1. Brands and Business Goals

2. National Brand Logos What company do you think of when you see “golden arches”? What company do you think of when you see “golden arches”? What about a girl with red pigtails and freckles? What about a girl with red pigtails and freckles? These companies have gone to great lengths to create an image in our mind that we associate with their company and their product or service. These companies have gone to great lengths to create an image in our mind that we associate with their company and their product or service. Let’s see if we can identify companies based on the brands we see. Let’s see if we can identify companies based on the brands we see.

3. National Brand Logos In just a second we will have the opportunity to guess more national brands by seeing parts of a logo. In just a second we will have the opportunity to guess more national brands by seeing parts of a logo. For each slide, tell the rest of the class which company is represented by the logo segment seen. For each slide, tell the rest of the class which company is represented by the logo segment seen. Just fire off a response, don’t worry about raising hands. Just fire off a response, don’t worry about raising hands.

4. Identify the company by the logo section… Agri-Entrepreneurship Lesson 3.1

21. Brand ID Last time we were together we looked at niche markets and investigated how to utilize the power of demographic data to our advantage as entrepreneurs. Last time we were together we looked at niche markets and investigated how to utilize the power of demographic data to our advantage as entrepreneurs. Today, we will discuss this concept, called brand identification, identify the difference between products and services, and create a description of a business including goals and objectives. Today, we will discuss this concept, called brand identification, identify the difference between products and services, and create a description of a business including goals and objectives. STOP HERE SKIP TO SLIDE 28-13 STOP HERE SKIP TO SLIDE 28-13

22. Brand ID When thinking about starting our own business, or entrepreneurial enterprise, we need to be able to effectively communicate about our business. When thinking about starting our own business, or entrepreneurial enterprise, we need to be able to effectively communicate about our business. As individuals and as business owners = open to continuous improvement, which can be achieved through looking at our own goals in addition to the goals of the business. As individuals and as business owners = open to continuous improvement, which can be achieved through looking at our own goals in addition to the goals of the business. Let’s be ready to take notes, answer and ask questions, participate when asked and even set goals. Let’s be ready to take notes, answer and ask questions, participate when asked and even set goals.

23. Brand ID Let’s take a few moments to capture what we know about the importance of a business name and logo, or brand, based on our previous activity. Let’s take a few moments to capture what we know about the importance of a business name and logo, or brand, based on our previous activity. Take out a sheet of paper and a writing utensil. Take out a sheet of paper and a writing utensil.

24. Brand ID I. Business name and brand: I. Business name and brand: a. The business name is an important part of branding and marketing. b. The brand is the characteristics of a business that separate it from its competitors. c. A business brand includes its logo, which reminds people of the products and services the business sells.

25. Brand ID What do you think about when you see company brand names and logos? What do you think about when you see company brand names and logos? What questions are there about company names, brands, and logos? What questions are there about company names, brands, and logos?

26. Brand ID When I say, “Brand,” think to yourself about the entrepreneurial business you are starting up and what it specializes in. When I say, “Brand,” think to yourself about the entrepreneurial business you are starting up and what it specializes in. What might you call your store? Think about why you chose this name. What might you call your store? Think about why you chose this name. Think about other stores that already sell these products. Think about other stores that already sell these products. When you have an idea, write it down in the margin of your notes. When you have an idea, write it down in the margin of your notes. Be prepared to share your idea with the group. Be prepared to share your idea with the group. What questions are there? You have thirty seconds. Brand. What questions are there? You have thirty seconds. Brand.

27. Brand ID Who will be the first to share with us the name you created for this business? Who will be the first to share with us the name you created for this business? What did you consider when deciding what to name this business? What did you consider when deciding what to name this business? We chose these names because we wanted people to identify with the product we are selling, right? We chose these names because we wanted people to identify with the product we are selling, right? This is part of branding and will be important later when we describe the business. This is part of branding and will be important later when we describe the business.

