Year 9 Entrepreneurs
As part of our Year 9 Entrepreneurship class, we have been learning about starting and running a small business.
Defining Our Product
There were a number of stages we needed to work through. Firstly, we needed to find a suitable product to sell to the students at school. We had to work within a budget to purchase our materials and develop an understanding of the various finance options for small businesses.
We also learnt about product costing and which costs are fixed, mixed and variable. This helped us work out the cost to make our product so we could determine our selling price.
The marketing aspect of our business was another key topic we talked about in class and Mrs Bastow, Director of Community Relations, came to speak to us. From her, we learnt how to promote our product to our target market. We discussed the 4 Ps of marketing:
- Product: what we would sell
- Price: how much we wanted to sell the product for
- Place: where we were going to sell our products
- Promotion: how we would promote our product to our customers
On Tuesday during recess, our class held stalls for five different groups and their products. This was a chance for us to sell our products and experience what it’s like to run a small business.
This was a fun experience and provided us with real-life knowledge and understanding of how a business is run. Overall our businesses made a profit of $166.50, which was donated to our Mercy Day fundraising.