What I Believe Quotes!

Forgiveness is God's Command

Everything negative--pressure, challenges, are all an opportunity for me to rise

Stand up for what you believe, in, even if you are standing alone.

Don't Give up because of what someone said.  Use it as motivation to Push Harder

Reminders for your business!

1.  Figure out if you need tables at your location.  Ask Mrs. Brake to set that up
2.  Don't forget change!  Bring at least $20 in change!  If you price your product at .25, .50, or .75, you only need to get quarters (not dimes, nickels, or pennies).   Plus, bring at least $10 in one-dollar bills
3.  Advertise the day before!  Customers forget about your business.  Your job is to remind them that it exists AND that they want your product!

Advertising Guidelines

Guidelines for Advertising around Campus:

•  Ads must be approved by teacher.  We check for spelling, grammar, etc...and make sure all the elements are on the Ad.
• Food sales Ads go up one week before event.  Workshop or Party event Ads need to be up 2 weeks in advance.  This is for your success. 
• NOTICE!  THIS IS NEW INFORMATIONS! Ads can only be placed on Middle School areas which are designated for Entrepreneurship (they say "Support your Spartan Entrepreneurs). There is one in front of the middle school office;  the other is near the faculty workroom.   You can create a monitor slide, which your teacher will forward to the correct people.
• Lower School: Stairwells and bulletin board in LS are fine, if you talk to the secretary first.  
• Only use sticky tack on painted walls.  On brick walls, you can use tape, since it leaves less of a mark.
• Lunchtime "commercials" are an option, but must receive prior approval from Dean Dokken (MS) or Mrs. Eubank (LS). You also must get permission from teacher if you are leaving a class to make the lunchtime announcement.  You cannot say, "Mrs. Brake says I need to..."  If they say no, then you cannot do it. 
• Advertisement poster or monitor slide must contain:

1. Name of Business
2. Logo
3. Slogan
4. WHAT the business is selling (the product or service)
5. Contact Information
6. Date and Time
7. Location
8. Cost
9. Must contain this phrase, for purposes of business office:      "This is an Entrepreneurship class business.  20% of the net profit will go to (fill in name of donation center you chose)"

5th and 6th grade TERMS TO KNOW!

­­­5^th & 6^TH  grade ENTREPRENEURSHIP TERMS TO KNOW!

Entrepreneurship: means developing, organizing, and managing a new business or enterprise. It also refers to "solving problems for profit"

Goods or Products:  a tangible item that you can see, touch, and sell to others

Service: work or labor performed for others in return for a fee

Start-up Costs: expenses or cash investments to start a business 

Income/Revenue:  the total amount of income earned prior to paying for expenses (and taxes)

 (Income – Expenses= Profit)

Net Profit: the income earned after all expenses are paid

  

Cost of goods: direct expenses to produce, manufacture, or purchase the products or services you sell to customers

Cost of Goods Per Unit:  the amount it costs to produce one item (for example, the cost to make one brownie...)

  

Target Market: Referring to consumers in the economy, a Target Market is the group of consumers you are aiming to sell your product or service to.  Your advertisement will reflect the type of customer you hope to entice.

Fixed Costs: Costs to a business that remain the same and are predictable. For example, rent or mortgage that has been signed by contract will remain the same.

Variable Costs: Costs to a business that can change on a regular basis (unpredictable.) For example, a lemonade stand might have to face the changed costs of lemons bases on how successful the lemon season was.

Manufacturer:   Makes the good or products

Wholesaler:  Buys products in large quantities from the manufacturer and sells to a retailer

Retailer:  Buys products in small quantities and sells them directly to individual consumers

Venture Capitalist:  An investor who either provides capital to startup businesses or supports small companies that wish to expand. Venture capitalist are willing to invest in such companies because they can earn a massive return on their investment (think "Shark Tank").

What goes on your Business Plan Powerpoint?

• Title slide--Business Name and Owners
• Slogan and Logo--how did you decide on these?  What do they represent? Show images
• Overview of the Business--How did you come up with the idea?  Was there a change of plan?
• Business Concept:  Goals and Objectives.  Be specific. Was your goal to make $25 net profit?  Was it to donate $50 to a specific good cause?
• Who was your Target Market?
• Market Research-- how did it impact decisions? (1 form for 5/6 grades, 2 forms for 7/8)
• Advertisement:  Show picture of advertisement.  Did you do a lunchtime announcement?  Where did you advertise? 
• Start-up Costs? What were they?  Where did you get the money?  Show exact amounts based on receipts or calculations
• Gross Profit and Net Profit.  Be specific.  What were your best sellers?
• Cost of Goods per unit (show the math)
• 7/8 ONLY:  Profit Margin (show the math)
• 7/8 ONLY:  How much would you pay in sales tax, if you were a real business? (Gross Profit x .075)
• Contract/ Division of Labor
• SWOT Analysis of your business (strengths, weaknesses, opportunities, threats)
• Where will you donate and why?
• What You Learned and would do differently
• 
  

Extra Notes:

PRACTICE SPEAKING AHEAD OF TIME.  DIVIDE THE SLIDES AMONG BUSINESS OWNERS.  WINNERS HAVE ALWAYS BEEN GOOD PRESENTERS.

