1. Shark Tank : A Lesson In Entrepreneurship

2. Objectives
Students will be able to identify key terms in the field of Entrepreneurship.
Students will be able to explore the career of being an entrepreneur by watching an episode of the TV show Shark Tank.
Students will be able to write a business plan in groups to understand the life of an entrepreneur.

3. Let’s Think About…
What technology or objects have made your life easier?
What tools or technology in the classroom make learning easier?
What strategies make school and your life easier?

4. Back to Basics
Entrepreneurship: the act of starting out on your own and starting up your own business instead of having to work for someone else.
Entrepreneur: someone who owns a business

5. Entrepreneurs You Should Know
Mark Zuckerburg, Founder of Facebook
Steve Jobs
Founder of Apple
Bill Gates
Founder of Microsoft

6. Terms To Know In Entrepreneurship
Investor: a person who puts money into a company to gain something
ex: an investor might say I want 10% equity
Entrepreneur: Someone who owns a business
Patent: a document that shows someone's ownership and rights to an invention no one can steal the idea.
Ex: the owner of ice cream cones was given a patent.
Trademark: a symbol, picture, or word that represents a company
Ex: The company apple has an apple for their trademark
Target Audience: a particular group of people in which a product is aimed
Ex: I am selling Mead notebooks to LZHS students

7. Product vs. Service Product: what a business produces to make money
Ex: The company apple produces iphones and sells people all over the world.
Ex: The Hershey company produces Hershey milk chocolate bars and sells them to people in the USA.
Service: something that people do for you, but you are not given a physical product in return
Ex. Dentists clean/check people’s teeth
Ex. Salons cut people’s hair.

8. Offer vs. Counter Offer
Offer: an amount of money someone is willing to pay for something in order to negotiate a business deal.
Ex: Bill says, “ I will give you $50,000 ($50K) for you to sell your Samsung Smart Tvs, and I want a 10% interest in your company. “
Counter Offer: a different amount of money that is in response to the offer. It is made by another party in order to negotiate a business deal.
Ex: Gina says, “Now I will raise Bill’s offer and give you 100K for you to sell your Samsung Smart Tvs and I want a 25% interest in your company.”

9. Symbols In Entrepreneurship
K = thousand dollars
Ex: $50K = $50,000
Ex: $200K = $200,000
$ = dollars
EX: $25,000 = 25 thousand dollars
% = percent
Ex: I want a 20% interest in your company

10. How Does One Become an Entrepreneur?
Find your passion
Business savvy
Know a lot about money
Find a product that can sell to make a person’s life easier or improve their life
Find investors
Get out and market your product – Sales pitch/ Social media (Facebook, Twitter, Instagram)

11. Activity 1: Shark Tank Episode /Question Sheet
The Johnson Family
Product: Flipoutz

12. Let’s Talk About Business Plans
What’s The Big Idea?
If you want to have a business of your own you have to plan out how you are going to make money. If you make mistakes later on you can refer back to your plan and revise it.
What is it?
A business plan is a written document that describes an idea for a product or service and how it will make money.

13. Parts of a Business Plan Section 1: Idea
So what: This tells me the who, what, where, when, and why of your business.
Think about…
Decide on your product or service
Who are you going to sell the product or service to?
Why is your product or service better than other products or services out there?
Why should your audience buy your product or service?

14. Parts of a Business Plan Section 2: Marketing
So What: You need to have a plan about how you are going to get your business out to the public so people know about and you make money.
Think About…
Who is the audience you are selling your product to?
What ways are you going to market your product? (social media, , flyers)

15. Parts of a Business Plan Section 3 : Finances
So what: This helps you figure out how your business is going to make money and how you are going to make money!
Think About…
How much money will you need and what materials do you need to start your business?
What is the cost of each product you are making or each hour of service you are providing?

16. Math Time! IF YOU HAVE A PRODUCT USE:
Cost per product = total expenses/ the number of products made
Hair Straightener Scenario
$20,000 total / 100 hair straighteners = $200 per hair straightener
IF YOU HAVE A SERVICE USE:
Cost per hour of service = total expenses/ number of hours per work
Salon Scenario
$4,000 total/ 40 hours per one week = $100

17. Activity 2: Let’s Be Entrepreneurs!
Goal: You will come up with a product to sell to the market of students at LZHS. 1. Work in groups of 3-4 students 2. Select a product with your group 3. Fill out the business plan template provided (get as far as you can and don’t panic if you don’t finish!)