Homework

1. Define Your Business Concept
2. Is there Demand for this concept?
1. If Yes - Define the opportunity.
2. If No - Restart
3. Is there Supply of this product?
1. If Yes - Define how you fit into the industry (your specific opportunity)
2. If No - Why isn't there supply?
4. Anticipate your customer segment

Customer Segments

EQ - How does a business use empathy to connect with its customer segment?
EQ - How can an entrepreneur use empathy to better design a business model?

1. Activator: Cartoon
1. PowerPoint 
2. Empathy In Business
1. Actively Read the Perspective 
2. Discussion Question - What message is the author trying to convey?
3. Collaborative Pairs Brainstorming
1. What might your customer segment(s) want?
4. Introduction to the Empathy Map "XPLANE"
5. Empathy Map Example - Microsoft 
6. Try it Together - On the board
7. Shifting Perspectives - No More Us Vs. Them  
8. TOD - Answer the EQ

 EQ - How does an entrepreneur select a profitable customer segment?

1. Mini-lesson - Empathy Map
2. Try It - DHS Cafeteria
3. Developing a Customer Persona
4. Jigsaw - 5 basic customer segments
5. Discussion - How can we use the results of our empathy map to determine our customer segment?
6. Define your business's customer segment
1. Use your notes & customer persona
2. Justify your decision in 1 paragraph 

Finding Demand for your Business

1.      Introduction

a.      Individually review supply, demand, equilibrium

b.       Quiz their table partner on the terms

c.      Clear desks (they may have a pen or a pencil)

2.      Supply and Demand graphing quiz

a.      Complete the quiz and submit it to the top bin on the laptop cart when finished.

b.      Take the packet next to the bin.

3.      Active Reading Assignment

a.      Begin reviewing the packet as follows:

                                                              i.      Frame the contents (Skim the article to define the author’s purpose

                                                            ii.      Highlight/underline key vocabulary terms

                                                          iii.      Read the article and “Talk to the text” (write notes, questions, key ideas, etc. all over the packet).  These are typically items that you believe are important.  If you make highlights, you must also make a notation.

                                                           iv.      Summarize the contents of the packet

                                                             v.      Define the author’s purpose in writing the content.

4.      Business Development – Find a million dollars’ worth of customers

a.      Access laptops to begin developing a business concept for this class.  Use the advice presented in the reading.

Supply and Demand

EQ - How do supply and demand impact pricing strategies for entrepreneurs?

1. Activator: The Hudsucker Proxy (video)
1. Why does a business owner lower the prices of the products that they are not selling quickly?
2. When would a business owner have to raise prices?
3. What does a price increase communicate to customers about the demand for that product?
2. Intro to Supply and Demand - econedlink
1. Law of Demand
1. Demand Schedule
2. Charting Demand
2. Law of Supply
1. Supply Schedule
2. Charting Supply
3. AP – How did the Hula Hoop scene indicated the Law of Demand - econedlink
4. Debriefing
5. Muddy Point Questionnaire – What makes sense?  What doesn’t?
6. Similarities between the Hula Hoop and Silly Bands
7. Background on Silly Bandz (ABC News)
1.  What information is being communicated to the business owner by the $5 price
2.  What can the business owner do to ensure the Silly Bandz are allocated to the customers who value them most?
8. AP - What could the producers of Silly Bandz do in order to provide more of their product to their customers?
9. TOD – Supply and Demand, Lessons from Toy Fads

Supply and Demand Prezi