Intro to Entrepreneurship 1 (Grades 3-5) PDF

INTRO TO ENTREPRENEURSHIP 1 Grades: 3-5  As a VentureLab instructor, you are enabling student confidence, self-efficacy and ingenuity, ultimately preparing students to use an entrepreneurial mindset to pave their own path. For your own journey...

INTRO TO ENTREPRENEURSHIP 1 Grades: 3-5  As a VentureLab instructor, you are enabling student confidence, self-efficacy and ingenuity, ultimately preparing students to use an entrepreneurial mindset to pave their own path. For your own journey as an instructor, please use the resources below to complement the VentureLab curriculum. There, you’ll find tips on how to create an impactful learning experience. USER ENTREPRENEURIAL GUIDE MINDSET & SKILLSET Entrepreneurial Mindsets Learn to work through Always ask “why?” and Recognize your potential Dare to step out of your failure to create solutions “what if…” to seek new to learn and accomplish comfort zone to accomplish for the problems you are and creative ways of anything you work hard to great things passionate about learning and doing achieve Actively observe, identify, Proactively develop Learn to work through Be confident and hopeful and act on circumstances creative solutions to the difficult moments and view in your ability to innovate where you can innovate or problems around you failure as an opportunity to and your potential for solve a problem grow and learn something making an impact new Develop quick and clever Think about other people’s Make smart changes when ways to overcome challenges needs and feelings keeping challenges arise without (and don’t worry, you can these in mind when solving losing heart or giving up always iterate!) a problem Entrepreneurial Skills 1. CREATIVITY 2. TEAMWORK 3. PUBLIC SPEAKING 4. IDEA GENERATION Being creative means being It’s rare for someone to When you have opportunities The key to innovation is to let bold and imaginative and not accomplish things alone. to speak about your idea, you your mind spread its wings and limiting your thinking to what’s Seek out teams with diverse want to do so as effectively as fly. The more ideas the better, already done perspectives, skills, and talents possible (this takes practice!) wild and silly ideas welcome! 5. OPPORTUNITY ANALYSIS 6. MARKET RESEARCH 7.DESIGN THINKING Entrepreneurs look for different patterns It’s important to gather information To develop effective solutions, and trends to see if an idea will be success- about your potential users so you can entrepreneurs need to put the ful and if it’s the right time to get started turn your ideas into something they user first and seek out feedback in will want order to design with users in mind 8. PROTOTYPING 9. BUSINESS MODEL 10. PITCHING Entrepreneurs create proto- Business models help answer Rallying people around your idea types--simple models to explain questions like: What will it cost to is critical! Effective “pitches” to their idea, get feedback, and learn make your product? What should potential users and investors are how their product can be improved you change? clear, short, and persuasive ©VentureLab 2021 venturelab.org INTRODUCTORY VIDEO © 2021 VentureLab You are able to access, modify, and use the VentureLab content at no charge, providing you are doing so for your own usage in a non-commercial manner, and you comply with the license agreement. While we encourage you to tell others about VentureLab, you are not able to grant others access to, nor share your modified version of, the VentureLab curriculum. All users must access the curriculum through the VentureLab website. If you intend to use the VentureLab curriculum in a commercial manner, please contact VentureLab for a commercial license. This is a summary of, not a substitute for, the full license agreement.  TABLE OF CONTENTS KEY TERMS /04 LESSON 1 OVERVIEW /06 LESSON 1 PREPARATION /08 ACTIVITY 1: ENTREPRENEUR MINDSET VIDEO & POSTER /10 Duration: 40 minutes ACTIVITY 2: PAPER TOWER-MARSHMALLOW CHALLENGE /13 Duration: 35 minutes ACTIVITY 3: ENTREPRENEUR SONG /15 Duration: 20 minutes REFERENCES /21 LESSON 2 OVERVIEW /25 LESSON 2 PREPARATION /27 ACTIVITY 1: ANALYZING PRODUCTS IN A MARKET /30 Duration: 60 minutes ACTIVITY 2: PITCH GAME /34 Duration: 30 minutes REFERENCES /38 KEY TERMS BRAND is the name, logo, and mission/vision of a product or service. COMPET IT ION are similar products or services that people may use instead of yours. COST is the amount of money needed to do something DESIGN-T HINKING is an approach entrepreneurs use to develop products and services. When entrepreneurs use design-thinking, they consider solutions to problems and match what they can make with what their customers need. ELEVAT OR PIT CH is the shortest version of your pitch that you have ready at any time in case you spontaneously meet someone who could be a potential investor or where the “elevator” refers to the amount of time you have to make your pitch (the length two people may find themselves in an elevator). ENT REPRENEURSHIP isn’t just about starting companies; it is a skillset and a way of thinking. The core of entrepreneurship is building a solution to a problem and taking the necessary steps to make it a reality. ENT REPRENEURS pot an opportunity and develop a vision for a new product, business or solution and put together all the resources needed to bring their ideas to life. GROWT H MINDSET is a way of thinking that means that your brain is capable of learning and achieving anything. INVEST ORS people who might use their own money to fund a new business in exchange for partial ownership of the company. If the business is successful, investors make money on their investment. IT ERAT ION is the process of making and revising prototypes. Entrepreneurs learn from each new prototype or “iteration” in order to ultimately make something better than their original designs. Venturelab.org © 2021 VentureLab 4  MARKETS are any places where buyers and sellers meet to trade products - it could be an actual store or a website. Any business in a specific market is likely to be in competition with others offering similar products e.g. soft drinks, mobile phones, shampoo. PIT CH is a short, persuasive speech (formal or informal) targeted at potential investors or other kinds of potential stakeholders/ supporters. PROFIT when the money earned is more than the costs of running the business. PROT OTYPES are simple models entrepreneurs use to explain their idea, get user feedback, and learn how their product needs to be tweaked. TARGET MARKET is a way to describe the specific group of people that you want to buy your product (i.e. teenage girls, moms, soccer players). Your goal is to make sure the product meets your target market’s needs, that they know it