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Summary: Concept: Entrepreneur Definition: An entrepreneur is someone who takes risks to develop a new product or start a new business. Comprehension Questions: Describe what work Mabel did every day at the diner? (set the silverware on the tables and make coffee, bring customers their menus, serve food, fill sugar bowls and napkin holders, etc.) Does Mel's Diner provide a good or service? (This is tricky! Although customers purchase tangible food items, technically restaurants provide a service. The main idea is that customers are paying someone else to cook, serve, and clean up for them. The labor and capital resources represent a much larger part of the bill than the food itself.) Why were there so many customers at Mel's Diner? (They received good service and the food and atmosphere were great.) Do you think Mabel's parents made a profit at their diner? (Yes! The story indicates that Mel's Diner has been there a while and will continue to succeed. There were many customers. Also, the family could keep their human resource costs low since family members all pitched in to help.) Do all businesses make a profit? Why or why not? (No, many businesses do not make enough profit and must go out of business. The business may overestimate the consumer demand. Or, business costs might increase significantly. There are many factors that affect supply, demand, and therefore business profits.) In the future, what did Mabel and Rhonda dream about doing? (They wanted to be entrepreneurs and open their own diner.) What is an entrepreneur? (Someone who takes the risk to develop a new product or start a new business.) What were the
names that they considered for their diner? (Rhonda liked the
name "Eat Your Dinner Diner," while Mabel liked "Deedle,
Doodle Diner.")Why can the name of a business be important?
What good or service would you like to produce when you grow up? (Answers will vary.) Other Concepts: Goods and Services, Consumer
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