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I Can Be an Entrepreneur
Source: Council for Economic Education (EconEdLink) | Type: Lesson
Learners are given advice on how they can earn extra money by becoming an entrepreneur. After investigating several web pages that offer examples of what other people their age have done to earn money, students identify three money-making ideas for themselves such as: considering what they would enjoy doing, what they do well, what people are willing to buy, the need to set a price that will be profitable, and safety. In a follow-up activity, students are given tips on how they might advertise what they are selling. They prepare flyers to promote one of their ideas for earning money. For an introduction to earning and other ways people get money, the instructor may want to first use the lesson 'Money Doesn’t Grow on Trees.'
Grades:
Concepts:
- Accounting Loss
- Accounting Profit
- Advertising
- Business
- Costs
- Entrepreneur
- Entrepreneurship
- Goods
- Price
- Production
- Profit
- Risk
- Services
Standards:
- Economics 14: Profit and the Entrepreneur
Related Resources:
Reviews
The students were so excited to start their own company. We watched the Reading Rainbow video titled \"Lemonade for Sale\". You could also just read the book. The students took those ideas along with the slide show of ideas to come up with jobs they thought would be good for them. We learned the words \"revenue\", \"expenses\", and \"profit/loss\" by using the provided worksheets. Then they had to come up with 3 jobs and what they thought their projected revenue, expenses and profit would be. (This was difficult for them.) We created poster sized business cards and presented to the class sharing with them the 3 vocabulary words. Students became even more excited at the thought of carrying out their new entrepreneurship at home. If we had more time, I would have them create their businesses and build a mall within our classroom. Next year I could start the year with this, and it could be a learning opportunity throughout the year adding more lessons with economy.
Great idea! I can see using this with my 7th grade Family and Consumer Science class as an intro to our $ unit. Babysitting is the number job for most students in my class. This lesson may give them some other ideas on how to earn $.
Marla in VA
I have tried to have students get involved with various fund raisers, but I feel this unit would help them organize their ideas better. The lesson "Money doesn't grow on trees" would indeed be a great starting point. I would not worry about the advertising angle as much finding the right product based on our market and establishing the right price. This unit addresses those two issues well.
C.Scimone
This is a great lesson but would require several class periods. The resources for this lesson are wonderful especially the "Earning a Profit" handout. Students will get a clearer understanding of profits and losses and then start their own business with their main goal is to make a profit.
i would take this lesson a step further and have students become real entrepreneurs where they would either market a produce (they invented) or provide a service. This lesson is to help the students understand the full role of an enterpreneur. The student would see an opportunity for making money (invent a product), create a plan, finance the plan, market the business (sell to the students in the business department) then determine if they received a profit or a loss from their financial plan.
Introduction to unit July 14, 2010