Day 12

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Review

 

What was the name of the girl from yesterday?

What country is she from?

Complete this word ( B _ A N D I N _ )

Motivation

What is motivation?

Motivation is an external or internal stimulus which results in improved or refocused determination to complete a goal or task.

Some examples of motivation include:

– Listening to music.

– Reading an inspiring book.
– Watching an inspiring movie (ex. Rudy).
– Watching an inspiring YouTube video.
– Participating in a competition.

– Hiking in nature.

– Completing a workout session.

– Getting advice from those who care for you.


– Practicing meditation and destressing your mind.

– Comparing to a similar experience (ex. If you were cut by your basketball team, feel reassured you can still be successful since Michael Jordan was cut from his high school team).

Failure

Are all entrepreneurs successful with their first business?

No, all entrepreneurs must accept the possibility of failure.  

Entrepreneurship is similar to any activity such as playing sports. 

Let’s say you want to be a professional baseball player. 

Do you think tomorrow you will be signed by a major league team? No! 

You will spend years practicing your baseball skills and playing amateur games before you are even considered by a team. 

In entrepreneurship, you may spend years practicing your entrepreneurial skills and creating businesses before you find success. That is why it helps to start building businesses as a kid since you will gain years of experience. 

Do not be discouraged by your failures. Analyze what went wrong in your business and what should be improved.

Your experiences will over time make you into a master of entrepreneurship.

Response

 

What are some examples of motivation?

Why should you not be discouraged by your business failures?

Build Instructions

On the next slide, you will be developing the motivation you will use as an entrepreneur. 

For example, Dwight wants to use the motivation below.

Motivation: 

  • Subscribe to an entrepreneurship podcast. 
  • Watch a motivational YouTube video every day. 

Business Name: Launch Group

Logo:

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

 

What is your motivation?

___________________________

Provide details on how you use the motivation you selected.

___________________________

Pitch Instructions

Present your brand to the class. 

Write down questions to ask your classmates.

Remember to be respectful during each pitch. 

The best entrepreneurs never fail. (True or False)

False

Entrepreneurs can be motivated by listening to their favorite music. (True or False)

 

True

You will never fail while you build your business. (True or False)

 

False

Business failures are learning experiences that will teach you how to become a successful entrepreneur. 

 

True

A great way to get motivated is to read about how famous entrepreneurs overcame challenges. 

 

True

A great way to keep a group of people motivated is to make competitions. 

 

True

I should not be afraid to fail at something new. 

 

True

Day 12 Homework 

(Complete your homework assignment on paper)

Write about a time you were motivated to complete a goal or task.

What was the motivation?

What was the outcome?