Last week, the Year 10 Business Studies students participated in “The Dragon’s Den” as a culmination of the Marketing unit that they have been studying as part of their IGCSE course.
The students were tasked in groups of three with creating a completely new business concept for a product or service and come up with a brand, price, pricing strategy, a place to sell it and a promotional strategy to create customer and brand awareness.
Once they had all this in place, they were required to work out their costs and come up with a realistic marketing budget to pay for it all. This was the amount that they would be asking the dragons for in return for a stake in their business.
The students created some brilliant business concepts and worked very hard to perfect their ideas and finish within their budgets. The business ideas ranged from pet feeding machines to golf simulators to glow in the dark restaurants and smoothie bars.
Now the final challenge awaited them. The 12 teams had to enter the Dragon’s Den on Friday 1st May to pitch their business ideas. This setting is modeled on the popular UK Television series in which budding entrepreneurs get three minutes to pitch their business ideas to five multi-millionaire “Dragons” willing to invest their own cash for a stake of the company in return.
The students were excited to know who the panel of dragons would be and were only told on the day of their presentation whom the mystery dragon was. The school was very honoured to have Mr. Christophe Jolivet who is the owner of the very successful restaurant chain “The Kitchen” in Thailand and previously in France join us on the panel.
His intricate knowledge of running restaurants and cafes was invaluable when passing on his advice to the teams who had decided to start a business in this area.
Also joining the panel was Ms. McKenzie, learning support teacher as well as Mr. Pearson and Mr. Turnbull who are our resident Business Studies teachers who were judging the teams based on 4 criteria:
1. Business Concept
2. Financial accuracy
3. Quality of presentation
4. The elevator pitch (being able to sell the idea in 30 seconds!)
The top 3 teams will be presented in an upcoming school assembly in the near future with their prizes.
Overall, all of the students were winners as they did a fantastic job and showed such creativity, confidence and business acumen. I would like to thank all of the Year 1 Business students for their hard work and Mr. Jolivet, Ms. McKenzie and Mr. Turnbull for being such great dragons.
Next year’s IGCSE Business students, be ready for the Dragons’ Den!
Report by Mr Pearson – Business Studies Teacher and Business Academy Director
For more information, contact Tim Pearson: [email protected]