Restaurant Shark Tank Project

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  • Lesson Identification and TEKS Addressed

    Cluster : Hospitality and Tourism

    Course : Restaurant Management

  • TEKS Student Expectations

    • (1) The student gains academic knowledge and skills required to pursue the full range of career and postsecondary education opportunities within the restaurant industry. The student is expected to:
      • (A) organize oral and written information
      • (B) compose a variety of written documents such as agendas, menus, presentations and advertisements
      • (C) calculate correctly using numerical concepts such as percentages and estimations in practical situations
    • (3) The student solves problems using critical thinking, innovation, and creativity independently and in teams. The student is expected to:
      • (A) generate creative ideas to solve problems by brainstorming possible solutions
      • (C) use principles of budgeting and forecasting to maximize profit and growth
    • (4) The student uses information technology tools specific to restaurant management to access, manage, integrate, and create information. The student is expected to:
      • (C) prepare complex multimedia publications
    • (7) The student uses leadership and teamwork skills in collaborating with others to accomplish organizational goals and objectives. The student is expected to:
      • (A) apply team-building skills
      • (B) apply decision-making and problem-solving skills
    • (11) The student knows and understands the importance of employability skills. The student is expected to:
      • (H) explore entrepreneurship opportunities
  • Basic Direct Teach Lesson

    Instructional Objectives

    Students will:

    • calculate restaurant math word problems
    • create a product to promote to investors
    • design a multi-media publication to promote their product
    • identify how profits are calculated
  • Rationale

    Script:

    Do you have a restaurant concept or product you think will make millions? Can you figure the cost, revenue and profits for this item? Would you be able to afford the costs involved? Investors are always looking for ways to make more money and may be willing to invest in your concept/product. Let’s find out how we can calculate profits and design a multi-media publication to entice them to invest in your idea.

  • Duration of Lesson

    Five 45 minute class periods

  • Word Wall

    Budget: A guideline for spending money

    Demand: The total amount of a good or service consumers want to purchase at a given price

    Forecasting: Prediction or estimation of a future event for a given time period

    Profits: Money that is made in a business, through investing or selling a product after all the costs and expenses are paid

    Revenue: The actual money a company receives during a specific period including discounts and deductions for returned products

    Supply: The total amount of goods or services available for sale. For example, the number of rooms a hotel has available

  • Materials/Specialized Equipment Needed

    Equipment:

    • computer with projector for PowerPoint™ presentation
    • computers with Internet access (be sure to follow school district guidelines)

    Materials:

    • dark glasses (for investors)
    • calculators

    Supplies:

    • play money
    • samples of
      • balance sheets
      • budgets
      • forecasts
      • profit and loss statements

    • copies of handouts (see All Lesson Attachments tab)

  • Anticipatory Set

    Before class begins:

    Ask teachers, principals and office staff to be “investors” in this project. The investors may enter the classroom wearing dark glasses signifying importance and then remove them. They will listen to the student’s presentation and decide whether or not to invest in their project.

    Display as many items from the Materials or Specialized Equipment Needed tab as you have available on a
    table in front of the room so that students may view as they enter.

    If possible, show a short version of an appropriate Shark Tank video at the beginning of class so that students will understand what they will be doing in this lesson.

    Distribute the handout Anticipatory Guide: Restaurant Shark Tank Project (see All Lesson Attachments tab) to the students and instruct them to place a check mark by the statements they THINK are true.

    After the lesson, this handout will be revisited in the Lesson Closure section to check for knowledge of the lesson.

    Another lesson that may be combined with this lesson is:

  • Direct Instruction with Special Education Modifications/Accommodations

    Introduce lesson objectives, terms and definitions.

    Select and distribute a handout or graphic organizer from the Instructional Strategies drop down menu in Classroom Essentials or instruct students to take notes in their journal books or on their own paper.
    http://cte.sfasu.edu/wp-content/uploads/2015/05/Tablet-Graphic-Organizer.pdf
    http://cte.sfasu.edu/wp-content/uploads/2015/05/Categorizing-Notes.pdf

    Introduce the PowerPoint™ Restaurant Shark Tank Project (see All Lesson Attachments tab). Students will be expected to take notes while viewing the slide presentation. Allow time for classroom discussion.

    View YouTube™ video:

    • Recipe for Restaurant Profits: Restaurant Success Series from ICE and American Express
      Cutting corners is easy and fast, but could you end up leaving money on the table? Discover the number one thing you need to know to make money and be successful in the restaurant business. Plus, ICE’s experts will teach you why everything from the attire of your staff to the design of your flatware can boost or hinder sales.
      https://youtu.be/fEKyJyYbywM

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • check for understanding
    • provide a copy of slide presentation

  • Guided Practice with Special Education Modifications/Accommodations

    Calculators may be used for this activity.

    Distribute the handout Restaurant Math Calculations (see All Lesson Attachments tab) and ask a volunteer to work one problem on board explaining each step to the rest of the class.

    Continue doing the same with remaining problems or allow students to work independently.