• Your presentation will last five minutes.  Practice ahead of time, or you may be cut off.
• I don't care how many slides you use, but you need all this information in there.
• You will be speaking through the presentation.  You can use "key words" on your slides instead of typing up paragraphs.  This makes it easier for the viewer.

Get Ready to do Market Research!!

What Types of Market Research are there?  

          SURVEYS:  A set of questions designed to find out information about the Target Market's interest.  This helps the business owner make wise decisions about which products to sell  and how to market.  Surveys can be on paper, digitally sent (email), or even asked in person or over the phone.  

          FOCUS GROUPS:  A group of people are brought together to answer questions or to have a discussion, which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way

        

          PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions) are asked in person.  This is especially helpful in determining why a particular product is not doing well.  

OBSERVATION:   How do people really act?  What do they really want? Watching people's behavior tells you a lot!   Individual responses to surveys and focus groups are sometimes different than people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.  (for example, on surveys, parents say they want to buy healthy cereals.  But, in fact, data shows that more parents still buy the sugary cereals).

FIELD TRIALS:   SAMPLES!  Businesses can offer samples of their product to evaluate response.  Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)

BUSINESS PLAN POWERPOINT

• Title slide--Business Name and Owners
• Slogan and Logo--how did you decide on these?  What do they represent? Show images
• Overview of the Business--How did you come up with the idea?  Was there a change of plan?
• Business Concept:  Goals and Objectives.  Be specific. Was your goal to make $25 net profit?  Was it to donate $50 to a specific good cause?
• Who was your Target Market?
• Market Research-- how did it impact decisions? (1 form for 5/6 grades, 2 forms for 7/8)
• Advertisement:  Show picture of advertisement.  Did you do a lunchtime announcement?  Where did you advertise? 
• Start-up Costs? What were they?  Where did you get the money?  Show exact amounts based on receipts or calculations
• Gross Profit and Net Profit.  Be specific.  What were your best sellers?
• Cost of Goods per unit (show the math)
• 7/8 ONLY:  Profit Margin (show the math)
• 7/8 ONLY:  How much would you pay in sales tax, if you were a real business? (Gross Profit x .075)
• Contract/ Division of Labor
• SWOT Analysis of your business (strengths, weaknesses, opportunities, threats)
• Where will you donate and why?
• What You Learned and would do differently
• 
  

Extra Notes:

PRACTICE SPEAKING AHEAD OF TIME.  DIVIDE THE SLIDES AMONG BUSINESS OWNERS.  WINNERS HAVE ALWAYS BEEN GOOD PRESENTERS.

• Your presentation will last five minutes.  Practice ahead of time, or you may be cut off.
• I don't care how many slides you use, but you need all this information in there.
• You will be speaking through the presentation.  You can use "key words" on your slides instead of typing up paragraphs.  This makes it easier for the viewer.

ADVERTISING ON CAMPUS

Guidelines for Advertising around Campus:

•  Ads must be approved by teacher.  We check for spelling, grammar, etc...and make sure all the elements are on the Ad.
• Food sales Ads go up one week before event.  Workshop or Party event Ads need to be up 2 weeks in advance.  This is for your success. 
• Ads can only be placed on whiteboards in middle school.  Stairwells and bulletin board in LS are fine, if you talk to the secretary first.  You can create a monitor slide, which your teacher will forward to the correct people.
• Only use sticky tack on painted walls.  On brick walls, you can use tape, since it leaves less of a mark.
• Lunchtime "commercials" are an option, but must receive prior approval from Dean Dokken (MS) or Mrs. Eubank (LS). You also must get permission from teacher if you are leaving a class to make the lunchtime announcement.  You cannot say, "Mrs. Brake says I need to..."  If they say no, then you cannot do it. 
• Advertisement poster or monitor slide must contain:

1. Name of Business
2. Logo
3. Slogan
4. WHAT the business is selling (the product or service)
5. Contact Information
6. Date and Time
7. Location
8. Cost
9. Must contain this phrase, for purposes of business office:      "This is an Entrepreneurship class business.  10% of the net profit will go to (fill in name of donation center you chose)"

Five Types of Market Research

What Types of Market Research are there?  

