Tips for JOPs (Junior On-tra Pro-new-ers)
If your kid does a “Market Day” or some kind of entrepreneur, economics, small business activity/project in school, read on!
When my second grader told me she had “Market Day” in school, I was probably just as excited as my little entrepreneur. “This is what mommy does for work” I told her. She replied, “Call me JOP for Junior On-tra Pro-new-ers.” :p
The teachers really do a great job setting this whole thing up and giving the students the lessons and vocabulary and steps in school, but to clarify what was happening, to understand what they already learned, what decisions she already made in her mind, and to help her in learning, here are 20 guiding questions I asked her and you can ask your child/students. (And please keep in mind I could ask my daughter a lot of questions because she loves to learn and wants to have her own bakery side hustle one day!)
What is your teacher trying to have you learn through Market Day? (Vision)
What is your goal for Market Day? (Goals)
What do you want to make or sell? Why? (Product innovation)
What will the name of your business be? (Marketing)
Can you make this product? (Research and development)
Is it any good? (Taste-testing)
Who are you trying to sell this to? (Target market audience)
Do you think your friends will buy it? How come? (Forecasting)
How much will they pay for it? (Pricing)
How many do you think they will buy? (Estimating quantity)
How many can you make? (Production)
What is your budget to purchase your materials, ingredients, packaging? (Expenses: Cost of goods sold)
How much money do you currently have? (Cash flow)
How much money do your friends have? (Current economy)
What do you need to purchase? (Fixed expenses) Eg: Business license, space
What are some of your other expenses? (Variable expenses) Eg: Booth decorations
How will you keep track of your money? (Finances and bookkeeping)
How will you set up your booth? (Marketing & display merchandising)
What will you wear? (Sales & uniform)
How will you wrap your finished product? (Packaging & marketing)
What will you do after market day? (Retain & continue to engage customers) - LOL ok I may be going a little too far, but I had a lot of fun with this!
These questions are also just a few basics you may ask yourself if you are thinking of starting a small business? Go entrepreneur (on-tra pro-new-er)! ;P
For more about Market Day, read the blog, “Parent Involvement” on our “Home” page.
If your school is doing a Market Day, I am happy to come and speak to them a little or guide them through these questions and answer your students’ questions. I always find they have great ideas and are also very curious! Contact me.
erin’s tip
Entrepreneurs need to figure this out and make their own decisions before going to market. Happy Market Day!
