Business Entrepreneur ProjectRestaurant Business Plan Lesson by Mrs. Erin Nasser

Importance of Entrepreneurship

• The entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for its success or failure.

• Entrepreneurship is a key driver of our economy. Wealth and a high majority of jobs are created by small businesses started by entrepreneurially minded individuals, many of whom go on to create big businesses.

• People exposed to entrepreneurship frequently express that they have more opportunity to exercise creative freedoms, higher self esteem, and an overall greater sense of control over their own lives.

• As a result, many experienced business people political leaders, economists, and educators believe that fostering a robust entrepreneurial culture will maximize individual and collective economic and social success on a local, national, and global scale.

• http://www.entre-ed.org/Standards_Toolkit/importance.htm

Design a Restaurant

Congratulations! You and your business partners have decided to open a new restaurant!

Select a business team of 4 people who share the same vision for your business!

Creative Business Meeting

Step 4 Select Job Title

Step 3 Discuss Menu Items

Step 2 Create Name & Logo

Step 1 Discuss Theme

• What type of restaurant will you be opening?

• Fine Dining

• Casual Dining

• Ethnic Food

• Fast Food

• Bakery

• Location – In the United States

• How will people be able to recognize your business?

• Unique Name

• Eye Catching Logo & Slogan

• What will be served?

• Sample Food must be edible

• Sample Food must be easily served in classroom

• Menu items can vary

• Create Employee Positions

• Owner, Chief Financial Officer, Marketing Director, & Manager.

Specialization of Jobs Owner• United States Competitive

Laws• Location & Local Competitors• Mixed Market Economy

Explanation

Chief Financial Officer• Projected Costs of Sale Items• Projected Profits (Graph)• Sales (Menu Prices)

Marketing Director• Target Audience• Create Advertisement• Commercial Script

Manager• Student Survey for Sale Items

(Graph)• Science Board for Restaurant

Display• Assign group members for

acquiring needed items for Grand Opening

All Business Partners will be required to contribute an item for the Grand Opening

Owner Responsiblities• United States Competitive

Laws

• Location & Local Competitors

• Mixed Market Economy Explanation

Where will your restaurant be located?Choose a City and State for your business. Consider the Following and present a typed plan including the elements below. https://www.sba.gov/content/tips-choosing-business-location • Brand Image – How is the location consistent with the image

you want to maintain?• Competition – Are the businesses around you

complementary or competing? List at least 3 competitors in the area.

• Minimum Wage – While the federal minimum wage is $7.25 per hour, many states have a higher minimum. View the Department of Labor’s list of minimum wage rates by state. Document your state’s rate in your plan.

• United States Anti-Trust Laws Summary– Describe what laws are in place to promote and protect competitive business. https://www.ftc.gov/tips-advice/competition-guidance/guide-antitrust-laws/antitrust-laws

• Explain how the principles of a market and mixed economy helped to develop the United States into a democratic nation.

Chief Financial Officer Responsibilities• Projected Costs of Sale Items

• Projected Profits (Graph)

• Sales (Menu and Prices)

Running a Business is Expensive. Explain the cost of running a restaurant in a summary. Provide a graph that represents how much money will be spent per month vs. how much will be made and create a graph http://www.themanagersoffice.com/cost-vs-profit/2010/08/17/ Using a computer, create a menu for your restaurant. It must include section headings, a description of the dish, and the cost of the dish. See example below:Think about the following questions when putting together your menu items:Will you have daily specials? Will you offer a different soup on different days? Will you have an up charge for added cheese on a burger? Fries?Will you offer free refills on fountain beverages?Will you serve breakfast items all day? Will you have combo- meals?Do certain dishes come with soup or salad? Fries? Chips & Pickle?Will you have a Senior Citizens special menu/pricing section?

Will you have a separate Children’s menu or add it to the original?Don’t forget pictures of the food items to entice your diners! Create on computer, print, and add to science board.

Marketing Director Responsibilities• Target Market/Customer

• Create Advertisement

• Commercial Script

Your target customer will help you create advertisements to promote your business.