          SURVEYS:  A set of questions designed to find out information about the Target Market's interest.  This helps the business owner make wise decisions about which products to sell  and how to market.  Surveys can be on paper, digitally sent (email), or even asked in person or over the phone.  

          FOCUS GROUPS:  A group of people are brought together to answer questions or to have a discussion, which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way

        

          PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions) are asked in person.  This is especially helpful in determining why a particular product is not doing well.  

OBSERVATION:   How do people really act?  What do they really want? Watching people's behavior tells you a lot!   Individual responses to surveys and focus groups are sometimes different than people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.  (for example, on surveys, parents say they want to buy healthy cereals.  But, in fact, data shows that more parents still buy the sugary cereals).

FIELD TRIALS:   SAMPLES!  Businesses can offer samples of their product to evaluate response.  Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)

What should be on your Business Plan?

• Title slide--Business Name and Owners
• Slogan and Logo--how did you decide on these?  What do they represent? Show images
• Overview of the Business--How did you come up with the idea?  Was there a change of plan?
• Business Concept:  Goals and Objectives.  Be specific. Was your goal to make $25 net profit?  Was it to donate $50 to a specific good cause?
• Who was your Target Market?
• Market Research-- how did it impact decisions? (1 form for 5/6 grades, 2 forms for 7/8)
• Advertisement:  Show picture of advertisement.  Did you do a lunchtime announcement?  Where did you advertise? 
• Start-up Costs? What were they?  Where did you get the money?  Show exact amounts based on receipts or calculations
• Gross Profit and Net Profit.  Be specific.  What were your best sellers?
• Cost of Goods per unit (show the math)
• 7/8 ONLY:  Profit Margin (show the math)
• 7/8 ONLY:  How much would you pay in sales tax, if you were a real business? (Gross Profit x .075)
• Contract/ Division of Labor
• SWOT Analysis of your business (strengths, weaknesses, opportunities, threats)
• Where will you donate and why?
• What You Learned and would do differently
• 
  

Extra Notes:

PRACTICE SPEAKING AHEAD OF TIME.  DIVIDE THE SLIDES AMONG BUSINESS OWNERS.  WINNERS HAVE ALWAYS BEEN GOOD PRESENTERS.

• Your presentation will last five minutes.  Practice ahead of time, or you may be cut off.
• I don't care how many slides you use, but you need all this information in there.
• You will be speaking through the presentation.  You can use "key words" on your slides instead of typing up paragraphs.  This makes it easier for the viewer.

Don't Forget These Things for Your Business!

• 1.  Advertisments should be up one week in advance to get full credit.  For an event (like sports or a fun party), advertisements should be up two weeks in advance.  This is for your own benefit, so you have more customers.  Check the blog for what should be on the advertisement.
  
  
  2.  Double-check the blog calendar to make sure your business is listed.  Also, make sure your products are listed under the description.  If it is not, I need to know ASAP!  
  
  
  3. Bring change for customers.  I recommend at least $20.  You will make it easier on yourself if you charge by $1 or $0.50  increments.  But the pricing is totally up to you. 
  
  
  4.  Do you need cups? Napkins? Utensils?  Prepare for that ahead of time.  
  
  
  5.  REMEMBER:  You will pay back any expenses.  If parents loaned you start-up money, you must pay them back.  Once you have your net profit, you will donate at least 10 percent.  Then divide the remaining net profit among business owners. 
  
  
  6.  If you need help, hire some friends!  Just make sure you negotiate a payment.  
  
  
  7.  Be sure to have a parent (or another adult) at the sale, to help organization and supervision.

  
  

  8.  Have a price list of your products displayed clearly, so customers see before getting to the table. 

  
  

  9.  You need to seek permission AHEAD OF TIME to get out of class early, to set up your tables.  If you are selling at lunch or after school, you need to ASK NOW if the teacher will let you out to set up on your sale date.  If they say NO, then you have to figure out another plan. 

CHECK AHEAD OF TIME ABOUT LEAVING CLASS EARLY.  TEACHERS DON'T NEED TO LET YOU OUT EARLY. 

STAY PROFESSIONAL!  NO YELLING AT CUSTOMERS OR RUNNING AROUND.  Thank your customers for their business. 

