Reading: Lesson 1 – Getting Started

“The way to get started is to quit talking and begin doing.”

- Walt Disney

 

Overview:

Entrepreneurs make money by creating value and serving the needs of others. Successful entrepreneurs are both wealth creators and problem solvers. In this module, students will engage in hands-on activities to practice entrepreneurship as an activity (starting a business) and entrepreneurship as a way of thinking (innovation, drive, creativity).

One of the best ways for students to learn is through practical experience. Starting a business teaches students important life skills. Anyone can start a business. You don’t have to be creative. You don’t have to have the next big idea. You don’t have to have a lot of money. You don’t have to take on a lot of risk.  

In this module, students will learn more about getting started as an entrepreneur. They will learn to create a plan, set goals, and work toward achieving those goals.

Concepts and Terms:

• Business Model
• Business Plan
• Distribution Model
• Entrepreneurship

 

Objectives:              

Students will be able to…

• Begin thinking with an entrepreneurial mindset
• Identify business opportunities and come up with ideas of businesses they can start and run
• Develop and evaluate a business model
• Understand the factors and traits that lead to success
• Understand how to learn from failure, and also positioning themselves to fail in the right way
• Independently research tools and resources to help build their business

 

Related Standards:

Standard 14: Entrepreneurship – Entrepreneurs take on the calculated risk of starting new businesses, either by embarking on new ventures similar to existing ones or by introducing new innovations. Entrepreneurial innovation is an important source of economic growth.

Standard 15: Economic Growth – Investment in factories, machinery, new technology, and in the health, education, and training of people stimulates economic growth and can raise future standards of living.

Lesson 1 – Getting Started

 

Description:

In this lesson, students will watch two brief videos that encourage and motivate students to start a business. Entrepreneurship and small business play essential roles in economic growth. Students will then brainstorm ideas for teen businesses. Links in the Additional Resources section at the end of the lesson provide additional business ideas and tools for starting a business.

 

Time Required:

45 min

 

Required Materials:

Internet connection, writing instrument 

 

Prerequisites:

None

8.1.A – Watch and discuss the following video using the questions below to guide your discussion [5 min]:

Video:

  (EconFree, 0:59 min)

“Potential entrepreneurs face no shortage of hurdles. With economic and regulatory uncertainty increasing the cost of striking out on your own, many would-be business owners are sitting on the sidelines. Even amid these deterrents, small business owner Jim Garland still recommends aspiring entrepreneurs "go for it." With the risk of starting a new venture comes the potential for great rewards. And not just for the entrepreneur but for society at large. America is a country built by those willing to take a risk and those are the type of people we need to start businesses, create jobs and get the economy going again.”

Discussion Questions: Take the Risk. Be an Entrepreneur.

1.  What are a few of the main hurdles entrepreneurs face?

1. Entrepreneurs face many challenges including:

• Uncertainty about future market conditions
• Uncertainty caused by regulations and taxes imposed by government
• Startup costs and risks of starting a business

1. Start thinking about ways we can start a business while minimizing risk and startup expense. We will discuss ideas for doing so in future lessons.

 

2.  Do you think the risk is worth it? Are you up for the challenge of starting a new business?

1. Starting a business is a noble endeavor. Entrepreneurs create wealth and jobs. They also work very hard to meet the needs of the community.
2. Starting a business will be a challenge. It will take perseverance, self-discipline, and hard work.
3. Starting a business can also be very rewarding.
4. Entrepreneurs develop valuable skills as they work to build their business. In Lesson 2 – Developing Your Business Model, we will explain that you can start a business with little risk.

Teacher Tip: Emphasize the point entrepreneurship and small businesses drive the economy forward.

Entrepreneurs can make a lot of money. They serve themselves by serving other people well. 

8.1.B – Watch and discuss the following video using the questions below to guide your discussion [10 min]:

Video:

“Geoffrey Clapp, Health Technology Entrepreneur and Advisor to Rock Health, former CTO/COO at Health Hero Network Inc., Director of Engineering at Eastman Kodak, Kodak Imagination Works and Senior Engineer at Apple Computer, Inc. discusses his philosophies on entrepreneurship.”

Discussion Questions: Go Be An Entrepreneur

1.  What are a few key questions you should begin asking as you start your business?

1. What is the problem I am solving? (e.g. How am I creating value?)
2. How much money am I going to make? (e.g. Is this going to help supplement my leisure activities, or is this going to be a fulltime job)
3. Do I have the right team to achieve my goals?
4. What is my distribution model? (e.g. How am I going to get my product or service from the producer to the customer?)

 

2. Why do you think so many people have a business idea, but they never actually start their business?

1. Many entrepreneurs get stuck planning their business. They never actually start their business.
2. Perhaps they are intimidated or unsure of the process.
3. Maybe they are waiting for just the right time. If only this happens, then I will start my business…
4. Geoffrey Clapp encourages entrepreneurs to “Get out of theory and go build something. Make something happen.”

 

3. What are a few things you could start doing now to build your business?

1. Geoffrey Clapp mentions that great startups go out and talk to their users. You can begin talking to potential customers to get their feedback about your idea or business.
2. Geoffrey also mentions the importance of having good mentors. Mentors should be able to help you with things such as recruiting your team, providing feedback about your business model, developing your distribution model, and assessing your product market fit. Begin by identifying mentors that can help advise you about your business and ask them if they would like to be your mentor.
3. Get started building something. Get started solving a problem or building a solution that you can begin testing in small areas.

