Spotlighting Entrepreneurs: The Sweet Success of Milton Hershey -This lesson spotlights the life of Milton S. Hershey and allows students to learn about the risks and rewards of entrepreneurship through a biographical sketch of one who experienced many bitter disappointments and sweet successes. It also shares some of the ways that Mr. Hershey and his wife gave back to the community. Chapter 11: Risk Management Every time an entrepreneur starts a business, he/she has to consider some risks. What if no one wants their product? What if the price is too high for buyers? What if consumers aren’t happy? What if something goes wrong, and they get blamed? Well, Cleo is ready to take on those risks in this chapter. She chooses Wilson Park for her location. She gets permission from her mom and dad, then gathers all the resources needed and gets ready to set up shop. Economic Concepts: Risk, entrepreneur, liability, market research History and Social Science Virginia Standards of Learning – 2.4b, d The student will describe how the contributions of selected individuals changed the lives of Americans, with an emphasis on Benjamin Franklin and George Washington Carver. Classroom Activities Market Research: Market research is the use of surveys, product testing, and groups to assess the potential success of a new product or service. This type of research is crucial for entrepreneurs to perform in order to use their limited resources efficiently and effectively. Mom asks Cleo to give Mom’s cookies to her tooth pulling customers to see how many like the cookies. Mom wants Cleo to perform market research because she hopes to one day sell the cookies. Under the guise of starting a classroom-based business, bring baby carrots or sliced apples to class along with two types of dip for each student to try. Have the students secretly predict which veggie/fruit and dip combination will be liked the most. Survey each student’s preference. As a class, collect and organize the data in order to draw conclusions regarding which type of healthy snack would most likely be the most successful in the marketplace. NOTE: Please be aware of food allergies prior to implementing this activity. Risk & Liability: Define risk as and define liability as the chance of losing money, the legal Cleo’s parents want to make sure responsibility to pay for damages or losses one has caused. that if Cleo accidentally hurts one of her customers while using the Extractor Extraordinaire™
Spotlighting Entrepreneurs: The Sweet Success of Milton Hershey -This lesson spotlights the life of Milton S. Hershey and allows students to learn about the risks and rewards of entrepreneurship through a biographical sketch of one who experienced many bitter disappointments and sweet successes. It also shares some of the ways that Mr. Hershey and his wife gave back to the community. Chapter 11: Risk Management Every time an entrepreneur starts a business, he/she has to consider some risks. What if no one wants their product? What if the price is too high for buyers? What if consumers aren’t happy? What if something goes wrong, and they get blamed? Well, Cleo is ready to take on those risks in this chapter. She chooses Wilson Park for her location. She gets permission from her mom and dad, then gathers all the resources needed and gets ready to set up shop. Economic Concepts: Risk, entrepreneur, liability, market research Virginia Standards of Learning – History and Social Science 2.4b, d The student will describe how the contributions of selected individuals changed the lives of Americans, with an emphasis on Benjamin Franklin and George Washington Carver. Classroom Activities Market Research: Market research is the use of surveys, product testing, and groups to assess the potential success of a new product or service. This type of research is crucial for entrepreneurs to perform in order to use their limited resources efficiently and effectively. Mom asks Cleo to give Mom’s cookies to her tooth pulling customers to see how many like the cookies. Mom wants Cleo to perform market research because she hopes to one day sell the cookies. Under the guise of starting a classroom-based business, bring baby carrots or sliced apples to class along with two types of dip for each student to try. Have the students secretly predict which veggie/fruit and dip combination will be liked the most. Survey each student’s preference. As a class, collect and organize the data in order to draw conclusions regarding which type of healthy snack would most likely be the most successful in the marketplace. NOTE: Please be aware of food allergies prior to implementing this activity. Risk & Liability: Define risk as the chance of losing money, and define liability as the legal responsibility to pay for damages or losses one has caused. Cleo’s parents want to make sure that if Cleo accidentally hurts one of her customers while using the Extractor Extraordinaire™