Irais Estrada | Innovation & Entrepreneurship | BUS404 | June 2017
Lemonade Day Project
Our final project, Lemonade Day, has me very excited! I have been brainstorming of different possibilities. In fact, I think I am too excited about this project and the most difficult part in this stage will be to narrow down my vision. I have a group of children in mind that I would like to ask to join me. The name of the school is Quest Academy Preparatory. They are a charter school with a few different locations in the city. The campus that I would like to ask to join me is their Bridger Campus. They are located near downtown Las Vegas.
I would love to be able to set up our business at The Container Park. It is a hip and highly foot trafficked location near the school. I know that The Container Park and Quest Academy Preparatory have already established a partnership. I think this would be the ideal place for these young entrepreneurs to begin their journey! The Container Park is home to many entrepreneurs in the city. I believe they would welcome us with open arms as well as be great supporters of what we are trying to teach these kids.
As far as the initial funding goes, I believe I can get the school’s PTO to donate the $35 dollars for our start-up cost. This amount of money will be utilized to make the initial purchase of supplies to produce our lemonade. The tables and some chairs could also be supplied by the school. I have a secondary group of children that I would like this project to impact. These kids are part of my kids’ ministry at Grace Christian Center. This group of kids have previously participated in fund raising. I have overseen those events before and would love to continue to teach the children more about pursuing financial independence.
I believe that this is going to be a very successful event. There is so much enthusiasm on my behalf and I look forward to channeling with the school’s administration, faculty and parents alike. As we are fast approaching the end of this quarter, I have initiated the ball rolling for my final project. I have narrowed down the selections of the organizations I wish to work with and I have emailed the Site Administrator of that particular school. I have touched on a few objectives that this event will have in the children and I am patiently awaiting her reply.
In the meantime, I have done some research in our class book and gathered quotes that I find significant to the event and business in general. The sponsor would be the school’s PTO. They would donate $35 for our startup cost. I will go on a hunt and find the best deal for our ingredients. As far as the stand and tables go, I have made mention of those things to the Site Administrator as well. Depending on the final date of the event, The Container Park is our first option as they already have a partnership with the school. Our back up location is The Art District on a First Friday. This is another partnership that has already been established between a faculty member and the school. Overall, excitement is high. We are awaiting to hear some details but are eager to get the show on the road. We will soon be informing the faculty and entire school body of this event. All in all, we are hopeful that we will receive assistance and positive feedback from all parties involved.
The initial cost, as mentioned before, will be donated by the PTO. We decided to start with a fairly low amount of funds so that we could illustrate to the children a quick turnaround. This will help them stay motivated as the see how their initial investment generate profit. We will be including a sticker with any lemonade purchase as a thank you, but more importantly as a form of advertisement. The people walking around will strike up conversations about their purchase, thus creating a bigger customer base for us. Not only will we be selling lemonade,
The following are quotes that I have found relevant to the purpose of this project.
· Business Skills
“Business success depends on the creation and application of profitable strategies.” Pg. 19
“Entrepreneurs who do not pay themselves regularly tend to overstate their return on investment; they have not taken their compensation as a cost of the business. Recognize that you can only pay yourself (or anyone else) when you have sufficient cash to do so.” Pg. 418
“Becoming a successful entrepreneur is all about making connections, those “Aha!” moments when you realize what your business opportunity is or when you figure out how to do something better than the competition.” Pg. 24
“The best business opportunities usually combine both internal and external factors. Ideally, a business that you are passionate about fills a sustainable need in the marketplace.” Pg. 19
“Delegate responsibility and authority and trust your team; hire the best people for the job and support them in their success. There is little that is more wasteful and counterproductive than a manager who does not delegate or who nominally delegates and then undermines the team’s work.” Pg. 419
“A leader is someone who gets things done through influence, by guiding or inspiring others to voluntarily participate in a cause or project. Leadership comes from self-esteem applied to knowledge, skills, and abilities. If you believe in yourself and know what you are doing, you can accomplish things confidently and inspire others. Develop a positive attitude, and you can become a leader. Great leaders are optimists; they have trained themselves to think positively. Running a successful business requires leadership.” Pg. 418
· Financial Literacy