Teacher Tip: For this activity, students will divide into groups and spend 15 minutes brainstorming a list of at least 10 ideas for businesses they can start. Spend an additional 15 minutes sharing results with the class.

8.1.C – Complete the following activity and be prepared to discuss your results with the class [30 min]:

Activity: Generating Business Ideas

In Module 1 we completed an activity called Serving Others in Your Community during which we identified opportunities for starting a business to help meet a need in your community. Using the lessons from Modules 1-7 we are now going to expanding on that line of thinking to generate ideas for starting a business.

1.  Read the suggestions below and record a list of at least 10 businesses you think you can realistically create. Here are a list of suggested questions to ask yourself when brainstorming your business ideas:

• What is a problem I can solve?
• What skills do I have? What do I enjoy doing?
• What resources would I need to start this business? Is there anyone that can help me? 
• How much will it cost? What businesses can I start without large startup expense?
• What businesses can I start that would allow me to test the market in small ways first to see if people are willing to pay for this product or service?
• Is this a business I can actually start?  Note: In the next lesson you will develop a business model for one of the business ideas you generate in this activity.

Teacher Tip: Students can explore these websites to help generate ideas for businesses they can start today. While browsing these sites, ask students to also identity the tools they think will be helpful for starting and running their business.

How hard are you willing to work?  Don’t try to start a business that will take 20 hours of time each week if you are not willing to devote the time to your business.

Tips for generating business ideas:

• Search the web for key terms like “teen business ideas.”  Your idea does not have to be original. If there is already a market for the good or service, there is evidence the idea can be successful! Here are a few sites to get you started:      

ü  YourTeenBusiness.com

ü  Great Business Ideas for Youth

• Ask your family and friends for ideas about services they need that you might be able to provide.
• Stay alert and actively look for opportunities where a need in your community is not being met.  Is there a new or better way to solve a problem or meet a need?
• What are the current trends?

 

My Business Ideas:

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

 

2. After brainstorming a list of business ideas, share your results with the group. Which ideas are your favorites? Which are you most excited about creating? Together discuss the feasibility of turning your ideas into an actual business. What would be the biggest challenges?

Teacher Tip: In the next lesson, students will learn about building a business model. Ask them to be thinking about the business they would actually want to start.

Continue to think about what business you would most like to start and build. In the next lesson, you will begin developing a business model for the business idea you select.

3. From your list of ideas for creating or providing a good or service that others might need, select one idea you think you can turn into an actual business. We will use your business idea as our reference as we work through other activities in lessons that follow.

Tip: The business idea you select should be realistic. Pick a business that requires little cash to get started. There are many ways to use your brains, talents, skills, and work ethic to serve others and make money doing it!

 

Business Idea I Want To Use For This Activity:

1.

 

 

Lesson Recap

• Anyone can start a business. You don’t have to be creative. You don’t have to have the next big idea. You don’t have to have a lot of money. You don’t have to take on a lot of risk.

 

• Starting a business will be a challenge, but it can also be very rewarding. It will take perseverance, self-discipline, and hard work.

 

• There are many great resources available online to help you generate ideas for a business.

 

• Get started building something today. Start solving a problem or building a solution that you can begin testing in small areas.

 

 

Additional Resources

Article: 20 Small Business Ideas for Teenagers to Start from Home by Ajaero Tony Martins (MyTopBusinessIdeas.com)

“What are the best small business ideas for teenagers to start? What is the best business ideas for teens in school or at home? Many people believe the chances of startup success for teens are limited but I am writing this to dispute your belief. Teens have a great chance of succeeding as entrepreneurs if they get the right guidance.”               

 

Article: Richard Branson on Finding the Right Path by Richard Branson (entrepreneur.com)

"I’m very intrigued about what you are going to go on to achieve... But the only way for me and the rest of the world to find out about it is for you to decide on a direction first. And the only way to find out if you have chosen the right path is to get out there and try it."

 

Article: Are Successful Entrepreneurs Born or Made? [.pdf] by Jeff Sandefer (actonmba.org) “Jeff Sandefer from Acton MBA and the Acton Foundation for Entrepreneurial Excellence explores the secret to entrepreneurial success: skill, character, or luck?”

 

Article: So You Want to be an Entrepreneur? [.pdf] by Jeff Sandefer (actonmba.org)

“So You Want to be an Entrepreneur? Don’t jump in unprepared. This brief essay offers advice about where to start.”

 

Video:(TED, 22:08 min)

“Bored in school, failing classes, at odds with peers: This child might be an entrepreneur, says Cameron Herold. At TEDxEdmonton, he makes the case for parenting and education that helps would-be entrepreneurs flourish -- as kids and as adults. Filmed in Edmonton, Canada.”

 

Video:(TED, 5:27 min)

"Gabrielle Jordan Williams is an author, entrepreneur, jewelry designer, inspirational speaker and philanthropist. She began her business, Jewelz of Jordan, at the age of 9. At 11, Gabrielle discovered her inspirational talents and received national recognition for her #1 Amazon Bestselling book, The Making of a Young Entrepreneur: The Kids Guide to Developing The Mind-Set for Success. With a portion of the profits, Gabrielle gives to organizations in her community such as her local food pantry and charities that care for youth such as Smile Train and the Children's National Medical Center. Gabrielle's "Dream Big" message has inspired countless youth and adults and reminds the entire population that you are never too young to live your dreams."