"Biz Buzz: Student Shark Tank Showdown!"

5th Grade

Project
12 weeks

"Biz Buzz: Student Shark Tank Showdown!"

Kayla Cobb

NY-5.NF.6

NY-5.NBT.4

NY-5.NBT.5

NY-5.NBT.6

NY-5.NF.1

+ 8 more

Purpose

The purpose of this project is to immerse 5th-grade students in the world of entrepreneurship by guiding them through the process of creating and managing their own businesses. Through hands-on activities and real-world applications, students will develop critical financial literacy skills, understand market dynamics, and enhance their problem-solving abilities. By engaging with community partners and participating in events like a 'Shark Tank' style presentation and a 'Marketplace Expo,' students will gain confidence in presenting their ideas and applying mathematical concepts in meaningful ways, meeting standards such as solving real-world problems involving multiplication of fractions and mixed numbers, and understanding economic systems.

Learning goals

Students will develop entrepreneurial skills by creating and presenting business ideas that demonstrate their understanding of market needs and financial calculations. They will enhance their mathematical proficiency by solving real-world problems involving fractions, decimals, and multi-digit operations, aligning with standards such as NY-5.NF.6 and NY-5.NBT.5. Learners will cultivate critical thinking and collaboration skills through team-based management of the school store, applying inventory and sales strategies. They will also gain experience in effective communication and presentation techniques during interactive business fairs and pitch events, meeting competencies in critical thinking and problem-solving.

Standards

NY-5.NF.6 - Solve real world problems involving multiplication of fractions and mixed numbers.
NY-5.NBT.4 - Use place value understanding to round decimals to any place.
NY-5.NBT.5 - Fluently multiply multi-digit whole numbers using a standard algorithm.
NY-5.NBT.6 - Find whole-number quotients of whole numbers with up to four-digit dividends and two-digit divisors, using strategies based on place value, the properties of operations, and/or the relationship between multiplication and division. Illustrate and explain the calculation by using equations, rectangular arrays, and/or area models.
NY-5.NF.1 - Add and subtract fractions with unlike denominators (including mixed numbers) by replacing given fractions with equivalent fractions in such a way as to produce an equivalent sum or difference of fractions with like denominators.
NY-5.NF.2 - Solve word problems involving addition and subtraction of fractions referring to the same whole, including cases of unlike denominators. Use benchmark fractions and number sense of fractions to estimate mentally and assess the reasonableness of answers.
NY-5.NF.3 - Interpret a fraction as division of the numerator by the denominator (a/b = a ÷ b). Solve word problems involving division of whole numbers leading to answers in the form of fractions or mixed numbers.
NY-5.NF.4 - Apply and extend previous understandings of multiplication to multiply a fraction or whole number by a fraction.
5.2.b - Complex societies and civilizations adapted to and modified their environment to meet the needs of their people.
5.7.a - Different types of economic systems have developed across time and place within the Western Hemisphere. These economic systems, including traditional, market, and command, address the three economic questions: what will be produced, how it will be produced, and who will get what is produced?
5.7.b - Peoples of the Western Hemisphere have engaged in a variety of economic activities to meet their needs and wants.
5.7.c - Countries trade with other countries to meet economic needs and wants. They are interdependent.

Competencies

Think critically and solve complex problems. - Students identify data and information needed to solve a problem.

Products

Students will create a comprehensive business portfolio, including a detailed business plan, financial projections, and marketing materials, incorporating multiplication and division of fractions. They will design and produce promotional content, such as flyers and digital ads, using place value understanding to set competitive pricing. Additionally, learners will develop and manage inventory for their pop-up store events, creating and selling products or services to peers and community members, applying multi-digit multiplication and division skills.

Launch

Begin the project with a "Business Idea Launch Event," where students collaborate in small groups to brainstorm and present innovative business concepts. Invite a local entrepreneur to share their journey and insights on recognizing market needs, emphasizing the role of financial calculations in business success. Facilitate a market research activity where students survey peers and community members, collecting data to refine their business ideas and align them with real-world demands.

Exhibition

Students will present their entrepreneurial skills at a 'Marketplace Expo,' managing booths to sell products or services to parents, local businesses, and community members, demonstrating their understanding of economic systems and financial calculations. During a 'Business Pitch Night,' students will take the stage to present their business ideas, using multimedia and live demonstrations to highlight their market research and financial projections. Additionally, a 'Pop-Up Business Day' will allow students to operate temporary stores or service stations within the school, engaging with community members who will act as customers and provide authentic feedback on their business operations, showcasing their ability to solve real-world problems involving fractions and multi-digit calculations.