exists, can find it easily and are persuaded to buy it. Venturelab.org © 2021 VentureLab 5 LESSON 1 OVERVIEW Entrepreneurship isn’t just about starting companies; it is a skillset TOTAL DURATION and a way of thinking. The core 90 minutes of entrepreneurship is building a solution to a problem and taking the necessary steps to make it a reality INTRODUCTION In Activity 1, students will watch a video of a young entrepreneur and complete a poster- making activity that will have them reflect on: 1) their own entrepreneurial strengths and 2) what mindsets and skills an ultimate entrepreneurial dream team would need in order to take on any challenge that comes their way! In Activity 2, students experience the trials of entrepreneurship as they work in groups to create a solution to a design challenge. They must build the tallest tower that can support a marshmallow using pieces of paper. In Activity 3, students will learn a song to help them remember the entrepreneurial mindsets. BACKGROUND Throughout this introductory lesson on entrepreneurship it is important for students to begin to understand the VentureLab approach to entrepreneurship. Traditional entrepreneurship education is focused around setting up a company and presents entrepreneurs as the people who bring resources together to set up the company and make a profit. When you introduce the lesson to students, it is likely that they will have this type of understanding of entrepreneurship. While setting up and running companies is part of entrepreneurship, at VentureLab we believe that it is much more. We aim to give young people the opportunity to experience and develop an entrepreneurial way of thinking and behaving that will be valuable to them whichever career path they choose. It is important to emphasize that this lesson and the rest of the VentureLab Lessons will help them experience and develop their entrepreneurial skills and way of thinking—rather than focusing on the specifics of starting and running company. Venturelab.org © 2021 VentureLab 6 GOALS For students to Experience what it is like to be an entrepreneur. Better understand their own current mindsets (how they approach challenges and problems). Better understand that entrepreneurs actively learn and develop both their mindsets and their skills over time. Develop a deeper understanding of entrepreneurial mindset and skills. Learn that failure happens to everyone... including entrepreneurs. Learn that entrepreneurs see failure as an opportunity to learn. Understand the importance of testing ideas and taking action. Recognize and honor the individual strengths people bring to a team. ENTREPRENEURIAL MINDSETS AND SKILLS This lesson is designed to help students experience and develop the following: Entrepreneurial Mindsets Entrepreneurial Skills Resourcefulness Creativity Optimism Teamwork (Collaboration and Communication) Failure is OK (Learn through Failure) Design Thinking Growth Mindset Prototyping (Students may note have all the mindset and skills to be a successful entrepreneur yet - but overtime they can develop them!) Adaptability Problem Solving Venturelab.org © 2021 VentureLab 7 LESSON 1 PREPARATION DAY BEFORE LESSON 1) Read through entire lesson. 2) Gather materials: 3) Familiarize yourself with: The Marshmallow Challenge. You can watch the TED talk or read about the challenge. (Note: This lesson has been adapted from the original challenge you’ll see or read about.) The key points that are highlighted in the post-activity discussion section. VentureLab’s Entrepreneurial Skills and Mindsets Handout 1) Print Mindset cards (one set to distribute across groups of students and then enough for each student to also have one set of cards). 2) Watch ”The Making of a Young Entrepreneur: Gabrielle Jordan Williams TEDx video“. DAY OF LESSON 1) Organize materials for easy distribution. 2) Reread lesson 3) Review the key points in the discussion notes. Venturelab.org © 2021 VentureLab 8 MATERIALS Idea Journals or blank paper (enough Timer/Clock for each student) Mind Set Cards Marshmallow Challenge Materials (1 set per group) Large sheet of paper (butcher paper, poster board) (1 per student) 10 - 81/2 x 11 pages 1 regular size marshmallow (not Markers, colored pencils (enough for each student) mini) Measuring Tape/Stick Magazines/pictures, scissors, tape or glue (optional) DOWNLOADS MARSHMALLOW CHALLENGE SLIDES MINDSET CARDS TEAM OBSERVATION CARD Mindset Cards Marshmallow Challenge Team Observation Card FAILURE IS OK GROWTH MINDSET Failure is an opportunity to learn and I can learn and achieve anything. Complete the Team Observation Card at the set times An Entrepreneur’s Mindset: I a necessary step for success and I have the power to stretch my brain during the Marshmallow Challenge. This will help you can adapt. I make smart observe and record what your group did. Making accurate discovery and sharpen my mind. changes when challenges observations is a key entrepreneurial skill that helps us to arise without giving up. make better judgements and decisions going forward! INTRO TO Time Briefly write down what your team has done during the time Ask everyone in your team what problems or challenges your group is having and record them below ENTREPENEURSHIP A 9 minutes Recorder: COURAGE PERSISTANCE & GRIT I can make great things happen if I I can work through failure in order to dare to step out of my comfort create solutions for the problems I am zone(s). passionate about. 18 minutes Recorder: © VentureLab 2017 © VentureLab 2017 ENTREPRENEUR GROUP UP! ENTREPRENEUR SONG SONG LYRICS Group Up! Why “Group Up!”?: It is important to be mindful of how to group kids and to have different strategies for splitting kids up into groups for team challenges. A huge part of entrepreneurship is working in teams and there are many opportunities for students to work in groups in the VentureLab lessons, so it will be helpful to have lots of ways to group kids. Group work will help students think of ideas they never would have had and gives them confidence in knowing they are part of a team that helps solve problems. This document has ideas for grouping students with a description and materials needed listed with each grouping idea. Following the grouping ideas listed out are cutout cards. These can be used if you wish to draw or have a student draw a card to choose how they will all be grouped for a specific activity. Partner (2 students) Grouping Ideas: 1. Elbow Partners - turn to the person at your elbow (either one) and partner up with them 2. Coin Flip - Each student gets a coin. Flip it in the air. Look how the coin or counter landed and find a person with the same coin face (heads or tails) and pair up with them. Materials needed: enough coins for each student to have one 3. Stand, Sit, Squat - Everyone will walk around the room (to music if you’d like). Once the music stops or you say, “freeze,” students will decide if they want to sit, stand, or squat. Once they make their choice, students will partner with someone who did the same action as them. Alternatively, for a larger group suggestion, have all sitters in one group, all standers in another, and squatters together. 