Entrepreneurship Projects
Lesson preview: the Mini Lesson and Vocabulary are open to everyone. Guided practice, exercises, the parent checklist and the printable PDF worksheet come with full access (free 7-day trial or membership).
What you will learn
- 1Explain what an entrepreneur is and what they do
- 2Identify the key parts of a business plan
- 3Calculate profit using revenue and costs
- 4Design a simple business plan for a kid-run business idea
Mini Lesson
An entrepreneur is a person who starts their own business by identifying a need and creating a product or service to meet it. Entrepreneurs take risks but also have the opportunity to earn money and create something new. Many successful businesses started as small ideas.
What Is a Business Plan?
- A business plan is a written guide that explains how a business will work.
- It helps the entrepreneur think clearly about their idea before starting.
- A basic business plan includes: the idea, target customers, costs, selling price, and expected profit.
- Even kid-run businesses — like selling baked goods or doing odd jobs — benefit from a simple plan.
Key Business Concepts
- Cost: the money you spend to make or provide your product or service.
- Selling price (revenue per unit): the amount you charge each customer.
- Revenue: the total money received from all sales.
- Profit: the money left after all costs are paid. Formula: Profit = Revenue - Costs.
- Target market: the specific group of people most likely to buy your product.
- Investment: money put into a business hoping to earn more money back over time.
Young Entrepreneur Examples
- Selling handmade crafts or artwork at a craft fair.
- Providing a dog-walking or car-washing service for neighbors, with a grown-up's help.
- Baking and selling cookies or cakes to friends and family.
- Creating and selling greeting cards for birthdays and holidays.
Why Entrepreneurship Matters
- Entrepreneurs create jobs and drive economic growth.
- They solve problems by developing new products and services.
- Entrepreneurship encourages creativity, risk-taking, and independent thinking.
- Understanding business helps everyone make better financial decisions throughout life.
Words to know
entrepreneur
A person who starts and runs their own business, taking on financial risk to do so.
business plan
A written document that outlines the goals, strategy, and financial details of a business.
cost
The money spent to make or provide a product or service.
revenue
The total money received from sales before any costs are subtracted.
profit
The money remaining after all costs have been paid. Profit = Revenue - Costs.
target market
The specific group of customers a business is trying to sell its product or service to.
investment
Money put into a business with the hope of making more money in return.
Tip: Profit = Revenue - Costs. If your costs are higher than your revenue, you lose money. Always plan your costs carefully before setting your selling price!
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