This year in innovatED we started a project called $20 boss. This project is where we get into groups of however many people and we each get $20 to start a business. You come up with a business idea/product and use the money provided to start up a business.
I was in a group with Katie, Kaiya, Sienna, Grace and Georgia which meant that we would receive $120 if we proceeded with the project. Our first 2 ideas were to 1 to do tie dye clothes such as crop tops, long t-shirts, socks, and sets. Our 2nd idea was to do Shrinky dink earrings and use recycled plastic to do it. We chose these two products because when we were doing research on popular social media platforms, one of the most prominent things that we saw on tik toc especially was tie dye items, which gave us the idea to start with tie dye.
We chose to do the tie dye idea because in our feedback that was the most liked option and people said that they would buy it. So we did some more research on what was the most popular clothing items that we offer but people kept changing their minds and said that they wanted different items like jumpers and buckets hats, but they would been hard to find plain white cheap jumpers have costs a lot to acquire the stock for what we needed to pay back our loan and interest.
ideas for tie dye
So half way through the lesson in wk 8 we decided as a team that we needed to come up with a new idea. we threw around a few ideas and kind of stuck to one but we weren’t too keen on it. We came up with pukka shell earrings. again we had no work with this idea and hadn’t come up with a pitch or figured out any of the pricing for the products that we would need. So the next week we decided that we weren’t going to continue with $20 boss.
I feel that we made the right decision because we were kind of just picking ideas that we would like and didn’t really think our what our target audience would want. Our biggest down fall was our communication with one another. We did have a big group and that probably wasn’t the best idea to have 6 people but we just didn’t communicate how we were feeling about our product and how we were gong to pay back our $126 ($1 interest rate and $20 loan) . We also didn’t think about how much of each product we would actually need and if we could afford to supply with that amount of stock.
All in all I feel that having a smaller group and doing more surveys and asking our target audience what they would like, would help tremendously if we were to be successful with this project and continue on with it.
