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Entrepreneurial Journey Reflection

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Entrepreneurial Journey Reflection

Read the case study and use its details to reflect on the decisions, challenges and learning involved in starting a business. For personal reflection questions, the answer shown is one possible response; your own well-supported answer may differ.

Case study: Re-use Crew

Omar and Jay noticed that people at their local weekend market often carried groceries in disposable bags. They decided to test a small business selling reusable tote bags made from donated fabric. They started with a goal of selling 30 bags at a community market. Before buying supplies, they asked 20 likely customers what size and designs they preferred. Most wanted sturdy medium-sized bags and bright patterns. The pair made a small first batch, calculated their costs and set a price. Their first market day was windy, and their sign kept falling over. They moved the sign, explained the product to shoppers and sold fewer bags than hoped. After asking customers for feedback, they improved the handles and offered a simple custom-colour option. They kept records and reviewed what worked before deciding whether to make another batch.

Item

Amount

What it means

Bags sold

Units sold

Price per bag

$12

Revenue for each sale

Total costs

$126

Fabric, thread and market fee

Reflect on the journey

Use evidence from the case study and figures. Where a question asks for your own view, give a reason rather than trying to guess a single correct opinion.

1.Which action did Omar and Jay take to check whether there was a customer need before making their first batch?

They asked 20 likely customers about preferred sizes and designs.
They made a large batch and waited to see what happened.
They copied a competitor's product without asking anyone.
They spent all their money on advertising.

2.Calculate the first market day's revenue using the figures in the record. Show the calculation.

3.Work out the amount left after the listed total costs. Is this the same as revenue? Explain briefly.

4.The pair hoped to sell 30 bags. How many fewer than their goal did they sell, and what might they investigate before setting the next sales goal?

5.True or false? Because the pair sold fewer bags than their goal, the business made no revenue. Use the figures to support your answer.

TrueFalse

6.Complete the reflection: A challenge on the first market day was . The pair responded by .

7.Match each business action to its purpose.

Ask likely customers what they prefer
Record sales and costs
Improve handles after hearing feedback

Monitor financial performance
Market research
Respond to customer needs

8.Which entrepreneurial skill did Omar and Jay demonstrate when they changed the handles and introduced a custom-colour option after hearing from customers? Explain your choice.

9.If you were advising the pair, suggest one practical change for their next market day. Explain how it could help, and name one risk or cost to consider.

10.Reflect on your own learning: what is one lesson from Re-use Crew's journey that you could apply to a future project, and why?