Junior Achievement 2.2 “What Makes a Business a Quality Business?”

Junior AchievementJunior Achievement2.22.2

““What Makes a Business a Quality What Makes a Business a Quality Business?”Business?”

Let’s review our vocabulary:Let’s review our vocabulary:

AlternativeAlternative An option available when making a decisionAn option available when making a decision ChoiceChoice A selection of one alternative instead of anotherA selection of one alternative instead of another Free EnterpriseFree Enterprise A system where privately owned businesses A system where privately owned businesses

compete with one another in hopes of making a compete with one another in hopes of making a profit.profit.

““There are no secrets to There are no secrets to success. It is the result of success. It is the result of

preparation, hard work, and preparation, hard work, and learning from failure.”learning from failure.”

- Colin Powell- Colin Powell

Do you agree with this Do you agree with this statement? Why or why not?statement? Why or why not?

Please write your response in the Please write your response in the Daily Writing Prompt.Daily Writing Prompt.

What benefits do you see in your What benefits do you see in your own life that have come from own life that have come from working hard at something? working hard at something?

( Think about something you did ( Think about something you did that was hard to do, but you are that was hard to do, but you are glad you did it because it made glad you did it because it made

your life better.) your life better.)

Preparation and hard work is Preparation and hard work is important when you create a important when you create a

business.business.

What does the word “quality” mean What does the word “quality” mean to you?to you?

In the world of business, “quality” In the world of business, “quality” means “a level of excellence”.means “a level of excellence”.

What do you think of when you What do you think of when you hear the word “excellence”?hear the word “excellence”?

Businesses strive to be excellent Businesses strive to be excellent so that they can be successful.so that they can be successful.

All businesses want to become a All businesses want to become a quality business.quality business.

But how can they do this?But how can they do this?

They can try to meet the customers’ needsThey can try to meet the customers’ needs

They must try to continuously They must try to continuously improve and use teamwork.improve and use teamwork.

Continuous Improvement:Continuous Improvement:

Think about the way you do things.Think about the way you do things. Think about the product you offer.Think about the product you offer. Think about the programs you have in Think about the programs you have in

your business.your business. Think about your service.Think about your service. Always be thinking about how you can Always be thinking about how you can

make these things better.make these things better.

A quality business works to A quality business works to improve continuously. This will help improve continuously. This will help

the business make a “profit”.the business make a “profit”.

““Profit”:Profit”:

The income a business earns after The income a business earns after all of the expenses (bills) are paid.all of the expenses (bills) are paid.

Imagine this:Imagine this:

A new ice cream shop has just A new ice cream shop has just opened up in the city. opened up in the city.

The owners of the shop want The owners of the shop want to become a quality business to become a quality business in hopes that they will be very in hopes that they will be very

successful. successful.

The first week that they are open, The first week that they are open, they offer customers six flavors of they offer customers six flavors of

ice cream.ice cream.

ChocolateChocolate VanillaVanilla Chocolate Chip Cookie DoughChocolate Chip Cookie Dough Mint ChipMint Chip Rocky RoadRocky Road Orange SherbetOrange Sherbet

Because the owners want to Because the owners want to keep improving their business keep improving their business

through the process on through the process on continuous improvement, they continuous improvement, they are trying to think of ways to are trying to think of ways to figure out what other flavors figure out what other flavors

they should offer at their they should offer at their shop.shop.

They have decided to ask you to They have decided to ask you to come up with strategies they can come up with strategies they can use to find out what other flavors use to find out what other flavors

they should offer at their ice they should offer at their ice cream store.cream store.

Your teacher has chosen a Your teacher has chosen a “CEO” at your team to lead “CEO” at your team to lead

the discussion.the discussion.

A “CEO” is a Chief Executive A “CEO” is a Chief Executive Officer.Officer.

This could be a female or a male, This could be a female or a male, and she or he is responsible for all and she or he is responsible for all parts of the business. She or he parts of the business. She or he

should always be making sure the should always be making sure the company is thinking about how to company is thinking about how to

improve.improve.

Make a list of ideas at your team. Make a list of ideas at your team. How should they decide what How should they decide what

flavors to offer next? Can you think flavors to offer next? Can you think of a way to find out what the of a way to find out what the

customers might like?customers might like?

Our ice cream shop owners Our ice cream shop owners thank you! They have taken thank you! They have taken your advice and are now a your advice and are now a

quality business and a quality business and a successful business. They successful business. They

have made a profit!have made a profit!

Your next challenge will be to learn Your next challenge will be to learn about a mystery business!about a mystery business!

You will be given a mystery You will be given a mystery business card. Your first task is to business card. Your first task is to see if you can figure out the name see if you can figure out the name

of the mystery business. Use of the mystery business. Use pages 14 and 15 of your workbook pages 14 and 15 of your workbook

to ask and answer important to ask and answer important questions.questions.

We will meet together to compare We will meet together to compare these businesses. We’ll use the these businesses. We’ll use the

Quality Business checklist on page Quality Business checklist on page 16. 16.

Thank you for “Checking Out” these Thank you for “Checking Out” these businesses. Are they all “quality” businesses. Are they all “quality”

businesses?businesses?

During your visit to JA BizTown, During your visit to JA BizTown, you will be expected to work as a you will be expected to work as a

team to ensure the success of your team to ensure the success of your business, and that means thinking business, and that means thinking

about ways to continuously about ways to continuously improve!improve!