4. Freeze Dance - Play music and have kids can dance or just walk around (they can walk or dance in slow motion if they want to!). Stop the music. Kids must high- five the person closest to them; that is their partner. Materials needed: Phone, computer or radio to play music on 5. Animal Act-It-Out- Act like your favorite animal. When instructor says, “freeze,” find a partner that acted out either the same animal as you or someone whose © VentureLab 2017 Venturelab.org © 2021 VentureLab 9 ACTIVITY 1: ENTREPRENEUR MINDSET VIDEO & POSTER INTRODUCTION Duration: 40 minutes Students watch The Making of a Young Entrepreneur: Gabrielle Jordan Williams TEDx Video and use the Mindset Cards to discuss and analyze the mindset of an entrepreneur. Students will then create an image of themselves as an entrepreneur (as creatively as they like), highlighting their entrepreneurial strengths. They will then add team members (real or fictional) to their poster, highlighting the mindsets and skills each member will bring to the team to make up the ultimate entrepreneurial dream team -ready to take on any challenge! MATERIALS AND RESOURCES Mindset Cards Large sheet of paper (butcher paper, poster board) (1 per student) Markers, colored pencils Magazines/pictures, scissors, tape or glue (optional) INSTRUCTIONS Warm-Up (10-15 minutes) 1) Briefly explain to students that they are going to be watching a video that will help them understand the mindset of an entrepreneur—ask students if they have heard the word “entrepreneur” before and take a few answers/ideas. If you completed the creativity lessons, you may have briefly touched on what an entrepreneur is. Keep this discussion short, as the idea is they have the experience of the activity to help them more fully understand entrepreneurship. 2) Explain that in this next activity, they will experience what it is like to be an entrepreneur and they will learn more about how people who are entrepreneurial think and behave. Emphasize that being entrepreneurial isn’t just about setting up and running a business; whatever they choose to do in the future, they will benefit from entrepreneurial skills and ways of thinking (mindsets)! 3) Form groups of 2-4. Use Group Up! for grouping ideas. Distribute one set of the 12 Mindset Cards evenly amongst groups (if you have six groups of students, each group will get two cards). Have students from each group volunteer to read the cards they got to the whole group. Show Gabrielle Jordan TEDx video and instruct students to find connections or examples that match the word, sentence, or image on their card. Venturelab.org © 2021 VentureLab 10  4) After video, give groups 3-5 minutes to discuss how something Gabriella said matched the word, sentence, or image of the Mindset Cards. Have each group share out to the whole group. 5) Ask students to explain why the mindset that Gabrielle exhibited was important to her success. Show video again if you think it would be helpful and if time allows. Entrepreneur Poster (25-30 minutes) 6) Give each student a copy of all Mindset Cards to include in their Idea Journal or notebook (or in a folder they can keep with their Idea Journal). 7) Give students their own large pieces of poster board/paper along with markers, colored pencils, magazines, and/or any other art supplies you have available. Ask them to first draw an image of themselves however they want to. For example, it could be a superhero or an animal they think most represents them. Encourage them to be creative with this activity. They should also write on the posters the mindsets they believe they have. Ask students to annotate their poster with the top 3 entrepreneurial mindsets and skills they want to learn and develop over the coming year. Ask them to note down why they have prioritized these mindsets and skills. This gives an opportunity to emphasize that we can all continue to learn and develop (growth mindset). Allow them to copy what’s on the cards or come up with their own, positive statements. 8) Give students time to complete their posters. 9) At the end of the activity, ask students to share their posters, and if there is room, hang the dream team posters on the walls and let students do a “gallery walk” to see each one up close. Ask students to consider how and why each dream team poster is different. 10) If possible, keep the dream team posters up throughout the time you spend working through the VentureLab curriculum. In the weeks to come, remind students about the importance of teamwork and believing in their own strengths that they bring to a team. Check in to see which mindsets students are developing and encourage them to share the progress they’ve made on their goals to becoming more and more entrepreneurial! Along the way, your students will develop even more strengths and qualities that make them great entrepreneurs. When time permits, have students add those new characteristics to the posters. Venturelab.org © 2021 VentureLab 11 EXTENSION OR HOMEWORK (OPTIONAL) Show Gabrielle William’s TEDx video again and give groups different mindset cards. Have students research an entrepreneur working in a field that is interesting to the student. Create a dream team poster for that entrepreneur based on the qualities the students learn about him or her. Some suggested entrepreneurs to learn about are: Leah Busque, Founder of Task Rabbit Teen entrepreneur Avani Singh and Founder of Ummeed Roshni Shah and her company called Impact that connects companies wanting to display artwork with artists from around the globe Moziah “Mo” Bridges, founder of Mo’s Bows Have students research “failure” stories—stories of entrepreneurs, brands or ideas that didn’t work. Have students present the failure stories to the whole group the next time you’re all together so they all get to hear about what didn’t work along different paths to success. Venturelab.org © 2021 VentureLab 12 ACTIVITY 2: PAPER TOWER- MARSHMALLOW CHALLENGE INTRODUCTION Duration: 35 minutes Students work in teams to complete a challenge to build the tallest free-standing structure out of paper that can support a marshmallow. Along the way, teams will be asked to reflect on what they’ve been doing and how they’re feeling as they experience what it means to have an entrepreneurial mindset. It will also help students start building some key entrepreneurial skills including creativity, teamwork, and prototyping. MATERIALS AND RESOURCES For each group 10 - 8’ x 11 pages 1 regular size marshmallow (not mini) 1 ruler (for instructor to measure towers) Team Observation Card (decide if you want one per team or one per student) INSTRUCTIONS Get Ready (10 minutes) 1) Have students get into groups of 2-4. Use Group Up! for ideas on grouping students. 