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Jade's Great Idea

    Jade had a great idea for a new product. It was a remote to help people find their lost stuff. She called it the Zapfinder. She was excited about starting a business, but there was a lot to learn.

    First Jade had to find out if people would buy her product by conducting market .  She also investigated if other companies were selling similar products.  These companies were her . When Jade discovered that people would be interested in buying her Zapfinder, she decided to open her business.

    Jade created a small picture, called a logo, to help identify her product. She wanted to protect the name Zapfinder, so she had it . She located a company that would make, or , her Zapfinders for a fair price. Jade needed advice about running her business, so she asked Ms. Stephens who is a .  Ms. Stephens told Jade what rules and regulations she must follow to pay taxes at the end of the year.

    To start her business, Jade needed Money, or .  She decided how much money to spend, or , to have the Zapfinders manufactured. Jade needed to sell her Zapfinders for more than she paid for them to earn a profit.  She kept track of other expenses, like phone bills, advertising, and distribution.  To determine what to charge, Jade calculated her expenses, including *manufacturing costs.

    Jade hoped that her customers would like the Zapfinders so much that new customers would learn about them through . When Jade sold out the first order of Zapfinders, the money she earned was called her .  After she subtracted her expenses from her gross profit, the money left was her .  Finally, Jade decided to grow her business.  It was time to call a business advisor/consultant again.

What is an Entrepreneur

“Some of the largest companies in America today started out as one person responding to an opportunity of an unmet need.”

An entrepreneur is someone who , , and takes the of a business venture.  Some entrepreneurs own small landscape services, while others own huge construction companies.  Their goal is to identify the of the marketplace and to meet those needs by supplying a or .

What are some reasons why you would want to become an Entrepreneurs?

Your Turn... Starting Your own Company

Think about different companies and what they sell. It might be a product, a service or both.  If you could start a company, what would you sell?  Use the following questions to help guide your decision.

Note:  Most people select a company based on things that they are good at or things they like to do.  For example, I like sports and computer so I might open a sports/tech store that would sell computer/tech gadgets that would assist athletes.

List 3 things that you are good at or you enjoy doing (ie. hobbies, interests, etc.)?

okay... select a company from your list and give it a name.  Remember you can not use a name already in existence for that product or service.

1a. What would be your business Name?  

1b.What would be unique or special about your company (could be a special product or service you offer or a way of selling your product. Or even a special way to promote your product)** Even if you are just selling clothing that you make your store unique.  Business is too competitive to just say I will have the lowest price around so think hard about a product you could invent or a new way of doing business that other companies have not thought of yet.  Maybe ask the question as if you were your own customer... what do you wish a clothing company would do to get your business?

2.  How would you describe the product or service you sell?

3.  Who will be your customers (girls, teens, adults (ages), etc...)?

4.  Why will people want your product or service?

5.  How is your product or service different from similar businesses that already exist?

6.  How much do you expect to charge (range of prices is okay) for one or more of your special products or services?

7.  How will you create a "buzz" about your product or service (special promotions, advertise... where, how)?

8.  What kinds of employee positions (cashier, sales person, etc... or businesses will you need to hire to start your business?

9.  What expenses, such as supplies, equipment, and transportation, will you have when you start-up your business?

10. What do you see as your biggest challenge in opening this new business?

You are now finished with our first activity.  It is time to start that business.  Push submit below to get started.