Summary:
Business is " really nothing more than one person making life easier for another for a fee." Besides a lemonade stand, this book describes at least 51 ways to make money and have fun while you're at it. Choose the business that suits you best, from Babysitting Broker to Dog Walker. Business is a challenge and it involves risk. Enterprise can disappoint, dishearten, and discourage, but success makes it all worthwhile!

Concept: Entrepreneur

Definition: An entrepreneur is someone who takes risks to develop a new product or start a new business.

Comprehension Questions:

How do you choose the best business for you? (Consider your personal interests and which business idea really appeals to you.)

What are the key points that you should consider before you start a small business? (You need to consider start-up money, whether you want a business partner, consumer demand, how much time you have for the business (since you are still a student), the name for the business, pricing, advertising, organization of the business, billing your customers, etc.)

What are the three basic types of productive resources that you will need to run a business? (You will need natural, human, and capital resources.)

How do you know your business will succeed? (You don't! You will have to assume some risk - you can never be sure you will make a profit.)

What are some things that could cause your business to fail or be unprofitable? (Consumers may not buy enough, you may have unexpected costs, you may not get along with your business partner, etc.)

What is the opportunity cost of running a business while you are still a student? (Your opportunity cost is any other activity you have to give up because of the time it takes to run the business. For example, some students might have to give up their sports or music activities, etc.)

Pick one of the business ideas listed in the book that appeals to you most and make plans for how you would start such a business. You may want to work with a partner. (Answers will vary.)

Other Concepts: Productive Resources, Opportunity Cost

(From KidsEcon Posters©: www.kidseconposters.com)