Day 10
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Review
What was the name of the man and woman from yesterday?
What country are they from?
Complete this word ( P R _ C I N _ )
Calculate Profit
Remember the lemonade stand example?
It costs $5.00 to make 5 cups of lemonade.
= $5.00
What if you charge more than $1.00 a cup for lemonade?
Let’s say you sold the cup for $1.50.
What do you call the extra $0.50 that you make on each cup after you have covered your $1.00 in costs?
The extra money is called PROFIT.
All entrepreneurs strive to make a profit. With the money from profit, entrepreneurs can choose to save it for future business costs and/or keep some of it for themselves.
Response
What is profit?
Build Instructions
![](https://files.cdn.thinkific.com/file_uploads/49067/images/19d/ea1/d20/creativity.png)
On the next slide, you will be completing your profit goals.
For example, Dwight would write down the information below for his profit goals.
Profit:
- How much profit do you want to make each time you sell your product or service?
$75 (desired profit per product or service)
- How much profit would you like to make from your business each year?
$75,000 (desired yearly profit)
- How many products or services do you need to sell each year to make your yearly profit?
(desired yearly profit) / (desired profit per product or service) = 1,000 (# sold per year)
- How many products or services do you need to sell each month to make your yearly profit?
(# sold per year) / 12 (months in a year) = 83.3 (# sold per month)
- How many products or services do you need to sell each week to make your yearly profit?
(# sold per year) / 52 (weeks in a year)= 20.75 (# sold per week)
Price:
- $200.00 for 2 / 1 hr mentoring sessions a month.
- $350.00 for 4 / 1 hr mentoring sessions a month
- $400.00 for 6 / 1 hr mentoring sessions a month.
Pricing Strategy:
- Receive $100.00 if you refer a friend and they sign up.
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
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![](https://files.cdn.thinkific.com/file_uploads/49067/images/f7b/71c/379/teacher_%281%29.png)
Pitch Instructions
Present your profit to the class.
Write down questions to ask your classmates.
Remember to be respectful during each pitch.
$165.49 – Computer Price
$104.00 – Computer Costs
How much profit will be made?
$61.49
$1,365.49 – Painting Price
$304.00 – Painting Costs
How much profit will be made?
$1,061.49
$7,250,000.00 – Home Price
$5,000,000.00 – Home Costs
How much profit will be made?
$2,250,000.00
You don’t want to set your price below your cost per product or service because you will lose money. (True or False)
6,000 candles / month
You sell hats at a price of $25.00.
It costs you $7.50 to make each hat.
If you want to make $3,000.00 in profit each month, how many hats do you need to sell?
400 hats / month
![](https://files.cdn.thinkific.com/file_uploads/49067/images/6ab/e28/e50/assignment.jpg)
Day 10 Homework
(Complete your homework assignment on paper)
Calculate the following profit exercises.
Example:
$19 price
|
– $15 cost
|
$4.00 PROFIT
|
x 10 # sold
|
$40 TOTAL PROFIT
|
$21 price
|
– $11 cost
|
PROFIT ?
|
x 30 # sold
|
TOTAL PROFIT ?
|
$33 price
|
– $12 cost
|
PROFIT ?
|
x 90 # sold
|
TOTAL PROFIT ?
|
$ 9 price
|
– $ 1 cost
|
PROFIT ?
|
x 51 # sold
|
TOTAL PROFIT ?
|
$ 22 price
|
– $ 11 cost
|
PROFIT ?
|
x 55 # sold
|
TOTAL PROFIT ?
|
$ 59 price
|
– $ 59 cost
|
PROFIT ?
|
x 99 # sold
|
TOTAL PROFIT ?
|
$ 41 price
|
– $ 40 cost
|
PROFIT ?
|
x 20 # sold
|
TOTAL PROFIT ?
|
$ 84 price
|
– $ 77 cost
|
PROFIT ?
|
x 25 # sold
|
TOTAL PROFIT ?
|
$ 75 price
|
– $ 44 cost
|
PROFIT ?
|
x 67 # sold
|
TOTAL PROFIT ?
|
$ 31 price
|
– $ 29 cost
|
PROFIT ?
|
x 100 # sold
|
TOTAL PROFIT ?
|
$ 99 price
|
– $ 80 cost
|
PROFIT ?
|
x 21 # sold
|
TOTAL PROFIT ?
|
$ 68 price
|
– $ 35 cost
|
PROFIT ?
|
x 31 # sold
|
TOTAL PROFIT ?
|