My 20 dollar boss experience
What is Innovate Ed
Here in all saint’s college, we distribute our learning education through exploring through economics. Students were divided into groups as a symbol of a business organisation where we explored through twenty-dollar boss. Twenty-dollar boss is a mini replication of a market economy where students were provided with a twenty-dollar bill that can only be used in the business economy. Here in my group, we gave the name of Pillow image pals where we have produced images being transferred into the pillow, forming a glorious design from the outside. Our group has distributed our money uses through purchasing pillows, transferring paper and pillowcases to form 1 item that we want to sell. Furthermore, innovate ED has potentially taught us how to run a business organisation through our times in high school.
Strengths we have distributed
- We managed to design a shop that looks very engaging
- The idea of selling pillows really caught the attention of consumers
- Transferring the images to the pillow was a success that follows no mistakes
- As we discounted our pillows, Consumers were more satisfied with the new price than the original ( At the end, they were willing to purchase the product )
- We ended up making a small profit ( This is better than making 0 profit )
Weaknesses
- Communication among reaching members of our group
- Collaboration and organisation
- Thinking and planning
- Making little profit to be split
- Having a huge price that reaches 0 expectation to have an offer from our consumers
Improvements
- notifying each other to get up to date
- We should communicate more
- We should make tasks and instructions more simple to follow
- We should have members of the pillow image Pals to be more engaged in the innovate ed program
- We must think before we act ( e.g. discuss plans and designs for our shop )
What did I learn?
Here in the twenty dollar Boss, I personally learnt many things that gave me the opportunity to experience through a business economy. I have potentially learnt the aspects on how to run a business at the age of 14 through the aspects of developing and understanding through
- How to run a Business
- How to advertise and promote the idea of selling our products
- How distribute an appropriate price in order to reach a good amount of profit along with a good price that satisfies our consumers
- How to sell and how to negotiate with consumers
- How set prices through the change of supply and demand
- How to sell products through quantity and control ( acceptance of good quality products )(
- How to divide labour among our group
What are the capabilities I Learnt
The capabilities I learnt are very special to me for I could get the idea on how I could set up an early business
But the capabilities I learnt are
How to distribute knowledge and power through economics
How to set goals and aims to maximise income and profit
How to potentially advertise and sell to promote the name on behalf of Pillow image pals