Write a target customer description summary• What type of people will you restaurant appeal too?• What age group would most likely eat the type of food

you serve?• What types of advertisement would most appeal to this

target consumer group?• What forms of social media would you use to advertise

and promote your business?

Create an ad that describes your restaurant while playing to your target customers. Work in the slogan and logo created with your business group.

Create a Script for a 30 sec commercial that you and your business partners will perform for the class to promote your new restaurant. https://www.youtube.com/watch?v=xAZzJpe6EQo

Manager Responsibilities

• Student Survey for Sale Items (Graph)

• Science Board for Restaurant Display

• Assign group members for acquiring needed items for Grand Opening

The Manager is responsible for how the store appears to the public. The manager must bring a science board in for the restaurant information provided by other business partners to be displayed on according to the template.

Take a class survey to determine which items on your menu would your fellow classmates be willing to sample at grand opening. Create a chart to show how many students picked each item. Remember to keep in mind that they should only be offered items that are a possibility for being sampled in class.

Develop a written business plan and discuss with your other business partners who will be bring in which items the day of your grand opening. We have approximately 30 students in class. Divide up the responsibilities between all four partners and estimate the cost for each person. Try to make it equal cost for each partner. Those not bringing in the food can provide plates, napkins, drinks, etc.

Make sure all the parent permission slips have been submitted for your group no later than Wednesday, May 20th to Mrs. Nasser

Human Resource Director • United States Employment

Laws

• Interview technique and strategies

• Interview Questions

Write a summary focusing on Employment Laws in the United States. Make sure to provide resources for your work. http://www.dol.gov/opa/aboutdol/lawsprog.htm

Include information that about the responsibility of Human Resources and how they impact business.

Create 10 interview questions that would be asked to a potential employee applying to work for your business.

The position of Human Resource Director is only available for groups that have a 5th member.

Science Board Display Template

Business Partners

Restaurant Name, Logo, SloganCity, State

Picture Picture Picture Picture

NameTitle

NameTitle

NameTitle

NameTitle

Menu with Images

Marketing Ad/ Facebook Page

United States Competitive Laws

Location & Competitors

Including Images of your location and restaurant

Profit Margin

Food 1

Food 2

Food 3

Food 4

0

5

10

15

# of Students

# of Students

DUE DATES

Creative Business Meeting Notes (In Class): (A) Thursday, May 7th, 2015 (B) Friday, May 8th, 2015

Business Partner Individual Reports (At Home): (A) Friday, May 15th, 2015 (B) Monday, May 18th,2015

Science Board, Decorative Supplies &Parent Permission Slips: (B) Monday, May 18th, 2015 (A) Tuesday, May 19th, 2015

Commercial Performance with typed Script & Completed Restaurant Display (B) Friday, May 22nd, 2015

(A) Tuesday, May 26th, 2015

Food Items and Supplies due Grand Opening Day (B) Wednesday, May 27th, 2015

(A) Thursday, May 28th, 2015

GRAND OPENING! Wednesday, MAY 27th,2015 and Thursday, MAY 28th, 2015 Room 311 Items may be dropped off in the morning. (Be sure to label your name and period)

7th Grade Civics Standards

• SS.7.E.1.3 - Explain how the principles of a market and mixed economy helped to develop the United States into a democratic nation.

• SS.7.E.1.2 - Discuss the importance of borrowing and lending in the United States, the government's role in controlling financial institutions, and list the advantages and disadvantages of using credit.

• SS.7.E.1.3 - Review the concepts of supply and demand, choice, scarcity, and opportunity cost as they relate to the development of the mixed market economy in the United States.

• SS.7.E.1.4 - Discuss the function of financial institutions in the development of a market economy.

• SS.7.E.1.5 - Assess how profits, incentives, and competition motivate individuals, households, and businesses in a free market economy.

• SS.7.E.2.3 - Identify and describe United States laws and regulations adopted to promote economic competition.

• SS.7.E.2.4 - Identify entrepreneurs from various gender, social, and ethnic backgrounds who started a business seeking to make a profit.

• SS.7.E.2.5 – Explain how economic institutions impact national economy.