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

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own A little about me…Add your own images

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own What is Junior Achievement? International, not-for-profit organization Teaches young people about business You get to run your own real business!

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Let’s Run a Business! Visit #1: What is a business/ business plan Visit #2: Marketing/Advertising Visit #3: Finance Visit #4: Pricing strategy $$ SALE DAY $$ Visit #5: Wrap up – was your business successful?

BUSINESS EDUCATION FOR YOUTH | jabc.org 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 EDUCATION FOR YOUTH | jabc.org A Business of Our Own Business

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own 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?

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own What is a retail business? Sells products or services to the end-user Are the following retail businesses?

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Challenges and opportunities running your own business Young Entrepreneurs Video What are the BEST things about being an entrepreneur? What are some challenges?

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Forming Teams… 1.Set-Up Team 2.Sales Team 3.Merchandise Team 4.Promotions Team 5.Bookkeeping Team What kind of skills are important within these teams…?

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own 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

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own 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!”

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Profit = Income - Expenses

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own 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 -1 st Choice / 2 nd Choice

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own 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…

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own 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

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own 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

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Lesson #2 Marketing & Promotions

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Who are they?

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Target Market Place Product Mix PromotionPrice

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own What are some ways that Businesses target market?

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Promotions Team & Sales Team! Everyone complete Lesson 2 in workbook What skills are important for the promotions/sales team?

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Lesson #3 Financial Recordkeeping & Teamwork

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own $$ PROFIT $$ = INCOME – EXPENSES Income and Expenses Projection= An estimate of future income and expenses What are some examples of expenses?

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Together Everyone Achieves More Examples: Car company, software company Team goals Appreciation and recognition for each team members’ contributions

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Lesson #4 Pricing & Sales

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Why is it important that businesses keep a detailed records of sales? Why is a cash receipt important?

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Good Luck & Have Fun!

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Lesson #5 Reviewing the Business Plan

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own Updates from the Bookkeeping Team Total expenses Total profit Net profit / loss

BUSINESS EDUCATION FOR YOUTH | jabc.org A Business of Our Own 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

BUSINESS EDUCATION FOR YOUTH | jabc.org Our Business World CONGRATULATIONS!! Thank you for your time