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LESSON: LOON LAKE FISHING
DERBY
Lesson Summary
Wally
recognizes a business opportunity when fishermen come to Loon Lake.
When the worm business creates chaos in the community, Wally quickly
takes another new idea and becomes a successful entrepreneur.
Concept: Entrepreneur
Definition: An entrepreneur is someone who takes
the risk to develop a new product or start a new business.
Comprehension Questions
What
idea did Wally use in the beginning of the story to create a successful
business?
Sell worms for the fishing derby.
Identify the problems created by so much
competition among the worm sellers.
The worm sellers got upset with
each other for taking worms from each other; digging for worms destroyed
all the flower gardens, vegetable garden, and lawns; the worm sellers ran
out of worms.
Explain
how Wally turned the problems into an opportunity to become a successful
entrepreneur.
He offered a prize - a slice of watermelon -
to the hot and tired fisherman for turning in worms.
Describe how Wally was able to get enough
watermelons.
The people in the town traded watermelons to Wally in
exchange for the worms to put back in their gardens.
How was
Wally rewarded for his great business idea for the community?
He
was awarded the prizes from the fishing derby for turning the Loon Lake
Fishing Derby into the World's First Worm Derby.
Other Concepts: Producers, Consumers, Market, Supply and
Demand, Natural Resources | 