    Instruct students to write four new math problems calculating profits to complete the assignment.

    Other math assessments available for this course includes:

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • provide a text based accessible version of online course
    • check for understanding

  • Independent Practice/Laboratory Experience with Special Education Modifications/Accommodations

    Divide the class into groups of three or four students.

    Read the following scenario:

    You and your team have a fabulous idea for a new restaurant concept/product but need investors to start your project. You have invited three people who have an interest in your product to view your presentation.

    Distribute the handout Restaurant Shark Tank Project (see All Lesson Attachments tab) and explain the details to the students.

    Distribute the graphic organizer Restaurant Concept/Product Plan (see All Lesson Attachments tab) so that students may organize their ideas.

    Distribute the Rubric for Restaurant Shark Tank Project (see All Lesson Attachments tab) so that students understand what is expected.

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • encourage creativity
    • praise participation

  • Lesson Closure

    Review terms, definitions and objectives.

    Re-distribute the handout Anticipation Guide: Restaurant Shark Tank Project from the Anticipatory Set.

    Allow students to re-read each statement and place a check mark by the statements they KNOW are true. They should also provide information that PROVES other statements are not true.

  • Summative/End of Lesson Assessment with Special Education Modifications/Accommodations

    Students will be assessed with appropriate rubric.

    Distribute the Certificate of Achievement (see All Lesson Attachments tab) to the team with the highest points.

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • providing guided participation
    • extra time for oral response
    • encourage participation

  • References/Resources

    Images:

    • Shutterstock™ images. Photos obtained with subscription.

    Textbook:

    • Leugers, M. (2014). Controlling costs in foodservice. Tinley Park, IL: Goodheart-Willcox.
    • Reynolds, J. S. & Chase, D. M. (2014). Hospitality services. (Tinley Park, IL: Goodheart-Willcox.

    YouTube™:

    • Recipe for Restaurant Profits: Restaurant Success Series from ICE and American Express
      Cutting corners is easy and fast, but could you end up leaving money on the table? Discover the number one thing you need to know to make money and be successful in the restaurant business. Plus, ICE’s experts will teach you why everything from the attire of your staff to the design of your flatware can boost or hinder sales.
      https://youtu.be/fEKyJyYbywM
  • Additional Required Components

    English Language Proficiency Standards (ELPS) Strategies

    • word wall
    • draw visual representations of terms on word wall
    • add terms and definitions to personal dictionary
  • College and Career Readiness Connection

    AchieveTexas Career Cluster Crosswalks

    The Career Cluster Crosswalks housed on the AchieveTexas website http://www.achievetexas.org/index.html provide Texas teachers with a direct connection between their CTE course TEKS and the College and Career Readiness Standards (CCRS). Language Arts, Mathematics, Science, Social Studies, and Cross-Disciplinary integration are the focus of the CCRS. These college and career readiness standards are essential in the planning and delivery of CTE lessons. The extent to which the integration occurs is determined by the methods and strategies utilized by each teacher.

    Career Cluster Crosswalks for Education and Training, Hospitality and Tourism, and Human Services Career Clusters can be found at:
    http://www.achievetexas.org/Career%20Cluster%20Crosswalks.htm

  • Recommended Strategies

    Reading Strategies

    Other articles pertaining to this lesson that students may read include:

    • The Average Profit Margin for a Restaurant
      People often open a restaurant thinking that all it takes for success is excellent cooking. They may ignore basic business principles to become part of the 60 percent who fail within three years or less. These principles include securing a good location at reasonable rates; hiring, training and motivating staff; and effective marketing. Ultimately, the key factor in success is maintaining an average-or-better profit margin year after year.
      http://smallbusiness.chron.com/average-profit-margin-restaurant-13477.html
    • What Is the Net-Profit Margin From a Restaurant?
      As an owner or operator of a restaurant, there are several key pieces of financial information that you will need to understand. Net-profit margin, and what directly affects this financial ratio, is probably most important. The net-profit margin directly correlates to how much money the restaurant receives and makes over the course of a period of time.
      http://smallbusiness.chron.com/netprofit-margin-restaurant-22680.html

    Reading Strategy
    Encourage students to “visualize” as they read. Many students are visual learners and will benefit from making sketches or diagrams on scrap paper as they read. Providing students with graphic organizers to help them organize their thoughts is also helpful.
    http://cte.sfasu.edu/rgroup/instructional-strategies/page/4/

  • Quotes

    Share your profits with all your associates, and treat them as partners. In turn, they will treat you as a partner, and together you will all perform beyond your wildest expectations.
    -Sam Walton

    In these times of the ‘Great Recession’, we shouldn’t be trying to shift the benefits of wealth behind some curtain. We should be celebrating and encouraging people to make as much money as they can. Profits equal tax money. While some people might find it distasteful to pay taxes, I don’t. I find it patriotic.
    -Mark Cuban

    A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.
    -Henry Ford

    When I became an entrepreneur, I had the knowledge to develop and manage budgets, market products and review legal contracts.
    -Vivek Wadhwa

