Hello Entrepreneurs!
This week we got a start on planning and designing our own Teen Clubs. There were lots of great ideas being thrown around for making an amazing Teen Club during the brainstorming session, but we had to make sure that we were keeping in mind our 'BIG 4'. The design of the room took a bit longer than planned, but that is okay since we collectively decided to spend a bit more time on it and we will continue working on it next week.
Why this project? This project is a hands on way to understand our 'BIG 4'. The 'BIG 4' are the 4 things we must do and understand be be a successful entrepreneur.
The BIG 4
The 'Big 4', as an entrepreneur you must:
1. Fill A Need: know what is needed in your area and know your potential competitors
2. Research: Know your customer and your product (or service). Have expert knowledge of both the customer and the product.
3. Be Creative and Innovative: think outside the box, look for new and different solutions to needs that have been identified
4. Believe in Yourself and Love what you do: Know your likes and passions, skills/abilities, and work to improve them.
Class Chat:
We reviewed our 'BIG 4', this will be talked about so much in this class you will be chanting the list in your dreams. Last week we went over the the 'BIG 4' but this week we went even deeper with understanding why this works and how to apply it to a business, in this case the Teen Club.
Acquiring skills was another point of discussion during this class. How do we get more skill and why is this important? Some of our skills are self taught . We might need to seek out an apprenticeship with an expert, and part of being a great entrepreneur is knowing when you need to improve.
We put brainstorming into action to generate our Teen Club business ideas, it was a great way to make sure all ideas were considered before designing the final Teen Club. You guys were so great and respectful to your class members, I'm so impressed with you all. No idea was looked down upon and you really made sure that if something didn't fit the 'Big 4' the other class member understood why.
The rest of the class was spent on designing the Teen Club, some amazing questions were discussed, such as:
Will we put an age limit on the club? How will that impact the Teen Club?
What setting is our teen club in? Rural, city, urban?
How will we fund our club?
How will we split the income between the owners?
Is the scale correct?
What will we have to cut out due to space limitations?
How can we make sure we are reaching the widest range of teens?
Key Terms of the Week: The words and terms we discussed as a group
Market : A collection of current and/or prospective customers
Apprentice : A person who studies with experts to learn more in a specific field
Market Research: Gathering and evaluating data regarding customers' preferences for products and services
Brainstorming: A method to generate ideas
Additional Work: None!
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