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LESSON: BETTER THAN A LEMONADE
STAND
Lesson 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 | 