    I look at my annual budgets for everything and anything, and I look to see where I can save the most money on those items. Saving 30% to 50% buying in bulk – replenishable items from toothpaste to soup, or whatever I use a lot of – is the best guaranteed return on investment you can get anywhere.
    -Mark Cuban

  • Multimedia/Visual Strategies

    PowerPoint™:

    • PPT Restaurant Shark Tank Project
    • Presentation Notes

    Technology:

    • TED Talk:
      • Paul Tudor Jones II: Why we need to rethink capitalism
        Paul Tudor Jones II loves capitalism. It’s a system that has done him very well over the last few decades. Nonetheless, the hedge fund manager and philanthropist is concerned that a laser focus on profits is, as he puts it, “threatening the very underpinnings of society.” In this thoughtful, passionate talk, he outlines his planned counter-offensive, which centers on the concept of “justness.”
        http://www.ted.com/talks/paul_tudor_jones_ii_why_we_need_to_rethink_capitalism

    Files for downloading:

  • Graphic Organizers/Handout

    Handouts:

    • Anticipation Guide: Restaurant Shark Tank Project
    • Anticipation Guide: Restaurant Shark Tank Project (Key)
    • Certificate of Achievement
    • Restaurant Math Calculations
    • Restaurant Math Calculations (Key)
    • Restaurant Shark Tank Project
    • Rubric for Restaurant Shark Tank Project

    Graphic Organizers:

    • Restaurant Concept/Product Plan

    Files for downloading:

  • Writing Strategies

    Journal Entries:

    • If I could appear on the Shark Tank television program and sell my product to an investor, I would want ________________ to invest in my product because …
    • My idea for a product that would produce profits is …
    • If I had millions of dollars to invest, I would invest in ____________ because …
    • A restaurant can generate a lot of money if managed well. I would …
    • Budgets are important because …

    Writing Strategy:

    • RAFT Writing Strategy:
      • Role – entrepreneur
      • Audience – shark tank television producer
      • Topic – opportunity to be on the show
      • Format – letter

    Write a letter to the producer of the shark tank television show asking for an opportunity to be on the show to secure an investor for your product.

  • Communication 90 Second Speech Topics

    • Three things I would need to do to be successful with my product are …
    • Business entrepreneurs are …
  • Other Essential Lesson Components

    Enrichment activity

    Students may work on a business plan for their project.

    Infographic:

    Infographics are graphic visual representations of information, data or knowledge intended to present complex information quickly and clearly.

    The infographic below is related to this lesson. Allow students to view the image on a projector and lead a discussion concerning the information provided.

    TED Talk:

    TED is a nonprofit organization devoted to spreading ideas, usually in the form of short, powerful talks (18 minutes or less).

    The video below is related to this lesson. Allow students to view the video and lead a discussion concerning the TED Talk.

    • Paul Tudor Jones II: Why we need to rethink capitalism
      Paul Tudor Jones II loves capitalism. It’s a system that has done him very well over the last few decades. Nonetheless, the hedge fund manager and philanthropist is concerned that a laser focus on profits is, as he puts it, “threatening the very underpinnings of society.” In this thoughtful, passionate talk, he outlines his planned counter-offensive, which centers on the concept of “justness.”
      http://www.ted.com/talks/paul_tudor_jones_ii_why_we_need_to_rethink_capitalism
  • Family/Community Connection

    Invite restaurant owners and family members that own restaurants to speak to the class about how they got started in the industry.

  • CTSO connection

    Family, Career and Community Leaders of America

    http://www.fcclainc.org

    • Applied Math for Culinary Management (updated 12/2/14)
      An individual or team event, recognizes participants who use Family and Consumer Sciences skills to demonstrate the application of mathematical concepts in the culinary arts industry.
    • Entrepreneurship
      An individual or team event – recognizes participants who develop a plan for a small business using Family and Consumer Sciences skills and sound business practices. The business must relate to an area of Family and Consumer Sciences education or related occupations.
    • Hospitality, Tourism and Recreation
      An individual or team event, recognizes participants who demonstrate their knowledge of the hospitality, tourism, and recreation industries and ability to translate their knowledge into a hypothetical or real business. Project must relate to culinary, lodging, recreation, tourism, or event coordination.

    SkillsUSA

    http://skillsusa.org/

    • Related Technical Math
      On a written test, contestants demonstrate skills required to solve mathematical problems commonly found in the skilled trades and professional and technical occupations. Skills demonstrated include addition, subtraction, multiplication and division of whole numbers, fractions and decimals; applied word problems; percentages; ratio proportions; averages; area; volume; metric measures and traditional (Imperial) measures and trigonometry.
  • Service Learning Projects

    Successful service learning project ideas originate from student concerns and needs. Allow students to brainstorm about service projects pertaining to this lesson.
    www.ysa.org

    Possible ideas:
    Students may plan a workshop at the local chamber of commerce assisting entrepreneurs in the community with a business plan, marketing and promoting their restaurant concept or product.

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