business club vocab

Business Club2013

Lemonade Stand

A business is like a lemonade stand.

Lemonade Stand

What experiences do you have with a lemonade stand?

Product

The item you are selling [the lemonade].

Budget

How much money you have/are planning to

spend to buy the materials [lemonade

mix, etc]

Supply

How much of something [lemonade materials]

that is available.

Demand

How much of something [lemonade] people

want.THINK: Would people want ice cold lemonade in the winter?

Sales Pitch

What am I going to say to convince people to buy the lemonade?

SHARK TANK Clips• Young Entrepreneurs -

http://www.youtube.com/watch?v=qFShW-qxPM4

• Smart Wheel - http://www.youtube.com/watch?v=08mCf9G9xBU

• Ellen - http://www.youtube.com/watch?v=rSvMbK0x6cA

Marketing

How I’m going to sell the product [lemonade]. Make signs? Make a chant/song?

Competition

Are there other kids in the area selling lemonade? Is there a

store that sells lemonade nearby? Is their lemonade

better than yours? Cheaper?

Start Up Costs

What do we need to buy in order to prepare for the

lemonade stand?

Business is everything from what your parents do to earn money, what the stores are doing where you buy things

and what all people do to earn money to live on. Business is about people earning money to have; the things they

need (food, house, car, clothes, education), the things they want (toys, electronics, sporting goods, books) or to do the

things they want to do (entertainment, travel, etc.).

Business is what people do after they finish going to school. School helps you to prepare yourself with many of the

basic skills you will need for business. Business includes terms like working, career, job, profession, occupation,

stores, factories, restaurants, and almost everything you are involved in outside of your family and school.

Product

Sales Pitch

Marketing

BudgetSupply

Demand

Competition

Start Up costs