Kid Entrepreneurship Guide.pdf - Melissa Darville

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Kid Entrepreneurship Guide By: Melissa Darville 1 I will give thanks to Thee, for I am fearfully and wonderfully made; Wonderful are thy works, and my soul knows it very well. Psalm 139:14 Write ten positive things about yourself. 1._________________________________________________ 2. ________________________________________________ 3. ________________________________________________ 4. ________________________________________________ 5. ________________________________________________ 6. ________________________________________________ 7. ________________________________________________ 8. ________________________________________________ 9. ________________________________________________ 10. _______________________________________________ 2 What is a logo? A logo is a pictorial representation of a company. The logo is designed so customers can easily and quickly recognize a business. When creating your own logo think of bold memorable shapes and designs that will make your business stand out. Choose a picture that you are sure encapsulates the feeling of your business. Vocabulary Pictorial- a picture representing a concept. Encapsulates- Gives the true feeling and meaning of something. Research Draw the company logo for each business named. Nike Pepsi Burger King Adidas McDonalds Pizza Hut 3 Think about your business idea. Draw a few designs for your logo. Tech Using a graphic app such as Canva, design a logo for your company. Cut and paste your logos below. 4 What is Entrepreneurship? Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit. • Inventor • New technology • Fusion cooking (merging several cultures) • Innovative twist to an old idea or product What is the difference between small business owners and entrepreneurs? Entrepreneurs take on high -growth, high risk innovations while small business owners oversee an established business with an established product and customer base. • Candy store • Ice cream shop • Grocery Store • Deli 5 For I know the plans I have for you declares the Lord, plans to prosper you and not to harm you, plans to give you hope and a future. Jeremiah 29:11 How 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 explore new things through reading, research and life experiences. You were born with a magical seed in your 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 something that you like to do without being asked or paid. Think of things that come easy to you that other people do not find easy. These are clues to your gifts. 6 How will people find out about my business? Darling Shine bright, Shine so bright that you cannot be ignored. Meet people, Help people. Volunteer your time. You must have an effervescent personality. Work on being a better person. The best person that you could be is the best person to run your business. Vocabulary Effervescent- fizzy, bubbly How to be relevant o Volunteer that you can o Join clubs. incorporate in your o Mentor younger kids business. o Tutor younger kids o Align yourself with o Develop your talent. similar businesses or o Take classes. complimentary o Read about your businesses. industry. o Have encourage and o Write essays and put yourself and your stories and publish business in the public them. eye. o Find a social entrepreneur theme 7 Marketing o So now you know what business you will create. o You have named your business. o You have created a logo. o You have created social media pages and an email account with your business name. o You have sourced your raw materials and you have practiced making your product. You are ready for marketing! Create several flyers and posts for your business. 1. Make a post introducing yourself and saying what you intend to do. 2. Make a post with your logo and stating your business product, hours, services, and prices. 3. Make a how-to post-post pictures of yourself making the product. 4. Customer satisfaction-post customer reviews and pictures of happy customers. 5. Make a list of all your family, 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 telephone calls to people you know letting them know about your new business. 7. Visit neighbors and neighboring stores with your flyer and product sample. Tell them about your business. 8. Always close your conversation with instructions on how to purchase when they are ready. 9. Enlist a willing adult, godmother, aunt cousin or parent who can guide you with making connections to possible clients. 8 Closing the Sale and Feedback Now comes the hard part! Producing and executing your business. 1. Make a record of your orders. Only accept the number of orders you can fulfill. (Unless you plan to engage in high-risk marketing techniques such as scarcity ) 2. Ensure that you have enough materials to make the orders. 3. Begin production with enough time to complete the orders. 4. Package each order and label. Presentation matters. 5. Arrange with the client how the product will be collected or delivered. 6. Keep record of your received funds. 7. Follow up with the customer and find out their opinion on the product or service. Plan accordingly. Error and failure are a part of growth and development. Embrace constructive criticism. Learn to tell the difference between constructive criticism and hurtful speech. (You will encounter it. Why? Because not everyone is kind) 9 Vocabulary Scarcity- This is a marketing technique to create a Fear of Missing Out frenzy regarding their product. Typically, in this technique sales are taken for the order or requests. On purpose only a portion of product is sold. The business states everything is sold out and there is a wait list. This waits list, makes buyers increase the value of the object mentally. This is an extremely dangerous technique because it can backfire and turn people away from doing business with you. Constructive Criticism- People will give you advice on how to improve your product or yourself or your business. They will give specific feedback and suggestions on how to improve and which areas could be done better. Hurtful Speech- This type of speech does not give suggestions on how you can improve but only says what was bad about the product or you also setting the tone that there is no hope in getting better. Avoid people who talk this way. It is a negative mindset and not healthy for people who are growing emotionally. 10 Keeping Records Keep a journal of your daily expenses and sales. At the end of each week subtract your sales from your total expenses. This is your profit. Practice 1. Tamika has an ice cream business. Monday, she bought cones $6.75. Tuesday, she bought a 3 gallons 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 chocolate, and 30 scoops of strawberry. Each scoop of ice cream was sold for $3.00. Total all of Tamika’s expenses: ___________________ Total all of Tamika’s sales: ________________________ Subtract the sales from the expenses. This is the profit. __________________ 11 Elasticity Each product has a price range that it can sell within. The lower the price the more it will sell. The higher the price, fewer will sell. Example: Nathan sold his cakes at $0.50 a slice. He sold 50 slices. The following week he sold cake slices for $1.50, he sold 30 slices. Last week Nathan sold a slice of cake for $3.00. He sold 10 slices. Elasticity is how high you can stretch a price and still get adequate sales. Look at the pricing of your product. Is your price too low or too high? If people are surprised at how low the price is, that is a signal-raise the price slightly. When pricing, first know your cost of sale. Vocabulary Cost of sale- Total amount it takes to create and sell your product. Revenue (Sales) Money earned - Cost of Sales = Gross Profit Example: $50 earned - $21 spent = $29 Gross Profit 12 Vocabulary An invention solves a problem. An innovation is the use of the invention for profit. Research and development- The money that is spent on improving your product. Blue Water business- Some business ideas are immensely popular. The market 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 more. They can be emotional. Executive- The organizer, disciplines and planner in the group. Innovator- the creative person, imaginative, original and independent. Expert- Very skilled and trustworthy What problem does your business solve? Think of common problems around you Solution 13 What is a social entrepreneur? A social entrepreneur is a person 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. Examples of social entrepreneurship are beach cleaning projects, reading programs or feeding the homeless. Set goals, plan events and a budget just as if it were a regular business. Ask for assistance from family and friends and the community to help bring your dreams to reality. We are 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 assist by 14 Inventor’s corner What will you invent? Draw a model. Explain how it works. _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ 15 Research Is there anything similar now to this? Name It is Similar because What supplies do you need to build a prototype? _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ 16 The Artist What can you create that people would pay for? _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ What supplies are needed? _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ How will your audience see your work? Virtual show Online store In person show In person pop up shop 17 List possible locations for your event. _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ Location Design How will you set up the event? Pitch Practice Your pitch is a short 60 second introduction of yourself and your business. Find a creative way to begin and sneak a personal story or detail into the conversation. Close with thanks. Be upbeat and enthusiastic. Use the example below to help you write your own creative pitch. Remember have a visual of your product ready to show or a sample to give. Example Hi, I am _________________ and I own ________________. It is a __________company. We specialize in ______________. (Insert a personal detail.) The cost to you is ________. What makes us different is _________ Would you like to purchase ____________ today? Thank you. Think of us the next time you ___________. 18