Science Fair Projects and the Business of Science
Science fair projects are just great to help get young students interested in science. Perhaps students will want to continue after science fair and think about becoming botanists, or environmental scientists or chemists or biologists. Regardless of which scientific discipline they follow, one area of importance is usually left of the curriculum in institutions of higher education.
And that is the business of science. If your children decide to go into business either for themselves or with a group of other technically trained scientists and engineers, chances are that none of them know much about the business of business.
In order for the new business to be successful, many different skills are required in addition to the technical skills learned in their science education. For one, they will have to learn how to write a business plan. This involves getting the entire blueprint of the business down on paper. It should include things like cash flow analysis. This very important phase of the new business should show just what the expenses will be, and just what the expected income is likely to be. It must include all general and administrative expenses like rent, utilities, capital equipment like computers, desks, chairs, machinery, and supplies. It must include cost of labor, marketing, legal and accounting services, and everything else from garbage removal to shoveling snow in the winter. It should be plotted on a time line, alongside expected revenues. This will show graphically how much operating capital will be necessary before the business turns profitable. New business people almost always underestimate the costs of doing business, underestimate how long it will take for positive cash flow, and overestimate income. All of this is great information for a science fair project on the subject of starting a new business.
The new business will need a marketing plan. This will include everything needed to help sell your products and services. It should include public relations, advertising, direct mail, internet advertising, product and corporate descriptive literature, trade shows, seminars, outdoor advertising, package design and almost everything else involved with trying to motivate people to buy your product. Make sure to include all of this if you are going to do a science fair project on this subject.
A group of experts have developed over 400 kid friendly science fair projects during the past 12 years and you can see them all at http://www.terimore.com