We had over the course of a few weeks, made a business and sold our products last week at the Winter Market. We sold coasters at the market. I was working with a classmate named Bruce Chen for this assignment. We did this project because it is part of the course, but we did this assignment/project for the experience of running a business and marketing products to people. This will come in handy in the future if I do want to become an entrepreneur. And now we understand more information about being an entrepreneur and we sold quite well in the market, meaning that what we were doing and our strategies were fine.
The academic concept of math became apparent and also English, as we did have to have a writing portion of the assignment. We utilized it as we had to use math to calculate the costs and the revenue of our business and have the numbers handed in. During the sale, we realized that we had competition and they were selling for cheaper, and we had to market harder and sell it for even cheaper. Marketing our product harder like saying to our customers and showing them that our coasters were water-resistant. I would think this experience wasn’t too different from my initial expectations, as I’ve done something similar to this in elementary school. We also through our survey saw if people wanted to buy our product and it showed us that not everyone was interested in our product. Sure enough, not everyone bought our product.
I learnt that marketing skills are more important than having a good product. We learnt this by trying to outsell the other coaster company(s) and we ended up selling quite a lot because we used our marketing skills. This matters because in the future if I want to be an entrepreneur, I can use this experience to help myself do better in the real world, and it should be done in the future by understanding what worked for other groups and ut that information and use it myself.
Communication was used in the assignment as we needed to communicate with others (group project) and we also had to use our communication skills to sell our product to other people.
Creative Thinking was used when we were first thinking of what products we wanted to sell, and we had to use our creative thinking in new ways, creative ways in order to know how to sell and market our products to others.