2) Now explain to students that they are going to do a design challenge that will help them experience what it’s like to be an entrepreneur. 3) Explain the Paper Tower-Marshmallow Challenge: Tell students that they will work in teams to build the tallest tower possible that can hold a marshmallow on the top. They will only be able to construct the towers with the materials provided. 4) Let students ask questions as needed. Make sure that they understand that: Towers must be free standing - they cannot be stuck down/taped down or suspended. Teams can only use the materials they have been given, but they do not have to use all the materials. They can use the materials in any way they’d like. For example, they can fold, roll or tear the paper into smaller pieces. Venturelab.org © 2021 VentureLab 13  The tower must hold the marshmallow on top and still stay standing. The marshmallow has to stay in one piece. The winning team is the one with the tallest tower that holds the marshmallow on top. 5) Let students know they will have a total of 18 minutes for the challenge—including both planning and building the tower. Hand out the Team Observation Card (either one per group or one per student-you decide). Instruct students to follow along as you read the Entrepreneur’s Mindset box out loud on the observation card out loud. Have them read it with you a second time and point out that during the lesson, they may notice themselves using this mindset. The mindset will be discussed in-depth during the post-activity discussion. Let students know that after 9 minutes (halfway through the activity) you will pause the timer to have the students fill out the first row of the observation card to reflect on their progress and thinking. The timer will then resume after everyone has finished the first row. Have the group take a minute before the activity starts to assign when each person will be the recorder and have them write the names down next to the “Recorder” notes in each time box. 6) Give out the sets of materials to each group, make sure everyone is ready, and start the timer for 18 minutes (remembering to pause at 9 minutes to let students complete first line on observation card). 7) When the time is completed, have the groups complete the second row of the Team Observation Card. Measure the Towers (5 minutes) 1) Go to each tower and determine whether it is free standing and if it is holding the marshmallow. If it is, measure the tower’s height. 2) Record the results somewhere for the whole group of students to see. 3) Announce the winner! 4) Ask students to review the notes on the Team Observation Cards before the post- activity discussion. This will help students settle down after the final countdown excitement and give them a chance to think about the activity. Venturelab.org © 2021 VentureLab 14 POST—ACTIVITY DISCUSSION During the discussion, students should gain some insight into what it means to be an entrepreneur and make connections between the experiences and feelings they had during the design challenge with entrepreneurial skills and mindsets. Note: The guidelines here are for a whole class/group discussion but feel free to adapt as needed. You may wish to do the first part of the debrief as a whole group and then break into smaller groups for the second part. Also, there are a number of questions for discussion and you may not have time to cover all of the points in 15 minutes. If you are running short on time, you could do either of the following: 1) Pick 1 or 2 questions from each section to discuss 2) Assign a question from one section to one group, and another group gets a question from another. Look for opportunities to link student responses and experiences to developing an entrepreneurial mindset and skillset by focusing on the two discussion themes. Before beginning discussion themes, ask students if they found themselves or anyone else using the Entrepreneurs Mindset during the activity? How? After important discussion questions, we provide a “key takeaway”-the takeaways are cririt ical point you want to be sure to emphasize to your students (that they might not naturally bring up on their own) in order to help develop their entrepreneurial thinking. Discussion Theme How did each team approach the challenge? What did they do in the time they were given? Ask each team to briefly describe what they accomplished. This helps students to reflect on what happened in their team and see how different teams approached the challenge in different ways. Compare and contrast what the groups did during the challenge. Try to highlight the different stages they likely went through: planning, building the tower, testing and emphasize the importance of teamwork. Venturelab.org © 2021 VentureLab 15  Planning Ask the group: About how tong did it take your group to plan? Would you take more time or less time on planning if we did this again? How useful was it to spend time talking and planning? Why? If they did spend a long time planning, probe why that is—it is often the case that groups plan a lot because they are trying to get the perfect plan before they start and/ or fear getting it wrong. Key Takeaway: Entrepreneurs start making as soon as possible. When you start creating earlier, you identify problems sooner rather than later! Sometimes people plan for a long time because they are afraid of making mistakes so they try to get the perfect plan or design. But, entrepreneurs know that, especially in the early stages, they are bound to make a lot of mistakes, but will learn important things from these mistakes. Detailed planning often comes later in a project. Prototyping (building/making the tower) Ask students if they know what “prototypes” are - If they don’t, explain that prototypes are simple models entrepreneurs make/build to show what their ideas look like and how they work. They are not the final product but are used to explore what works and doesn’t work! Ask the group: When did each of the groups make their first prototype? How long did they spend making/building their towers? Did any of the groups change their design or rebuild their tower? How many times? Why did they change the way they were building it? Key Takeaway: Entrepreneurs make many prototypes and improve on them as they gather more information. This repetitive process of making and revising prototypes is called iteration. Entrepreneurs