“The financial section of the business plan will be the numeric representation of all that you wrote previously. This section should demonstrate organizational viability in financial terms. Commercial lenders in particular will often go directly from the executive summary to the financials before reading anything else. If the numbers make sense, they may look at the rest of the plan. If not, your plan may well land in the trash basket. Your financial estimates should be as realistic as you can make them.” Pg. 51
“The cash flow statement shows cash receipts less cash disbursements over a period of time. Creating your cash flow projections for three years will bring financial potential and risks into clear focus both for you and your stakeholders.” Pg. 51
“An income statement (or profit and loss statement—P&L ) summarizes income and expense activity over a specified period, such as a month, quarter, or year, and shows net profit or net loss. Generally, start-up enterprises suffer losses for several months, or even a few years, depending on the type of business. You can show initial losses in your statements, but they must be comparable to industry norms, and you must have cash to cover any shortfalls.” Pg. 51
· Goal Setting
“A mentor is a trusted advisor with whom a person forms a developmental partnership through which information, insight, skills, and knowledge are shared to promote personal and/or professional growth. Finding a committed business mentor with industry-specific knowledge and experience, broad general business experience, or both, is a worthwhile endeavor. A successful entrepreneur in your field, perhaps outside of your geographic area, may prove invaluable if he or she will mentor you.” Pg. 11
“A strategy is a plan for how a business intends to go about its own performance and outdo that of its competition. Michael Porter created a “strategy framework” that delineates cost leadership and differentiation as low-cost and product-uniqueness strategies.” Pg. 19
“Contemporary economists and business experts have defined entrepreneurship even more specifically. Drucker pointed out that, for a business to be considered entrepreneurial, it should exploit changes in the world. This is in alignment with Schumpeter’s definition of entrepreneurship but explicitly takes it a step further—to take advantage of circumstances.” Pg. 16
“Affiliative. This “people come first” method is effective when the business is in the team-building stage. It can fail when employees are lost and need direction.” Pg. 418
“When you hire people, treat them fairly and with respect. Respect for individuals, diversity, and a balance of work and family will create a culture that affirms the value of employees. Employees who are valued are likely to want to go the extra mile for their employers. In addition to creating a strong, positive culture, many companies make their employees owners by giving them shares of corporate stock, thereby entitling them to a portion of the company profits, or offer them various incentives for positive performance.” Pg. 429
Mariotti, Steve. Entrepreneurship: Starting and Operating A Small Business, 4th Edition. Pearson Learning Solutions, 2016. [The Art Institutes].
Attached is also the email exchange between myself and the Site Administrator for the chosen school.
Tiffany Ferguson <firstname.lastname@example.org>
CC Christina Kleisner Jun 7 at 7:26 AM
Good Morning Ms. Estrada,
This sounds like a great opportunity for the student here at Quest Preparatory Academy-Bridger Campus. Please let me know when there is a good time to discuss this further.
The contents of this email message and any attachments are intended solely for the addressee(s) and may contain confidential and/or privileged information and may be legally protected from disclosure. If you are not the intended recipient of this message or their agent, or if this message has been addressed to you in error, please immediately alert the sender by reply email and then delete this message and any attachments. If you are not the intended recipient, you are hereby notified that any use, dissemination, copying, or storage of this message or its attachments is strictly prohibited.
From: Tiffany Ferguson [mailto:RAYNESE1@msn.com]
Sent: Wednesday, June 07, 2017 6:30 AM
To: Tiffany Ferguson <email@example.com>
Subject: Fw: Lemonade Day
In All Thing Give Thanks, Be Blessed Tiffany R. Ferguson
From: Irais Estrada <firstname.lastname@example.org>
Sent: Thursday, June 1, 2017 5:27 AM
To: Naysere Ferguson
Subject: Lemonade Day
I am emailing you about a very neat opportunity to get the children of your school, Quest Academy Preparatory, involved in a day full of fun and learning. As a final project for one of my classes, we are to set up a lemonade sale with the help of at least four children. I would like to invite you, as the Site Administrator, and your entire campus to join us! The overall purpose of this event is to teach children some basics in finances and entrepreneurship. Ultimately, this exposure at a young age can really empower our youth. Please let me know when we can converse more to set up all the details. I look forward to hearing from you. Thank you for your time.
I hope that the effort and enthusiasm is evident to all that may read my business plan. I understand that there will be obstacles that may arise, but I also know that we will strive to overcome those. The best reward will be teaching the children about economics and that they can become whatever they want to be. We are here to empower and direct children to fulfill their purpose. I know for a fact that the adults working alongside myself have a passion to do this. Their commitment is evident in their day to day lives. I feel honored to one of the trendsetters for this event.