Lemonade Day Final Project

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

·         Responsibility

“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

Pg. xvii

·         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

·         Teamwork

“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

Work Cited

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 <t.ferguson@questlv.com>

To           estrada.irais@yahoo.com

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.

Regards,

Tiffany

Signature

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From: Tiffany Ferguson [mailto:RAYNESE1@msn.com]

Sent: Wednesday, June 07, 2017 6:30 AM

To: Tiffany Ferguson <t.ferguson@questlv.com>

Subject: Fw: Lemonade Day

In All Thing Give Thanks, Be Blessed Tiffany R. Ferguson

From: Irais Estrada <estrada.irais@yahoo.com>

Sent: Thursday, June 1, 2017 5:27 AM

To: Naysere Ferguson

Subject: Lemonade Day

Good morning,

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.  

Week 10 EOC: Not Failing

Week 10 EOC: Not Failing

It is common knowledge that new restaurants have a high probability of failing. In fact, it is said that 90% of restaurants fail in the first year. Research has found that this is typically because there are common mistakes that are made. For starters, you must have a strong management team in order to be able to lead the pack. The success of your business depends on your ability to be a strong leader as well as having other strong team players on your team.

“The management team is often the deciding factor for a potential investor’s decision to financially support a business. Moreover, with all other factors being equal, a strong management team will be successful in a business and a weak one will fail.” Pg. 49

A good management team helps define the mission and the overall operation of your business. Another key benefit of having a strong management team is that you will have the right people in place. Hiring the appropriate staff is vital to the operation. You must ensure that ongoing training takes place and that the team has incentives to keep them motivated.

                Location is golden. You must pay meticulous attention to the demographic which you are entering. You need to be aware of the parking situation and whether you offer on site or street parking as this may many times deter patrons from coming to your business.

“Regarding place, the type of business you are running will influence your choice of location and your distribution system for reaching out from that place to your customers. For a retail business, site location is the key to attracting customers. Ideally, you will want your store or business to be where your target market is.” Pg. 165

 If there is a garage instead of on street parking, you have to make sure that the parking garage is safe. Is it well lit? Is it easily accessible? Does it have a ramp for those with disabilities to get around? Are the elevators in working order, if they have any? There are many points to evaluate before you settle for a location. You must be aware of the surrounding competition. It is important to scope out their menu selections as well as search for multiple vendors. The reason this is an important thing to look into is because you have to know who else the purveyor is serving and the deals you can get based on other relationships. You must keep in mind that all this can be competition for your business.

                As an entrepreneur you must remember why you started this venture. You must remain focused even through the moments of frustration and uncertainty. Your attention to detail is vital to the success of this operation. Your passion can only carry you so far. You must know the market you are entering. Anticipate the hardships but also savor the victories.

“Even if you have a clear vision that you believe will motivate you through the ups and downs of running a business, look closely at the costs and benefits of being an entrepreneur before you decide whether this is the life for you.” Pg. 8 

Above all, remember that balance is key. Do not become so consumed by this that you neglect your life outside of this project. Take time to revitalize and reenergize with close friends and family. Leave your personal life at home and the same goes for work. Remember that you still have a personal life outside of the dream you are building. Be skillful, intentional and deliberate with your time and purpose.      

Irais Estrada | Innovation & Entrepreneurship | BUS404 | June 1, 2017

• 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

• Responsibility

“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

Pg. xvii

• 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

• Teamwork

“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

Work Cited

Mariotti, Steve. Entrepreneurship: Starting and Operating A Small Business, 4th Edition. Pearson Learning Solutions, 2016. [The Art Institutes].

Week 9 EOC: Monetizing Lemonade

Having started this class project and using that as inspiration, I have decided to elaborate on that concept. I believe lemonade can use a face lift and then it would appeal to many more people. Lemonade, as great as it already is, could become terrific! I believe that adding some simple and aromatic ingredients to the base, you can make the drink into a fusion. This would be the direction of my business concept. People are very visual. Not only will they taste with their taste buds, but prior to that they can begin to indulge with their eyes. Some of the most prominent flavors that come to mind as I think of infusing the lemonade are flavors such as lavender, blackberry sage, pineapple mint and raspberry lime. Although these ingredients are simple, I think they play up our natural lemonade. Patrons would really come out and support the business because it is taking an item that is well loved and reminiscent of most people’s childhood and we are just giving it a little twist. In addition to the infused lemonades, I would also offer some small bites. I would offer such things as fruit tarts and delicate pastries like napoleons. If you are in the mood for something savory, you could also find that on our menu. We will have a modest selection of tea sandwiches to choose from. At our business, Pucker Up, we will offer you items that you will want to enjoy time and time again.    

Week 8 EOC: Lemonade Day Final Project

Lemonade Day Final Project

So far for our final project, Lemonade Day, 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.   

Week 5 EOC: Still Hanging In

A storekeeper had for some time displayed in his window a card inscribed 'Fishing Tickle.'

A customer drew the proprietor's attention to the spelling. 'Hasn't anyone told you of it before?' asked the patron.

'Oh, yes,' the dealer said placidly, 'many have mentioned it. But whenever they drop in to tell me, they always buy something.'

Innovation Jokes - Creative Problem Solving, Entrepreneurial Creativity, educational funny stories. N.p., n.d. Web. 04 May 2017.

WEEK 3 EOC: Miranda

After watching the British sitcom, Miranda, I found that in this episode, she was trying to open a business. There were things that jumped out at me as far as thigs she did wrong were her choice in associates. Her new business associate is Penny, her mother. Her mother is not interested in being a partner.

The organization’s culture can be shaped according to the business environment and by the way employees, customers, and other stakeholders are treated—an example that is set by the founding entrepreneur (owner). Pg 96

She is more interested in getting her daughter Miranda to lose weight to ultimately get her a husband. I don’t believe we know her mother’s work history but due to the fact that she is her parent, this is a conflict of interest. When going into business you have to be careful not to mix personal relationships with intimate ones. This can cause many headaches. You can imagine that the treatment of employees and workers will be very much blurred because of how the founding entrepreneur chose to staff her company.  

Miranda’s business doesn’t seem to be planned out thoroughly. She lacks essential things such as a business plan. She will have her business repossessed unless she comes up with a good business model (plan). She has no idea what the profit & loss would be for her establishment and she is in need of a manager. She has 36 hours to complete this task.

The next step she needs to take is to advertise on the Internet in search of her manager. She is trying to staff her business last minute. This is also not a smart idea as she is possibly rushing through applications and not calling references. She resorts to asks her friend Stevie to consider filling the position. Stevie declines and informs her she is happy with her current position. In a weird turn of events, her friend Stevie passes as an interested applicant, Patricia Nelson. Miranda conducts an interview with her and is aware it is her friend all along. Stevie gets her on board to open the boutique and they are in business.

Leaders of a company build a particular culture by making the beliefs, values, and behavioral norms explicit and intentional. Pg 97

Although things did come together for Miranda, she took a big gamble going about things the way she did. She seemed to have very little direction or overall knowledge of opening a novelty gift shop. She went on to open successfully from what the episode shared.

Mariotti, Steve. Entrepreneurship: Starting and Operating A Small Business, 4th Edition. Pearson Learning Solutions, 2016. [The Art Institutes].