learn something from each new prototype (or “iteration”) in order to ultimately make something better than their original designs. Testing Ask the group: When did the groups first try to put the marshmallow on top of the tower? How many times did they test using the marshmallow? If any of the groups waited until the end to put the marshmallow on, why did they wait and what impact did it have? What were the benefits of testing early? Venturelab.org © 2021 VentureLab 16  Key Takeaway 1: Entrepreneurs test early. It’s likely that successful groups in the challenge tested to see if the tower could hold the marshmallow at some point before the end of the activity. If the tower could not hold the marshmallow they might have changed the design before time ended. Emphasize that entrepreneurs test, observe what happens and get valuable feedback so they can adapt and improve. Key Takeaway 2: You may find you want to take the discussion of testing further and relate it to all areas of product design and development. Entrepreneurs use what is called a design-thinking approach to developing products and services. When entrepreneurs use design-thinking, they consider solutions to problems and match what they can make with what their customers need. In the marshmallow challenge, those with an entrepreneurial mindset probably focused on making sure the tower met the specifications: tall and able to hold the marshmallow! When you adopt design-thinking strategies, you learn that if you don’t check what your customers need or want, you may miss something or get it wrong. Teamwork Ask the group: What other things helped groups to be successful (e.g. did certain team members have particular skills or experiences)? How well did the team work together? Did they collaborate (use each other’s different ideas and skills) or did individuals make decisions/do things on their own? Why? There may be some students who have done a similar challenge or have a lot of experience with building models. If so, did this help the group? Key Takeaway: Teamwork and collaboration are key entrepreneurial skills. Many factors contribute to success (including past experiences and technical skills) but teams do better if they can use each member’s strengths to achieve the group’s goal! At this point in the discussion, ask students to consider any link between their success in the challenge and the following: What the groups did in the first 9 minutes? How quickly the groups started building the tower? How many times the groups tested their tower by putting the marshmallow on top? How well they worked as a team? Venturelab.org © 2021 VentureLab 17  Discussion Theme 2: What problems did the teams face during the challenge and how did they deal with them? Tell the group you want to focus on the things that didn’t go so well because understanding and dealing with failure is an important part of being successful. That is why they noted down their problems on the Team Observation Card. Learning from Failure: Ask students: What problems did they have during the different stages of the challenge? How did they cope when things went wrong? Encourage them to be honest. This is an opportunity to discuss how students feel when things are going wrong and how those feelings affect their responses to problems. In what ways did getting things wrong help them in the challenge? Key Takeaway 1: Entrepreneurs expect to make mistakes and get things wrong (especially at the beginning of something new). Key Takeaway 2: Entrepreneurs are resilient in the face of failure. They show determination and grit/perseverance to overcome challenges. They stay optimistic about their work and try to solve problems in a creative way. Key Takeaway 3: Again, emphasize that these ways of thinking/mindsets can be learned by exposing yourself to challenges—you will see the world doesn’t end if you fail and you usually find out something valuable! Key Takeaway 4: Entrepreneurs see failure as an opportunity to learn. They learn from many small failures and adapt and improve. This leads to better products and a greater likelihood of success in the end. Ask students what approach do they think successful people/entrepreneurs have towards failure? Venturelab.org © 2021 VentureLab 18  Read out these (or other) quotes to inspire students to reconsider any negative beliefs they have about failure. “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning show... and missed I’ve failed over and over and over again in my life. That is why I succeed.” - Michael Jordan “Failure is so important. We speak about success all the time. It is the ability to resist failure or use failure that often leads to greater success. I’ve met people who don’t want to try for fear of failing.” -J.K. Rowling “One who fears failure limit s his activit ies. Failure is only the opportunity to more intelligently begin again. - Henry Ford From this point reiterate the concept that how we approach a challenge or problem is crucial to our success and that we can learn to approach challenges in a different way. Venturelab.org © 2021 VentureLab 19 ACTIVITY 3: ENTREPRENEUR SONG Duration: 15 minutes INTRODUCTION Students will listen to a song that is all about the entrepreneurial mindset and the process entrepreneurs go through to create. After hearing the song, students will get a lyric sheet and sing along with the song. This can be used in all lessons as a review for what an entrepreneur is and does. MATERIALS AND RESOURCES Entrepreneur Song Entrepreneur Song Lyrics INSTRUCTIONS 1) Explain that, since you’ve now learned about entrepreneurs and experienced what it’s like to be one, we are going to listen to a song that is all about how entrepreneurs think and what they do. This song will be review for us as we continue through the rest of the lessons. Really listen carefully for any mindsets that are familiar from the poster activity and anything you did as an entrepreneur during your design challenge. 2) Play the Entrepreneur Song recording for students once. Ask students to share if they heard any mindset or words they used in the other activities. 3) Pass out the Entrepreneur Song Lyrics. Ask that students sing along this time, or at least follow along with the song. Play song again. 