or products.

1. Is my idea practical? 2. Can it be made/completed easily? 3. Is it safe? 4. Will it cost too much to make or use? 5. Will it withstand use, or will it break easily? 6. Is my idea similar to something else? 7. Will people really use my product? 'RZHKDYHH[SHUWLVHVNLOOVWRPDNHWKHSURGXFW" 'RZHQHHGWRJHWSHUPLVVLRQIURPDQ\RQH" 10. Are there any problems we can’t ignore?

Strengths

Weaknesses

What are the strengths of your idea?

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#

Threats

Opportunities

Are there external factors that could make WKLQJVGLI¿FXOWIRU\RXULGHDWRJRDKHDG"

Are there any external factors that could help you?

#

Try and carry out a SWOT analysis for at least three ideas!


06/09/2011 14:37:25


Selling Shares Your company will need money to begin operations. Most new businesses get the capital they need from banks, friends or family members. However, most JA companies sell stock at €2 per share. This allows company members, friends, and relatives to share in the ownership and success of the company. JA share certificates are like common shares. They represent part ownership in the company and include voting privileges. When your company concludes its operations any profits will be distributed among the shareholders. Some JA companies use a combination of financing options. To establish ownership of the company, each member LVUHTXLUHGWRVHOODWOHDVWWZRVKDUHV

Procedures for Selling Shares Be prepared to provide the following information to potential investors.

You are selling shares in a Junior Achievement company. *LYH\RXUFRPSDQ\¶VQDPHDQGSURGXFWV RUVHUYLFHV Each share costs €2. Most people who invest in a JA company receive their €2 investment plus a GLYLGHQGZKHQWKHFRPSDQ\OLTXLGDWHVEXWDSURILWRUUHWXUQLVQRWJXDUDQWHHG When you sell a share, complete all the information on the share certificate and the shareholder information card. Complete accurate shareholder information card. Accurate shareholder information is extremely important. *LYHWKHFRPSOHWHGVKDUHFHUWLILFDWHWRWKHVKDUHKROGHU*LYHWKHVKDUHKROGHU LQIRUPDWLRQFDUGDQGPRQH\WRWKH)LQDQFH'LUHFWRU


06/09/2011 14:37:25

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What’s in a Name?

A name does more than identify your company. It tells customers who you are and what you GR