28. Goods vs. Services A good is something that you can use or consume, like food or CDs or books or a car or clothes. You buy a good with the idea that you will use it, either just once or over and over again. A good is something that you can use or consume, like food or CDs or books or a car or clothes. You buy a good with the idea that you will use it, either just once or over and over again. A service is something that someone does for you, like give you a haircut or fix you dinner or even teach you social studies. You don't really get something solid, like a book or a CD, but you do get something that you need. A service is something that someone does for you, like give you a haircut or fix you dinner or even teach you social studies. You don't really get something solid, like a book or a CD, but you do get something that you need. Tire Shop Example: Tire Shop Example: Tire is a GOOD Tire is a GOOD Tire rotation would be a SERVICE Tire rotation would be a SERVICE Fill out the Goods & Service Worksheet on pg. 13 in unit Fill out the Goods & Service Worksheet on pg. 13 in unit

29. Or known as Products & Services Think for a moment about the difference between the words product and service. Think for a moment about the difference between the words product and service. Who will share with us your thoughts on the differences between these two terms? Who will share with us your thoughts on the differences between these two terms?

30. Difference Between Products & Services Products and Services pg. 14 packet Products and Services pg. 14 packet a. Products are tangible items; these are items businesses sell that we can see and touch. Many products are consumable, or can be used up. b. Services are intangible; we can’t see or touch a service. A service is something that a business provides for a fee.

31. Difference Between Products & Services Think about it this way, a product is something we can take off the shelf, like a quart of oil at Tractor Supply Company. Think about it this way, a product is something we can take off the shelf, like a quart of oil at Tractor Supply Company. A service is something that a company provides a customer, like if you owned your own lawn mowing business. You mowing the lawn would be a service. A service is something that a company provides a customer, like if you owned your own lawn mowing business. You mowing the lawn would be a service. Complete Products & Services Handout pg. 14 packet. Complete Products & Services Handout pg. 14 packet.

32. AS.1 Handout Let’s take some time to further the difference between products and services. Let’s take some time to further the difference between products and services. Look at activity sheet. Pg. 14 packet Look at activity sheet. Pg. 14 packet What questions are there? What questions are there?

33. AS.1 Handout Does your business we discussed earlier provide customers with a product or service? Does your business we discussed earlier provide customers with a product or service?

34. Create a description of a business including the business goals and objectives. OK, now that we understand what type of business we have, we are on target for creating a business description and writing goals for the business. OK, now that we understand what type of business we have, we are on target for creating a business description and writing goals for the business.

35. Business Description When we write a business description, we need to consider the business purpose and function and be able to write SMART goals. When we write a business description, we need to consider the business purpose and function and be able to write SMART goals. Write the following information in your notes. Write the following information in your notes. I. Business description I. Business description A. Purpose-tells us why the business exists. B. Function-tells us how the business is useful. C. SMART goals (write down pg. 15 packet) 1. (s)pecific 2. (m)easurable 3. (a)chievable 4. (r)ealistic 5. (t)ime-based

36. Smart Goals Remind me what SMART stands for… Remind me what SMART stands for… S is… S is… (students respond “specific”) (students respond “specific”) M is… M is… (students respond “measurable”) (students respond “measurable”) A is… A is… (students respond “achievable”) (students respond “achievable”) R is… R is… (students respond “realistic”) (students respond “realistic”) T is… T is… (students respond “time-based”) (students respond “time-based”)

37. Opening Business As a class, let’s come up with three SMART goals for this business. As a class, let’s come up with three SMART goals for this business. Three goals that make sense might be a goal stating when we will open the business; a goal stating how we will secure the location of our business; and a financial goal. Three goals that make sense might be a goal stating when we will open the business; a goal stating how we will secure the location of our business; and a financial goal. Let’s talk first about the goal dealing with opening the business. Let’s talk first about the goal dealing with opening the business.

38. SMART Goals Goal #1 Goal #1 A. Open a television sales business in (enter name of town) by the end of the month. B. Open a television sales business in (enter name of town) by the end of (enter month 6 months from today). C. Open a television business in (enter name of town) that sells television sets and offers repair services by the end of (enter month 4 months from today). Which of these is the SMARTest goal? Which of these is the SMARTest goal? C

39. Location Let’s think about a location goal. Where in our town (enter name of town) could we have this business? Let’s think about a location goal. Where in our town (enter name of town) could we have this business? Let’s consider each of these options. Let’s assume that we are going to lease, or rent out the space for this business. Let’s consider each of these options. Let’s assume that we are going to lease, or rent out the space for this business. Which of these locations would allow us to do that? Which of these locations would allow us to do that? Now from this list, which location is closest to the major shopping area in the community? Now from this list, which location is closest to the major shopping area in the community?