4) Have students keep their lyric page in a safe place (they could glue it in their Idea Journal if you’d like, or they could put it in a folder they keep near their Idea Journal). Explain that they will refer back to this each time we start a new lesson to review (or whenever you think a review would be helpful). EXTENSION (OPTIONAL) Have students come up with an additional verse for the song based on what they experienced in this lesson. POST-ACTIVITY DISCUSSION Which part of the song is your favorite? Would you change anything about the song? Are you challenged by anything in the song? Do you feel like you need more practice with the mindsets or processes? Venturelab.org © 2021 VentureLab 20 REFERENCES gentlegiant27153. “Heavy, Hard, Work, Hard Work, Young.” Pixabay, September, 2015. pixabay.com/en/heavy-hard-work-hard-work-young-934552/. geralt. “Head, Understanding, Communication.” Pixabay, March 2018. pixabay.com/en/ head -understanding-communication-3269125/. Hassan, Mohamed. “Business Idea, Creative.” Pixabay, March, 2018. pixabay.com/en / business-idea-creative-advertisement-3233190/. 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Venturelab.org © 2021 VentureLab 21 INTRO TO ENTREPRENEURSHIP 1 Grades: 3-5  As a VentureLab instructor, you are enabling student confidence, self-efficacy and ingenuity, ultimately preparing students to use an entrepreneurial mindset to pave their own path. For your own journey as an instructor, please use the resources below to complement the VentureLab curriculum. There, you’ll find tips on how to create an impactful learning experience. USER ENTREPRENEURIAL GUIDE MINDSET & SKILLSET Entrepreneurial Mindsets Learn to work through Always ask “why?” and Recognize your potential Dare to step out of your failure to create solutions “what if…” to seek new to learn and accomplish comfort zone to accomplish for the problems you are and creative ways of anything you work hard to great things passionate about learning and doing achieve Actively observe, identify, Proactively develop Learn to work through Be confident and hopeful and act on circumstances creative solutions to the difficult moments and view in your ability to innovate where you can innovate or problems around you failure as an opportunity to and your potential for solve a problem grow and learn something making an impact new Develop quick and clever Think about other people’s Make smart changes when ways to overcome challenges needs and feelings keeping challenges arise without (and don’t worry, you can these in mind when solving losing heart or giving up always iterate!) a problem Entrepreneurial Skills 1. CREATIVITY 2. TEAMWORK 3. PUBLIC SPEAKING 4. IDEA GENERATION Being creative means being It’s rare for someone to When you have opportunities The key to innovation is to let bold and imaginative and not accomplish things alone. to speak about your idea, you your mind spread its wings and limiting your thinking to what’s Seek out teams with diverse want to do so as effectively as fly. The more ideas the better, already done perspectives, skills, and talents possible (this takes practice!) wild and silly ideas welcome! 5. OPPORTUNITY ANALYSIS 6. MARKET RESEARCH 7.DESIGN THINKING Entrepreneurs look for different patterns It’s important to gather information To develop effective solutions, and trends to see if an idea will be success- about your potential users so you can entrepreneurs need to put the ful and if it’s the right time to get started turn your ideas into something they user first and seek out feedback in will want order to design with users in mind 8. PROTOTYPING 9. BUSINESS MODEL 10. PITCHING Entrepreneurs create proto- Business models help answer Rallying people around your idea types--simple models to explain questions like: What will it cost to is critical! Effective “pitches” to their idea, get feedback, and learn make your product? What should potential users and investors are how their product can be improved you change? clear, short, and persuasive ©VentureLab 2021 venturelab.org INTRODUCTORY VIDEO © 2021 VentureLab You are able to access, modify, and use the VentureLab content at no charge, providing you are doing so for your own usage in a non-commercial manner, and you comply with the license agreement. While we encourage you to tell others about VentureLab, you are not able to grant others access to, nor share your modified version of, the VentureLab curriculum. All users must access the curriculum through the VentureLab website. If you intend to use the VentureLab curriculum in a commercial manner, please contact VentureLab for a commercial license. This is a summary of, not a substitute for, the full license agreement.  TABLE OF CONTENTS KEY TERMS /04 LESSON 1 OVERVIEW /06 LESSON 1 PREPARATION /08 ACTIVITY 1: ENTREPRENEUR MINDSET VIDEO & POSTER /10 Duration: 40 minutes ACTIVITY 2: PAPER TOWER-MARSHMALLOW CHALLENGE /13 Duration: 35 minutes ACTIVITY 3: ENTREPRENEUR SONG /15 Duration: 20 minutes REFERENCES /21 LESSON 2 OVERVIEW /25 LESSON 2 PREPARATION /27 ACTIVITY 1: ANALYZING PRODUCTS IN A MARKET /30 Duration: 60 minutes ACTIVITY 2: PITCH GAME /34 Duration: 30 minutes REFERENCES /38 LESSON 2 OVERVIEW Looking at and comparing familiar products encourages students to TOTAL DURATION begin to see the world around them 90 minutes from different perspective. INTRODUCTION In Activity 1, students will start by examining two different products from the same category/market. They will consider different aspects of the products including product/ company name, unique features, packaging, the potential customers & pricing. Students will present their findings to the larger group and then develop ideas for new products for a specific market. Activity 2 is designed to get students developing their pitching and presentation skills. Students will work in teams to come up with product ideas, and then pitch their ideas to the rest of the class. BACKGROUND At a first glance Activity 1 appears to be a traditional “Entrepreneurship 101” activity in that it looks at existing products from established businesses. However, this activity has been specifically designed to be a fun vehicle to help students open their eyes to the world around them and begin to question what they see. It’s an opportunity to encourage students to ask questions about entrepreneurship and business and also begin to become more familiar and comfortable with some of the language used by entrepreneurs. This helps to increase both their understanding and confidence. Looking at and comparing familiar products encourages students to begin to see the world around them from different perspectives (entrepreneur, customer, competitor, community). A core skill of being entrepreneurial is to have empathy — no matter what students do in the future, they will generate better ideas and make better decisions if they can think about others and see things from different perspectives. Students will also develop observational skills which are critical to creativity and idea generation and are at the essence of being entrepreneurial— often entrepreneurs see familiar situations in a new way and from that observation, an idea is sparked! A core skill of being entrepreneurial is to have empathy - you generate better ideas and make better decisions if you can see things from different perspectives. Venturelab.org © 2021 VentureLab 25 GOALS To encourage students to learn more about entrepreneurship, specifically by asking them to: Consider the different activities entrepreneurs undertake to develop, make, and sell their products and services. Determine how these different activities help an entrepreneur solve problems, meet the needs of their customers, and make a profit even when there are lots of competitors. Think strategically about customers, problems, and solutions. Effectively pitch new ideas. Experience the benefits of working in a team. ENTREPRENEURIAL MINDSETS AND SKILLS This lesson is designed to help students experience and develop the following: Entrepreneurial Mindsets Entrepreneurial Skills Opportunity seeking Creativity Problem Solving Teamwork Curiosity Idea Generation Resourcefulness Pitching Empathy Venturelab.org © 2021 VentureLab 26 LESSON 2 PREPARATION DAY BEFORE LESSON 1) Read through entire lesson. 