Week 1	Day 1	Day 2	Day 3
Activities	Business Idea Brainstorming: Students work in small groups to generate innovative business ideas, using creativity and collaboration to explore different concepts. Each group presents their top three ideas to the class for feedback.	Market Research Survey Creation: Students develop a survey aimed at peers and community members to gather data on potential business opportunities and consumer needs. They will draft questions that can help identify gaps in the market.	Keynote Inspiration Session: Host a session with a local entrepreneur who shares their journey and insights on identifying market needs. Students participate in a Q&A session to deepen their understanding of real-world entrepreneurship.
Deliverables	1. Drafted survey with questions finalized and ready for distribution to collect market research data from peers and community members.
Preparation	1. Contact and schedule a local entrepreneur to speak with the class about their business journey and market research importance. 2. Prepare materials for brainstorming sessions, including large paper sheets and markers for idea mapping. 3. Ensure access to digital tools for survey creation or prepare printed templates for students to use in developing their market research surveys.

Week 2	Day 1	Day 2	Day 3
Activities	Conduct Market Research: Students distribute their finalized surveys to peers and community members. They collect and analyze the data to identify trends and potential business opportunities. Students work in groups to compare findings and discuss how the data informs their business ideas.	Develop Initial Business Plans: Using insights from their market research, students begin drafting their business plans. They outline their business concept, target market, and initial financial projections, including start-up costs and potential revenue streams.	Financial Literacy Workshop: Students participate in a hands-on workshop where they learn to use multiplication and division of fractions and mixed numbers to calculate financial projections. They practice these skills by working through real-world scenarios relevant to their business plans.
Deliverables	1. Completed analysis of market research data, including a summary report highlighting key trends and insights. 2. First draft of the business plan, incorporating market research findings and initial financial projections.
Preparation	1. Arrange for the collection of completed surveys and prepare data analysis tools, such as spreadsheets or graph paper, to help students organize and interpret results. 2. Prepare a template or outline to guide students in drafting their business plans, ensuring it includes sections for market analysis and financial projections. 3. Design and facilitate a financial literacy workshop, including real-world examples that demonstrate the application of multiplication and division of fractions and mixed numbers in business contexts.

Week 3	Day 1	Day 2	Day 3
Activities	Business Plan Refinement: Students refine their initial business plans. They focus on clarifying their business concept, target market, and financial projections based on feedback and insights gained in previous weeks.	Shark Tank Preparation: Students begin preparing for the 'Shark Tank' style presentation by researching presentation skills and techniques. They work in their groups to create a compelling pitch that includes their business ideas, market research findings, and financial plans.	Mathematical Application Workshop: Host a workshop where students apply mathematical concepts to real-world business scenarios. They practice rounding decimals for pricing strategies and use multi-digit multiplication and division to calculate potential profits and costs effectively.
Deliverables	1. Refined business plan with detailed sections on business concept, market analysis, and updated financial projections. 2. Draft of the 'Shark Tank' presentation, including a script and visual aids or slides outlining the business idea and key financial calculations.
Preparation	1. Prepare feedback from Week 2's business plan drafts to guide students in refining their ideas. 2. Organize resources on effective presentation techniques and provide examples of successful pitches to inspire students. 3. Develop workshop materials that include practical exercises on rounding decimals and using multiplication and division in financial calculations, ensuring alignment with grade-level standards.

Week 4	Day 1	Day 2	Day 3
Activities	Team Collaboration and Role Assignment: Students will form business teams and assign roles based on their strengths and interests. They will discuss and finalize their business names and logos, ensuring these elements represent their business ideas and target market.	Financial Calculations Workshop: Students will engage in a workshop focused on using multiplication and division of fractions and mixed numbers to finalize their financial projections. They will calculate expected costs, revenue, and profits for their businesses.	Marketing Strategy Development: Students will create a marketing plan for their businesses. They will design promotional materials, such as flyers and digital content, considering place value understanding to set competitive pricing and round decimals appropriately.
Deliverables	1. Finalized business team roles, business name, and logo. 2. Detailed financial projections, including costs, revenue, and profit calculations using fractions and mixed numbers. 3. Comprehensive marketing plan with promotional materials and pricing strategies.
Preparation	1. Prepare materials for team collaboration, including role description templates and guidelines for creating business names and logos. 2. Organize a financial calculations workshop with examples that demonstrate multiplication and division of fractions and mixed numbers in business contexts. 3. Gather resources and examples of effective marketing strategies and promotional materials to inspire students in their marketing plan development.