ADVERTISING

Guidelines for Advertising around Campus:

•  Ads must be approved by teacher.  We check for spelling, grammar, etc...and make sure all the elements are on the Ad.
• Food sales Ads go up one week before event.  Workshop or Party event Ads need to be up 2 weeks in advance.  This is for your success. 
• Ads can only be placed on whiteboards in middle school.  Stairwells and bulletin board in LS are fine, if you talk to the secretary first.  You can create a monitor slide, which your teacher will forward to the correct people.
• Lunchtime "commercials" are an option, but must receive prior approval from Dean Dokken (MS) or Mrs. Eubank (LS). You also must get permission from teacher if you are leaving a class to make the lunchtime announcement.  You cannot say, "Mrs. Brake says I need to..."  If they say no, then you cannot do it. 
• Advertisement poster or monitor slide must contain:

1. Name of Business
2. Logo
3. Slogan
4. WHAT the business is selling (the product or service)
5. Contact Information
6. Date and Time
7. Location
8. Cost
9. Must contain this phrase, for purposes of business office:      "This is an Entrepreneurship class business.  10% of the net profit will go to (fill in name of donation center you chose)"

E-Traits homework

E TRAITS!

Here is a list of the 10 most common characteristics of successful entrepreneurs.  Do you have some of these traits? Analyze yourself, then ask you friends and parents which of these apply to you. List three in the comment section below.

CONFIDENCE: belief in yourself and your abilities; self-confidence

PERSISTENCE:  to continue firmly in a plan or course of action; to last or endure

INTEGRITY: moral character;  honesty; consistently following rules of right behavior    

                              

CREATIVITY:  the ability to “think outside the box” and come up with original and imaginative ideas

ENTHUSIASM:  a lively interest that is applied to different activities;  excitement

DETERMINATION: making a strong decision and being purposeful about following through on it

RISK- TAKING: being able to take decisive action, even if the outcome is unknown.

INDEPENDENCE:  able to act on one’s own;  free from the control of others

ADAPTABILITY: able to adjust to new situations;  the ability to make changes to fit a new situation or set of problems

HARD WORKING- willing to put in the extra time and effort to make a project successful

What Types of Market Research Are there?

What Types of Market Research are there?  

          SURVEYS:  A set of questions designed to find out information about the Target Market's interest.  This helps the business owner make wise decisions about which products to sell  and how to market.  Surveys can be on paper, digitally sent (email), or even asked in person or over the phone.  

          FOCUS GROUPS:  A group of people are brought together to answer questions or to have a discussion, which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way

        

          PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions) are asked in person.  This is especially helpful in determining why a particular product is not doing well.  

OBSERVATION:   How do people really act?  What do they really want? Watching people's behavior tells you a lot!   Individual responses to surveys and focus groups are sometimes different than people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.  (for example, on surveys, parents say they want to buy healthy cereals.  But, in fact, data shows that more parents still buy the sugary cereals).

FIELD TRIALS:   SAMPLES!  Businesses can offer samples of their product to evaluate response.  Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)

What should be in your Business Plan Powerpoint?

• Title slide--Business Name and Owners
• Slogan and Logo--how did you decide on these?  What do they represent? Show images
• Overview of the Business--How did you come up with the idea?  Was there a change of plan?
• Business Concept:  Goals and Objectives.  Be specific. Was your goal to make $25 net profit?  Was it to donate $50 to a specific good cause?
• Who was your Target Market?
• Market Research-- how did it impact decisions? (1 form for 5/6 grades, 2 forms for 7/8)
• Advertisement:  Show picture of advertisement.  Did you do a lunchtime announcement?  Where did you advertise? 
• Start-up Costs? What were they?  Where did you get the money?  Show exact amounts based on receipts or calculations
• Gross Profit and Net Profit.  Be specific.  What were your best sellers?
• Cost of Goods per unit (show the math)
• Profit Margin (show the math)
• Contract/ Division of Labor
• SWOT Analysis of your business (strengths, weaknesses, opportunities, threats)
• Where will you donate and why?
• What You Learned and would do differently

Extra Notes:

PRACTICE SPEAKING AHEAD OF TIME.  DIVIDE THE SLIDES AMONG BUSINESS OWNERS.  WINNERS HAVE ALWAYS BEEN GOOD PRESENTERS.

• Your presentation will last five minutes.  Practice ahead of time, or you may be cut off.
• I don't care how many slides you use, but you need all this information in there.
• You will be speaking through the presentation.  You can use "key words" on your slides instead of typing up paragraphs.  This makes it easier for the viewer.

POSTER RULES IN HALLWAYS!

