Business Project
For this project I had a to brainstorm and come up with a genius and futuristic product or business and I only have a month to do it . We were told that once we had our product finalized we had to make a prototype of what you product was or looked liked. So first we drew out our prototype and made drafts and had to change them over time. Then with that draft we went around to 50 people and pitched to them asking how much they would pay. Once we had the data we used it to get our averages for the cost. Then finally we had to pitch our product to a panel of venture capitalist to try to win for best product
Photo of Product
Product Proposal letter
Product Proposal
Andrew Maya
Do you like recycling? Do you like helping out the environment or do you want to see the landfills overflow and this world overflow with trash? I know for a fact I dont thats why I tried to find a way to recycle something and make this project enjoyable. So my product is called Pointy Pens you maybe be wondering well is it just a normal pen. Well its not its an old arrow shaft that will be cut down to five inches and it will keep on side of the arrow which is the fletchings and the arrow nock. After that is done the other side a pen cartridge will be inserted And now is a pen. My idea is really unique because I love doing archery but I didn't know a way to recycle anything or invent something for it. Then I remembered when I go to the ranges there is just piles of old arrows which are made out of carbon fiber . I thought to myself what if I took those old arrows cut them down and made little pens so we're not just wasting that carbon fiber. Carbon fiber can be reused to make make more carbon fiber but why do that when you can make something old then new again and people now are in love with the fact of recycling things and making them new again. At this point I don't know what I will be doing will all my profits for right now most of the profits will be going back into the company so we can produce more and get bigger as a company . Once we get are sustainable with profits I would like to give back to the ranges where I will be getting the recycled arrows from and donate things they need to maintain the grounds . Who I want to be selling to is really anyone that it interest I didn't want to make this just for archers I wanted people to just say hey that looks pretty cool I want one. My target audience is anyone it interest . My product cost .07$ to make and the reason it is so low to make is because it is all recycled except for the ink cartridge. So what i have done is went online and looked up how much a giant box ink is and found a box of around 60 pens for the cost of 4.00$ and to get the cost per pen we can make . I divide the cost of the pens by the amount that was in the box and got the cost per pen.
So first to get the optimal price you have to have to get the data so I wrote up my sales pitch and had a drawing of my product and went out into the world pitching to random people I choose my price increments to go by 2’s starting and 5 and ending at 17 . I surveyed 50 people and then I stopped there my data was very one sided the majority of people chose to pick the first and cheapest cost. After I collected all my data I had notice I had made a mistake but wasn't sure what it was . I was trying to get the quadratic regression for all my data to calculate how much is the optimum price to sell my products and my break even points . Once I had everything in and the equation right the parabola wasn't going the right direction and I was a little confused but then mona explained to me that the cost to make my product and the cost I was selling them at was a dramatic change so on the graph it was reading it a linear or a different type of form . But i modified the equation a little to see where my points where I know there not mathematically correct but I just wanted to see approximately where they were at. So to get the optimal price per pen I went on desmos and created a table that had the cost per product and the total profit. Once you had those all I had a scatter plot but that wasn't what I needed so I put in quadratic regression equation and what that did was gave me the quadratic of best fit so what that showed me was the optimum price and the 2 break even points . My optimum price was 7.50$ but looking at what the people who took my survey said they will probably be more likely to buy it if it is at a cheaper price and 28 out of the 50 said they would buy it for 5$ so I want to keep it at that price.
If I sell it at 5 dollars I will make a profit of 4.93$ so that is what I was hoping for and five dollars is such a convenient price I am pretty sure at least everyone has a five dollar bill on them so if I am walking around trying to sell and someone likes it all they have to do is hand me a five dollar bill and it is theres now. My total revenue for selling it at 5$ and selling it to 50 people will be 250$ with a profit of 246.70$. My projected sales a month is 50 pens a month and so what that means my projected sales for the first month will be 246.50$ and I got that by taking the total revenue of 50 sales and the cost and subtracted it to get the projected sales a month.
My vertex on my parabola of best fit was at 7.50$ and what that meant was looking at all the data I had selling it a 7.50 will maximize my profits and that is the price I should sell it at . My break even points started at .07 and the other one was at 15 . What this is saying is that say my business isn't doing too well and just to get the exact amount of money I put in to get back I have to sell my product at these prices and will not make any profit. I am asking for a loan of 75$ because i need a way to advertise and get the word out there and get the bare minimum supplies to start making my product. The bank should invest in me because I haven't seen a business or small company do this yet and it is a simple product that people will love and make a lot of money.
