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I Can Be an Entrepreneur
Source: Council for Economic Education (EconEdLink) | Type: Lesson

Learners are given advice on how they can earn extra money by becoming an entrepreneur. After investigating several web pages that offer examples of what other people their age have done to earn money, students identify three money-making ideas for themselves such as: considering what they would enjoy doing, what they do well, what people are willing to buy, the need to set a price that will be profitable, and safety. In a follow-up activity, students are given tips on how they might advertise what they are selling. They prepare flyers to promote one of their ideas for earning money. For an introduction to earning and other ways people get money, the instructor may want to first use the lesson 'Money Doesn’t Grow on Trees.'  

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Reviews

Students were excited!    February 8, 2010
By: Fawcett, J
The students were so excited to start their own company. We watched the Reading Rainbow video titled \"Lemonade for Sale\". You could also just read the book. The students took those ideas along with the slide show of ideas to come up with jobs they thought would be good for them. We learned the words \"revenue\", \"expenses\", and \"profit/loss\" by using the provided worksheets. Then they had to come up with 3 jobs and what they thought their projected revenue, expenses and profit would be. (This was difficult for them.) We created poster sized business cards and presented to the class sharing with them the 3 vocabulary words. Students became even more excited at the thought of carrying out their new entrepreneurship at home. If we had more time, I would have them create their businesses and build a mall within our classroom. Next year I could start the year with this, and it could be a learning opportunity throughout the year adding more lessons with economy.
 

Introduction to unit    July 14, 2010
By: Bachman, M
Great idea! I can see using this with my 7th grade Family and Consumer Science class as an intro to our $ unit. Babysitting is the number job for most students in my class. This lesson may give them some other ideas on how to earn $.
Marla in VA
 

Is there a money tree?    July 20, 2010
By: scimone, c
I have tried to have students get involved with various fund raisers, but I feel this unit would help them organize their ideas better. The lesson "Money doesn't grow on trees" would indeed be a great starting point. I would not worry about the advertising angle as much finding the right product based on our market and establishing the right price. This unit addresses those two issues well.
C.Scimone
 

Great Profit and Loss Activity    July 25, 2011
By: Hicks, D
This is a great lesson but would require several class periods. The resources for this lesson are wonderful especially the "Earning a Profit" handout. Students will get a clearer understanding of profits and losses and then start their own business with their main goal is to make a profit.
i would take this lesson a step further and have students become real entrepreneurs where they would either market a produce (they invented) or provide a service. This lesson is to help the students understand the full role of an enterpreneur. The student would see an opportunity for making money (invent a product), create a plan, finance the plan, market the business (sell to the students in the business department) then determine if they received a profit or a loss from their financial plan.
 

Review from EconEdLink.org April 12, 2005
By: Susan Galloway
Looks like a great lesson and can't wait to try it out! Thanks for sharing!
 

Review from EconEdLink.org May 9, 2005
By: Sandi Long
This is a great lesson. I'm going to try it tomorrow. What a fun activity for one of the very last weeks of school!
 

Review from EconEdLink.org September 26, 2006
By: Janine T.
Will try it as well. Great activity! Thanks!
 

Review from EconEdLink.org November 4, 2006
By: Allen Kwangware
Keep it up!
 

Review from EconEdLink.org May 19, 2009
By: Lori J.
I know this is a great resource! How do we get it to our children? Also, it s a great resource for all! Maybe we should open up this site for suggestions.
 

Review from EconEdLink.org May 27, 2009
By: L. M. K.
I blew this lesson up into a unit where the kids act as entrepreneurs, brainstorm a business, create a market survey, analyze the results, create a business plan, and are responsible for marketing and selling their goods/services to the middle school. It's a lot of work but MOST of the kids really like it and it is making economics feel real to them.
 

Review from EconEdLink.org July 20, 2010
By: Charlotte S.
As an introduction, I would use activities for the two web sites recommended. Then, I would teach Activity 1. Finally, the class would decide which product and price they could sell to our Middle School next year.