The Business Project
Throughout this project each student needed to create a new service or invention that would benefit the future later on. We then had to create a prototype and final portfolio to represent our product during the Pitch Competition. Each presentation had to be 3-5 minutes long explaining what our product/service was and we had to explain what our projected sales and prices were. I learned that you actually need to do a lot of major planning if you were to start a business. You cant really know for sure if your business will launch, its the risk you are willing to take. I also learned that in life, having basic plans and set schedules go far in the long run because it will keep you from being disorganized and it makes everything a lot easier on yourself.
Dear Venture Capitalists,
I think we all know when in life, if you decided to have a child, the first few years are not easy. New parents, experienced parents, they all go through the same struggle of figuring out what their baby likes. Especially, when it comes to feeding time. Parents today, still continue struggling when it comes to figuring out which baby food flavors their child will like. They buy jars and jars of baby food just to hope to find out if their baby will like the flavor. When the baby does decide to spit out the food, the parents can't save the rest of the fully opened jar because you must serve it within twenty four hours once opened. By this, the parents end up wasting their money and food when the half eaten jar of food is thrown out.
With my product, Baby Pods, parents will be allowed to have their baby sample a variety of different flavors to see to the baby's liking. The flavors will essentially come in pod like form packages. Similar to packaged pills for medicine. There will be about sixteen 1oz pod spaces available on the package. Each pod will contain a different flavor consisted of pureed fruits and vegetables. On the back of the packaging, there will be a peel-off checklist with the names of the different flavors the pods hold. As the parents are sampling all of the flavors to their child, they will be able to mark “yay” or “nay” next to the flavor name. When the parents finish feeding the samples to their baby, they then can peel off the checklist the packaging has provided them to take to the store for reference. My product will help parents save money, and time. Food will not be thrown out anymore either.
While researching, I found that nothing like this has been created yet, so there is no similar competition to worry about. It would take about $3 to make each package. Since there is nothing like this out there to compare how much it would be to originally make, I am basing my estimation off of how much a jar of baby food is, $1.30/per jar. Along with how much baby food is being sold in different amounts, $2 for two 4 oz jars, $8 for ten 4 oz jars, and $12 for twelve 4 oz jars. I wanted to make sure to see all of the listed prices normal baby food is already being sold at. I also took into account how much the packages would be, there about $1 each.
After researching how much it would intentionally be to make my product, I then conducted a survey listing seven different prices my product would sell for in stores. The survey consisted of 50 people which was my sample size. I was also able to obtain the different regressions, such as linear and quadratic. When I received the information from the surveys I then first graphed by linear regression.
This regression shows you where the “line of best fit” is based on your information. To find out the “line of best fit”, I entered my seven different prices that my sample size were able to chose from on the x axis, and entered how many people were in my sample size (50) on the y axis. Desmos then showed me where the line of best fit was on my graph. The equation I used for the linear regression was “y1~ax1+b1”, and my final equation turned out to be, “y= -7.8x+81.6”.
As for the quadratic regression, this helped me discover what my optimum price was to sell my product for. This regression showed me my break even points and where they were placed, and my vertex. As I entered my seven different enlisted prices onto the x axis, my total profits with each price onto the y axis, and the quadratic equation, “y~1ax21+bx1” desmos then showed me where my “ideal” optimum price was onto the graph which was $5.54. My break even points where (0,0), and (11.085, 0). This tells me how much id lose and make. My vertex was 5.543, 94.674.
Based on both of my graphs, I then used that information to figure out how much I would make within my first month. My total revenue for the first month would be 10. My total cost I would sell it for would be $5.99. I then multiplied 10 by 5.99 which was 59.99, I rounded to 60 then subtracted that from my total cost which was 5.99. My total sales for the first month would be about $54.00. I would like to ask for about $200 to start off my business just to make a few samples to see if I could actually sell them. This may not be a lot but I definitely see my product in the future.
~ Gloriann Flemens
I think we all know when in life, if you decided to have a child, the first few years are not easy. New parents, experienced parents, they all go through the same struggle of figuring out what their baby likes. Especially, when it comes to feeding time. Parents today, still continue struggling when it comes to figuring out which baby food flavors their child will like. They buy jars and jars of baby food just to hope to find out if their baby will like the flavor. When the baby does decide to spit out the food, the parents can't save the rest of the fully opened jar because you must serve it within twenty four hours once opened. By this, the parents end up wasting their money and food when the half eaten jar of food is thrown out.
With my product, Baby Pods, parents will be allowed to have their baby sample a variety of different flavors to see to the baby's liking. The flavors will essentially come in pod like form packages. Similar to packaged pills for medicine. There will be about sixteen 1oz pod spaces available on the package. Each pod will contain a different flavor consisted of pureed fruits and vegetables. On the back of the packaging, there will be a peel-off checklist with the names of the different flavors the pods hold. As the parents are sampling all of the flavors to their child, they will be able to mark “yay” or “nay” next to the flavor name. When the parents finish feeding the samples to their baby, they then can peel off the checklist the packaging has provided them to take to the store for reference. My product will help parents save money, and time. Food will not be thrown out anymore either.
While researching, I found that nothing like this has been created yet, so there is no similar competition to worry about. It would take about $3 to make each package. Since there is nothing like this out there to compare how much it would be to originally make, I am basing my estimation off of how much a jar of baby food is, $1.30/per jar. Along with how much baby food is being sold in different amounts, $2 for two 4 oz jars, $8 for ten 4 oz jars, and $12 for twelve 4 oz jars. I wanted to make sure to see all of the listed prices normal baby food is already being sold at. I also took into account how much the packages would be, there about $1 each.
After researching how much it would intentionally be to make my product, I then conducted a survey listing seven different prices my product would sell for in stores. The survey consisted of 50 people which was my sample size. I was also able to obtain the different regressions, such as linear and quadratic. When I received the information from the surveys I then first graphed by linear regression.
This regression shows you where the “line of best fit” is based on your information. To find out the “line of best fit”, I entered my seven different prices that my sample size were able to chose from on the x axis, and entered how many people were in my sample size (50) on the y axis. Desmos then showed me where the line of best fit was on my graph. The equation I used for the linear regression was “y1~ax1+b1”, and my final equation turned out to be, “y= -7.8x+81.6”.
As for the quadratic regression, this helped me discover what my optimum price was to sell my product for. This regression showed me my break even points and where they were placed, and my vertex. As I entered my seven different enlisted prices onto the x axis, my total profits with each price onto the y axis, and the quadratic equation, “y~1ax21+bx1” desmos then showed me where my “ideal” optimum price was onto the graph which was $5.54. My break even points where (0,0), and (11.085, 0). This tells me how much id lose and make. My vertex was 5.543, 94.674.
Based on both of my graphs, I then used that information to figure out how much I would make within my first month. My total revenue for the first month would be 10. My total cost I would sell it for would be $5.99. I then multiplied 10 by 5.99 which was 59.99, I rounded to 60 then subtracted that from my total cost which was 5.99. My total sales for the first month would be about $54.00. I would like to ask for about $200 to start off my business just to make a few samples to see if I could actually sell them. This may not be a lot but I definitely see my product in the future.
~ Gloriann Flemens