Andrew Maya
Do you like recycling? Do you like helping out the environment or do you want to see the landfills overflow and this world overflow with trash? I know for a fact I dont thats why I tried to find a way to recycle something and make this project enjoyable. So my product is called Pointy Pens you maybe be wondering well is it just a normal pen. Well its not its an old arrow shaft that will be cut down to five inches and it will keep on side of the arrow which is the fletchings and the arrow nock. After that is done the other side a pen cartridge will be inserted And now is a pen. My idea is really unique because I love doing archery but I didn't know a way to recycle anything or invent something for it. Then I remembered when I go to the ranges there is just piles of old arrows which are made out of carbon fiber . I thought to myself what if I took those old arrows cut them down and made little pens so we're not just wasting that carbon fiber. Carbon fiber can be reused to make make more carbon fiber but why do that when you can make something old then new again and people now are in love with the fact of recycling things and making them new again. At this point I don't know what I will be doing will all my profits for right now most of the profits will be going back into the company so we can produce more and get bigger as a company . Once we get are sustainable with profits I would like to give back to the ranges where I will be getting the recycled arrows from and donate things they need to maintain the grounds . Who I want to be selling to is really anyone that it interest I didn't want to make this just for archers I wanted people to just say hey that looks pretty cool I want one. My target audience is anyone it interest . My product cost .07$ to make and the reason it is so low to make is because it is all recycled except for the ink cartridge. So what i have done is went online and looked up how much a giant box ink is and found a box of around 60 pens for the cost of 4.00$ and to get the cost per pen we can make . I divide the cost of the pens by the amount that was in the box and got the cost per pen.
So first to get the optimal price you have to have to get the data so I wrote up my sales pitch and had a drawing of my product and went out into the world pitching to random people I choose my price increments to go by 2’s starting and 5 and ending at 17 . I surveyed 50 people and then I stopped there my data was very one sided the majority of people chose to pick the first and cheapest cost. After I collected all my data I had notice I had made a mistake but wasn't sure what it was . I was trying to get the quadratic regression for all my data to calculate how much is the optimum price to sell my products and my break even points . Once I had everything in and the equation right the parabola wasn't going the right direction and I was a little confused but then mona explained to me that the cost to make my product and the cost I was selling them at was a dramatic change so on the graph it was reading it a linear or a different type of form . But i modified the equation a little to see where my points where I know there not mathematically correct but I just wanted to see approximately where they were at. So to get the optimal price per pen I went on desmos and created a table that had the cost per product and the total profit. Once you had those all I had a scatter plot but that wasn't what I needed so I put in quadratic regression equation and what that did was gave me the quadratic of best fit so what that showed me was the optimum price and the 2 break even points . My optimum price was 7.50$ but looking at what the people who took my survey said they will probably be more likely to buy it if it is at a cheaper price and 28 out of the 50 said they would buy it for 5$ so I want to keep it at that price.
If I sell it at 5 dollars I will make a profit of 4.93$ so that is what I was hoping for and five dollars is such a convenient price I am pretty sure at least everyone has a five dollar bill on them so if I am walking around trying to sell and someone likes it all they have to do is hand me a five dollar bill and it is theres now. My total revenue for selling it at 5$ and selling it to 50 people will be 250$ with a profit of 246.70$. My projected sales a month is 50 pens a month and so what that means my projected sales for the first month will be 246.50$ and I got that by taking the total revenue of 50 sales and the cost and subtracted it to get the projected sales a month.
My vertex on my parabola of best fit was at 7.50$ and what that meant was looking at all the data I had selling it a 7.50 will maximize my profits and that is the price I should sell it at . My break even points started at .07 and the other one was at 15 . What this is saying is that say my business isn't doing too well and just to get the exact amount of money I put in to get back I have to sell my product at these prices and will not make any profit. I am asking for a loan of 75$ because i need a way to advertise and get the word out there and get the bare minimum supplies to start making my product. The bank should invest in me because I haven't seen a business or small company do this yet and it is a simple product that people will love and make a lot of money.