What Is an Entrepreneur?

Grade 3 Lesson # 2

What is an Entrepreneur?

SS.4.FL.1.7 Entrepreneurs are people who start new businesses. Entrepreneurs do not know if their new businesses will be successful and earn a profit. Identify ways in which starting a business is risky for entrepreneurs.

Image: econedlink.org

Open for Business

Lesson Number : 3

Correlated Florida Standards (See Full Text on Cover Page)

· LAFS.3.RI.1.1

Essential Question

· What is an entrepreneur?

Learning Goals/Objectives

· Students will understand the role of an entrepreneur

· Students will explore the differences in businesses that provide goods vs. businesses that provide services

· Students will understand the risks and rewards of entrepreneurship.

Overview

· In this lesson students will explore the concept of entrepreneurship. They will discover the differences between entrepreneurs who start a business to produce a good or provide a service. Students will also come to understand the risks and rewards of entrepreneurship.

Materials

· Promethean Board or White/Chalk Board

· Internet access

· Cha-Ching: Entrepreneur video https://www.youtube.com/watch?v=IJXBet--kvg .

· Cereal Box (Collect cereal boxes prior to this lesson)

· White copy or light colored construction paper, other colors of construction paper, glue, scissors, crayons, markers and colored pencils

· Handout: I’m an Entrepreneur (Included)

· Handout: What Do I Know About Entrepreneurs? (Included)

Time

· 30 minutes

Activity Sequence

INTRODUCTION/HOOK

Tell students that today’s class will be devoted to entrepreneurship. Write the word “entrepreneur” on the whiteboard. Brainstorm as to what an entrepreneur is. Have students watch the video: Cha-Ching: Entrepreneur https://www.youtube.com/watch?v=IJXBet--kvg . After viewing the video, discuss entrepreneurship. (4 minutes)

ACTIVITY

1. Teacher will inform students that entrepreneurs are creative and have many ideas. They create businesses that provide things for people’s wants and needs. Entrepreneurs create businesses that provide either a good or a service. (1 minute)

2. Businesses that provide goods make or sell a product (good) that a consumer (customer) can touch. Example: a clothing store. (1 minute)

3. A service business provides an action to satisfy a consumer (customer). Example: a car wash or a hair salon (1 minute)

4. Tell students that today they will become entrepreneurs and create their own business. Think of what type of business you would like to create. Give your business a name. Discuss ideas. (2 minutes)

5. Pass out the “I’m an Entrepreneur” worksheet. Have students collaborate and complete the sentences of I’m an Entrepreneur Handout. (2 minutes)

6. Distribute a cereal box, and supplies to cover the box. Have students cover their cereal box with white or light colored construction paper. (4 minutes)

7. Have students brainstorm a business they would like to open in their neighborhood. (2 minutes)

8. On a separate sheet of paper, have students illustrate a business they would like to open in their neighborhood. (2 minutes)

9. Students will place the illustration on the front of their cereal box. (1 minutes)

10. On the back of the box, students will cut along the dotted lines of their I’m a Boss Handout and glue their completed sentences on the back of the cereal box. (2 minutes)

CLOSURE

· Have students share their businesses. (5 minutes)

· Review Essential Question (3Minutes)

· Tell that Marcus wants to start a business selling sneakers. He wants to call his business Fresh Kicks. Will Marcus be considered and entrepreneur? Why or why not

OPTIONAL EXTENSION SUGGESTION/HOME LEARNING

· Have students complete the handout: What Do I Know About Entrepreneurs?

Sources/Bibliographic Information that contributed to this lesson:

Econedlink: I Can Be An Entrepreneur http://www.econedlink.org/teacher-lesson/476/I-Can-Be-Entrepreneur

Econedlink Open for Business http://www.econedlink.org/teacher-lesson/920

Name ______

I’m an Entrepreneur!

Task:

You are creative and have many ideas. Now, you have decided to start your own business. It’s a risk, but you have decided to “Go for it!!!”

What will it be? ______

Will you provide a good or a service?______

Name of your business.______

Using a cereal box, show the world your business. Be sure to put the NAME of your business on your cereal box. . Tell all about your business on your cereal box! Be creative! Make your box attractive so that people will want to come to your business!!

------

The name of my business is ______.

As an entrepreneur, I produce a ______(good or service).

Let me tell you a little about my business

______

______.

Here’s why you should visit my business ______

______.

Adapted from:http://www.econedlink.org/teacher-lesson/920

Name ______

Date ______

What Do I Know About Entrepreneurs?

1. What is an entrepreneur?

______

______.

2. Give 3 examples of “goods: ______

______

3. Name two types of businesses that provide a service: ______and ______

4. What is a consumer?

______

______.

5. What is one risk that an entrepreneur might face?

______

______.

6. What reward might an entrepreneur receive?

______

______.