Market Day Reflection

I felt as if was really running a business and that I had to be 100% committed to every decision we made. I was very involved in every part of this project. I was also very eager for market day to come to see if the product we spent months making would be a best seller come time. What made you discouraged? The only thing that tended to discourage me was when I found out three other groups were making a very similar product to ours and selling it at a lower price. This made me feel like our shirts were not going to sell and we would have failed. If you could assign a grade for this reject, what grade would you give?

1. Explain why you believe that grade would be fair. I think I would deserve an A because I was putting in all the work necessary to receive an A. Not only was I the president of the company, was involved in all of my team members jobs as well.
2. Financial Analysis of the Company – How many products did you sell? We sold all of our products (36 shirts). What was your sales revenue? Our total sales revenue was $453. What was the amount of your total expenses? Our total expenses added up to $392. Did your company make a profit or take a loss? How much? We made a profit Of $61. How did you personally invest in the company? I invested $1 00 into our company. How much money did you take home after market day? Took home $1 13 after market day. What was your personal profit or loss on your investment? I made $13 profit on my investment. Did your group meet their financial goal? Explain. We originally set a higher goal for our profit, but in the end we are just glad that we left market day with a profit at all.
3. Level of cooperation from Other Members of the Team – Discuss the amount of cooperation and involvement of other team members: My other team members split up all of the work very equally. One person stood out in my group though, and that was Taylor Casey. She was the one who volunteered to drive all the way to Tempe to pick up our product when it was finished. Was very surprised that in our group every member pulled her weight, and that’s why we were so successful.
4. Business Plan – How were sections of the business plan divided up among your team members? We divided up the business plan based on our areas of responsibility for the company, (the Vice President of Finances took Over all the sections having to do with our finances, etc. ). Which sections were you reasonably responsible for? Id a large variety of sections considering that I was the president, but one section specifically to name was the biographies. When you were writing your sections, did you refer to the business plan outline that was provided so that you would know what questions to answer? Yes I did constantly refer back to the business plan so that I wouldn’t leave any questions unanswered. Did you use your time in the computer lab wisely? Our group got all but two of our slides done in the time allotted in the computer lab, so yes we did use our time very wisely. What was the hardest art about writing the business plan? The hardest part about writing the business plan was making sure that we added every slide and answered all Of the necessary questions in a logical order.
5. Knowledge Gained From this Experience What did you learn about opening and running a business from this project? I learned a few key aspects about running a company and that was be careful who you choose as business partners and never wait until the last minute. For your business partners, I learned tattoo should choose someone who you know will consistently agree with you, and you will agree with them so that arguments never arise.