Day 8
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Review
What was the name of the boy from yesterday?
What country is he from?
Complete this word ( M A R _ E _ _ N G )
Costs
Do you need some money to build a business and market to customers?
Yes, the money needed to start and run a business is called COSTS.
For example, it costs money for a farmer to sell carrots to customers.
– It costs money to buy the land to grow carrots.
– It costs money to buy the carrot seeds.
– It costs money to water the carrots.
– It costs money to pay people to harvest the carrots.
– It costs money to clean the carrots.
– It costs money to transport the carrots from the farm to a store.
What are some ways we can reduce business costs?
-Buy materials on sale or in bulk.
Response
Do you need money to start and run a business? Why?
What are some ways you can reduce business costs?
Build Instructions
On the next slide, you will be listing the costs of your business idea.
Write down all of your business costs.
For example, Dwight would write down the information below for his cost analysis.
Costs:
- 13 inch MacBook Pro – $1,299.00
- iPhone 14 Pro – $999.00
- T-Mobile Magenta Plan – $70.00/month
- Nissan Leaf Lease – $425.00/month
- Car Insurance – $99.00/month
- Electric Charging – $40.00/month
- Office Supplies (ex. notebook) – $15.00/month
- Business Cards – $9.99
- Social Media Advertising – $100.00/month
Marketing:
- Direct messaging and paid advertisements on social media platforms.
- Attend Meetup entrepreneurship events and hand out business cards.
Target Market:
- Age: Young Adults, Adults
- Location: Orange County, California
- Interests: Entrepreneurship; Technology; Innovation; Stock Market
- Lifestyle: Ambitious individuals who have a busy schedule which revolves around activities/tasks for their business. They take limited vacation time and frequently attend networking events.
Industry: Mentorship
Product / Service: Service
Values: In-Person, Flexibility
Description: My business idea is to provide mentoring to startups.
Please have your child write down all their answers on paper.
The purpose of this builder is to be a guide to their idea.
Business Builder
What are your business costs?
___________________________
Provide details on the costs you selected.
Pitch Instructions
Present your costs to the class.
Write down questions to ask your classmates.
Remember to be respectful during each pitch.
Some examples of costs include: (Multiple correct answers)
Marketing, Office Rent, Printing, Supplies
Why is it difficult if your costs include perishable foods?
If you don’t sell quickly, you will not be able to recover your costs since the food will spoil.
Can marketing include costs?
Yes, marketing include costs such as paying to print flyers.
Why does it help to have a business idea that requires minimal costs?
You have less financial risk since you don’t have to spend a lot of money to start the business.
Day 8 Homework
(Complete your homework assignment on paper)
What are the costs for your favorite business?
In a few sentences, explain how that business could reduce its costs.