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LESSON: THE KID’S BUSINESS BOOK
Lesson Summary
This book is the complete kids' guide to starting a business. There are eight great case studies on Kids in Business. Useful pointers are given on starting a business, choosing the right type of business, costs, advertising, and staying in business.
Concept: Entrepreneur
Definition: An entrepreneur is someone who takes risks to develop a new product or start a new business.
Comprehension Questions
Why did the kids set up businesses?
Their main goal was to make profits through meeting the needs of the consumers.
In the case studies, why did the kids start particular businesses?
Scott knew joggers were thirsty and would buy lemonade. Meggie loved animals and knew people did not have enough time to care for their own, etc.
What are the important things you should consider when you plan to start a business of your own?
Successful entrepreneurs take time to plan their businesses before they start. You need to think about the business goals. Consider how much time you will be able to spend on your business and what you like to do and what you're good at. Would enough customers need what your business offers? How will you get the money to start the business? What price will you charge? How do others know that your business exists?
What are some risks that the kids faced in running their businesses?
Answers will vary. All the kids could never be sure people would buy their goods or services.
What are some of the productive resources needed to run the various businesses?
Answers will vary. Students can list the natural, human, and capital resources.
What is profit?
Profit is what is left after you subtract all your costs from your income.
What happens when an entrepreneur does not make a profit?
He eventually will go out of business.
Other Concepts: Goods and Services, Profits, Consumers, Prices, Productive Resources.
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