Friday, January 28, 2011

Business Plans!

We FINALLY wrapped up our economics unit in social studies this week. The boys final assessment was to develop a business plan to fulfill a scarcity they believed existed on Monhegan. They emailed the community to get feedback the scarcities they observed on Monhegan and used the information they gathered from the community to choose which business they would develop for their plan.

Dalton decided to develop a plan for a mechanic business! As Dalton said, "If you just look around the island and see all the run down and broken trucks you KNOW their is a need for my business."

Quinn chose to create a business called "Islander's Lounge" which is a place where people (not JUST islanders) could come and hang out after a "long day's work." He would have arcade games and big tv and serve "snack foods" such as onion rings and buffalo wings!

The boys had to figure out what factors of production they would need to open/run their businesses. They needed to write out where, how, and when they would create/purchase/market and distribute their goods and services.

They also wrote out a "costumer profile" of who they are trying to attract and how they will fill the needs of their intended costumer. Lastly they needed to compare their business to a similar business inshore and write out the overall trends of business like theirs in the State of Maine.

Finally they had to present all of their information about their business plan on a three panel display using colors and images that represent their business. Quinn had a very colorful, playful theme for his business which was fitting for a fun lounge where people go to have a good time.

Dalton's logo for his business "Covered in Grease" Mechanics.

The boys did a terrific job with their plans and it was pretty exciting to imagine creating your own business on Monhegan but also a good lesson of what it REALLY takes to run a business not only on our island, but anywhere.

This week we will be presenting our business plans to the other islands and vice-versa! We cannot wait to find out what the other island students dreamed up for their business plans!

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