Young Entrepreneurs

Overview

Grade Level: 5th Grade
Subject: Business
Duration: 50 minutes
Curriculum Area: Social Studies - Economics
Focus: Introduction to Basic Business Concepts for Kids

Objectives

• Students will understand the concept of entrepreneurship.
• Students will learn the basics of starting a simple business.
• Students will identify basic goods and services.
• Students will develop a simple business plan.

Standards

This lesson aligns with the following Common Core State Standards for 5th Grade Social Studies:

• CCSS.ELA-LITERACY.SL.5.1: Engage effectively in a range of collaborative discussions with diverse partners on grade 5 topics and texts, building on others' ideas and expressing their own clearly.
• CCSS.ELA-LITERACY.RI.5.7: Draw on information from multiple print or digital sources, demonstrating the ability to locate an answer to a question quickly or to solve a problem efficiently.

Materials

• Whiteboard and markers
• Chart paper
• Markers or colored pencils
• Fake money for role play
• Printed worksheets with a simplified business plan template

Lesson Structure

Introduction (10 minutes)

Step 1:

• Start with a short story about a young kid who started his/her own business (e.g., lemonade stand, dog walking service).
• Ask the students: "What do you think made this kid successful?"

Step 2:

• Discuss what entrepreneurship means: Someone who creates their own business.
• Explain that today they’ll become young entrepreneurs and learn the basics of starting a small business.

Direct Instruction (15 minutes)

Step 3:

• Introduce key vocabulary: Entrepreneurship, Goods, Services, Profit, and Business Plan.
• Write these words on the whiteboard and discuss each term briefly.

Step 4:

• Break down simple business concepts:
  • Goods vs. Services: Goods are items that are made or grown; services are tasks or jobs that one person does for someone else.
  • Profit: What you earn after subtracting expenses from the money you receive from selling goods/services.
  • Show examples using a lemonade stand: Selling lemonade (goods), setting up a stand and cleaning up afterwards (services), money spent on lemons and sugar (expenses), money earned from selling (revenue).

Guided Practice (15 minutes)

Step 5:

• Hand out the simplified business plan template.

• Guide students through filling out each section:

  • Business Idea: What product/service will you provide?
  • Target Market: Who will buy your product/service?
  • Costs: What will you need to buy or spend to start this business?
  • Revenue Projection: How much do you plan to earn?

• Role-play as a mini-market. Use fake money to simulate buying and selling scenarios between the students.

Independent Practice (5 minutes)

Step 6:

• Have each student present their business plan concept briefly.
• Encourage them to ask each other questions, noting strengths and areas for improvement.

Conclusion (5 minutes)

Step 7:

• Recap the key lessons from today:

  • Definition of entrepreneurship.
  • Difference between goods and services.
  • The importance of a business plan.

• Encourage students to think about what kind of small business they might start in their neighborhood or for a school project.

Assessment

• Observe participation and engagement during role-play and discussions.
• Evaluate the completed business plan worksheets for understanding of basic concepts.

Differentiation

• For advanced learners, introduce additional elements such as marketing strategies or detailed budgeting.
• For students needing more support, provide examples of popular small businesses for kids to explore and discuss.

Extensions

• Invite a local business owner or young entrepreneur to talk to the class.
• Organize a ‘Market Day’ event where students can set up mini versions of their business ideas.

By focusing on hands-on activities and active participation, this lesson plan aims to inspire and empower young students to think creatively and learn the fundamentals of business in a practical and engaging way.