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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, Profit, Consumers, Price, Productive
Resources. | 
