In the entrepreneurship exploration I and my friends are learning how to run a business. We had a plan to run a chilli sauce business. Our big goal in this exploration is to make a business plan that we can pitch to investors. Every day we would spend our time learning some vocabulary and concept about running a business. Some of the concept we learned are price segmentation which means to offer a similar product so you can make price level. Some words that I learn are fixed and variable cost, fixed cost means that it does not change based on how much you produce but variable cost does. In order to run a business takes a lot of work, so we had divided our groups into three small teams. The teams are marketing/advertising, recipe development and market research. I was in marketing/advertising. Every day my team have a quick meeting about what should we work on that is really helpful. Some of the works we’ve done are writing blog post, go round and let people taste our chilli sauce, and making an advertising video.
