$10 Challenge

Background: Sometimes all you need to start a company is a challenge. In the $10 challenge, you will get into groups of 3-5 and turn as much profit as possible from $10.

Purpose: This workshop is designed to enhance students’ ability to come up with new ideas to generate revenue and turn a profit.

Steps:

1. Break up into groups of 3 - 5 people (Optional) Assign one of the members on each group to be a mentor
2. Give each group $10
3. Workshop Timeline: meeting to subsequent meeting. Set a time limit of 6-8 hours to conduct the activity.
4. Assign a location, preferably populated, for the workshop,
5. Allow each group to go and attempt the challenge any day before the next meeting.
6. During the challenge, each group should use no more than the $10 they received to make as much money they can in the assigned time limit.
7. At the subsequent meeting, each group will present what they did
8. The Presentation should consist of:
   • The idea and how they came up with it.
   • Profit goal and actual profit
     • Detailed explanation on the profit margins and why they chose the price they chose.
   • Difficulties the group faced and how they solved the problems together.
   • Means of communication and coordinating the activity
   • How your idea could be converted to a business

Supplemental Activities:

• Have groups talk about the flaws in their idea and how it could be improved.
• Have groups make a pitch on their idea to attract investors