2) Watch video: Wicked Good Cupcakes Pitch (Shark Tank) Tip: If possible, print the Comparison sheet on II x 17 3) Organize and gather materials or larger paper to make it easier to fill out 4) Print/make copies: Product Comparison Handout - 1 per student Pitch Template worksheet - 1 per student Print and Cut Pitch Game Prompt Cards - 1 per group of 4-6 students 5) Familiarize yourself with: Questions students will answer on the Product Analysis Sheet Vocabulary and ideas on the Instructor Version of Product Analysis Sheet Optional extension/homework options VentureLab’s list of Entrepreneurial Skills and Mindsets DAY OF LESSON 1) Organize materials for easy distribution. 2) Reread lesson. 3) Review Entrepreneurial Key Terms. Venturelab.org © 2021 VentureLab 27 MATERIALS 3 different products from the same Markers market/category per group of students. Blank paper Flipchart/whiteboard and markers Pens/pencils Pitch Game Prompt Cards Handout Service business website examples (optional) Video: Wicked Good Cupcakes Pitch Video (Shark Tank) Laptops/phones/1:1 devices (optional) Chart paper “VentureLab, what do you mean by products?” You will need to collect a number of products from the same general market or product type that the students will be familiar with or actually use themselves. Snack foods work well because you can incorporate taste. (Be careful of any health/allergy issues when deciding if it’s okay for students to taste any of the products!). Ensure there is variety in ingredients, packaging, prices, and brands. It is useful to have products targeted at customers with different needs, i.e. different age groups, genders, or people with social, environmental, or health concerns. Each group will need 2 products. One group might get 2 kinds of shower gels/bath products and another group 2 different snack foods or drinks. It is fine for some groups to have the same products in their set as other groups. If you aren’t able to collect actual products, there are other options. You could: Take photos of products and then print them out (be sure to take photos from all angles of the product so that students can compare packaging). Look up products online (e.g. toothpaste) and print photos either from a brand’s website or from an image search of the product. Ask students in advance to bring in products from home. Assign different groups of students to bring in different kinds of products. Venturelab.org © 2021 VentureLab 28 DOWNLOADS PITCH PROMT PITCH TEMPLATE SLIDES CARDS WORKSHEET Pitch Game Prompt Cards Pitch Template Worksheet Example Pitch NOUN I am Rachel Mann and this is Phoebe Elmer. Together, we are Green Dog Plus. Our product is Dog'on Green. Are you a dog owner that wishes your dog was a different color? Well our service is just what you need! Dog'on Green has experienced dog painting professionals that will paint your dog any shade of green you can imagine while it eats our delicious food. Buy now and get INTRO TO CAR DOG a special price of 19.99 If green isn’t your color, don't worry. You can pre- order Dog'on Red and Dog'on Blue at the same price. Ready to have the dog you've always wanted? ENTREPENEURSHIP B Pitch Fill-In the Blank I am _______________ (student name) and this is _______________ (student name). GRASS BALL Together, we are ________________ (company name). Our product is _________________________ (product name). Have you ___________________________________________(problem that product solves for customer)? BIKE PARK Well our product is just what you need! __________________ (Product name) _____________________________ (what product does). Buy now and get a special price of _____________ (price). Ready to _______________________________ (what the customer gets from product)? © VentureLab 2017 © VentureLab 2017 PRODUCT COMPARISON PRODUCT COMPARISON HANDOUT - INSTRUCTOR GROUP UP! Product Comparison Handout Product Comparison Sheet Group Up! Instructor Notes for Feedback and Discussion Which company How much does it Have you heard of Who is the customer makes this Describe the product and cost? Why “Group Up!”?: It is important to be mindful of how to group kids and to have Name of Product or seen this that would buy this product? its packaging. Use the following discussion points as students analyze each product: What is it used for? product before? product? different strategies for splitting kids up into groups for team challenges. A huge part of Have you heard What makes it unique or What is its purpose? If so, how/where? Why do you think v Name of Product entrepreneurship is working in teams and there are many opportunities for students to of this company different? that? o Is the name memorable? Does it connect to the product's function? work in groups in the VentureLab lessons, so it will be helpful to have lots of ways to before? v Which company makes this product? Have you heard of this company before? group kids. Group work will help students think of ideas they never would have had o Look at the packaging to identify the name of the company that makes the product. and gives them confidence in knowing they are part of a team that helps solve o Have students heard of the company? Sometimes the name of the company is not problems. well-known because the company focuses on branding and promoting individual products. This document has ideas for grouping students with a description and materials o Ask if other groups have products from the same company. needed listed with each grouping idea. Following the grouping ideas listed out are o This can also lead into a discussion about why companies make more than one product cutout cards. These can be used if you wish to draw or have a student draw a card to within a market. Use this opportunity to draw out the idea that customers have choose how they will all be grouped for a specific activity. 