Oral Presentation by Individual Pizza Stores

Explain to students that they will have the opportunity to share information about their pizza business through an oral presentation to their local Chamber of Commerce.

Gather school board members, guidance teachers, administrators, local business owners or other teachers to serve as an audience. Ask each person to rate each store's presentation using the Assessment Rating Sheet.

You're the Consultant (part 1 answers)

1. Darrell is a prize-winning artist who wants to sell T-shirts with his original designs on them. People really like the few samples he has made up, but he has no money to buy supplies or advertise his new business. What should he do?

   Banks will probably not lend Darrell money for start-up. He will have to borrow from relatives, friends or investors, or he will have to work for someone else to save money for his new business.

2. Shelby and Darla, two close friends, are both star gymnasts. They agreed to start a business together teaching gymnastics to children. Whenever someone hires them, Shelby always arrives on time and usually ends up doing most of the teaching. Darla is often late and sometimes doesn't show up at all. Shelby is getting very angry. What should she do?

   Shelby must confront Darla with the problem. If Darla wishes to continue the business, the girls should agree, either verbally or by written contract, to consequences should Darla continue this behavior. Shelby might receive more income or Darla might have to resign from the partnership.

3. Lisa knits beautiful sweaters to order. Most of her customers are friends and relatives. She sets her prices very low in order to attract business, but she finds her supplies are far more expensive than she thought, and she is working long hours for practically nothing. She has five orders to fill by Christmas. What should she do?

   Without profit, there is no incentive for Lisa to knit her sweaters. She must raise her prices, even at the cost of losing some customers.

4. Carlos advertises himself as Mr. Do-It-AllThe Complete Homecare Service. He cleans garages, refrigerators and ovens, washes windows, sits pets, and weeds gardens. He is supposed to bill customers every month, but he is such a poor record keeper that he cannot keep track of who has paid his bill and who hasn't. He sometimes loses track of what he has agreed to do and so he is not sure what to charge. What should he do?

   Carlos must either (1) get training in accounting or (2) hire someone to do his bookkeeping for him. He does not seem interested in this part of the business, so he will have to weigh the costs and benefits of the two choices.

5. Sarah, Kyle and Matt have decided to start a car-washing business after school and on weekends at Kyle's father's gas station. Because they will offer different services to different kinds of cars and trucks, they are having trouble deciding what to charge people for their service. What should they do?

   First, they should calculate their costs of operation and the profit they wish to make. Then they should conduct a market survey to see what customers are willing to pay, who their competitors are, and learn what they are charging. This information will help them set their prices.

6. Jamel, a local basketball star, has graduated and wants to open a small store which will carry sports equipment for basketball. Because he loves the sport, he plans to play in a night league and some pick-up games in the late afternoon. He wants to plan his store's hours of business around his schedulehe will be open from 10 a.m. to 2 p.m. daily and from 9 a.m. to noon on Saturdays. Because he has no business experience, he has come to your firm for advice. What should Jamel do?

   Jamel should rethink his idea and decide if he really wants to devote the time and effort to running a small business. His equipment line may be too limitedthere will not be enough basketball customers. His hours are too limitedthey are designed around his schedule, not his potential customers' schedules. The customer is king in a market economy!

7. Kara has taken over the family chicken restaurant which has the best-tasting chicken in town. A new, modern chicken shop is being built one block down the street. Unlike Kara's older shop, the new franchise will have quick counter service, limited seating, and a drive-through window. Kara wants to know what she can do to beat the competition. What would you recommend?

   Kara's best asset is her family recipe for chicken, which she should promote heavily. Amarket survey should tell her whether her potential customers want drive-through and/or quick counter service or a more casual sit-down restaurant.

You're the Consultant (part 2 answers)

Read each situation below and match it with the economic term that best describes it.