Junior Achievement 2.2 “What Makes a Business a Quality Business?”

Let’s review our vocabulary:  Alternative  An option available when making a decision  Choice  A selection of one alternative instead of another  Free Enterprise  A system where privately owned businesses compete with one another in hopes of making a profit.

“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” - Colin Powell

Do you agree with this statement? Why or why not? Please write your response in the Daily Writing Prompt.

What benefits do you see in your own life that have come from working hard at something? ( Think about something you did that was hard to do, but you are glad you did it because it made your life better.)

Preparation and hard work is important when you create a business.

What does the word “quality” mean to you?

In the world of business, “quality” means “a level of excellence”.

What do you think of when you hear the word “excellence”?

Businesses strive to be excellent so that they can be successful.

All businesses want to become a quality business.

But how can they do this?  They can try to meet the customers’ needs

They must try to continuously improve and use teamwork.

Continuous Improvement:  Think about the way you do things.  Think about the product you offer.  Think about the programs you have in your business.  Think about your service.  Always be thinking about how you can make these things better.

A quality business works to improve continuously. This will help the business make a “profit”.

“Profit”:  The income a business earns after all of the expenses (bills) are paid.

Imagine this:  A new ice cream shop has just opened up in the city.

The owners of the shop want to become a quality business in hopes that they will be very successful.

The first week that they are open, they offer customers six flavors of ice cream.  Chocolate  Vanilla  Chocolate Chip Cookie Dough  Mint Chip  Rocky Road  Orange Sherbet

Because the owners want to keep improving their business through the process on continuous improvement, they are trying to think of ways to figure out what other flavors they should offer at their shop.

They have decided to ask you to come up with strategies they can use to find out what other flavors they should offer at their ice cream store.

Your teacher has chosen a “CEO” at your team to lead the discussion.

A “CEO” is a Chief Executive Officer.

This could be a female or a male, and she or he is responsible for all parts of the business. She or he should always be making sure the company is thinking about how to improve.

Make a list of ideas at your team. How should they decide what flavors to offer next? Can you think of a way to find out what the customers might like?

Our ice cream shop owners thank you! They have taken your advice and are now a quality business and a successful business. They have made a profit!

Your next challenge will be to learn about a mystery business!

You will be given a mystery business card. Your first task is to see if you can figure out the name of the mystery business. Use pages 14 and 15 of your workbook to ask and answer important questions.

We will meet together to compare these businesses. We’ll use the Quality Business checklist on page 16.

Thank you for “Checking Out” these businesses. Are they all “quality” businesses?

During your visit to JA BizTown, you will be expected to work as a team to ensure the success of your business, and that means thinking about ways to continuously improve!