(Project) MIYB Project 3 - Head of the Class

Two projects ago, we learned about "Concept" as a component of the business plan. By business "Concept," we understand the main idea or set of ideas that describe how a business will achieve its financial goals.

"Concept" is the secret ingredient for a business's success; it answers the very general questions of "How?" and "By doing what?" when it comes to a business attaining its goal.

Here's a metaphor that might help.

A business's goal is like a finish line in a race. It's the place you are trying to get to within a certain time, or before other people get there to win if you're competing against others. But how will you get there? Does your strategy involve racing along the inside track? Holding back until the last minute? And just as important, what will take you to that finish line? Your shoes? Your breakfast? Gasoline?

All of these things that get you there (strategies, energy sources, etc.) work like a business "Concept." It describes specifically not where you are going but how you plan on getting there.

Take the example of a restaurant that serves food in East Harlem. Its goals--like any other business--might be to make a certain amount of money by the end of the year, or to become a household name in the surrounding area within six months. These things are fine goals to have, but they do not count as the business's "Concept." The concept of the business might be to put the customer first, or to sell a certain food that puts them ahead of the competition. These could all be components of the business "Concept" because they are all ways that they are going to succeed in reaching their goals.

Today's Project
Today's project will require you to make presentations to a class of MicroSociety students about what a business "Concept" is and get them to start thinking about what things could qualify as business concepts for the businesses they are building.

You are to go to an assigned room at 4:30 and introduce yourselves to the students in your classroom. Tell them that you are here to introduce an idea that they might find very useful in making up their business plans for their sectors. Then, with permission, present briefly about what a business's "Concept" is and give them a short oral quiz after your presentation.

Your performance today will be determined by the average quiz score of your group. The two highest scoring groups will be awarded $30 FWB toward their clothing stipends.