LTHS Students Take Part in 'Shark Tank' Project

Would you purchase a gadget that keeps your phone charger cord from breaking, or a product to help remove deodorant stains from clothing? What about an app that automatically notifies friends and family when your phone battery falls to 1 percent or maybe even an app that could help you decide what outfit to wear? All these ideas and more were presented by Lyons Township High School students to a panel of local businessmen and entrepreneurs.

Students in LT’s Introduction to Business classes recently pitched ideas for a variety of businesses — a project modeled after the popular television show Shark Tank. The project required students to work in pairs over approximately five weeks and develop a business plan based on a product or service of their own design. The students’ business plans included an executive summary, company description, objective for the business, a marketing plan and financial information. The project also had to detail the cost of goods, selling price, and estimated net income or net loss for the first quarter, as well as a partnership agreement.

The business plan project culminated when the students presented their plans to a panel of “sharks.” The students pitched their product information, showed the “sharks” their prototype and explained their marketing strategies and financial components. The “sharks” asked the partners questions and give them feedback on their presentation.

One of the shark judges, local entrepreneur and President of DWF Food and Paper Redistributors Mike Thiakos, said, “I was most impressed by the tremendous enthusiasm the students placed toward their presentations and how who much effort and professionalism was placed in their written business plans. I was ready to write a few checks and invest!”

Business teacher Greg Gerritsen said, “My hope is that the students were able to gain an understanding of how a business plan has such a large impact on the success of the company.”

Thiakos added, “This project forced the students to think independently, think big and to seek the knowledge on their own. My advice to the business students is: Always welcome risk in business, go and seek it but do your homework. Weight the downside risk vs. the upside potential and if your gut/intuition tells you this is the right move, take action and go for it!”

John Carolan, North Central Major Account Manager for Paloalto Networks, says, “This class absolutely prepares students for the real world, forcing them to think of an idea which either solves a problem or provides value to something challenging. The ability to work as a team, formulate ideas and present those ideas in front of your peers, provides people with a skill set which is transferrable to many aspects of life.”

Submitted by Lyons Township High School.

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Photo courtesy of LTHS