Entrepreneur Lesson

Grade: 3
Description:
These five lessons covers the vocabulary associated with entrepreneurs, and businesses, teaches
students what an entrepreneur is and lets them go through their very own entrepreneurial cycle with
making a musical instrument. Day 1 the students have a read aloud, with working on unknown vocabulary
definitions associated with making a lemonade stand. This day they are introduced to the idea of what an
entrepreneur is while building the schema with words like profit, customers, partners, loans, etc. On Day 2
students watch a kid shark tank video, which allows them to see anyone can be an entrepreneur if they
have an idea, money, and support. Other aspects that are required and influence decisions when building
a new business are discussed with students, such as competition, product or. service, needs vs. wants.
Day 3 students learn about the entrepreneurial cycle which they will be using, as well as getting in groups
and start designing their musical instruments. Day 4 students finish the entrepreneurial process and
market their product to the class. Day 5 students learn about advertising used in the past, and think about
advertisements they have seen around now, then make a brochure selling their product.

Standards for the whole unit:

3.E.2.1- Explain why people become entrepreneurs
3.E.2.2- Give examples of entrepreneurs in various regions of our state

Essential Questions:
Who can be considered an entrepreneur? What are reasons people become entrepreneurs?
Who can be considered examples of entrepreneurs? Are there different types of entrepreneurs
depending on the area?

Powerpoint that flows along with lesson:

https://docs.google.com/presentation/d/1I_QDP8X6KyXWKwzzL14OngUTwsTIC8V1owAR905i
qRY/edit#slide=id.g29a66d3dbd_0_0

Day 1- 11/6: about 30 minutes

Academic Language Objectives: supplies, loan, profit, customers, advertise, system, business
Objectives:
Introduction: Introduce concept of entrepreneurship.. Why do we need to make money? Why
would we need entrepreneurs?
Materials: Make money! Have a lemonade stand (on smartboard), organizer with 4 columns and
6 rows
Lesson Content:
Make money! Have a lemonade stand By Bridget Heros: Big Universe-
https://www.biguniverse.com/reader/books/make-money-have-a-lemonade-
stand/content/
Have the read aloud on the Smart board, students follow along at their seats
Students will fill out Context clues graphic organizer through the read aloud. (Word,
What I think it means, Context Clues, Dictionary Definition)
Students should write down the word, what they think it means, and context clues
5 Words: Supplies, loan, profit, customers, advertise, system. Stop and discuss context
clues at the end of each page.
o Supplies: Items needed to make something or provide a service
o Loan: Money given to you that you must pay back. The borrower usually pays
interest (more that the original load)
o Profit: Money made after expenses are paid
o Customers: A person who buys or might buy what youre selling
o Advertise: To tell customers about your business through signs or other messages
o System: An organized way of doing a job
Add in the word business
Definition: a person or group of people who create and sell products and/or
services in order to make money
Discussion: Go over students definitions, compare and contrast. Share definitions from
glossary and add definitions to graphic organizers. (Ensure students understand that if
their definition is different from the definition given by the teacher it does not always
mean its incorrect.) What are some context clues you used?

