Business
Venture Simulation Report
Lemonade Stand:
Day 1:
Day 2:
Kiosk:
Day 1:
2
Day 2:
3
Extra Specifics:
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5
6
7
8
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10
11
12
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Questions:
Lemonade Stand:
1. Following your first day running the lemonade stand simulation, what was the most
important lesson you learned that you plan to apply when managing your GoVenture
Kiosk?
The most important lesson I learned about running a lemonade stand was that buying
not enough product is a bad idea. Once, I overestimated the effect weather would have
on people, and lost a lot of potential customers. When I manage my kiosk, I will make
sure to use the first few days for testing the amount of stock I need.
2. Explain how this lesson will help you make better business decisions in your Kiosk
simulated-venture.
This lesson will help me make better decisions by reminding me that I should always try
to overestimate the amount of customers I get each day. This way, I won’t lose any
customers because of no stock.
Kiosk:
Describe your venture:
My kiosk sold clothing. I put my business in the Waterfront because the people there liked
low prices and did not think that quality was that important. I realized this worked really
well with the product supplier Lowlow which sold at low prices but medium quality. This
would allow me to sell my products cheap to a demographic that preferred low prices.
Key Learnings:
Lesson 1:
I learned that I should not be setting the price of goods too low. I learned this when I found
that my profit was not increasing that fast. After hearing that an optimal gross profit margin
was around 50% and mine was never over 30%, which definitely meant I was doing
something wrong. I realized that I tried too much to get into a safe zone where customer
feedback almost always was happy about the pricing, even when just getting the customer
to buy should have been the goal, making the most money. In the future, I will try to make
my prices acceptable, but not that competitive. In my venture, I will ask people what they
would pay for our item.
Lesson 2:
I learned that serving customers fast is very important. Basically most of my lost customers
left because I did not have an employee to help me in the first 10 days, and my business
attracted more people in the later days like days 7 and 8. This made me very eager to get a
good employee since I lost so many customers because I could not serve them on my own.
In my future real life venture, I will set up a good plan that will be tested to see if we can
serve many customers at a time without overcrowding.
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Lesson 3:
I learned that marketing is something I need to improve on. In the performance report, it
showed my marketing skills to be 1.4/10, very bad. This is probably because I decided to
only use the marketing options on Friday and the weekend, which is when most customers
go out to the Waterfront. In the beginning, I was already struggling with serving customers
quickly, so I did not touch marketing for fear that more customers would come and clog the
system. However, after I got an employee to help, I still did not do marketing often, which is
my fault. Because of this, I was unable to make the most of my employee’s ability on
weekdays, and I did not reach as many customers since I did not have a lot of marketing. In
my future venture, I will try to do more marketing, as it would cost nothing in school, so it
would be dumb not to.
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