I introduced some of the topics that we will be studying such as savings, spending, and debt.
Assignment
none
Session Minutes
180
Minutes Student Attended
180
Lesson Comments
This was our first class. We talked about his new business venture. I thought I submitted this before but I didn't see it in my session summary list so here it is again.
Itemize the costs of production units.
Predict profit potential.
Look at the ratio between production and profit. What are ways to change it?
What is necessary to pay the bills and survive?
Assignment
none
Session Minutes
180
Minutes Student Attended
180
Lesson Comments
It was a good class. Alex is experiencing "buyers remorse". He is worried he won't be able to get his shop up and running and he is also worried about failure. So we spent some time talking about strategies to reduce his fears and I also suggested that he really talk to his parents for their insight.
We discussed where his initial business will come from and the competition he will generate among his associates/friends. Its a tough thing to be going against your friends/and or associates in business ventures. We discussed ways to attract other "unclaimed" stores, ways to advertise, and ways to split the market. This is capitalism and there are some ugly things about it but you have to accept the good with the bad if you want to have a business.
We calculated how much it costs to shape a surfboard and how many would need to be sold in order to pay the bills. We approximated costs of ding repair and profit. We also calculated the costs of glassing (as a separate job)and the potential profit.
Fixed Costs, Variable Costs and Projecting a Budget
Lesson Outline
Draw blueprint of workspace. Use appropriate scale for drawings.
Determine fixed and variable costs. How do they effect your budget?
Research and estimate all items needed to start renovation of space and to build all necessary work spaces.
Assignment
none
Session Minutes
180
Minutes Student Attended
180
Lesson Comments
Alex is really excited about getting his new business going. He worked hard on his budget and projected costs by completing internet research.
We are not working on Thursday.
Alex did a great job today adding and subtracting fractions. He said he hasn't done them before, after a few examples he picked it up without a problem. Great job Alex.