Day 2- 11/7: about 30 minutes

Academic Language Objectives: business, product, service, needs, wants, scarcity, competition
Materials: students will be using their vocabulary notebooks
Objective: Cover the words business, product, service, need vs. wants, scarcity, competition
and introduce the word entrepreneur. Students are building their schema on the topic.
Introduction: 5 minute clip: Show a shark tank video kid entrepreneurs: current event
https://www.youtube.com/watch?v=y5nmwuu6RX0
5 10 minutes: Assessment Questioning:
Turn and talk
What are the people who come in front of the sharks called?
Can anyone tell what his or her purpose for coming on the show is?
Why do they need the sharks?
What is the product they are trying to sell?
Why did they come up with that design
They mention the word patent
15 minutes: In vocabulary notebooks, go over the words business, product, service, needs,
wants, scarcity, competition, entrepreneur have students copy down some definitions in their
notebooks
Ask students what they think the definition is, and remind them to think back to the terms
from the previous day. They should also write an example for each word.
Business
A person or group of people who create and sell products and/or services
in order to make money
Ask students for examples of a business (lemonade stand, dentist office,
restaurant, toy store)
Nonexamples? (Cancer Research, Nonprofit)
From the largest corporation to the smallest store, all businesses are trying to do
the same thing- make money
Ask them to identify things that can be purchased from a business (lawn care or
car wash is a service, clothing or food is a product)
Product:
something made by humans, machines or nature. Products are tangible
(lemonade, athletic clothing, a Chick-Fil-A sandwich)
What does the word tangible mean?
Service:
work that someone does for another person. Services are intangible
(haircut, auto service/tune up, babysitting)
if tangible means something we can touch what does intangible mean?
Needs:
goods or services that are required. (ex. Food, shelter, clothing)
Wants:
goods or services that are not necessary, but that we desire or wish for.
(fidget spinner, Xbox, NC State football season tickets)
Competition
Rivalry among sellers to sell (supply) goods and services, or among buyers
to buy (acquire) a service or good (ex. I offer a petsitting service to my
 neighbors. I charge $10 a day to petsit a dog. My sister also wants to have a
petsitting business. She decides to charge $5 a day to petsit. Who do you think
people will choose? How does price factor into their decision? . What if
someone hires my sister but she forgets to feed the dog and doesnt take the dog
on walks like she said she would. She is not providing good quality service.
How might that affect the buyers decision next time they look to hire a petsitter?)
Entrepreneur
A person who takes on the risk of beginning and operating a new business.
Starting a new business is risky because it takes a lot of time and money,
and there is no guarantee that business will succeed. (ex. Bill Gates
created the largest PC software company, Microsoft, and he has become very
wealthy. He is an example of an extremely successful businessman.)
Has a goal of making a profit
Sees a need for a particular good or service
The first thing entrepreneurs do is think of an idea; then, they follow the four
stages of the entrepreneurial cycle to run their business
In the Make Money! Have a lemonade stand, Was she an entrepreneur? Why?
Start this activity once you are done writing down definitions and examples
Half of the students should do this first:
Students write on a sticky note a reason someone would become an
entrepreneur
Students write on the back board an example of a entrepreneur
Other half of the class do this first then moves on to the first two prompts:
Students come to the board to write a need in black
And write a want in green

Need Want
Day 3- 11/8: 30 minutes

Academic Language Objectives: design, manufacture, marketing, sales

Morning work:
Discussion: Questions
Remind me, what is an entrepreneur? Can anyone give an example of an
entrepreneur?
Materials: Worksheet, toilet paper rolls, box, rubber bands, cup, pencil, piece of paper, stick,
blocks, aluminum foil, dice, zippy bags.
Objectives: Learn about the entrepreneurial process
Lesson Content: Every entrepreneur goes through the entrepreneurial cycle
It has four stages:
Design (draw it)- express your ideas on paper
Manufacturing (make it)- how will I make my idea a reality?
Marketing (tell everyone about it)- who are my potential buyers?
Sales (sell it)- why should people buy what youre selling?
I was contacted by the music teacher, Mrs. Templeton, and she is looking to implement
new instruments in her classroom, specifically designed by students. She says she
wants creative and functional instruments and has asked me if she thinks third graders
are capable of designing and building them. Today everyone will be going through the
entrepreneurial cycle in groups. Just like in real jobs you will not always be able to pick
who you work with, but everyone must contribute.
The product everyone will be making in groups will be one or more musical instrument.
You will decide as a group if you have enough money to make just one instrument or
more than one. When everyone gets in your group (groups should be no bigger than 3 or
4 students) you will look at the materials on the back table one group at a time, and start
coming up with ideas at your seat. (When dismissing groups, send one group to look at
the back table before going to seats) Show students materials available. You must have
your ideas drawn out and labeled with what materials you will need before you can start
the design process. Your design must be approved before you can begin
manufacturing.
Each material has a cost, just like for real businesses
Each group can only spend $15 dollars total for their instrument(s)
Give students the making instrument worksheet
First work on the design stage, look at the prices of the material, and decide what you
can do with the money given
Make sure to draw a design, and list the prices it would take, and have it approved by
the teacher
If your design has been approved you can move onto the next stage of building the
instrument
When dismissing, send one group at a time to back table, other groups should talk as a
group and come up with one example of an entrepreneur
(students can draw their design on a separate sheet if there isnt enough room)

