1 Kid Entreprene urship Guide By: Meliss a Darville 2 I will give thanks to Thee, for I am fearfully and wonderfully made; Wonderful are thy works, and my soul knows it very well. P salm 139:14 W rite ten positive things a bout yourself. 1._________________________________________________ 2. ________________________________________________ 3. ________________________________________________ 4. ____________________________ ____________________ 5. ________________________________________________ 6. ________________________________________________ 7. ________________________________________________ 8. ________________________________________________ 9. ________________________ ________________________ 10. _______________________________________________ 3 What is a logo? A logo is a pictorial representation of a company. The l ogo is designed so customers can easily and quickly recognize a business. When creating your own logo t hin k of bold memorable shapes and designs that will make your business stand out. Choose a p icture t hat you are sure encapsulates the feeling of your business. Vocabulary Pictorial - a picture representing a concept. Encap sulates - Gives the true feeling a nd me aning of something. Re search Draw the company logo for each bus iness name d. Nike Pepsi Burger King Adidas M c Donalds Pizza Hut 4 Think about your business idea. Draw a few designs for your logo. Tech Using a graphic app such as Canva , d esign a logo for your company. Cut and paste your logo s below. 5 What is Entrepreneurship ? Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit. • I nventor • N ew tec hnology • Fusion cooking (merging several cultures) • Innovative twist to an old idea or product What is the difference bet ween small bu siness owners and entrepreneurs? Entrepreneurs take on high - growth , high risk innovations while small bu siness owners oversee an establi shed business with an established product and customer base. • Candy store • Ice cre am shop • Grocery Store • De li 6 For I know the plans I have for you declares the Lord, plans to prospe r you and not to harm you, plans to give you hope and a fut ure. Jeremiah 29:11 H o w do I find the right business for me? Everyone is born with natural talents and unique interests. It is your job as a child to exp lore new things t hrou gh reading, research and life experiences. You were born with a magical seed in yo ur heart, this seed has the gifts that you will use to provide for yourself. Your gifts will align with the things that you enjoy. Think of so mething that you like to do without being asked or pa id. Thi nk of things that come easy to you that other people do not find easy. Th ese are clues to your gifts. 7 How will people find out about my business? Darling Shine b right, Shi ne so bright that you cannot be ignored. M eet people , H elp people. Volunteer you r time. You must have an effervescent personality. Work on being a better person. The best person that you could be is the best per son to run your business. V ocabulary E ffervescent - fizzy , bubbly How to be relevant o V olunteer o J oin clubs. o M entor younger kids o T utor younger kids o D evelop your talent. o T ake classes. o Read about your industry. o W rite essa ys and stories and publish them. o Find a social entrepreneur theme that you can incorporate in your business. o A lign yourself with similar businesses or complimentary businesses. o H av e encourage and put yourself and your bus iness in the public eye. 8 Marketing o So now you know what bu siness you will create o You have named your busi ness. o You have created a logo. o You have created social media pages and an email ac count with your bu siness name. o Y ou have sourced your raw materials and you have practiced making your product You are ready for marketing! Create several fl yers and posts f or your business 1. Make a post introducing yo ur self and saying what you intend to do. 2. Make a post with your logo and stating your bus iness prod uct, hours, services, and pr ices. 3. Make a how - to post - post pictures of yourself making the product. 4. Customer satis faction - post customer reviews and pictures of happy customers. 5. Make a list of all your f am ily , friends and neighbors , people you know. Use this list to begin sending information about your business. Ask them to share with their friends and family. 6. Make friendly te lephone calls to people you know letting them k now about your new business. 7. Visit neighbors and neighboring s tores with your flyer and produc t sample. Te ll them about your bu s iness. 8. Always close your conversation with instructions on how to purchase when they are ready. 9. E nlist a willing adult, godmother, aunt cousin or parent who can guide you with making con n ections to possible clients. 9 Cl osing the Sale and Feedback Now comes the hard part! Producing and exec uting your bu siness. 1. Make a record of your orders. Only accept the number of orders you can fulfill. ( Unless you plan to engage in high - risk mark eting technique s such as scarcity ) 2. Ensure that you have enough materials to make the orders. 3. Begin product ion with e nough time to complete the orders 4. Package each o rder and label. Presentation matte rs. 5. Arrange with the client how the product will be collected or delivered. 