Week 5	Day 1	Day 2	Day 3
Activities	Mock Shark Tank Presentations: Students conduct practice 'Shark Tank' presentations within their groups, using feedback to refine their pitches. Each group presents their business idea, market research, financial projections, and marketing strategy to peers.	Feedback and Revision Session: Students engage in peer feedback sessions, offering constructive criticism and suggestions for improvement on each other's business ideas and presentations. They then revise their business plans and presentations based on the feedback received.	Presentation Skills Workshop: Participate in a workshop focused on enhancing communication and presentation skills. Students practice public speaking, body language, and the use of visual aids to make their presentations engaging and persuasive.
Deliverables	1. Revised 'Shark Tank' presentation, incorporating peer feedback and polished visual aids. 2. Updated business plan with refinements based on peer feedback, ensuring clarity and coherence in the presentation.
Preparation	1. Arrange for a space where students can conduct mock presentations and receive feedback from peers. 2. Prepare guidelines for providing constructive feedback and ensure students understand how to give and receive feedback effectively. 3. Organize a presentation skills workshop, including resources and activities that focus on effective communication techniques and visual aid design.

Week 6	Day 1	Day 2	Day 3
Activities	Business Plan Finalization: Students will refine their comprehensive business plans, ensuring that all components, such as their business concept, financial projections, and marketing strategies, are cohesive and aligned with their business goals.	Shark Tank Presentation Rehearsal: Students will engage in practice sessions for their 'Shark Tank' presentations, focusing on clarity, confidence, and the effective use of visual aids. This will be done in front of small peer groups and teachers to gain constructive feedback.	School Store Simulation: Students will participate in a hands-on simulation of managing the school store. They will practice inventory management, sales calculations, and customer service, applying mathematical concepts and business strategies in a real-world context.
Deliverables	1. Finalized business plan, incorporating detailed financial projections and marketing strategies. 2. Rehearsed and refined 'Shark Tank' presentation, ready for the upcoming event with polished delivery and visual aids. 3. Reflection journal entry detailing insights and skills gained from the school store simulation, with a focus on the application of mathematical concepts and business management.
Preparation	1. Review and provide feedback on final drafts of student business plans to ensure all elements are thoroughly addressed. 2. Arrange a schedule for Shark Tank rehearsals, providing feedback and guidance on presentation skills and effectiveness of visual aids. 3. Set up a school store simulation environment, including necessary materials and resources for inventory management and sales transactions.

Week 7	Day 1	Day 2	Day 3
Activities	Shark Tank Presentation: Host the 'Shark Tank' event where students present their business ideas to a panel of entrepreneurs from a local business incubator. Students will showcase their business plans, financial projections, and marketing strategies, receiving constructive feedback and suggestions.	Reflection and Feedback Integration: After the 'Shark Tank' event, students will reflect on the feedback received. They will discuss as a team how they can incorporate this feedback into their business plans and make necessary adjustments to their strategies.	Market Strategy Enhancement: Students will refine their marketing strategies based on the feedback from the 'Shark Tank' presentation. They will update their promotional materials and adjust pricing strategies using place value understanding to ensure competitive pricing.
Deliverables	1. Completed 'Shark Tank' presentation, including business plan, financial projections, and marketing strategy, presented to the panel of local entrepreneurs. 2. Reflection report outlining the feedback received during the 'Shark Tank' event and proposed adjustments to the business plan and marketing strategies. 3. Revised promotional materials and updated pricing strategies, incorporating place value understanding for competitive pricing.
Preparation	1. Coordinate with local entrepreneurs to confirm their participation as panelists for the 'Shark Tank' event. 2. Prepare the presentation space with necessary audio-visual equipment for student presentations. 3. Organize reflection and feedback sessions, providing students with tools and templates to document feedback and proposed changes to their business plans.

Week 8	Day 1	Day 2	Day 3
Activities	School Store Operations: Students operate the school store, applying inventory management, sales calculations, and customer service skills. They will handle real transactions, using multi-digit multiplication and division to ensure accurate financial management.	Financial Reflection and Analysis: Students analyze the financial performance of their school store operations. They will calculate profits, losses, and identify trends using multiplication and division of fractions and mixed numbers.	Business Improvement Planning: Based on the financial analysis, students develop a plan to improve their business operations. They will brainstorm enhancements to marketing strategies, pricing, and customer engagement, refining their business plans accordingly.
Deliverables	1. Recorded sales data and financial performance report from the school store operations, including profit/loss statements. 2. Business improvement plan outlining strategies for enhancing operations, marketing, and customer engagement based on financial analysis.
Preparation	1. Ensure the school store is stocked with necessary inventory and set up for student management, providing tools for sales calculations and financial tracking. 2. Prepare analysis tools, such as spreadsheets or templates, to help students organize and interpret financial data from the store operations. 3. Organize a brainstorming session with materials for idea mapping to guide students in developing their business improvement plans.

