Starting Small: What Entrepreneurs Make and Sell
In 2006, a 6-year-old named Mikaila Ulmer got stung by a bee twice in one week. Instead of being scared of bees forever, she became curious about them. She made lemonade sweetened with honey to help bees, called it Me and the Bees Lemonade, and started selling it. By the time she was 11, she had a deal worth 11 million dollars on the TV show Shark Tank. That is the power of an entrepreneur!
What You'll Learn
In this lesson you will: - Learn what an entrepreneur is - Understand the difference between a product and a service - Discover the four simple steps to start a tiny business - Think of your own business idea
What Is an Entrepreneur?
An entrepreneur is a person who has an idea for a business and works to make it real. They notice a problem — something that people need or want — and create a way to help. Entrepreneurs can be ANY age. They do not need lots of money to start. Many famous businesses began in garages, kitchens, or bedroom closets. Apple Computer started in Steve Jobs's parents' garage. Amazon started with Jeff Bezos selling books out of his home.
The best entrepreneurs are great listeners. They pay attention to what people complain about and turn that into a business idea. If your neighbor says she wishes someone would water her plants while she travels, that is a business idea!
Products vs. Services
All businesses sell one of two things: A product is something you make or grow that a customer takes home. Examples: lemonade, a painted rock, homemade cookies, a drawing. A service is something you DO for a customer. Examples: walking a neighbor's dog, helping carry groceries, watering plants while someone is on vacation, or teaching a skill. Some businesses sell both! A pet groomer provides a service by washing the dog and might also sell a product like dog shampoo.
Sort each business idea into Product or Service.
Terms
Definitions
Drag terms onto their definitions, or click a term then click a definition to match.
Four Steps to a Tiny Business
Starting a business does not have to be complicated. Here are four small steps: Step 1 — Find a problem: What do people around you need? Maybe your neighbors always forget to water their plants. Step 2 — Create a solution: Could you offer a plant-watering service for two dollars per week? Step 3 — Tell people: Make a simple flyer or tell your neighbors in person. This is called marketing. Step 4 — Do the work and improve: Do a great job, ask for feedback, and keep getting better. Happy customers tell their friends!
Mikaila Ulmer sold lemonade sweetened with honey. What kind of business was this?
My Mini Business Plan
1. Think of one problem kids or adults near you have — for example, the sidewalk is always messy with leaves. 2. Write or draw your solution — for example, a leaf-raking service for three dollars per yard. 3. Decide: is your idea a product, a service, or both? 4. Draw a simple flyer with your business name, what you offer, and your price. 5. Share your plan with a grown-up and ask them: Would you buy this? Why or why not?
What is the FIRST step when starting a small business?
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