Entrepreneurship
Workbook to accompany digital packet
Instructions: This workbook contains all the questions from the digital packet arranged by slide number.
You can use this workbook if you find you’re having technical issues with the digital packet.
If you choose to use this workbook, be sure to use the digital packet for all information and
instructions, while typing your answers directly in the workbook. You can also print this
workbook and write your answers in the space provided under each question. Once
completed, please email your workbook to rmitchem@edmondhistory.org and
education@edmondhistory.org.
Can’t find the digital packet? Click on the link below and then download it to your computer.
https://www.dropbox.com/s/1v5c2o0sit5hmmy/Entrepreneur%20pdf%20digital.pdf?dl=0
Slide #3
1) In your own words, what is an entrepreneur?
2) Explain how entrepreneurs impact the U.S. economy.
Slide #8
Social Skills Basic Math Skills Problem-Solving
Organization Technical Skills Teamwork
1) Choosing from the skills listed above, name three skills you see being used to run the business
featured in the video.
2) Why did Rise and Shine start their business? What skill, listed above, does this represent?
Slide #9
Communication Planning Leadership
Flexibility Decision-making Teamwork
1) Choosing from the skills listed above, name three skills you see being used to run the business
featured in the video.
2) In the video, Regis says, “Sometimes your business structure has to roll with the changes.”
What happened with Regis and Dinard’s business that made him to say this?
What did Regis mean when he said a business has to roll with the changes?
Slide #10
Decision-making Planning Problem-solving
Flexibility Social Skills Technical Skills
1) Choosing from the skills listed above, name three skills you see being used to run the business
featured in the video.
2) Joe’s business was not doing well when he first started. Did he decide to quit? If not, what did
he do to get his business going? Of which two skills is this an example?
Slide #12
1) Where did Carly and Molly get the idea for their business?
2) Hives for Lives has two business structures: for-profit and non-profit. Why does it have two business structures?
3) Carly and Molly decided to use teens to help market and sell their products. Why do you think they made this
decision? How do the kids benefit from this experience? How do you think the customers benefit?
Slide #15
1) What are some of your favorite hobbies and activities?
2) What kind of goods and services do you like, enjoy, and benefit from?
3) What experiences, values, or emotions do you want your customer to experience
when buying your product? Place an 'x' by all that apply.
Trendy Practical Happiness Family-friendly
Glamorous Dependab e Useful Healthy
Budget-fri endly Stylish Luxurious Safety
Eco-friend ly Versatility Relaxing Unique
Slide #16
1) Based on your brainstorming session, list three ideas for your potential business.
2) Choose one of the ideas you listed above for your business. Explain why you selected it and
why you feel it will be successful.
My Business Plan
by
____________________________________
Instructions: Type or write your answers in the blank space.
All text in italics will give you helpful hints on
how your need to approach your answer. Submit
your business plan and logo along with your
completed packet.
Business Idea
1) What is your business idea? Describe it and what you want your
business to accomplish.
2) What makes your idea unique?
What do existing products/services not offer that yours will? Why will people buy it?
Marketing
Analysis
1) Who will be your customers? Describe your target customer with as much detail as you know.
Are they adults? Teens? Men? Women? Where do they live? Are they wealthy or not? Are they very busy?
2) How will you get customers to use your business over your competitors?
3) Where will you sell your product? Think about a strategic location where your business will be needed most.
Promoting Your Business
1) What is the name of your business? Is it unique? Memorable? Easy to pronounce?
2) How will you get the word out about your business? Will you email friends? Use social media? Flyers? Signs?
3) On a different page, design and draw a rough sketch of a logo for your business.
A logo is a symbol made up of text and images that identifies a business.
For example, McDonald’s logo looks like this
Finances
Startup Cost
1) How much will it cost to start your business? Give your best estimate.
Think about what you need to buy before you get started. Materials? Equipment? Will you need to pay extra staff?
Cost Per Unit
2) What is the cost of making each product, or providing each hour of service?
This is known as “cost per unit.” To find out the cost per unit of your product/service use the formula below:
Product: Total expenses Number of products that can be made = Cost to make and deliver each product.
Service: Total expenses number of hours of work = Cost of service per hour.
For example: I want to sell my tomatoes at a local farmers market. I have 200 tomatoes I can sell. Once I factor
in all my expenses to grow, pick, pack and transport the tomatoes and rent a space to sell my tomatoes, my
total expenses are $300. So, what is the cost for me to grow and sell each tomato? To find out, I use the
formula below:
Total Number of Cost per
Expenses Products product
So, my cost for each
$300 200 $1.50 tomato is $1.50.
Now you try! If your business is based on a product use #1. If your business is a service, use #2:
1) Total Expenses Number of Products Cost per product
2) Total Expenses Number of hours of work Cost per product
Pricing
How much will you charge for each item?
Make sure you set your price above the cost per unit so you can make a profit. Be sure to look at your competitors’ prices!
Do not be unreasonable and do not be greedy! Doing so, can make your business go bust.
Profit
1) What will be your profit? How much will you make on each sale after you subtract your expenses?
To find out subtract the price of each item or hour of service (your answer above) from the cost per unit you calculated
on the previous page.
For example, let us go back to those tomatoes! My tomatoes cost me, the seller, $1.50 each. I look at my competitors’
tomatoes and they charge $2.00 for each tomato, but my tomatoes are big, sweet, and I do not use chemicals to grow
them. So, I am going to charge $2.50 for each of my tomatoes. To find out my profit from the sale of each tomato, I
subtract $1.50 from $2.50:
Price of item Cost per unit Profit
This is my profit from each tomato
$2.50 $1.50 $1.00 I sell. If I sell all 200 tomatoes, my
total profit will be $200.
Now you try! See how much money you will make from each sale by filling in the blanks with your information.
Price of item or
each hour of service Cost per unit Profit
2) What will you do with the money you make?
Will you buy more supplies? Donate to charity? Do not forget to reinvest in your business.
Planning the Future
1) Imagine your business is up and running. What successes and problems do you think you
might experience with your business?
2) How would you work through any problems while still maintaining a good quality
product/service?