Week 9	Day 1	Day 2	Day 3
Activities	Pop-Up Store Planning: Students plan and organize a pop-up store event to be held at the school. They will assign roles, decide on the products or services to offer, and develop a sales strategy.	Operational Simulation: Conduct a dry run of the pop-up store operations. Students will practice setting up their store, managing inventory, processing transactions, and providing customer service.	Financial Projection Analysis: Students will analyze projected versus actual financial outcomes from the operational simulation. They will use multiplication and division of fractions and mixed numbers to assess cost, revenue, and profit margins.
Deliverables	1. Detailed plan for the pop-up store event, including assigned roles, product/service offerings, and sales strategy. 2. Reflection report on the operational simulation, highlighting key learnings and areas for improvement. 3. Financial analysis report comparing projected and actual performance, with calculations of cost, revenue, and profit margins.
Preparation	1. Coordinate with school administration to schedule the pop-up store event and ensure logistical support. 2. Prepare materials and resources needed for the operational simulation, including mock currency, inventory items, and transaction tools. 3. Organize a financial analysis workshop with templates and examples to guide students in comparing projected and actual financial outcomes.

Week 10	Day 1	Day 2	Day 3
Activities	Marketing Materials Production: Students will produce final versions of their marketing materials, such as flyers, posters, and digital content. They will use their place value understanding to set competitive pricing and ensure all promotional materials align with their business identity.	Community Engagement Strategy: Students will develop a strategy for engaging the community during their pop-up store event. They will plan interactive elements, such as demonstrations or mini-workshops, to attract and engage customers.	Financial Literacy and Budgeting Workshop: Host a workshop focusing on budgeting and managing finances within their businesses. Students will practice calculating budgets using multiplication and division of fractions and mixed numbers, ensuring they stay within their financial limits for the pop-up store event.
Deliverables	1. Completed set of marketing materials that reflect the business identity and use place value understanding for pricing. 2. Community engagement strategy plan for the pop-up store event, including interactive elements and customer engagement tactics. 3. Budget plan for pop-up store operations, detailing costs and use of fractions and mixed numbers in financial management.
Preparation	1. Prepare materials and resources for the production of marketing materials, including access to design tools and printing capabilities. 2. Organize a brainstorming session for community engagement strategies, providing examples of successful customer engagement tactics. 3. Develop workshop materials that include practical exercises on budgeting and financial management using fractions and mixed numbers.

Week 11	Day 1	Day 2	Day 3
Activities	Pop-Up Store Event Execution: Students will set up and operate their pop-up stores at the school. They will manage all aspects of the store, including inventory, sales, and customer service, ensuring smooth operations.	Customer Feedback Collection: During the pop-up event, students will gather feedback from customers using a short survey or feedback form. This information will be used to evaluate customer satisfaction and identify areas for improvement.	Post-Event Reflection and Analysis: After the event, students will analyze the feedback and financial performance of their pop-up store. They will calculate total sales, profit margins, and reflect on the success of their marketing strategies and operations.
Deliverables	1. Completed pop-up store event, showcasing students' ability to manage a business operation in a real-world setting. 2. Collected customer feedback forms or surveys from the pop-up store event, providing insights into customer satisfaction and areas for improvement. 3. Financial performance report of the pop-up store, including sales data, profit calculations, and analysis of the event's success.
Preparation	1. Coordinate with school administration to ensure all logistical arrangements for the pop-up store event are in place, including space, tables, and any necessary permissions. 2. Prepare feedback forms or surveys for students to distribute during the pop-up store event, facilitating customer feedback collection. 3. Organize materials and resources needed for the pop-up store, such as inventory items, pricing labels, and transaction tools, to support students in executing their event.

Week 12	Day 1	Day 2	Day 3
Activities	Post-Event Analysis and Reflection: Students will analyze the feedback and financial performance reports from their pop-up stores. They will identify strengths and areas for improvement, calculating total sales and profit margins using their mathematical skills.	Business Portfolio Compilation: Students will compile all elements of their business project into a comprehensive portfolio. This includes their business plans, financial projections, marketing materials, and reflection pieces.	Marketplace Expo and Closing Ceremony: Host a 'Marketplace Expo' where students set up booths to showcase their businesses to parents, teachers, and community members. Students will present their business portfolios, engage visitors with interactive displays, and demonstrate the skills and knowledge they've acquired throughout the project.
Deliverables	1. Completed business portfolio, including all project elements such as business plan, financial projections, marketing materials, and reflective insights. 2. Presentation at the Marketplace Expo, showcasing their business idea and demonstrating their understanding of entrepreneurship and financial literacy.
Preparation	1. Prepare feedback tools and templates for students to analyze their pop-up store performance, focusing on mathematical calculations of sales and profits. 2. Coordinate the setup of the Marketplace Expo, ensuring space and resources are available for student booths and presentations. 3. Invite parents, teachers, and community members to participate as audience members in the Marketplace Expo, providing a real-world platform for students to present their work.