6. Keep record of your re ceived f un ds. 7. Follow up with the customer and find out their opinion on the product or service. Plan accordingly. Er ror and fail ure are a part of growth and development. Embrace constructive criticism. Learn to tell the di ffe rence between constructive criticism and hurtful speech ( Y ou will en counter it W hy ? B ecause not everyone is kind ) 10 Vocabulary Sc arcity - This is a marketing technique to create a Fear of Missing Out frenzy regarding their product. Typically, in this technique sales are ta ken for the order or requests. On purpose only a portion of product is sold. The business states everything is sold out and the re is a wait list. This waits list, makes buyers increase the value of the o bject mentally. This is an extremely dangerous technique because it can backfire and turn people awa y f ro m doing business with you. Const ructive Criticism - People will give you advice on how to imp rove your product or your self or your business . They will give speci fic f eedback and suggestions on how to imp rove and which areas could be done better. Hurtful Speech - This type of speech does not give suggestions on how you can improve but only say s what was bad about the product or you also setting the tone that the re is no hope in getting better. Avoid people w ho talk this way. It i s a ne gative mindset and not healthy for people who are growing emotionally 11 Keeping Records K eep a journal of your daily expenses and sales. At the end of each week subtract your sales from you r total expenses. Thi s is your pro fit. Practice 1. Tamika has a n ice cream business Monday, she bought cones $6.75. Tuesday, she bought a 3 gallon s of ice cream for $45. She also got napkins $5.25, Tablecloth $3.45. Ice cream scoop $15.00. Tamika sold 20 scoops of vanilla, 35 scoops of c ho colate, and 30 scoops of strawberry. Each sc oo p of ice cream was sold for $3.00. To tal all of Tamika ’ s expenses: _ __________________ Tot al all of Tamika ’ s sales: _ _______________________ Subtract the sales from the expenses. This is the profit. __________________ 12 Elasticity Each product ha s a price range that it can sell within Th e lower the price the more it will sell. The higher the price , f ewer will sell. Example: Nathan sold his cakes at $0. 50 a slice. He sold 50 slices. The following week he sold ca ke slices for $1.50, he sold 30 slices. Last week Natha n sold a slice of ca ke for $3.00. He sold 10 slices. Elasticity is how high you can stretch a price and still get adequate sales. Look at the pric ing of your product. Is your price too low or too high? If people ar e surpri sed at how low the price is, that is a signal - raise the price slightly. When pricing , first know your cost of sale V ocabulary Cost of sale - Total amount it takes to create and sell your product. Revenue ( Sales ) Money earned - Cost of Sales = Gros s Pr ofit E xample: $ 5 0 earned - $21 spent = $29 Gross Profit 13 Vocab ulary An invention solves a pro blem. An innovation is the use of the invention for pro fit. Research and development - The money that is spent o n improving your product. Blue Water business - Some bu siness ideas are immensely popular . The mar ket is saturated - full. Find a business that few people are doing or where you are the innovator. What is your work personality? Driver - The driver is ambitious , energetic and pushes others to do m ore. They can be emotional Executive - The organiz er, disciplines and planner in the group. Innovator - the creative person , imaginative , original and independent. Expert - Very skilled and trustworthy What problem d oes your business sol ve? Think of common problems ar ound you S olution 14 Wha t is a social entrepreneur? A social entrepreneur is a per son who sees a problem in the world or community and finds a solution to it or a way to help . This person is not doing this for profit Exa mples of social entrepr eneurship are beach cleaning projects, reading programs or fe e ding the homeless Set goals, plan events and a budget just as if it were a regular business Ask for assistance from family and f riends and the community to help bring your dreams to reality We ar e all pieces of the same puzzle. If one piece is missing , the puzzle can never be complete. We complete our happiness by investing in others and creating happiness for them. Let us build a society of whole, healthy, sound people. Pains in my community I can assi st by 15 Invento r’s cor ner W hat will you invent? Draw a model. Explain how it work s. _____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ _ ____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ 16 Research I s there anything similar now to this ? Name It is S imilar because What supplie s do you need to bui ld a prototype? _____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ _ ____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ 17 The Artist W hat can you create that people would pay for? _____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ What s upplies are needed? _____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ H ow will your audience see your work? V irtual show O nline store I n person show I n p erson pop up shop 18 Li st possible locations for you r event. _____________________________________________ ________________ _____________________________________________________________ _____________________________________________________________ Location Design How will you set up the event? Pitch P ractic e Your pitch is a short 60 second in tro d uction of yourself and you r business. Find a creative way to begin and sne ak a personal st ory or d etail into the c onversation. Close with thanks. B e upbeat and enth usiastic. U s e the example below to help you w rite your own creative pitch. Remember have a visual of your produ ct ready to show o r a sample to give. E xample Hi , I a m _________________ and I own ________________. It is a __________company. We specialize in ______________. ( I nsert a personal de t ail ) The cost to you is _ _______ . W hat makes us different is _________ Would you like to purchase ____________ today? Thank you . T h in k of us the next time you ___________