1 different needs and companies make products to meet those differing needs. § This is an essential part of being a successful business. Partner (2 students) Grouping Ideas: v Have you heard of or seen this product before? If so, how/where? o These questions are about branding and advertising. 1. Elbow Partners - turn to the person at your elbow (either one) and partner up o Try to encourage students to consider all the ways companies let people know about with them their products. Ask students to think about how businesses advertise. 2. Coin Flip - Each student gets a coin. Flip it in the air. Look how the coin or o If they have seen the product in stores - which ones and where in the stores were they located? Discuss the importance of placement (front or back of store, top or bottom counter landed and find a person with the same coin face (heads or tails) and shelf etc.) pair up with them. Materials needed: enough coins for each student to have one v Describe the product and its packaging, does it have any unique features? 3. Stand, Sit, Squat - Everyone will walk around the room (to music if you’d like). o What is similar about the products? Once the music stops or you say, “freeze,” students will decide if they want to © VentureLab 2017 o What is different about each product? sit, stand, or squat. Once they make their choice, students will partner with o Are there any products that have unique or individual features? o Discuss the ways in which companies differentiate the products in this market. someone who did the same action as them. Alternatively, for a larger group o How do these differences help meet different customer needs? Use this opportunity to suggestion, have all sitters in one group, all standers in another, and squatters consider that customers want/need different things from the products e.g. if you are together. using shower products - scent for men and women is different; some people have 4. Freeze Dance - Play music and have kids can dance or just walk around (they can sensitive skin; others want environmentally friendly or natural ingredients and walk or dance in slow motion if they want to!). Stop the music. Kids must high- packaging etc. o A product that has a unique or different feature can help a business sell its products five the person closest to them; that is their partner. Materials needed: Phone, and make a profit even when there is a lot of competition in the market. computer or radio to play music on o Extension thoughts: 5. Animal Act-It-Out- Act like your favorite animal. When instructor says, “freeze,” § How does changing the ingredients/packaging affect the cost of making the find a partner that acted out either the same animal as you or someone whose product? § A unique or special feature may also help a company to increase its prices. v Who is the customer that would buy this product? Why do you think this? © VentureLab 2017 © VentureLab 2017 Venturelab.org © 2021 VentureLab 29 ACTIVITY 1: ANALYZING PRODUCTS IN A MARKET INTRODUCTION Duration: 60 minutes In teams of 3-5, students will start by examining 2 different products from the same category/market. They will answer questions to encourage them to consider different aspects of the products, including the company that made the product, unique features, packaging, the potential customers, pricing, and branding. Students will present their findings to the larger group and discuss their ideas further during a discussion. Students will then use this information to develop ideas for new products in this market. This activity will help students look more closely at what entrepreneurs and companies do and how they are able to meet the needs of customers. They will also consider how these activities help an entrepreneur or business solve problems, sell products, and make a profit—even when there are lots of competitors. This activity also provides a basis for introducing some key business terminology that entrepreneurs need to know (e.g. market, customer, branding, competition, cost, profit) as well as prompting students to think about the wider world of business and entrepreneurship. MATERIALS AND RESOURCES Product Comparison Handout -1 per student Product Comparison Sheet - Instructor Notes Products - 2 per group. See material notes for more details. Pens/pencils Flipchart/whiteboard and markers Service/business website examples (optional) Laptops/phones/1:1 devices (optional) INSTRUCTIONS Get Ready (5 minutes) 1) Have students get into pairs. Pose the following 2 questions: What is an entrepreneur? What roles do entrepreneurs play in business? Venturelab.org © 2021 VentureLab 30  2) Give students 2-3 minutes to discuss in pairs to activate their thinking. Then come back together as a whole group for discussion. Ask the questions again, one at a time, and make note of student responses. Note: there are no perfect definitions of either word, but discussion points should include: An entrepreneur is someone who: Invents, designs, creates, makes, innovates Comes up with new ideas for products and services Starts a business/company and takes the risks of investing their own time & money in order to make a profit from the ideas and business (profit is where the money earned is more than the costs of running the business). Starts an organization to solve some sort of social issue (social entrepreneur). Emphasize: The above examples are not the only kind of entrepreneurs! Artists and doctors may start their own gallery or practice. Teachers have to find the right resources for their classes. And even within companies, people need to be entrepreneurial in order to innovate. Today, we will focus on entrepreneurship in business but throughout the various VentureLab lessons we will look at a variety of examples of entrepreneurship. 3) Explain to students: In today’s activity, they will examine products made by existing businesses and then, using their own entrepreneurial skills, come up with ways to improve those products or create new ones. Intro and Analysis (35 minutes) 1) Display the products so students can see all of them. Have similar products from the same markets next to each other. Ask students to look at one pair of products - what do they notice about them? They are both (i.e. shower gels/snack foods/drinks) They are in one main market — meaning all the businesses that make these products are competing for customers with all the other businesses that make similar products. They are similar but have differences — e.g. color, packaging etc. 2) As a whole group, complete the first row of the Product Comparison Handout using one of the products discussed in the previous step. You should write down student responses. Stude