Business Basics: A Business of Our Own Junior Achievement of British Columbia

Business Basics: A Business of Our Own

Junior Achievement of British Columbia

BUSINESS EDUCATION FOR YOUTH | jabc.org

A Business of Our Own

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What is Junior Achievement?• International, not-for-profit organization• Teaches young people about business• You get to run your own real business!



Let’s Run a Business!Visit #1: What is a business/ business planVisit #2: Marketing/AdvertisingVisit #3: Finance Visit #4: Pricing strategy

$$ SALE DAY $$ Visit #5: Wrap up – was your business successful?


Business of Our Own

Let’s Learn About You!

• Fill out your name tent in BIG writing• On Back: What kind of business would you

like to run?



Business



Why do businesses exist?

• Provide goods or services for sale

• Provide jobs• Fill the needs of people in the

community and around the world

• Other?



What is a retail business?

• Sells products or services to the end-user• Are the following retail businesses?



Challenges and opportunities running your

own business

• Young Entrepreneurs Video • What are the BEST things about being an

entrepreneur?• What are some challenges?



Forming Teams…1. Set-Up Team2. Sales Team3. Merchandise Team4. Promotions Team5. Bookkeeping Team

What kind of skills areimportant within these teams…?



Teamwork &Team Leaders

• What are important skills team leaders/manager’s must have?

• What challenges do you think team leaders/managers will have?

• Why is team work important in a business? T.E.A.M!• Who wants to be a team leader? 30 second ‘elevator’

pitch! • Leaders: Each team leader pick 5-6 team members



What is a business plan?

• Goals of the business• Products or services it will sell• Target customers• How the business will be financed• How it will sell the products or services• How it will make decisions and solve problems• To estimate income and expenses

“If you fail to plan, you plan to fail!”



Profit = Income - Expenses



Business Plan 1

• Turn to Page 4, Business Plan 1 in your workbook Let’s Brainstorm:• Sale Date? • Philanthropy – where will your profits go?• Business is owned and operated by:• With advice from:• Location Ideas -1st Choice / 2nd Choice



Business Plan 2

• Turn to Page 5, Business Plan 2 in your workbook • Let’s Brainstorm:• Products or services to sell – considerations:

• How will you raise the money/get the merchandise to sell?• Who are your customers?• Other events or sales going on at school? • Only a few weeks to plan…



Some Ideas! Items: • Handmade bracelets and other jewelry • Stationary and school supplies• Balloon o-grams• Bath products - lotions - soaps• Hand sanitizers• Picture frames• Tie-dyed socks, t shirts, muscle shirts...• Travel mugs• Greeting cards, special occasion cards• Magnets• Spring bulbs• Painted plant pots• First aid kits (make your own)• Book markers• Reusable Grocery bags - painted• Jewellery boxes hand made and painted• Used books, toys, video games...

Why will the product/service be profitable?

• Holiday themed ornaments• Flower and greeting card delivery• Cookbook featuring student/teacher recipes• Temporary Tattoos• Raffle Baskets• Tickets to an after-school movie/concession

Services:• Locker cleaning • Photo booth/dress up • Carnival style games or holiday-themed event

Food Items:• Healthy foods - approved by the Healthy Guidelines in

School• Low fat healthy cookies• Hot chocolate made with milk• Popcorn



Planning & Deadlines!

• Each team: List tasks and set deadlines • Checklist on pages 10 &11 in your student workbooks • What should you do if you think you won’t make a

deadline?• Everyone is counting on each and every person to be

successful • Wrap up • Thanks and see you next week for our Marketing lesson



Lesson #2

Marketing &Promotions



Who are they?





What are some ways that Businesses target market?



Promotions Team & Sales Team!

Everyone complete Lesson 2 in workbook

What skills areimportant for thepromotions/sales team?



Lesson #3

Financial Recordkeeping &

Teamwork



$$ PROFIT $$ = INCOME – EXPENSES

Income and Expenses Projection=

An estimate of future income and expenses

What are some examples of expenses?



Together Everyone Achieves More•Examples: Car company, software company•Team goals•Appreciation and recognition for each team members’ contributions



Lesson #4

Pricing & Sales





• Why is it important that businesses keep a detailed records of sales?

• Why is a cash receipt important?



Good Luck&

Have Fun!



Lesson #5

Reviewing the Business Plan



• Updates from the Bookkeeping Team• Total expenses• Total profit• Net profit / loss



Recap

1. Business Plan

2. Management decisions: location, staffing, choice of

merchandise

3. Target Market: 4P’s

4. Financial projections covering expenses and profit

5. Following business plan and carrying out sales

6. Things to consider for another plan


Our Business World

CONGRATULATIONS!!

Thank you for your time

Documents

Business Basics: A Business of Our Own Junior Achievement of British Columbia