40. SMART Goals Which of the following is the SMARTest goal? Which of the following is the SMARTest goal? Goal #2 Goal #2 A. Lease the retail space at (enter name of location) for a television sales business for two years. B. Lease the retail space at (enter name of location) for a television sales business for six months. C. Buy the retail space at (enter name of location) for a television sales business for one year. B

41. Why B? Option A is in a lease for too long, we don’t want to get into a lease for that amount of time when there is uncertainty about the success of the business. Option A is in a lease for too long, we don’t want to get into a lease for that amount of time when there is uncertainty about the success of the business. Option C requires we buy the space. One of our assumptions was to lease the retail space not knowing the success of the business. Option C requires we buy the space. One of our assumptions was to lease the retail space not knowing the success of the business. Option B allows for a lease and is a short- term agreement. Option B allows for a lease and is a short- term agreement.

42. Financial Goal OK, let’s think about the financial goal. Assuming that we are the only employee of the business, which of the following dollar amounts is reasonable to think that we should plan to make (net) in the first year? This is our only job! OK, let’s think about the financial goal. Assuming that we are the only employee of the business, which of the following dollar amounts is reasonable to think that we should plan to make (net) in the first year? This is our only job! $100,000 $100,000 $5,000 $5,000 $30,000 $30,000

43. Financial Goal $30,000 would be the most reasonable dollar amount, based on salaries. $30,000 would be the most reasonable dollar amount, based on salaries. $5,000 would be a very small salary on which to live. $5,000 would be a very small salary on which to live. $100,000 might be too much to expect from the first year off business. $100,000 might be too much to expect from the first year off business.

44. Financial Goal So, a SMART financial goal for our first year of operation might be: So, a SMART financial goal for our first year of operation might be: In the first year of operation, our television sales business (enter name of business), located at (enter name of location) in (enter name of town) will make $30,000 after all expenses. In the first year of operation, our television sales business (enter name of business), located at (enter name of location) in (enter name of town) will make $30,000 after all expenses.

45. Financial Goal Alright, when we take these three SMART goals, combined with the descriptions you created, we have a great start on a business description, which is a way of communicating to other people what the business is, why it exists, and what we plan to do. Alright, when we take these three SMART goals, combined with the descriptions you created, we have a great start on a business description, which is a way of communicating to other people what the business is, why it exists, and what we plan to do. If we complete the National FFA Agri- Entrepreneurship Award application, we now have an idea of what to do for the first part of the business plan. If we complete the National FFA Agri- Entrepreneurship Award application, we now have an idea of what to do for the first part of the business plan.

46. Review Today, we discussed brand identification, identified the difference between products and services, and created a business description. Today, we discussed brand identification, identified the difference between products and services, and created a business description. We now understand the importance of branding and have had a review of SMART goal writing. We now understand the importance of branding and have had a review of SMART goal writing. We identified the difference between products and services. We identified the difference between products and services. When I say product, what motion do we think of? When I say product, what motion do we think of? When you hear the word service, what do you think of? When you hear the word service, what do you think of? When developing our own entrepreneurial enterprise, we must be able to communicate the aspects of that business to others including potential customers and financers. When developing our own entrepreneurial enterprise, we must be able to communicate the aspects of that business to others including potential customers and financers.

47. Activity Write (on pg. 15 packet) a business description for the business your creating by addressing the following questions: Write (on pg. 15 packet) a business description for the business your creating by addressing the following questions: “Why does the business exist?” “Why does the business exist?” “Why is the business useful?” “Why is the business useful?” What are your SMART goals for your business? What are your SMART goals for your business? Smart Goal Example: (write a SMART goal) Smart Goal Example: (write a SMART goal) In the first year of operation, our sales business (enter name of sales business), located at (enter name of location) in (enter name of town) will make $30,000 after all expenses. In the first year of operation, our sales business (enter name of sales business), located at (enter name of location) in (enter name of town) will make $30,000 after all expenses.

48. Activity Review C. SMART goals 1. (s)pecific 2. (m)easurable 3. (a)chievable 4. (r)ealistic 5. (t)ime-based Three goals: Three goals: When will we open the business When will we open the business How will we secure the location of our business How will we secure the location of our business Financial goal Financial goal