• Only two posters per hallway  
• Mrs. Dokken said brick or walls are fine as long as they are NEATLY PLACED. 
• USE STICKY TACK!  NO TAPE! If yours are up with tape, go pull them down and ask Mrs. Zuercher or me for some sticky tack 
• No posters on lockers or in bathrooms
• Remove posters immediately after your sale. 

IMPORTANT BUSINESS DETAILS TO KNOW!

1.  Advertisments should be up one week in advance to get full credit.  For an event (like sports or a fun party), advertisements should be up two weeks in advance.  This is for your own benefit, so you have more customers.  Check the blog for what should be on the advertisement.

2.  Double-check the blog calendar to make sure your business is listed.  Also, make sure your products are listed under the description.  If it is not, I need to know ASAP!  The reason is that I will be sending out a list of dates and products to all middle school students.  I don't want you to be left off the list!

3. Bring change for customers.  I recommend at least $20.  You will make it easier on yourself if you charge by $1 or $0.50  increments.  But the pricing is totally up to you. 

4.  Do you need cups? Napkins? Utensils?  Prepare for that ahead of time.  

5.  REMEMBER:  You will pay back any expenses.  If parents loaned you start-up money, you must pay them back.  Once you have your net profit, you will donate at least 10 percent.  Then divide the remaining profits among business owners. 

6.  If you need help, hire some friends!  Just make sure you negotiate a payment.  

7.  Be sure to have a parent (or another adult) at the sale, to help organization and supervision.

8.  Have a price list of your products displayed clearly, so customers see before getting to the table. 

9.  You need to seek permission AHEAD OF TIME to get out of class early, to set up your tables.  If you are selling at lunch or after school, you need to ASK NOW if the teacher will let you out to set up on your sale date.  If they say NO, then you have to figure out another plan. 

ADVERTISEMENT GUIDELINES

Guidelines for Advertising around Campus:

•  Ads must be approved by teacher.  We check for spelling, grammar, etc...and make sure all the elements are on the Ad.
• Food sales Ads go up one week before event.  Workshop or Party event Ads need to be up 2 weeks in advance.  This is for your success. 
• Ads can only be placed on whiteboards in middle school.  Stairwells and bulletin board in LS are fine, if you talk to the secretary first.  You can create a monitor slide, which your teacher will forward to the correct people.
• Lunchtime "commercials" are an option, but must receive prior approval from Dean Dokken (MS) or Mrs. Eubank (LS). You also must get permission from teacher if you are leaving a class to make the lunchtime announcement.  You cannot say, "Mrs. Brake says I need to..."  If they say no, then you cannot do it. 
• Advertisement poster or monitor slide must contain:

1. Name of Business
2. Logo
3. Slogan
4. WHAT the business is selling (the product or service)
5. Contact Information
6. Date and Time
7. Location
8. Cost
9. Must contain this phrase, for purposes of business office:      "This is an Entrepreneurship class business.  10% of the net profit will go to (fill in name of donation center you chose)"

5 Types of Market Research

What Types of Market Research are there?  

          SURVEYS:  Face-to-face, Email, Telephone, etc…  Businesses can offer samples of their product to evaluate response  (how could you do this with your business?)

          FOCUS GROUPS:  A group of people are brought together to ask questions or lead a discussion which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way

        

          PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions) .  While this doesn’t give a broad sense of a target market, it can raise issues like what was wrong with previous products in that category… 

OBSERVATION:  Individual responses to surveys and focus groups are sometimes at odds with people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.

FIELD TRIALS:   Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)

BELOW, COMMENT ABOUT WHICH FORM OF MARKET RESEARCH YOU COULD USE FOR YOUR BUSINESS IDEA...

What should be in your Business Plan?

1. Name of Business and Business Owners
2. Logo and Slogan (you will tell us how they developed)
3. Target Market
4. How the business idea developed
5. Mission, Goal and Objectives.  Be specific with your goal such as make a certain amount of money, or donate a certain amount of money, etc..
6. SWOT Analysis of your business  (look at Shark Tank worksheet for details)
7. How was the business organized?  (who did what?  What did you have to do beforehand?)
8. Market Research:  What type was it?  If it was a survey, show us some questions, and some answers.  Tell us how the research affected your business decisions
9. Profit Details:  Cost of Goods Total, Cost of Goods per unit
10 Profit Details:  Net Profit and Gross Profit
11.  If you had to pay sales tax on your gross profit--7.5%--how much would that be?
12.  10%:  if you saved 10% in a bank account, what would that amount be?
13.  What percentage of net profit are you donating?  To what organization?  Tell us about it and why you chose it.