Materials:
 Toilet paper roll $5.25
Box $10.00
Rubber band $.100
cup $3.50
Pencil $1.50
Piece of paper $1.00
Sticks $1.25
block $.75
Aluminum foil $3.20
Dice $.50
Zippy bag $1

Making instruments

Group members:
Directions:
Fill in the definition of an entrepreneur, and the name of each stage.
For Stage 1: make sure to draw the design, and label each material
For Stage 2: write down if any changes were made when building the instrument
 For Stage 3: write down who you would sell your instrument to
For Stage 4: write down why people should buy your instrument
Every group has only $15 to spend, each material has a cost and you must get the design
approved before building it.

An entrepreneur is a ___________________________________

Stage 1 of entrepreneurial cycle: __________________ (This design is approved)

Stage 2 of entrepreneurial cycle: ___________________

Stage 3 of entrepreneurial cycle: ___________________

Stage 4 of entrepreneurial cycle: _____________________

Day 4- 11/9: 30 minutes

Materials: resources used from previous day
Objectives: Finish what was started yesterday, market your product to the class
Each group might be on different stages. Some groups might still be working on
designing their product, while some people might have moved on to manufacturing the
product. Once you have decided on your finished product draw the instrument on a
blank sheet of paper, make sure to put the name on the top. **Modification for those
done early as a group write on the back of the sheet- different prices, what if you have
unlimited materials, what else would you have liked to design?, what service could you
potentially apply in partnership with this instrument you created?
 Once everyone is done manufacturing the products each group will get the chance to
market it to the class. Make sure to list the price of the product when presenting each
group will have a few minutes to market their product to the class. (Presenting questions
are to be shown on board to help remind students while they are presenting).
Make sure one person says the price, and the materials listed, while the other group
members play the instrument
For those that are finished with everything else, work alone:
Assessment Questions (choose only one)
1. In the Lemonade story what was her need? And how did she decide to
solve that need?
2. Brainstorm three services and 3 products.
3. Name a company that provides a service. Name a company that provides
a product.
4. Describe how a lack of resources may affect a business.
5. In the Drip Drop video if the boys got the money would they have to split
it? Why? (Think back to the Lemonade book when the girl split her
earrings)
6. Write an example of why someone would become an entrepreneur.

Day 5- 11/10: 30 minutes

Resources: brochure
Objectives: Use your knowledge of past and present advertising to create your own brochure for
your musical instrument
Marketing and advertising your product
All of the students should be done with building their instruments, so now students will
advertise what they produced.
Today we are going to be learning about the Ford Model T (historical perspective how
did they advertise their product)
Does anyone know what the model t is? It is considered the first affordable automobile,
while other cars were made before the Model T cars were not as common or accessible
as they are now. The Model T made transportation inexpensive on a massive scale. We
 are going to watch a short clip showing how it was advertise, as the advertising sold the
car as reliable, easily maintained, and mass-market transportation which led to its
success.
https://www.youtube.com/watch?v=wA2P76gQUCo
Now that you have seen how the Model T was advertised turn to a partner and talk
about some form of advertising you have seen recently and how it was selling the
product. Think back to when we learned about advertisements earlier in the week, they
can be billboards, commercials, videos, pictures, etc.
Have students make a brochure for their product
On the brochure you need the name of the product, the cost to make the product, come
up with the cost to sell the product, and why someone should buy the product. A picture
should be included. You will make the brochures with your group, so everyone must
contribute.